Amgen's Rare Disease Sales Top $5.2B, MariTide Obesity Drug Eyes $100B Market
AMGN•Amgen's acquired Rare Disease portfolio reached $5.2B in sales, up 14% year-over-year, while Repatha, EVENITY and TEZSPIRE grew by 36%, 34% and 52%. LTM revenue rose 9.1% with a 28.4% margin as Amgen advances the MariTide obesity program targeting a $100B market to offset Prolia/Xgeva exclusivity losses.
1. Growth Portfolio Performance
Amgen's Rare Disease portfolio generated $5.2B in sales, up 14% year-over-year. Key drivers included Repatha (+36%), EVENITY (+34%) and TEZSPIRE (+52%) growth in the latest fiscal year.
2. Financial Fundamentals
Last twelve months revenue rose 9.1%, supported by a 28.4% operating margin and a three-year average margin of 24.6%, underpinning free cash flow conversion of 23.1%.
3. Valuation
Despite robust fundamentals, shares trade at a PE of 23.9, matching sector medians and indicating a modest valuation relative to peer biotechnology firms.
4. Outlook and Risks
The success of the MariTide obesity program, targeting a $100B market by 2030, will be critical to offset anticipated Prolia/Xgeva sales erosion from impending biosimilar entry.
