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Nearly 80% of Patients Were Alive at One Year Versus 53% with IMFINZI Alone and Progression-Free Survival More Than Tripled

Late-Breaking Phase 3 DeLLphi-305 Results Presented in ESMO Presidential Symposium and Simultaneously Published in The New England Journal of Medicine

Longer DeLLphi-303 Follow-Up Data Showed Median Overall Survival Exceeded 37 Months in First-Line Maintenance with IMDELLTRA and Either IMFINZI or TECENTRIQ® 

, /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced landmark interim Phase 3 results showing that IMDELLTRA® (tarlatamab-dlle) in combination with AstraZeneca's IMFINZI® (durvalumab) reduced the risk of death by 58% as a first-line maintenance treatment for extensive stage small cell lung cancer (ES-SCLC) (hazard ratio [HR]: 0.42; 95% confidence interval [CI]: 0.32, 0.54; P < 0.001) at a median follow-up of approximately 16 months. The DeLLphi-305 study found that IMDELLTRA in combination with durvalumab extended median overall survival (OS) by more than eight months to 21.1 months compared with 12.7 months with durvalumab alone for patients with ES-SCLC who had not progressed following initial treatment with durvalumab, platinum-based chemotherapy and etoposide. The clinical implications of these findings are substantial and suggest that earlier use of IMDELLTRA could markedly alter the trajectory of a disease previously considered extremely difficult to control. The data are being presented during a Presidential Symposium (abstract LBA3) at the European Society for Medical Oncology (ESMO) Congress 2026 and simultaneously published in The New England Journal of Medicine.1

"These results represent an unprecedented advance for patients with extensive-stage small cell lung cancer, demonstrating a magnitude of survival benefit rarely seen in this aggressive disease," said Jay Bradner, M.D., executive vice president, Research and Development, Artificial Intelligence and Data at Amgen. "Extending median overall survival beyond 21 months while reducing the risk of death by 58% reinforces the potential to revolutionize the standard of survival and redefine expectations for patients by introducing IMDELLTRA earlier in the course of treatment. These findings underscore our ambition to fundamentally change the trajectory of small cell lung cancer, and we are moving with urgency to share these results with regulatory authorities worldwide."

"For a disease where durable survival has remained extremely difficult to achieve, the magnitude and consistency of benefit in DeLLphi-305 are striking," said Jacob Sands, M.D., Associate Chief of the Lowe Center for Thoracic Oncology at Dana-Farber Cancer Institute. "Importantly, the benefit was seen across clinically relevant groups, including patients with brain metastases. Today's remarkable results demonstrate substantial progress in our work to achieve meaningfully longer disease control and survival for patients with extensive-stage small cell lung cancer, further highlighting the importance of effective treatment at the earliest possible opportunity."

The DeLLphi-305 study showed:

At one year, nearly 80% of patients treated with IMDELLTRA in combination with durvalumab remained alive compared to 53% with durvalumab alone (95% CI: 74.2, 83.7 vs. 47.3, 59.0).
At a median follow-up of 13.9 months, IMDELLTRA in combination with durvalumab reduced the risk of disease progression or death by 66% compared to durvalumab alone (HR: 0.34; 95% CI: 0.28, 0.42; P < 0.001), with a median progression-free survival of 7.4 months versus 1.9 months.
IMDELLTRA in combination with durvalumab demonstrated substantial anti-tumor activity, with more than six times as many patients achieving an objective response (26.4%; 95% CI: 20.9, 32.5) compared with durvalumab alone (4.1%; 95% CI: 2.0, 7.4) (P < 0.001).
Overall and progression-free survival benefits were observed across prespecified subgroups, including patients with brain or liver metastases, populations historically associated with poorer outcomes.
Overall, the safety profile of IMDELLTRA in combination with durvalumab was consistent with the known safety profiles of the individual medicines.

In DeLLphi-305, Grade 3 or higher treatment-related adverse events (TRAEs) occurred in 20.9% of patients treated with IMDELLTRA in combination with durvalumab and 10.8% of patients treated with durvalumab alone. The most common Grade 3 or greater TRAEs with IMDELLTRA in combination with durvalumab were decrease in neutrophil count (3.2%), decreased appetite (2.1%), neutropenia (2.1%), asthenia (1.8%) and weight loss (1.8%). The study design included monitoring in a healthcare setting for 1 to 2 hours (6 to 8 hours in certain regions including Europe) following IMDELLTRA infusion on Cycle 1 Day 1 and Cycle 1 Day 8. Cytokine release syndrome (CRS) was reported in 49.6% of patients who received IMDELLTRA and was predominantly Grade 1 (41.8%) or Grade 2 (7.4%) with only one Grade 3 event (0.4%) and no Grade 4 or greater events. Immune effector cell-associated neurotoxicity syndrome (ICANS) occurred in 1.1% of patients treated with IMDELLTRA, and there were no Grade 3 or higher ICANS events.

Growing IMDELLTRA Evidence Across the SCLC Treatment Continuum
Additional data presented at ESMO reinforce sustained outcomes with IMDELLTRA across multiple lines of ES-SCLC treatment.

Sustained Survival in First-Line Maintenance: Updated OS data with a median follow-up of 30.8 months in the Phase 1b DeLLphi-303 trial (abstract 3821P) showed median OS was 37.9 months from the start of first-line maintenance therapy with IMDELLTRA plus standard-of-care anti-PD-L1 therapy (95% CI: 22.5-NE). At two years, 58.1% of patients remained alive. The safety profile remained consistent with the known profile of IMDELLTRA, with no new safety signals observed.

Durable Benefit in Previously Treated ES-SCLC: Updated data from the Phase 3 DeLLphi-304 trial (abstract 3808O) demonstrated that the survival benefit with IMDELLTRA was sustained with 23 months of follow-up. Patients receiving IMDELLTRA lived approximately five months longer than those receiving chemotherapy (13.6 versus 8.4 months), with a 38% reduction in the risk of death (HR 0.62; 95% CI, 0.51–0.76). No new safety signals were observed during extended follow-up.

"For too long, patients with small cell lung cancer have had too few treatment advances and too little time," said Andrea Ferris, MBA, President and CEO of LUNGevity Foundation. "For the patients we serve, today's results represent not only the potential to substantially improve outcomes for patients before they progress on first-line treatment, but also a tangible source of hope – hope for more life milestones, more moments of joy, and, ultimately, more time."

Amgen will host a virtual event with the investment community on Saturday, October 24, 2026, at 8:30 p.m. CEST / 2:30 p.m. EDT / 11:30 a.m. PDT in conjunction with the ESMO Congress 2026. The call will be accessible via investors.amgen.com and will discuss Amgen's oncology portfolio and selected data being presented at ESMO 2026.

About the Phase 3 DeLLphi-305 Study
The DeLLphi-305 trial is sponsored by Amgen, with partial funding and durvalumab provided by AstraZeneca. It is a global Phase 3, randomized, open-label clinical trial evaluating the efficacy and safety of IMDELLTRA in combination with durvalumab compared to durvalumab alone as first-line maintenance treatment for patients with ES-SCLC who had not progressed following treatment with durvalumab, platinum-based chemotherapy and etoposide. Five hundred and sixty-three patients who completed initial treatment with durvalumab, platinum-based chemotherapy and etoposide were randomized 1:1 to receive either IMDELLTRA in combination with durvalumab or durvalumab alone until progression or unacceptable toxicity. Following IMDELLTRA infusion on Cycle 1 Day 1 and Cycle 1 Day 8, patients were monitored in a healthcare setting for 1 to 2 hours (6 to 8 hours in certain regions including Europe). The trial included patients with both treated and untreated asymptomatic brain metastases at baseline. The primary outcome measure of the trial is OS. Secondary endpoints include progression-free survival (PFS) and objective response rate (ORR).2

About Tarlatamab Clinical Trials 
Tarlatamab is being investigated in multiple studies including DeLLphi-303, a Phase 1b study investigating tarlatamab in combination with standard-of-care (SOC) therapies in first-line ES-SCLC; DeLLphi-304, a randomized Phase 3 study comparing tarlatamab monotherapy with SOC chemotherapy in second-line treatment of SCLC; DeLLphi-305, a randomized Phase 3 study comparing tarlatamab in combination with durvalumab vs. durvalumab alone as first-line maintenance treatment in ES-SCLC; DeLLphi-306, a randomized placebo-controlled Phase 3 study of tarlatamab following concurrent chemoradiotherapy in limited-stage SCLC; DeLLphi-308, a Phase 1b study evaluating subcutaneous tarlatamab in second-line or later ES-SCLC; DeLLphi-309, a Phase 2 study evaluating alternative intravenous dosing regimens with tarlatamab in second-line ES-SCLC; DeLLphi-310, a Phase 1b study of tarlatamab in combination with YL201 with or without durvalumab in patients with ES-SCLC; DeLLphi-311, a Phase 1b study of tarlatamab in combination with etakafusp alfa (AB248), a novel CD8+ T-cell selective interleukin-2 (IL-2), in patients with ES-SCLC; DeLLphi-312, a randomized Phase 3 study evaluating tarlatamab in combination with durvalumab, carboplatin and etoposide as an induction and maintenance therapy in first-line treatment of ES-SCLC; DeLLphi-313, a Phase 1b study of tarlatamab in combination with zocilurtatug pelitecan, a DLL3 targeting antibody drug conjugate, with and without durvalumab in patients with ES-SCLC, and DeLLphi-315, a Phase 3 study of subcutaneous tarlatamab in patients with second-line ES-SCLC.3

For more information, please visit www.tarlatamabclinicaltrials.com. 

About Small Cell Lung Cancer (SCLC)
SCLC is one of the most aggressive and devastating forms of solid tumor cancers. Each year, SCLC accounts for approximately 13-15% of the more than 2.6 million cases of lung cancer diagnosed worldwide.4-6 Despite advances in the treatment of ES-SCLC, outcomes remain poor, with a median survival of approximately one year from the start of first-line maintenance treatment and only about 40% of patients receiving second-line therapy.7-10

About IMDELLTRA® (tarlatamab-dlle)
IMDELLTRA is a first-in-class targeted immunotherapy engineered by Amgen researchers to bind to both DLL3 on tumor cells and CD3 on T cells, thereby activating T cells to kill DLL3-expressing SCLC cells. This results in the formation of a cytolytic synapse with lysis of the cancer cell.11,12 DLL3 is a protein that is expressed on the surface of SCLC cells in ~85-96% of patients with SCLC, but is minimally expressed on healthy cells, making it an exciting target.13,14

U.S. INDICATION
IMDELLTRA® (tarlatamab-dlle) is indicated for the treatment of adult patients with extensive stage small cell lung cancer (ES-SCLC) with disease progression on or after platinum-based chemotherapy.

IMDELLTRA IMPORTANT SAFETY INFORMATION

WARNING: CYTOKINE RELEASE SYNDROME and NEUROLOGIC TOXICITY including IMMUNE EFFECTOR CELL-ASSOCIATED NEUROTOXICITY SYNDROME

Cytokine release syndrome (CRS), including life-threatening or fatal reactions, can occur in patients receiving IMDELLTRA®. Initiate IMDELLTRA® using the step-up dosing schedule to reduce the incidence and severity of CRS. Withhold IMDELLTRA® until CRS resolves or permanently discontinue based on severity.
Neurologic toxicity and immune effector cell-associated neurotoxicity syndrome (ICANS), including life-threatening or fatal reactions, can occur in patients receiving IMDELLTRA®. Monitor patients for signs and symptoms of neurologic toxicity, including ICANS, during treatment and treat promptly. Withhold IMDELLTRA® until ICANS resolves or permanently discontinue based on severity.

WARNINGS AND PRECAUTIONS

Cytokine Release Syndrome (CRS): IMDELLTRA® can cause CRS including life-threatening or fatal reactions. In the pooled safety population, CRS occurred in 57% (268/473) of patients who received IMDELLTRA®, including 39% Grade 1, 15% Grade 2, 1.7% Grade 3 and 0.2% Grade 4. Recurrent CRS occurred in 24% of IMDELLTRA®-treated patients including 20% Grade 1 and 3.4% Grade 2; one patient experienced recurrent Grade 3. Among the 268 patients who experienced CRS, 73% had CRS after the first dose, 60% had CRS after the second dose, and 15% had CRS following the third or later dose. Following the Cycle 1 Day 1, Day 8, Day 15 infusions, 24%, 8%, and 1% of patients experienced Grade ≥ 2 CRS, respectively. From Cycle 2 onwards, 1.5% of patients experienced Grade ≥ 2 CRS. Of the patients who experienced CRS, 31% received steroids and 10% required tocilizumab. The median time to onset of all grade CRS from most recent dose of IMDELLTRA® was 16 hours (range: start of infusion to 15 days). The median time to onset of Grade ≥ 2 CRS from most recent dose of IMDELLTRA® was 15 hours (range: start of infusion to 15 days).

Clinical signs and symptoms of CRS included pyrexia, hypotension, fatigue, tachycardia, headache, hypoxia, nausea, and vomiting. Potentially life-threatening complications of CRS may include cardiac dysfunction, acute respiratory distress syndrome, neurologic toxicity, renal and/or hepatic failure, and disseminated intravascular coagulation (DIC).

Administer IMDELLTRA® following the recommended step-up dosing and administer concomitant medications before and after Cycle 1 Day 1 and Cycle 1 Day 8 IMDELLTRA® infusions as described in Table 3 of the Prescribing Information (PI) to reduce the risk of CRS. Administer IMDELLTRA® in an appropriate healthcare facility equipped to monitor and manage CRS. Ensure patients are well hydrated prior to administration of IMDELLTRA®.

 Closely monitor patients for signs and symptoms of CRS during and after treatment with IMDELLTRA®. At the first sign of CRS during treatment, immediately discontinue IMDELLTRA® infusion. If CRS occurs during or after treatment, evaluate the patient for hospitalization and manage based on severity. Withhold or permanently discontinue IMDELLTRA® based on severity. Counsel patients and caregivers to seek immediate medical attention should signs or symptoms of CRS occur after discharge.

Neurologic Toxicity, Including ICANS: IMDELLTRA® can cause life-threatening or fatal neurologic toxicity, including ICANS. In the pooled safety population, neurologic toxicity occurred in 65% of patients who received IMDELLTRA®, with Grade 3 or higher events in 7% of patients including fatal events in 0.2%. The most frequent neurologic toxicities were dysgeusia (34%), headache (17%), peripheral neuropathy (9%), dizziness (9%), and insomnia (8%). The incidence of signs and symptoms consistent with ICANS was 10% in IMDELLTRA®-treated patients including events with the preferred terms: ICANS (4.7%), muscular weakness (3.2%), cognitive disorder (0.6%), aphasia (0.6%), depressed level of consciousness (0.4%), seizures (0.4%), encephalopathy (0.4%), and leukoencephalopathy (0.2%). There was one fatal reaction of ICANS. Recurrent ICANS occurred in 1.5% of patients. Of the patients who experienced ICANS, most experienced the event following Cycle 1 Day 1 (2.5%) and Cycle 1 Day 8 (3.6%). Following Day 1, Day 8, and Day 15 infusions, 1.3%, 1.3% and 0.4% of patients experienced Grade ≥ 2 ICANS, respectively. ICANS can occur several weeks following administration of IMDELLTRA®. The median time to onset of ICANS from the first dose of IMDELLTRA® was 16 days (range: 1 to 862 days). The median time to resolution of ICANS was 4 days (range: 1 to 40 days). The onset of ICANS can be concurrent with CRS, following resolution of CRS, or in the absence of CRS. Clinical signs and symptoms of ICANS may include but are not limited to confusional state, depressed level of consciousness, disorientation, somnolence, lethargy, and bradyphrenia.

 Patients receiving IMDELLTRA® are at risk of neurologic adverse reactions and ICANS resulting in depressed level of consciousness. Advise patients to refrain from driving and engaging in hazardous occupations or activities, such as operating heavy or potentially dangerous machinery, until neurologic symptoms resolve.

 Closely monitor patients for signs and symptoms of neurologic toxicity and ICANS during treatment with IMDELLTRA®. At the first sign of ICANS, immediately discontinue the infusion, evaluate the patient and provide supportive therapy based on severity. Withhold IMDELLTRA® or permanently discontinue based on severity.

Cytopenias: IMDELLTRA® can cause cytopenias including neutropenia, thrombocytopenia, and anemia. In the pooled safety population, based on laboratory data, decreased neutrophils occurred in 16% of patients, including 9% Grade 3 or 4. The median time to onset for Grade 3 or 4 decreased neutrophil count was 41 days (range: 2 to 306 days). Decreased platelets occurred in 30% including 2.2% Grade 3 or 4. The median time to onset for Grade 3 or 4 decreased platelets was 67 days (range: 3 to 420 days). Decreased hemoglobin occurred in 56% of patients, including 4.7% Grade 3 or 4. Febrile neutropenia was reported as an adverse event in 1.5% of patients treated with IMDELLTRA®.

 Monitor patients for signs and symptoms of cytopenias. Perform complete blood counts prior to treatment with all doses of IMDELLTRA®, up through Cycle 5 Day 15 and then prior to administration on Day 1 of each cycle starting with Cycle 6. Based on the severity of cytopenias, temporarily withhold, or permanently discontinue IMDELLTRA®.

Infections: IMDELLTRA® can cause serious infections, including life-threatening and fatal infections. In the pooled safety population, infections, including opportunistic infections, occurred in 43% of patients who received IMDELLTRA®, including 14% Grade 3 or 4. The most frequent infections were pneumonia (11%), urinary tract infection (9%), COVID-19 (6%), upper respiratory tract infection (4.7%), respiratory tract infection (4%), candida infection (2.1%), oral candidiasis (2.1%), and nasopharyngitis (2.1%).

 Monitor patients for signs and symptoms of infection prior to and during treatment with IMDELLTRA® and treat as clinically indicated. Withhold or permanently discontinue IMDELLTRA® based on severity.

Hepatotoxicity: IMDELLTRA® can cause hepatotoxicity. In the pooled safety population, based on laboratory data, elevated ALT occurred in 39% of patients who received IMDELLTRA®, including 2.5% with Grade 3 or 4 ALT. Elevated AST occurred in 43% of patients, including 3.2% Grade 3 or 4. Elevated bilirubin also occurred in 16% of patients, including 1.3% Grade 3 or 4. Liver enzyme elevation can occur with or without concurrent CRS. Monitor liver enzymes and bilirubin prior to treatment with IMDELLTRA®, and as clinically indicated. Withhold IMDELLTRA® or permanently discontinue based on severity.

Hypersensitivity: IMDELLTRA® can cause severe hypersensitivity reactions. Clinical signs and symptoms of hypersensitivity may include, but are not limited to, rash and bronchospasm. Monitor patients for signs and symptoms of hypersensitivity during treatment with IMDELLTRA® and manage as clinically indicated. Withhold or consider permanent discontinuation of IMDELLTRA® based on severity.
 
Embryo-Fetal Toxicity: Based on its mechanism of action, IMDELLTRA® may cause fetal harm when administered to a pregnant woman. Advise patients of the potential risk to a fetus. Advise females of reproductive potential to use effective contraception during treatment with IMDELLTRA® and for 2 months after the last dose.

ADVERSE REACTIONS

The pooled safety population reflects exposure to intravenous IMDELLTRA®, as a single agent, at the recommended dosage of IMDELLTRA® 1 mg on Cycle 1 Day 1 followed by 10 mg on Days 8 and 15, and then every 2 weeks until disease progression or intolerable toxicity in 473 patients with small cell lung cancer enrolled in three clinical trials: DeLLphi-300, DeLLphi-301 and DeLLphi-304. Among 473 patients who received IMDELLTRA®, 40% were exposed for 6 months or longer and 19% were exposed for greater than one year.
The most common (≥ 20%) adverse reactions were CRS (57%), fatigue (48%), decreased appetite (38%), dysgeusia (34%), pyrexia (33%), constipation (31%), musculoskeletal pain (31%), and nausea (25%).
The most common (≥ 5%) Grade 3 or 4 laboratory abnormalities were decreased lymphocytes (43%), decreased sodium (12%), decreased total neutrophils (9%), and increased uric acid (6%).

DOSAGE AND ADMINISTRATION: Important Dosing Information

Administer IMDELLTRA® as an intravenous infusion over 1 hour.
Administer IMDELLTRA® according to the step-up dose in the IMDELLTRA® PI (Table 1) to reduce the incidence and severity of CRS.
Evaluate complete blood count, liver enzymes and bilirubin prior to administration of all doses of IMDELLTRA® up through Cycle 5 Day 15 and then prior to administration of IMDELLTRA® on Day 1 of each cycle starting with Cycle 6. More frequent evaluation may be necessary if clinically indicated.
For Cycle 1, administer recommended concomitant medications before and after Cycle 1 Day 1 and Cycle 1 Day 8 IMDELLTRA® infusions to reduce the risk of CRS reactions as described in the PI (Table 3).
IMDELLTRA® should only be administered by a qualified healthcare professional with appropriate medical support to manage severe reactions such as CRS and neurologic toxicity including ICANS.
Due to the risk of CRS and neurologic toxicity, including ICANS, monitor patients from the start of the IMDELLTRA® infusion for 6 to 8 hours following Cycle 1 Day 1 and Cycle 1 Day 8 in an appropriate healthcare setting.
Perform patient assessment including vital signs check on Cycle 1 Days 2 and 9.
Recommend that patients remain within 1 hour of an appropriate healthcare setting for a total of 48 hours from the start of the infusion with IMDELLTRA® following Cycle 1 Day 1 and Cycle 1 Day 8 doses, accompanied by a caregiver.
Inform both the patient and the caregiver on the signs and symptoms of CRS and ICANS prior to discharge.
Ensure patients are well hydrated prior to administration of IMDELLTRA®.

Please see IMDELLTRA® full Prescribing Information, including BOXED WARNINGS.

About Amgen 
Amgen discovers, develops, manufactures and delivers innovative medicines to fight some of the world's toughest diseases. Harnessing the best of biology and technology, Amgen reaches millions of patients with its medicines.

More than 45 years ago, Amgen helped establish the biotechnology industry at its U.S. headquarters in Thousand Oaks, California, and it remains at the cutting edge of innovation, using technology and human genetic data to push beyond what is known today. Amgen is advancing a broad and deep pipeline and portfolio of medicines to treat cancer, heart disease, inflammatory conditions, rare diseases and obesity and obesity-related conditions.

Amgen has been consistently recognized for innovation and workplace culture, including honors from Fast Company and Forbes. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average®, and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

For more information, visit Amgen.com and follow Amgen on X, LinkedIn, Instagram, YouTube, Facebook, TikTok and Threads.

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CONTACT: Amgen, Thousand Oaks
Brianna Wilkins, 513-284-9807 (media)
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REFERENCES

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Giffin MJ, Cooke K, Lobenhofer EK, et al. AMG 757, a half-life extended, DLL3-targeted bispecific T-cell engager, shows high potency and sensitivity in preclinical models of small-cell lung cancer. Clin Cancer Res. 2021;27(5):1526-1537. doi:10.1158/1078-0432.CCR-20-2845.
Baeuerle PA, Kufer P, Bargou R. BiTE: Teaching antibodies to engage T-cells for cancer therapy. Curr Opin Mol Ther. 2009;11(1):22-30.
Ahn MJ, Cho BC, Felip E, et al. Tarlatamab for patients with previously treated small-cell lung cancer. N Engl J Med. 2023;389(22):2063-2075. doi:10.1056/NEJMoa2307980.
Rojo F, Corassa M, Mavroudis D, et al. International real-world study of DLL3 expression in patients with small cell lung cancer. Lung Cancer. 2020;147:237-243. doi:10.1016/j.lungcan.2020.07.026.

SOURCE Amgen

Income seekers and growth investors often choose between biotech pioneers and diversified pharmaceutical giants. Comparing Amgen (AMGN -1.79%) and Johnson & Johnson (JNJ -1.42%) reveals two distinct paths for healthcare investing in 2026.

Amgen leverages its expertise in biological medicines to target complex diseases while expanding into rare treatments. Johnson & Johnson provides a broader foundation by combining massive drug development with its leading medical technology division. Both companies aim to provide long-term value, but their risk profiles and financial structures differ significantly.

The case for AmgenAmgen develops and delivers biological medicines for serious illnesses, focusing on inflammation, oncology, and rare diseases. In its latest annual report, filed for the fiscal year ended Dec. 31, 2025, the company noted that it distributes products primarily through pharmaceutical wholesale distributors. McKesson Corp. (MCK -1.14%), Cencora (COR -2.21%), and Cardinal Health (CAH -2.37%) collectively accounted for 77% of gross revenues in 2025. Customer concentration like this adds a layer of risk to the business.

In FY 2025, revenue reached about $36.7 billion, representing a growth rate of approximately 10% compared to the prior year. Net income for the period was around $7.7 billion, yielding a net margin of roughly 21%. This growth reflects a significant improvement over the prior year, where net income was closer to $4.1 billion.

As of its December 2025 balance sheet, the debt-to-equity ratio was nearly 6.3x, showing total debt is over six times the value of shareholder equity. The current ratio, which measures the ability to cover short-term liabilities with short-term assets, was approximately 1.1x. Free cash flow for the year was roughly $8.1 billion, providing the capital necessary to fund research and development.

The case for Johnson & JohnsonJohnson & Johnson operates through two primary segments: Innovative Medicine and MedTech. This structure makes it a heavyweight among healthcare stocks because it captures both drug discovery and surgical hardware sales. The company maintains a massive global presence, distributing products to hospitals, wholesalers, and healthcare professionals in virtually every country.

In FY 2025, revenue for the company climbed to roughly $94.2 billion, which was a 6% increase over the previous fiscal year. Net income was approximately $26.8 billion, resulting in a net margin of 28.5%. These figures show the company remains highly profitable while steadily growing its massive top-line sales.

As of its December 2025 balance sheet, the debt-to-equity ratio was approximately 0.6x, indicating a conservative use of debt relative to equity. Its current ratio was nearly 1.0x, showing the company has enough short-term assets to meet its immediate obligations. Free cash flow was very strong at roughly $19.7 billion for the fiscal year.

Risk profile comparisonAmgen faces risks from intense scrutiny on drug prices, including mandatory price setting for Medicare under the Inflation Reduction Act. The company also deals with manufacturing concentration, as its production is heavily dependent on facilities in Puerto Rico and California. Furthermore, it faces an ongoing tax dispute with the IRS regarding profit allocations that could result in a significant financial liability.

Johnson & Johnson deals with significant pricing and reimbursement headwinds from global healthcare reforms. The company also faces extensive legal proceedings, including product liability claims related to talc-based products and patent challenges. It must also compete for market share against other pharmaceutical leaders like Pfizer Inc. (PFE -1.28%) and AbbVie Inc. (ABBV +0.16%) while managing a complex global supply chain.

Valuation comparisonAmgen appears to be the more affordable option based on future earnings, though Johnson & Johnson carries significantly less debt relative to its equity base.

MetricAmgenJohnson & JohnsonForward P/E19.4x24.1xP/S ratio6.3x6.5xValuation metrics include those sourced from Financial Modeling Prep (FMP) and may differ from those of other data providers.

Which stock would I buy in 2026?Amgen is not a fast-growing company by sales, as reflected in its ratios in the table above. Given its scale, it should be able to achieve a roughly 3% revenue increase in 2026, to around $37.8 billion. But size forgives a lot in pharmaceuticals. For one, its billions in net income could enable Amgen to pursue future growth by acquiring other drugmakers. The business also has six drug franchises that generate $1 billion-plus in annual revenue. There is real value there.

Late last year, Amgen became one of nine companies to reach a deal with the U.S. government to lower drug prices (Bristol Myers Squibb (BMY -2.41%), Merck & Co. (MRK -1.34%), and Gilead Sciences (GILD -0.73%) are also among the companies that signed a deal). Based on this agreement, Amgen will be exempt from Trump's pharmaceutical tariffs for three years, a positive, in exchange for the company reducing prices on its key migraine drug Aimovig and rheumatoid arthritis medicine Amjevita by about 60% and 80%, respectively, in a direct-to-consumer platform launched this month.

Johnson & Johnson, meanwhile, is an overlooked behemoth compared with faster-growing biotech companies. The business has 28 products and platforms that generate more than $1 billion in annual revenue. Its pharmaceuticals arm, Innovative Medicine, has received two FDA approvals this year and has two more approved drug product launches in the E.U. and the U.S. The Innovative Medicine division accounts for 65% of JNJ's annual revenue and appears to have a robust pipeline beyond the pending products. MedTech, its other arm, sells a wide range of healthcare products, including wound care, surgical instruments and implants, hip and knee replacements, and spinal implants. The recent buy of Atraverse Medical bolsters that business. Revenue for Johnson & Johnson is expected to rise to $101 billion in the current fiscal year.

These are both pharma stalwarts and could make a nice addition to a portfolio. The key differentiator right now is the cheapness of the stock. under the philosophy of buying good stocks at good prices. That gives the nod to Amgen, which has a lower forward P/E and P/S than J&J.

When a drugmaker's top product loses patent protection, the dividend usually takes the hit. Four pharma giants are each betting on newer drugs to fill the gap, but how close each one sits to the edge varies far more than…

Every drugmaker eventually loses its biggest product to generics or biosimilars. For an income investor, the question is whether newer drugs bring in enough cash to cover the dividend before the old blockbuster’s sales fade. This group shows how much is at stake: Merck (NYSE:MRK | MRK Price Prediction) brought in $8.367 billion from its KEYTRUDA franchise in a single quarter. AbbVie (NYSE:ABBV) is already absorbing Humira biosimilars. Amgen (NASDAQ:AMGN) is losing sales on Prolia and XGEVA, and Gilead Sciences (NASDAQ:GILD) is maintaining its HIV franchise after its COVID drug faded. Below, we judge each dividend first on coverage, cash flow, and track record. Yield comes second.

AbbVie: Skyrizi and Rinvoq Are Already Paying for the Post-Humira Dividend AbbVie yields 2.3%, and its quarterly dividend is now $1.73 per share, up from $1.64 in 2025. The payout has gone up every year since AbbVie became a standalone company. It started at $0.40 a quarter in 2013.

Dividend safety: Trailing GAAP EPS of $3.54 is below the $6.83 annual dividend because of deal-related charges. Adjusted EPS guidance of $13.87 to $14.07 better reflects how well the payout is covered. The free cash flow yield of 3.5381% is higher than the 2.3150% dividend yield, so cash flow covers the payout. Net debt runs at 2.26x EBITDA and interest coverage is 6.94x. Book equity is negative because of the Allergan deal. With the $10.9 billion Apogee Therapeutics acquisition pending, the CFO said AbbVie remains “committed to achieving a net leverage ratio of two times within two to three years following the deal close.”

Patent exposure: Humira sales came in at $756 million in Q2, down 35.9%. Over the same quarter, Skyrizi brought in $5.505 billion (up 24.4%) and Rinvoq $2.525 billion (up 24.5%). Management said Skyrizi’s “composition of matter patent expires in 2033” and its regulatory data protection “does not expire until 2031.”

Bull case: Revenue grew 10.2% to $16.99 billion, and management now expects $21.7 billion in Skyrizi revenue for the full year. The stock trades at a forward P/E of about 16. The drugs replacing Humira are already growing fast enough to fund dividend increases.

Risk: AbbVie now depends heavily on two drugs. One CNBC guest said the company is “still pretty levered to now two drugs or arguably three.”

Merck: A Trailing Payout Ratio That Overstates the Danger Merck yields 2.24% on a quarterly dividend of $0.85, up from $0.81. The payout has gone up every year since late 2013, when it was $0.44. Merck has frozen its dividend before, though: it held at $0.38 from 2005 through 2010.

Dividend safety: At first glance, Merck’s coverage looks bad. Trailing EPS of $1.26 falls far short of the $3.32 annual dividend, and the trailing P/E is about 119. The forward P/E is about 15, though, and that gap suggests one-time charges are skewing the trailing figure. This year’s adjusted EPS guidance of $2.66 to $2.76 already includes one-time R&D charges of $3.62 per share for Cidara and $2.31 per share for Terns. The CFO was direct: “We remain committed to the dividend, intending to increase it over time.” Merck is also on pace for about $3 billion in buybacks this year.

Patent exposure: KEYTRUDA sales were $7.904 billion in Q2, down 1%, with a 2028 loss of exclusivity ahead. The new KEYTRUDA QLEX version added $463 million. The CEO described the coming loss of exclusivity as “more of a hill than a cliff.”

Bull case: WINREVAIR sales rose 75% to $588 million. LIPFENDRA was approved as the first once-daily oral PCSK9 inhibitor, and sac-TMT is in 17 Phase 3 studies. Management raised full-year sales guidance to $66.3 billion to $67.3 billion.

Risk: The CFO expects U.S. KEYTRUDA growth to “moderate as we increasingly reach peak penetration across several key indications.” That slowdown comes before exclusivity ends.

Amgen: A Raise Every Year Since 2011, Backed by Strong Cash Flow Amgen yields 2.24%. Its quarterly dividend of $2.52 is a 6% increase from a year ago. Amgen has increased its dividend every year since its first dividend in 2011, when it paid $0.28 a quarter.

Dividend safety: The $9.80 annual dividend is covered by trailing EPS of $16.10 and by adjusted EPS guidance of $22.30 to $23.50. Q2 free cash flow jumped 82.6% to $3.489 billion. Buybacks for the year are capped at $3.0 billion, and the company bought back no shares in the first two quarters, which leaves more cash for the dividend and debt reduction.

Patent exposure: Prolia fell 32% to $759 million, and XGEVA fell 34% to $352 million. Enbrel slipped 4% under IRA price-setting pressure. Management called the Prolia and XGEVA decline “in line with our expectations given several biosimilar competitors have now launched.”

Bull case: Six key growth drivers rose 26% and now make up nearly 70% of product sales. Repatha grew 37%. Amgen also benefits from biosimilars itself: its biosimilar portfolio brought in $855 million in Q2. MariTide, its obesity drug, is in 10 Phase 3 studies, which gives Amgen a long-term growth option the other three lack.

Risk: Debt outstanding is $57.3 billion, the largest load in this group relative to Amgen’s size.

Gilead Sciences: HIV Growth Is Funding the Dividend as Veklury Fades Gilead yields 2.06%, less than any of the other three, on a quarterly dividend of $0.82. The payout has gone up every year since 2015, when it was $0.43.

Dividend safety: Gilead reported a Q2 GAAP net loss of $10.496 billion, driven by acquired R&D write-offs. Free cash flow still came in at $3.432 billion. Excluding acquisition charges, non-GAAP EPS guidance of $8.50 to $8.85 easily covers the $3.22 annual dividend. According to the CFO, Gilead returned “approximately 49% of our free cash flow to shareholders in the first half of 2026” through dividends and buybacks combined.

Patent exposure: Veklury sales collapsed 81% to $23 million, and HIV competition is the main long-term threat. For now, HIV sales are still growing: up 12% to $5.693 billion. The CEO said the HIV portfolio is “durable well into the end of the next decade.”

Bull case: Yeztugo, Gilead’s long-acting HIV prevention shot, brought in $232 million, up from $15 million a year earlier. Descovy rose 48%. Two FDA decisions are coming up: anito-cel on December 23, 2026 and once-weekly oral lenacapavir for HIV prevention by February 2, 2027. The forward P/E is about 16.

Risk: Acquisitions have cut Gilead’s cash to $3.179 billion from $10.6 billion at year-end, leaving less room if a launch disappoints.

Ranking the Four Dividends on Patent-Cliff Readiness AbbVie is furthest along: Skyrizi and Rinvoq are already replacing Humira’s lost sales and paying for dividend increases. Amgen has raised its dividend every year since 2011 and has strong free cash flow, so its debt load is the main thing to monitor. Merck’s commitment to the dividend is firm, and its trailing payout ratio looks worse than it is because of one-time charges. Gilead has the lowest yield, but its HIV growth gives the dividend the clearest path past Veklury’s collapse. None of these four trip the classic warning signs of a dividend about to be cut, but if you want the checklist we use to screen for those, we put all seven of them in a free dividend trap guide.

Contact [email protected] for any questions or corrections.

Amgen (AMGN - Free Report) ended the recent trading session at $447.28, demonstrating a +2.04% change from the preceding day's closing price. The stock's change was more than the S&P 500's daily loss of 1.21%. Meanwhile, the Dow experienced a rise of 0.02%, and the technology-dominated Nasdaq saw a decrease of 2.6%.

Coming into today, shares of the world's largest biotech drugmaker had gained 7.94% in the past month. In that same time, the Medical sector gained 2.71%, while the S&P 500 lost 0.03%.

The investment community will be paying close attention to the earnings performance of Amgen in its upcoming release. The company is slated to reveal its earnings on November 3, 2026. The company's upcoming EPS is projected at $5.72, signifying a 1.42% increase compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $9.93 billion, reflecting a 3.94% rise from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $22.94 per share and a revenue of $38.85 billion, indicating changes of +5.04% and +5.7%, respectively, from the former year.

It is also important to note the recent changes to analyst estimates for Amgen. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.02% higher within the past month. Amgen is currently sporting a Zacks Rank of #3 (Hold).

Looking at its valuation, Amgen is holding a Forward P/E ratio of 19.11. This valuation marks a discount compared to its industry average Forward P/E of 24.7.

It is also worth noting that AMGN currently has a PEG ratio of 3.21. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Medical - Biomedical and Genetics industry had an average PEG ratio of 1.8.

The Medical - Biomedical and Genetics industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 105, placing it within the top 43% of over 250 industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

The VanEck Biotech ETF (BBH +0.68%) offers a concentrated play on industry giants, while the State Street SPDR S&P Biotech ETF (XBI -0.30%) provides broad exposure across the biotechnology sector.

Investors seeking biotechnology exposure often choose between these two distinct strategies. The VanEck fund targets a narrow group of industry leaders, while the State Street fund provides broad exposure to 158 companies across the market-capitalization spectrum using a representative sampling technique.

Snapshot (cost & size)MetricXBIBBHIssuerSPDRVanEckShare price$149.78 (as of 2026-10-15)$246.49 (as of 2026-10-15)Expense ratio0.35%0.35%1-yr return (as of Oct. 15, 2026)38.8%42.0%Dividend yield0.4%0.4%Beta0.860.71AUM$10.3 billion$0.48 billionBeta measures price volatility relative to the S&P 500; beta is calculated from monthly returns over the available fund history (up to five years). The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.

Both funds are priced competitively for the sector with matching 0.35% expense ratios. Their income profiles are also nearly identical, each offering a 0.4% yield, making the choice between them dependent on portfolio concentration rather than cost.

Performance & risk comparisonMetricXBIBBHMax drawdown (5 yr)(53.2%)(34.6%)Growth of $1,000 over 5 years (total return)$1,205$1,296What's insideThe VanEck fund tracks a concentrated portfolio of 26 companies involved in the research, manufacturing, and sale of medications derived from genetic insights. Its holdings consist entirely of Healthcare stocks, and its largest positions include Amgen (AMGN -0.14%) at 16.4%, Gilead Sciences (GILD -1.88%) at 14%, and Vertex Pharmaceuticals (VRTX +1.92%) at 7.94%. Launched in 2011. VanEck Biotech ETF has paid $0.96 per share over the trailing 12 months, which on its recent ~$246.49 share price works out to a 0.4% yield.

The State Street fund holds a much broader basket of 165 stocks, using a modified index tracking approach to cover the biotechnology industry. The portfolio is 99% Healthcare and 1% Financial Services, and its top holdings include Moderna (MRNA +1.54%) at 2.53%, Natera (NTRA +1.84%) at 1.88%, and Twist Bioscience (TWST +4.51%) at 1.79%. Launched in 2006. State Street SPDR S&P Biotech ETF has paid $0.54 per share over the trailing 12 months, which on its recent ~$149.78 share price works out to a 0.4% yield.

For more guidance on ETF investing, check out the full guide at this link.

Which looks like the better buyWhen deciding between these two biotech ETFs, investors must consider where they believe the greatest opportunities lie in the industry. Both funds carry identical expense ratios and dividend yields, but their underlying holdings tell two very different stories.

VanEck Biotech ETF concentrates its portfolio in just a couple dozen companies, with established industry leaders like Amgen and Gilead Sciences accounting for nearly 30% of its holdings. These companies have existing revenue streams, established drug portfolios, and the financial resources to continue developing new treatments.

Meanwhile, State Street SPDR S&P Biotech ETF spreads its exposure across an array of companies, including smaller firms working to bring new drugs and treatments to market. While these companies carry greater risks tied to clinical trials, regulatory approvals, and financing, they also offer substantial upside if their treatments prove successful.

For long-term investors, State Street SPDR S&P Biotech ETF looks like the better buy. The biotechnology industry is constantly evolving, and predicting which companies will develop the next blockbuster treatment is no easy task. With broader exposure to emerging innovators, this ETF provides more opportunities to capture the industry's next big winners without relying too heavily on a limited group of companies.

RJ Fulton has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amgen, Gilead Sciences, Moderna, Natera, Twist Bioscience, and Vertex Pharmaceuticals. The Motley Fool recommends SPDR Series Trust - SPDR S&P Biotech ETF. The Motley Fool has a disclosure policy.

, /PRNewswire/ -- Amgen (NASDAQ:AMGN) will host a webcast call for the investment community in conjunction with the European Society of Medical Oncology Congress (ESMO) 2026 on Saturday, October 24, 2026 at 11:30 a.m. PT. Murdo Gordon, executive vice president of Global Markets and Policy at Amgen, and Jean-Charles Soria, senior vice president of oncology within Global Development at Amgen, as well as other members of Amgen's management team, will discuss Amgen's oncology portfolio and selected data being presented at ESMO 2026. The webcast will be broadcast over the internet simultaneously and will be available to members of the news media, investors and the general public.

The webcast, as with other selected presentations regarding developments in Amgen's business given by management at certain investor and medical conferences, can be found on Amgen's website, www.amgen.com, under Investors. Information regarding presentation times, webcast availability and webcast links are noted on Amgen's Investor Relations Events Calendar. The webcast will be archived and available for replay for at least 30 days after the event.

About Amgen

Amgen discovers, develops, manufactures and delivers innovative medicines to fight some of the world's toughest diseases. Harnessing the best of biology and technology, Amgen reaches millions of patients with its medicines.

More than 45 years ago, Amgen helped establish the biotechnology industry at its U.S. headquarters in Thousand Oaks, California, and it remains at the cutting edge of innovation, using technology and human genetic data to push beyond what is known today. Amgen is advancing a broad and deep pipeline and portfolio of medicines to treat cancer, inflammatory conditions, rare diseases, heart disease and obesity and obesity-related conditions.

Amgen has been consistently recognized for innovation and workplace culture, including honors from Fast Company and Forbes. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average®, and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

For more information, visit Amgen.com and follow us on X (formerly known as Twitter), LinkedIn, Instagram, YouTube and Threads.

CONTACT: Amgen, Thousand Oaks
Brianna Wilkins, 513-284-9807 (media)
Casey Capparelli, 805-447-1746 (investors)

SOURCE Amgen

Amgen (AMGN.O) and AstraZeneca (AZN.L) said on Tuesday their asthma drug helped reduce swallowing difficulties and achieved disease remission in 69% ​of patients with a type of chronic inflammatory disorder ‌of the esophagus.

The result builds on August data, when AstraZeneca said the drug met the trial's main goals after 24 weeks of treatment by ​reducing esophageal inflammation and easing swallowing difficulties versus placebo.

The ​drug Tezspire is being studied in patients with symptomatic ⁠and uncontrolled eosinophilic esophagitis, which causes swelling and irritation in ​the food pipe, making swallowing difficult and sometimes causing food ​to get stuck

The monoclonal antibody blocks a protein called TSLP that drives the inflammatory pathway involved in both asthma and eosinophilic esophagitis

About 65% on ​the 210 mg dose and 69% of patients on the ​420 mg dose of the drug achieved remission of inflammation at 24 weeks, ‌compared ⁠with 3.5% of patients on placebo

The companies said the benefits were maintained through 52 weeks, with 67.8% of patients on the 210 mg dose and 63.3% on the 420 mg dose ​achieving disease remission, ​compared with ⁠5.4% on placebo

Tezspire reduced swallowing-difficulty scores by 18.8 points at the 210 mg dose and 22 ​points at the 420 mg dose after 24 ​weeks, ⁠compared with a 14.7-point reduction with placebo

The most commonly reported side effects were upper respiratory infections, headache and diarrhea

The drug is ⁠already approved ​in a number of countries as ​an add-on treatment for severe asthma and competes with Sanofi (SASY.PA) and Regeneron's (REGN.O) blockbuster ​drug Dupixent

Symptom Improvements Versus Placebo at Week 24 Were Sustained Through Week 52

Statistically Significant Total Endoscopic Remission with No Visible Inflammation or Fibrosis Attained Versus Placebo at Week 52

, /PRNewswire/ -- Amgen (NASDAQ:AMGN) and AstraZeneca today announced full results from the positive Phase 3 CROSSING trial that showed TEZSPIRE® (tezepelumab-ekko) demonstrated statistically significant and clinically meaningful improvements across co-primary and key secondary endpoints at week 24 which were sustained through week 52 in adolescent and adult patients with symptomatic and uncontrolled eosinophilic esophagitis (EoE).1,2 

CROSSING evaluated TEZSPIRE 210 mg and 420 mg administered subcutaneously every four weeks. Treatment with TEZSPIRE achieved histologic remission for 64.8% (210 mg dose) and 68.9% (420 mg dose) of patients at week 24, compared to 3.5% of patients on placebo (p<0.001). TEZSPIRE also reduced the frequency and severity of dysphagia symptoms (difficulty swallowing) by 18.8 points (210 mg dose; p=0.049) and 22.0 points (420 mg dose, p<0.001) from baseline vs. 14.7 points on placebo, as measured by the Dysphagia Symptom Questionnaire (DSQ) score, a patient-reported outcome measure.1

These results were sustained through week 52, as assessed in key secondary endpoints. Histologic remission was achieved in 67.8% (210 mg dose) and 63.3% (420 mg dose) of patients receiving TEZSPIRE, compared with 5.4% receiving placebo (both p<0.001). Continued symptom improvements in DSQ scores were observed with 22.1 point (210 mg dose) and 24.0 point (420 mg dose) average reductions from baseline, compared with 13.2 points for placebo (both p<0.001).1 See Tables 1-2 for detailed results across both doses.

"A new treatment approach is needed for people living with eosinophilic esophagitis, half of whom continue to experience uncontrolled symptoms despite standard treatment," said Jay Bradner, M.D., executive vice president of Research and Development, Artificial Intelligence and Data at Amgen. "We're pleased with the statistically significant and clinically meaningful, sustained improvements seen in CROSSING. As we continue to study TEZSPIRE across epithelial-driven inflammatory diseases, our focus remains on translating the science behind TSLP inhibition into meaningful outcomes for patients."

In additional key secondary endpoints, treatment with TEZSPIRE resulted in statistically significant improvements in endoscopic features and severity (measured with the EoE Endoscopic Reference Score, or "EREFS") at weeks 24 and 52. 34.4% (210 mg dose) and 29.5% (420 mg dose) of patients achieved total endoscopic remission with TEZSPIRE, meaning no visible features of EoE at week 52 (vs. 4.1% placebo (p<0.001)), as measured in a key secondary endpoint.1 See Table 2.

Results from the CROSSING trial will be presented in a late-breaking oral presentation at United European Gastroenterology Week 2026 in Barcelona, Spain.

In patients with EoE, inflammation of the esophagus can lead to dysphagia, food impaction and esophageal narrowing, and the risk of food moving slowly or becoming stuck can make daily meals difficult and stressful. 3,4 Nearly half of patients, including adolescents, do not achieve adequate disease control with current standard of care designed to manage symptoms, which include dietary restriction, swallowed topical corticosteroids and proton pump inhibitors.5-7

"The prevalence of eosinophilic esophagitis is on the rise and has become one of the fastest-growing chronic gastrointestinal conditions we see in the clinic. This disease can severely impede a person's ability to eat and swallow, with many patients experiencing near-daily burden from the risk of food becoming stuck during meals," said Evan Dellon, M.D., professor of medicine and adjunct professor of epidemiology at the University of North Carolina School of Medicine, and primary investigator in the trial. "The CROSSING data suggest that tezepelumab, dosed once every four weeks, would be an important new treatment option to address key treatment goals in EoE across symptomatic, histologic and endoscopic outcomes."

"The CROSSING trial results are compelling because they show consistent, lasting improvements across three key measures of eosinophilic esophagitis — histologic remission, frequency and severity of dysphagia, and endoscopic remission — sustained through 52 weeks," said Arjan Bredenoord, M.D., gastroenterologist and professor at the Amsterdam University Medical Center, Amsterdam, the Netherlands, and primary investigator in the trial. "Importantly, these meaningful results were seen even in patients who were allowed to remain on their stable background therapy."

In the trial, patients were allowed to remain on background medications for EoE, including proton pump inhibitors and swallowed topical corticosteroids, provided they were stable prior to entry and during the treatment period.2 

TEZSPIRE had a safety profile consistent with its approved indications. The most frequently reported adverse events for TEZSPIRE in the CROSSING trial were upper respiratory infection (nasopharyngitis), headache and diarrhea.1

Table 1: Summary of co-primary efficacy endpoints*1

Endpoint

Tezepelumab (210
mg n=122, 420 mg n=122)

Placebo
(n=121)

Difference vs. placebo

(95% CI)

Proportion of patients (%) who 
achieved histologic remission
at week 24

210 mg dose: 

64.8%

3.5 %

210 mg dose: 

60.5% (51.1, 69.8)
p<0.001

420 mg dose: 

68.9%

420 mg dose: 

65.8% (56.8, 74.7)

p<0.001

Least squares (LS) mean change 
from baseline in DSQ score at
week 24

210 mg dose:

−18.8

-14.7

210 mg dose:

−4.1(−8.1, −0.0)

p=0.049

420 mg dose:

−22.0

420 mg dose:

−7.3 (−11.3, −3.3)

p<0.001

*The first co-primary endpoint, histologic remission, was defined as having a peak eosinophil count ≤6 per high power field in the esophageal tissue. The second co-primary endpoint, the frequency and severity of dysphagia, was assessed using the patient-reported DSQ and measured as a mean change from baseline in DSQ score.

Table 2: Summary of key secondary endpoints1

Endpoint

Tezepelumab (210
mg n=122, 420 mg
n=122)

Placebo
(n=121)

Difference vs. placebo

(95% CI)

LS mean change from baseline 
in Eosinophilic Esophagitis
Endoscopic Reference Score
(EREFS 0-18)* at week 24

210 mg dose:

−3.6

-0.2

210 mg dose: 

−3.4 (−4.0, −2.7)

p<0.001

420 mg dose:

−3.7

420 mg dose:

−3.4(−4.1, −2.8)

p<0.001

Proportion of patients (%) who
achieved histologic remission
at week 52

210 mg dose: 

67.8%

5.4 %

210 mg dose: 63.4% 
(53.8, 73.1)

p<0.001

420 mg dose: 

63.3%

420 mg dose: 58.3% 
(48.6, 68.1)

p<0.001

LS mean change

from baseline

in DSQ score at

week 52

210 mg dose:

−22.1

-13.2

210 mg dose:

−8.9 (−13.2, −4.6)

p<0.001

420 mg dose:

−24.0

420 mg dose:

−10.8 (−15.1, −6.6)

p<0.001

LS mean change from baseline 
in Eosinophilic Esophagitis
Endoscopic Reference Score
(EREFS 0-18)* at week 52

210 mg dose: 

−3.9

-0.6

210 mg dose: 

−3.3 (−4.0, −2.6)

p<0.001

420 mg dose:

−3.7

420 mg dose:

−3.1(−3.8, −2.4)

p<0.001

Proportion of patients (%) who
achieved total endoscopic
remission (EREFS =0)** at week 52

210 mg dose:

34.4%

4.1 %

210 mg dose:

33.2% (24.4, 42.1)

p<0.001

420 mg dose:

29.5%

420 mg dose:

26.1% (17.2, 35.0)

p<0.001

* The EREFS total score (0–18) is calculated by summing the scores from the proximal and distal esophagus, assessing the severity of five endoscopic features of EoE: edema, rings, exudates, furrows and strictures. Higher scores indicate more extensive disease.
** Total endoscopic remission is defined as a maximum EREFS score of 0 (on a 0–9 scale) across all esophageal levels (proximal, mid and distal), indicating the absence of all five assessed endoscopic features of EoE.

TEZSPIRE® (tezepelumab-ekko) U.S. Indication

TEZSPIRE is indicated for:

the add-on maintenance treatment of adult and pediatric patients aged 12 years and older with severe asthma. TEZSPIRE is not indicated for the relief of acute bronchospasm or status asthmaticus.
the add-on maintenance treatment of adult and pediatric patients aged 12 years and older with inadequately controlled chronic rhinosinusitis with nasal polyps (CRSwNP).

TEZSPIRE® (tezepelumab-ekko) Important Safety Information

CONTRAINDICATIONS
Known hypersensitivity to tezepelumab-ekko or excipients.

WARNINGS AND PRECAUTIONS

Hypersensitivity Reactions
Hypersensitivity reactions were observed in the clinical trials (e.g., rash and allergic conjunctivitis) following the administration of TEZSPIRE. Postmarketing cases of anaphylaxis have been reported. These reactions can occur within hours of administration, but in some instances have a delayed onset (i.e., days). In the event of a hypersensitivity reaction, consider the benefits and risks for the individual patient to determine whether to continue or discontinue treatment with TEZSPIRE.

Acute Asthma Symptoms or Deteriorating Disease
TEZSPIRE should not be used to treat acute asthma symptoms, acute exacerbations, acute bronchospasm, or status asthmaticus.

Abrupt Reduction of Corticosteroid Dosage
Do not discontinue systemic or inhaled corticosteroids abruptly upon initiation of therapy with TEZSPIRE. Reductions in corticosteroid dose, if appropriate, should be gradual and performed under the direct supervision of a physician. Reduction in corticosteroid dose may be associated with systemic withdrawal symptoms and/or unmask conditions previously suppressed by systemic corticosteroid therapy.

Parasitic (Helminth) Infection
It is unknown if TEZSPIRE will influence a patient's response against helminth infections. Treat patients with pre-existing helminth infections before initiating therapy with TEZSPIRE. If patients become infected while receiving TEZSPIRE and do not respond to anti-helminth treatment, discontinue TEZSPIRE until infection resolves.

Live Attenuated Vaccines
The concomitant use of TEZSPIRE and live attenuated vaccines has not been evaluated. The use of live attenuated vaccines should be avoided in patients receiving TEZSPIRE.

ADVERSE REACTIONS
The most common adverse reactions (incidence ≥ 3%) are:

Asthma: pharyngitis, arthralgia, and back pain.
Chronic rhinosinusitis with nasal polyps: nasopharyngitis, upper respiratory tract infection, epistaxis, pharyngitis, back pain, influenza, injection site reaction and arthralgia.

USE IN SPECIFIC POPULATIONS
There are no available data on TEZSPIRE use in pregnant women to evaluate for any drug-associated risk of major birth defects, miscarriage, or other adverse maternal or fetal outcomes. Placental transfer of monoclonal antibodies such as tezepelumab-ekko is greater during the third trimester of pregnancy; therefore, potential effects on a fetus are likely to be greater during the third trimester of pregnancy.

Please see the full Prescribing Information including Patient Information and Instructions for Use.

You may report side effects related to AstraZeneca products by clicking here.

About TEZSPIRE® (tezepelumab-ekko)

TEZSPIRE is a first-in-class human monoclonal antibody that works on a primary source of inflammation: the airway and gut epithelia, which are the first points of contact for many viruses, allergens, pollutants and other environmental triggers and insults. Specifically, TEZSPIRE targets and blocks thymic stromal lymphopoietin (TSLP), a key epithelial cytokine that sits at the top of multiple inflammatory cascades and initiates an overreactive immune response to allergic, eosinophilic and other types of epithelial-driven inflammation associated with severe asthma, chronic rhinosinusitis with nasal polyps (CRSwNP), chronic obstructive pulmonary disease (COPD) and eosinophilic esophagitis (EoE).2,8-11

TSLP is released by the epithelium in response to inhaled or swallowed environmental inflammatory triggers. Across these disease states, the expression of TSLP is increased and correlates with disease severity.8-12

TEZSPIRE is currently approved for the treatment of severe asthma in the U.S., EU, China, Japan and more than 70 countries across the globe, and for the treatment of inadequately controlled CRSwNP in the U.S., EU, China and Japan.

Beyond severe asthma and CRSwNP, TEZSPIRE is also in development for other potential indications including COPD and EoE.13-15

About Eosinophilic Esophagitis (EoE)

EoE is a chronic and progressive epithelial-driven inflammatory disorder of the esophagus affecting more than 470,000 people in the US, with the prevalence increasing five-fold since 2009.3,16 It is characterized by inflammation, remodeling and esophageal epithelial dysfunction.3 Epithelial dysfunction and inflammation are important characteristics of EoE and impede the ability of the epithelium to act as a physical and immunological barrier against the external environment.3

The most common symptoms of EoE include difficulty and pain swallowing, food becoming stuck in the esophagus (which may require emergency medical interventions), nausea and vomiting.16-18 Many patients, including adolescents, report challenges with swallowing and eating, including concerns about choking.19,20

Patients are often treated with proton pump inhibitors or swallowed topical corticosteroids to manage inflammation.3,5 Nearly half of patients with EoE will not respond to standard first-line therapies or dietary treatment.6,7

About the Phase 3 CROSSING Trial

CROSSING was a randomized, double-blind, placebo-controlled, multi-center, parallel-group, Phase 3 trial designed to evaluate the efficacy and safety of TEZSPIRE administered subcutaneously every four weeks, compared to placebo in patients aged 12-80 years with symptomatic and histologically active EoE.2 A total of 368 patients were randomized in a 1:1:1 ratio to receive either a 210 mg or 420 mg dose of TEZSPIRE or placebo.2

The co-primary endpoints analyzed at week 24 were the proportion of patients with histologic remission, defined as a peak esophageal eosinophil count less than or equal to six eosinophils per high-power field, and mean changes from baseline in the Dysphagia Symptom Questionnaire (DSQ).2 The peak eosinophil count is obtained when biopsies of the tissue of the esophagus are examined under a microscope.2 A count of 15 or more peak eosinophils per high power microscopic field measured by esophageal biopsy is often the cutoff used to diagnose EoE.21,22 The DSQ captures the presence and severity of dysphagia symptoms in a daily diary with a four-item patient-reported questionnaire; the score is calculated over 14-day periods, ranging from zero to 84, with a higher score indicating more severe dysphagia.2

Key secondary endpoints assessed histologic remission and dysphagia symptoms at week 52; changes in endoscopic disease features (EREFS) and histologic severity and extent (EoE-HSS) at weeks 24 and 52; as well as endoscopic response, inflammatory remission and total endoscopic remission at week 52.2 EREFS is a standardized scoring system used to assess five visible features of EOE in the esophagus during endoscopy: swelling (edema), rings, white patches (exudates), furrows and narrowing (strictures) where a higher score indicates more severe endoscopic disease.23 A threshold for clinically meaningful improvements in EREFS change from baseline has not been established.

In the trial, patients were allowed to remain on background medications for EoE, including proton pump inhibitors and swallowed topical corticosteroids, provided that they were stable prior to entry and during the treatment period.2

About the Amgen and AstraZeneca Collaboration

Amgen is in a collaboration with AstraZeneca for the development and commercialization of TEZSPIRE. Under the collaboration, both companies share global costs, profits and losses equally after payment by AstraZeneca of a mid-single-digit royalty to Amgen. AstraZeneca leads global development. In North America, Amgen, as the principal, recognizes product sales of TEZSPIRE in the United States, and AstraZeneca, as the principal, recognizes product sales of TEZSPIRE in Canada. AstraZeneca leads commercialization for TEZSPIRE outside North America. Amgen manufactures and supplies TEZSPIRE worldwide.

About Amgen

Amgen discovers, develops, manufactures and delivers innovative medicines to fight some of the world's toughest diseases. Harnessing the best of biology and technology, Amgen reaches millions of patients with its medicines.

More than 45 years ago, Amgen helped establish the biotechnology industry at its U.S. headquarters in Thousand Oaks, California, and it remains at the cutting edge of innovation, using technology and human genetic data to push beyond what is known today. Amgen is advancing a broad and deep pipeline and portfolio of medicines to treat cancer, heart disease, inflammatory conditions, rare diseases and obesity and obesity-related conditions.

Amgen has been consistently recognized for innovation and workplace culture, including honors from Fast Company and Forbes. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average® and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

For more information, visit Amgen.com and follow Amgen on X, LinkedIn, Instagram, YouTube, Facebook, TikTok and Threads.

Amgen Forward-Looking Statements

This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd.), the performance of Otezla® (apremilast), our acquisitions of ChemoCentryx, Inc., Dark Blue Therapeutics, Ltd. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon's business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, preclinical results do not guarantee safe and effective performance of product candidates in humans. The complexity of the human body cannot be perfectly, or sometimes, even adequately modeled by computer or cell culture systems or animal models. The length of time that it takes for us to complete clinical trials and obtain regulatory approval for product marketing has in the past varied and we expect similar variability in the future. Even when clinical trials are successful, regulatory authorities may question the sufficiency for approval of the trial endpoints we have selected. We develop product candidates internally and through licensing collaborations, partnerships and joint ventures. Product candidates that are derived from relationships may be subject to disputes between the parties or may prove to be not as effective or as safe as we may have believed at the time of entering into such relationship. Also, we or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market.

Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful, and may result in unanticipated costs, delays or failures to realize the benefits of the transactions. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.

Any scientific information discussed in this news release relating to new indications for our products is preliminary and investigative and is not part of the labeling approved by the U.S. Food and Drug Administration for the products. The products are not approved for the investigational use(s) discussed in this news release, and no conclusions can or should be drawn regarding the safety or effectiveness of the products for these uses.

CONTACT: Amgen, Thousand Oaks
Elissa Snook, 609-251-1407 (media)
Casey Capparelli, 805-447-1746 (investors)

REFERENCES

Bredenoord AJ, S Dellon ES, et al. Long-term efficacy and safety of tezepelumab over 52 weeks in adults and adolescents with eosinophilic esophagitis: results from the phase 3 CROSSING study. [Oral Presentation: LB28]. Presented at: the United European Gastroenterology Week (UEGW) 2026; October 17-20. 2026; Barcelona, Spain.
ClinicalTrials.gov. Efficacy and Safety of Tezepelumab in Patients With Eosinophilic Esophagitis (CROSSING). Available at: https://clinicaltrials.gov/study/NCT05583227. [Last accessed October 2026].
Biedermann L. & Straumann A. Mechanisms and clinical management of eosinophilic oesophagitis: an overview. Nature Reviews Gastroenterol & Hepatol. 2023;20(2):101-119.
Ho CN, et al. Patient experience with eosinophilic esophagitis symptoms and impacts on daily life based on in-trial qualitative interviews. J Patient Rep Outcomes. 2025;9(1):3.
Hirano I, et al. AGA Institute and the Joint Task Force on Allergy-Immunology Practice Parameters clinical guidelines for the management of eosinophilic esophagitis. Gastroenterology. 2020;158(6):1776-1786.
Strauss AL, Falk GW. Refractory eosinophilic esophagitis: what to do when the patient has not responded to proton pump inhibitors, steroids and diet. Curr Opin Gastroenterol. 2022;38(4):395-401.
Lucendo AJ, et al. Efficacy of proton pump inhibitor drugs for inducing clinical and histologic remission in patients with symptomatic esophageal eosinophilia: a systematic review and meta-analysis. Clin Gastroenterol Hepatol. 2016; 14(1):13-22.e1.
Varricchi G, et al. Thymic Stromal Lymphopoietin Isoforms, Inflammatory Disorders, and Cancer. Front Immunol. 2018;9:1595.
Ying, S, et al. Thymic stromal lymphopoietin expression is increased in asthmatic airways and correlates with expression of Th2-attracting chemokines and disease severity. J Immunol 2005;174:8183-8190.
Calderon AA, et al. Targeting interleukin-33 and thymic stromal lymphopoietin pathways for novel pulmonary therapeutics in asthma and COPD. Eur Respir Rev. 2023;32(167):220144.
Nagarkar DR, et al. Thymic stromal lymphopoietin activity is increased in nasal polyps of patients with chronic rhinosinusitis. J Allergy Clin Immunol. 2013;132(3):593-600.e12.
Sherrill JD, et al. Preferential Secretion of Thymic Stromal Lymphopoietin (TSLP) by Terminally Differentiated Esophageal Epithelial Cells: Relevance to Eosinophilic Esophagitis. PLoS One. 2016;11(2): e0148216.
ClinicalTrials.gov. A Study to Investigate the Efficacy and Safety of Tezepelumab in Adult Participants With Moderate to Very Severe COPD (D5241C00007) (JOURNEY). Available at: https://clinicaltrials.gov/study/NCT06878261. [Last accessed October 2026].
ClinicalTrials.gov. A Study to Investigate the Efficacy and Safety of Tezepelumab in Adult Participants With Moderate to Very Severe COPD (D5241C00006) (EMBARK). Available at: https://clinicaltrials.gov/study/NCT06883305. [Last accessed October 2026].
ClinicalTrials.gov. Tezepelumab COPD Exacerbation Study (COURSE). Available at: https://clinicaltrials.gov/ct2/show/NCT04039113. [Last accessed: October 2026].
Thel HL, et al. Prevalence and costs of eosinophilic esophagitis in the United States. Clin Gastroenterol Hepatol. 2025;23(2):272-280.e8.
Gold BD, et al. Health-Related Quality of Life and Perceived Stigma in Eosinophilic Esophagitis: A Real-World, US, Web-Based Survey. Gastro Hep Adv. 2024;3(8):1087-97.
MedlinePlus. Eosinophilic esophagitis. Bethesda (MD): National Library of Medicine (US). Available at: https://medlineplus.gov/eosinophilicesophagitis.html. [Last accessed October 2026].
Taft TH, et al. Anxiety and depression in eosinophilic esophagitis: a scoping review and recommendations for future research. J Asthma Allergy. 2019;12:389–99.
Harris RF, et al. Psychosocial dysfunction in children and adolescents with eosinophilic esophagitis. J Pediatr Gastroenterol Nutr. 2013;57:500–5.
Lucendo AJ, et al. British Society of Gastroenterology (BSG) and British Society of Paediatric Gastroenterology, Hepatology and Nutrition (BSPGHAN) joint consensus guidelines on the diagnosis and management of eosinophilic oesophagitis in children and adults. Gut. 2022;71(8):1459-1487.
Dellon ES, et al. ACG Clinical Guideline: Diagnosis and Management of Eosinophilic Esophagitis. Am J Gastroenterol. 2025;120(1):31-59.
Hirano I, et al. Endoscopic assessment of the oesophageal features of eosinophilic oesophagitis: validation of a novel classification and grading system. Gut. 2013;62(4):489-495.  

SOURCE Amgen

Amgen (AMGN - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this world's largest biotech drugmaker have returned +12.2% over the past month versus the Zacks S&P 500 composite's +1.5% change. The Zacks Medical - Biomedical and Genetics industry, to which Amgen belongs, has lost 2.7% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Amgen is expected to post earnings of $5.72 per share for the current quarter, representing a year-over-year change of +1.4%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.6%.

For the current fiscal year, the consensus earnings estimate of $22.94 points to a change of +5% from the prior year. Over the last 30 days, this estimate has remained unchanged.

For the next fiscal year, the consensus earnings estimate of $24.58 indicates a change of +7.1% from what Amgen is expected to report a year ago. Over the past month, the estimate has changed +0.7%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Amgen.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Amgen, the consensus sales estimate of $9.93 billion for the current quarter points to a year-over-year change of +3.9%. The $38.85 billion and $40.1 billion estimates for the current and next fiscal years indicate changes of +5.7% and +3.2%, respectively.

Last Reported Results and Surprise HistoryAmgen reported revenues of $10.05 billion in the last reported quarter, representing a year-over-year change of +9.5%. EPS of $6.29 for the same period compares with $6.02 a year ago.

Compared to the Zacks Consensus Estimate of $9.44 billion, the reported revenues represent a surprise of +6.52%. The EPS surprise was +12.32%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Amgen is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Amgen. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Prefer to listen? Hear this as a ~5-minute audio briefing on The GuruFocus Brief.Stock NewsChina's GDP boosted by AI exports: China's economy grew in Q3 2026, d

Cohen Klingenstein LLC trimmed its holdings in shares of Amgen Inc. (NASDAQ:AMGN – Free Report) by 4.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 29,740 shares of the medical research company’s stock after selling 1,530 shares during the period. Cohen Klingenstein LLC’s holdings in Amgen were worth $12,536,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of AMGN. BlackRock Inc. increased its stake in shares of Amgen by 4.8% in the 2nd quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company’s stock valued at $17,874,974,000 after acquiring an additional 2,261,544 shares in the last quarter. State Street Corp lifted its position in shares of Amgen by 38.2% during the 2nd quarter. State Street Corp now owns 42,205,243 shares of the medical research company’s stock valued at $15,283,363,000 after acquiring an additional 11,656,755 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Amgen by 12.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,390,910 shares of the medical research company’s stock worth $1,952,156,000 after acquiring an additional 605,928 shares in the last quarter. Bank of America Corp DE bought a new position in Amgen during the second quarter worth $1,831,903,000. Finally, Invesco Ltd. boosted its stake in Amgen by 7.2% during the fourth quarter. Invesco Ltd. now owns 4,788,460 shares of the medical research company’s stock worth $1,567,311,000 after acquiring an additional 321,173 shares in the last quarter. 76.50% of the stock is currently owned by institutional investors.

Amgen News Roundup Here are the key news stories impacting Amgen this week:

Positive Sentiment: Amgen and AstraZeneca reported positive Phase 3 results for Tezspire in eosinophilic esophagitis. Nearly 70% of patients receiving the higher dose achieved remission after 24 weeks, potentially expanding the drug’s addressable market in a condition with limited treatment options. What Could Amgen 70% Remission Trial Result Mean For Its Pipeline? Positive Sentiment: UBS raised its price target for AMGN to $470, signaling greater confidence in the company’s outlook and supporting investor sentiment. UBS raises target for Amgen stock to USD 470.00 Positive Sentiment: Investors are focusing on Amgen’s broader pipeline, including the MariTide obesity program, planned Phase 3 diabetes studies and recent regulatory momentum. These programs offer potential long-term growth beyond Amgen’s established products. Amgen Gains as Investors Appear to Lean on Pipeline and Regulatory Momentum Positive Sentiment: Erste Group Bank increased its FY2027 EPS forecast to $24.66 from $24.36, adding to evidence that some analysts see improving earnings potential. Positive Sentiment: A broader rotation away from technology stocks toward defensive and consumer-oriented companies may be helping support sentiment toward large pharmaceutical stocks. Neutral Sentiment: Amgen’s dividend yield is approximately 2.3%. Its dividend-growth prospects are being compared favorably with Merck’s because of Amgen’s reported cash-flow cushion, although the analysis does not represent a new dividend announcement. AMGN vs. MRK: Which Pharma Giant’s Dividend Actually Has Room to Grow Negative Sentiment: Risks remain: Bank of America Securities maintained a Sell rating, while recent insider activity showed seven sales and no purchases over six months. Some previously published analyst targets also remain well below the current trading range, highlighting valuation concerns. Bank of America Securities Remains a Sell on Amgen Amgen Price Performance Shares of NASDAQ AMGN opened at $434.03 on Friday. The stock’s 50 day moving average price is $415.11 and its 200-day moving average price is $374.35. The company has a quick ratio of 1.13, a current ratio of 1.37 and a debt-to-equity ratio of 4.44. Amgen Inc. has a twelve month low of $288.00 and a twelve month high of $447.03. The company has a market capitalization of $234.65 billion, a PE ratio of 26.98, a PEG ratio of 3.12 and a beta of 0.41. Amgen (NASDAQ:AMGN – Get Free Report) last released its earnings results on Tuesday, August 4th. The medical research company reported $6.29 EPS for the quarter, topping analysts’ consensus estimates of $5.62 by $0.67. The company had revenue of $10.05 billion for the quarter, compared to analysts’ expectations of $9.43 billion. Amgen had a return on equity of 124.14% and a net margin of 22.95%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the previous year, the business posted $6.02 EPS. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. On average, equities analysts anticipate that Amgen Inc. will post 22.94 EPS for the current year.

Amgen Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Friday, August 21st were given a $2.52 dividend. This represents a $10.08 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, August 21st. Amgen’s dividend payout ratio is 62.65%.

Analyst Ratings Changes AMGN has been the subject of a number of research reports. Citigroup raised their price target on shares of Amgen from $345.00 to $405.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Royal Bank Of Canada upped their price objective on shares of Amgen from $400.00 to $430.00 and gave the company an “outperform” rating in a report on Thursday, October 8th. UBS Group increased their price objective on shares of Amgen from $430.00 to $470.00 and gave the stock a “buy” rating in a research report on Friday, October 9th. Wall Street Zen lowered Amgen from a “buy” rating to a “hold” rating in a research report on Saturday, October 10th. Finally, Cantor Fitzgerald boosted their price objective on Amgen from $400.00 to $440.00 and gave the company a “neutral” rating in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, sixteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $387.93.

Check Out Our Latest Research Report on AMGN

Insider Buying and Selling In other Amgen news, SVP Rachna Khosla sold 1,252 shares of Amgen stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $416.43, for a total transaction of $521,370.36. Following the completion of the sale, the senior vice president directly owned 6,404 shares in the company, valued at $2,666,817.72. The trade was a 16.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Nancy A. Grygiel sold 2,970 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $402.16, for a total transaction of $1,194,415.20. Following the completion of the transaction, the senior vice president directly owned 7,340 shares of the company’s stock, valued at approximately $2,951,854.40. This represents a 28.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,222 shares of company stock worth $2,540,926 over the last ninety days. 0.85% of the stock is currently owned by insiders.

About Amgen (Free Report)

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research and commercial activities focus on areas including oncology, cardiovascular disease, inflammation, bone health, neuroscience and rare diseases. The company uses biologic research, human genetics and other advanced technologies to develop targeted therapies and supports patients through treatment and disease-management services.

Amgen’s portfolio includes medicines such as Enbrel for inflammatory diseases; Prolia and Evenity for osteoporosis; Xgeva for cancer-related bone complications; Repatha for certain cardiovascular conditions; Otezla for inflammatory diseases; Aimovig for migraine prevention; Tezspire for severe asthma; and Lumakras for certain cancers.

See Also Five stocks we like better than Amgen ASML Can’t Keep Up With AI Demand—Why That’s a Good Thing Enovix’s 100,000-Battery Drone Order Sets Up a Test of Its Production Plans AMD’s Support Could Help Fermi Stock Overcome Its Biggest Hurdle Beyond the GPU: Credo Paves the Next AI Data Superhighway Want to see what other hedge funds are holding AMGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amgen Inc. (NASDAQ:AMGN – Free Report).

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Amgen and Merck both yield around 2.3% and have surged this year, but one of them is paying its dividend out of thin air while the other has a cash cushion that changes the entire income calculus.

Should an investor saving for retirement put their next dollar of income capital into Amgen (NASDAQ:AMGN | AMGN Price Prediction) or Merck (NYSE:MRK)? The two yields are near identical. Amgen’s annualized forward dividend of $10.08 on a $437.04 share price works out to about 2.31%. Merck pays $3.40 on a $149.91 stock, a yield of about 2.27%. Each stock has rallied hard this year, Amgen up 36.25% year to date and Merck up 45.38%, so the choice comes down to what sits beneath each check.

Dividend Safety: Amgen Has the Cushion Income Investors Need
Amgen guides 2026 non-GAAP EPS of $22.30 to $23.50. At the $22.90 midpoint, the forward dividend uses roughly 44% of earnings. Second-quarter free cash flow reached $3.489 billion, up 82.57%, and cash rose to $13.989 billion. The blemish is $57.3 billion of debt, but cash generation covers the payout well.

Merck’s 2026 non-GAAP EPS guidance is $2.66 to $2.76, depressed by one-time charges of $3.62 per share for Cidara and $2.31 per share for Terns. Against the $2.71 midpoint, the dividend represents about 125% of this year’s guided earnings. On 2025 EPS of $8.98, coverage looked far better at about 38%. Chief Financial Officer Caroline Litchfield said on the Q2 call, “We remain committed to the dividend with the goal of increasing it over time.” She also said “Business development remains a high priority,” which means more deal charges could land. Winner: Amgen.

Dividend Growth: Amgen Raises Faster Every Year
Amgen lifted its quarterly payout from $2.38 to $2.52, a 6% increase. Since the $1.76 rate of 2021, the dividend has grown about 43%, and the record stretches back to $0.28 in 2011.

Merck moved from $0.81 to $0.85, roughly 4.9%. From the $0.65 rate of 2021, its payout is up about 31%. Merck’s steps are reliable but smaller, a sign that acquisitions get first call on its capital. Winner: Amgen.

What Backs the Payout: Amgen’s Growth Is Already in the Numbers
Amgen’s six key growth drivers rose 26% and made up about 70% of Q2 product sales. Repatha grew 37% and IMDELLTRA 115%, more than making up for Prolia’s 32% biosimilar decline. Management raised 2026 revenue guidance to $38.2 billion to $39.4 billion. Amgen fell nearly 10% on a September trial setback, and the MariTide obesity program still rides on 10 Phase 3 studies.

Merck’s Keytruda family brought in $8.37 billion in Q2, but core Keytruda growth was -1%. Chief Executive Rob Davis calls the coming exclusivity loss “more of a hill than a cliff” and points to “greater than $70 billion of commercial opportunity” from more than 20 new products. WINREVAIR rose 75%, yet full-year revenue guidance implies just 2% to 4% growth. Amgen is already showing the replacement growth Merck is still promising. Winner: Amgen.

Verdict: Amgen Screens Stronger on Income Metrics Now
Amgen takes all three rounds. It pays a slightly higher yield, covers that payout with less than half of guided earnings, raises faster, and has growth products large enough to offset its patent losses today. It also trades at about 17 times forward earnings, which leaves room for the income story to compound.

If this kind of dividend-vs-dividend screen is how you build an income portfolio, we ran the same exercise across the longest-tenured payers in the market and ranked ten of them by valuation in a free Dividend Kings guide.

Merck’s case rests on a pipeline re-rating, and its dividend exceeds this year’s guided earnings. For income investors focused on coverage and growth, Amgen’s payout screens stronger on these metrics. Keep an eye on Merck’s late-year dividend declaration (the last two raises were declared in November) and on Amgen’s December declaration, which delivered its last increase on 2025-12-09.

Contact [email protected] for any questions or corrections.

Every big pharma company eventually watches its best-selling drug go generic, yet some keep raising their dividends anyway. The five names on this list have already replaced their fading blockbusters with something bigger, and the math behind their payouts tells…

Big drugmakers lose blockbusters to biosimilars and generics all the time. The strongest income payers keep paying anyway, because the next wave of drugs is already throwing off cash. This roster of five US-listed pharma companies is built around that idea: large payouts funded by durable product cash flow, with dividend safety first and yield second. One example sets the tone for the group. Amgen (NASDAQ:AMGN | AMGN Price Prediction) has a quarterly dividend that has rose every year in its recorded history, from $0.28 per share in 2011 to $2.52 in 2026.

AbbVie: Skyrizi and Rinvoq Now Carry the Payout
AbbVie (NYSE:ABBV) pays an annualized forward dividend of $6.92. With shares trading at $276.37, that works out to a forward yield of about 2.50%.

Dividend safety: GAAP figures understate AbbVie’s earnings power. GAAP earnings of $3.54 per share over the trailing twelve months were dragged down by acquisition charges, which puts the trailing P/E at 79 and the forward P/E at just 16. Measured against the low end of full-year adjusted EPS guidance of $13.87 to $14.07, the dividend takes about 49.9% of earnings. The free cash flow yield of 3.59% is well above the dividend yield. Leverage stands at 2.26x net debt to EBITDA with interest coverage of 6.94x. AbbVie completed its Apogee Therapeutics acquisition, and management has committed to “a net leverage ratio of two times within two to three years following the deal close.” On track record, the quarterly rate has gone up in each calendar year from 2014 through 2026, and it now stands at $1.73, up from $1.64.

Bull case: Skyrizi sales reached $5.51 billion (+24.4%) last quarter and Rinvoq hit $2.53 billion (+24.5%). That lifted total revenue to $16.99 billion, up 10.2%. The replacements to Humira are already big enough to fund the raises on their own.

Risk: Humira sales fell to $756 million (-35.9%), and Skyrizi has its own drop further out. Management put regulatory data protection at 2031 and the composition-of-matter patent at 2033.

Johnson & Johnson: A Long Raise Record Backed by Two Engines
Shares of Johnson & Johnson (NYSE:JNJ) yield about 2.17%, based on a $5.36 annualized dividend and a $247.47 share price. Shares fell 6.17% today as investors absorbed a new earnings report that showed pharma momentum offset by MedTech headwinds. That decline pushes the yield higher.

Dividend safety: After the second quarter, J&J guided to adjusted EPS of $11.60 to $11.75. Against the low end, the payout uses about 46.2% of earnings. Trailing EBITDA is $34.87 billion and the profit margin is 21.5%. It is also described as holding a AAA credit rating, which is the top of the scale. The quarterly dividend went to $1.34 from $1.30, and the recorded history shows a higher quarterly rate in every year from 2017 through 2026, with regular quarterly payments going back to 1999.

Bull case: DARZALEX brought in $4.21 billion (+18.9%) and TREMFYA $2.05 billion (+72.5%). Revenue guidance of $100.8 billion to $101.4 billion would be the company’s first year above $100 billion.

Risk: STELARA faces its biosimilar drop, with sales down to $740 million (-55.2%). TREMFYA has to keep filling that hole.

Gilead Sciences: HIV Cash Covers the Check Several Times Over
Gilead Sciences (NASDAQ:GILD) yields about 2.22% on a $3.28 annualized payout, with shares at $147.97.

Dividend safety: Gilead posted a GAAP net loss of $10.5 billion, driven by $11.18 billion of acquired IPR&D (research projects it bought from Arcellx, Tubulis and Ouro, which get expensed right away). Cash flow well covers the dividend. Second-quarter free cash flow was $3.43 billion, while the dividend costs roughly $1.02 billion a quarter at the current share count. The company still had room for $355 million of buybacks in the quarter. The quarterly dividend rose to $0.82 from $0.79, and the rate has gone up in every year from 2016 through 2026 after starting at $0.43 in 2015. The forward P/E is 16.

Bull case: HIV sales came in at $5.69 billion (+12%). Within that, Descovy grew 48% and the Yeztugo PrEP launch reached $232 million, up from $15 million. Full-year product sales guidance was raised to $30.1 billion to $30.4 billion.

Risk: The dividend leans heavily on one franchise, and the deal wave shrank the cash buffer from $10.6 billion to $3.2 billion. Those acquired pipelines have to deliver before Biktarvy’s growth, now 7%, slows further.

Amgen: Fifteen Years of Raises and Accelerating Free Cash Flow
Amgen yields about 2.44% on a $10.08 annualized dividend, with shares at $413.49.

Dividend safety: Measured against the low end of non-GAAP EPS guidance of $22.30 to $23.50, the payout takes about 45.2% of earnings. Second-quarter free cash flow rose to $3.49 billion (+83%), against a quarterly dividend bill of roughly $1.36 billion. The company has $57.3 billion of debt, and management made no buybacks in Q2, which keeps the cash focused on the dividend and paying down debt. The most recent increase lifted the quarterly rate to $2.52 from $2.38, a 6% increase.

Bull case: Amgen’s six key growth drivers grew 26% and now make up about 70% of product sales. Repatha delivered $953 million (+37%) and IMDELLTRA $288 million (+115%).

Risk: Biosimilars are already biting into the bone franchise. Prolia fell to $759 million (-32%) and XGEVA to $352 million (-34%), so the growth drivers have to keep outpacing that decline.

Bristol Myers Squibb: Highest Yield, Lowest Payout in the Group
Bristol Myers Squibb (NYSE:BMY) is the high-yield anchor of this roster. Its forward yield is about 4.45%, based on a $2.52 annualized dividend and a stock price of $56.60. The stock is down 10.15% over the past month.

Dividend safety: At the low end of non-GAAP EPS guidance of $6.75 to $7.00, the payout takes only about 37.3% of earnings. Second-quarter operating cash flow of approximately $3.4 billion covered the roughly $1.29 billion quarterly dividend cost with room to spare. The company held approximately $11.5 billion in cash and securities and paid down another $1.2 billion of debt in the quarter. The CFO pointed to “continuing to return cash to shareholders through our commitment to the dividend.” The quarterly rate is now $0.63, up from $0.62, and it has risen in every year from 2010 through 2026. The forward P/E is 9.

Bull case: The Growth Portfolio brought in $7.56 billion (+15%), led by Eliquis at $4.48 billion (+22%) and Camzyos at $416 million (+60%). Revenue guidance was raised to $49.0 billion to $50.0 billion.

Risk: Generics are eating away at the Legacy Portfolio. Revlimid fell to $425 million (-49%) and Pomalyst to $204 million (-71%), and total debt sits near $43.1 billion.

One Roster, One Income Thesis
All five of these drugmakers pay out less than half of forward adjusted earnings, and all five have raised their quarterly dividend every year for at least a decade. Each one is replacing a fading blockbuster with newer products that are already big enough to cut the check. Bristol Myers offers the most current income for the lowest valuation. AbbVie and Amgen pair solid yields with the fastest-growing replacement portfolios. Johnson & Johnson and Gilead round out the group with the richest balance sheet and the strongest free cash flow coverage.

Contact [email protected] for any questions or corrections.

Vertrix Wealth Management LLC cut its position in shares of Amgen Inc. (NASDAQ:AMGN – Free Report) by 11.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,241 shares of the medical research company’s stock after selling 1,791 shares during the period. Amgen accounts for 2.1% of Vertrix Wealth Management LLC’s portfolio, making the stock its 11th largest holding. Vertrix Wealth Management LLC’s holdings in Amgen were worth $6,003,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp increased its position in Amgen by 38.2% during the 2nd quarter. State Street Corp now owns 42,205,243 shares of the medical research company’s stock worth $15,283,363,000 after buying an additional 11,656,755 shares during the period. Bank of America Corp DE bought a new position in shares of Amgen during the second quarter worth approximately $1,831,903,000. Wellington Management Group LLP increased its holdings in shares of Amgen by 1,102.7% during the second quarter. Wellington Management Group LLP now owns 2,742,271 shares of the medical research company’s stock worth $993,031,000 after purchasing an additional 2,514,254 shares during the period. BlackRock Inc. boosted its stake in shares of Amgen by 4.8% in the second quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company’s stock valued at $17,874,974,000 after buying an additional 2,261,544 shares during the period. Finally, Corient Private Wealth LP bought a new stake in shares of Amgen in the second quarter valued at approximately $187,401,000. 76.50% of the stock is owned by institutional investors.

Insider Activity at Amgen In other Amgen news, SVP Rachna Khosla sold 1,252 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $416.43, for a total value of $521,370.36. Following the sale, the senior vice president owned 6,404 shares in the company, valued at $2,666,817.72. This trade represents a 16.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Nancy A. Grygiel sold 2,970 shares of the company’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $402.16, for a total transaction of $1,194,415.20. Following the transaction, the senior vice president owned 7,340 shares of the company’s stock, valued at $2,951,854.40. This trade represents a 28.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 6,222 shares of company stock worth $2,540,926 over the last ninety days. 0.85% of the stock is currently owned by insiders.

Amgen Price Performance Shares of AMGN stock opened at $417.57 on Tuesday. The business has a fifty day simple moving average of $413.72 and a 200 day simple moving average of $372.82. The company has a market cap of $225.75 billion, a P/E ratio of 25.95, a P/E/G ratio of 2.99 and a beta of 0.41. The company has a quick ratio of 1.13, a current ratio of 1.37 and a debt-to-equity ratio of 4.44. Amgen Inc. has a twelve month low of $288.00 and a twelve month high of $447.03. Amgen (NASDAQ:AMGN – Get Free Report) last released its earnings results on Tuesday, August 4th. The medical research company reported $6.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.62 by $0.67. The firm had revenue of $10.05 billion for the quarter, compared to analysts’ expectations of $9.43 billion. Amgen had a return on equity of 124.14% and a net margin of 22.95%. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.02 earnings per share. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. On average, sell-side analysts forecast that Amgen Inc. will post 22.94 EPS for the current fiscal year.

Amgen Announces Dividend The business also recently declared a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Friday, August 21st were issued a dividend of $2.52 per share. The ex-dividend date of this dividend was Friday, August 21st. This represents a $10.08 annualized dividend and a dividend yield of 2.4%. Amgen’s payout ratio is 62.65%.

Analysts Set New Price Targets A number of analysts have recently weighed in on AMGN shares. Mizuho upped their target price on Amgen from $303.00 to $352.00 and gave the company a “neutral” rating in a research report on Tuesday, August 18th. Cantor Fitzgerald raised their price target on Amgen from $400.00 to $440.00 and gave the stock a “neutral” rating in a research report on Monday, October 5th. Robert W. Baird upped their price objective on shares of Amgen from $215.00 to $230.00 and gave the stock an “underperform” rating in a research report on Wednesday, August 5th. Piper Sandler upped their price objective on shares of Amgen from $427.00 to $457.00 and gave the stock an “overweight” rating in a research report on Thursday, August 20th. Finally, UBS Group raised their target price on shares of Amgen from $430.00 to $470.00 and gave the company a “buy” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, sixteen have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Amgen has a consensus rating of “Hold” and a consensus price target of $388.29.

Read Our Latest Report on AMGN

Amgen Company Profile (Free Report)

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research and commercial activities focus on areas including oncology, cardiovascular disease, inflammation, bone health, neuroscience and rare diseases. The company uses biologic research, human genetics and other advanced technologies to develop targeted therapies and supports patients through treatment and disease-management services.

Amgen’s portfolio includes medicines such as Enbrel for inflammatory diseases; Prolia and Evenity for osteoporosis; Xgeva for cancer-related bone complications; Repatha for certain cardiovascular conditions; Otezla for inflammatory diseases; Aimovig for migraine prevention; Tezspire for severe asthma; and Lumakras for certain cancers.

Further Reading Five stocks we like better than Amgen Salesforce Just Got a Rare Double Upgrade—What Changed? OpenAI’s Revenue Scare Could Be a Big Opportunity for Investors China Still Dominates Rare Earths—These 3 U.S. Companies Could Benefit 3 REITs That May Win in a Higher Interest Rate Environment Want to see what other hedge funds are holding AMGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amgen Inc. (NASDAQ:AMGN – Free Report).

Receive News & Ratings for Amgen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Amgen and related companies with MarketBeat.com's FREE daily email newsletter.

The VanEck Biotech ETF (BBH +2.75%) offers concentrated exposure to large-cap biotech leaders, while the State Street SPDR S&P Pharmaceuticals ETF (XPH +1.60%) provides broader, more diversified access to the pharmaceutical industry.

Investors seeking targeted healthcare exposure often weigh the specialized growth potential of biotechnology against the broader stability of pharmaceuticals. This comparison examines how these two industry-specific funds differ in strategy, concentration, and long-term results to help determine which approach fits a portfolio's specific needs.

Snapshot (cost & size)MetricBBHXPHIssuerVanEckState StreetShare price$240.47 (as of 2026-10-09)$64.65 (as of 2026-10-09)Expense ratio0.35%0.35%1-yr return (as of 2026-10-09)48.35%36.23%Dividend yield0.4%0.4%Beta0.550.56AUM$487.7 million$524.0 millionBeta measures price volatility relative to the S&P 500; beta is calculated from monthly returns over the available fund history (up to five years). The 1-year return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.

Both funds are equal in terms of affordability, as each carries an expense ratio of 0.35%. Additionally, their recent payouts are aligned, with a yield gap of only 0.02 ppt between the two funds.

Performance & risk comparisonMetricBBHXPHMax drawdown (5 yr)(39.9%)(35.0%)Growth of $1,000 over 5 years (total return)$1,253$1,374What's insideThe State Street SPDR S&P Pharmaceuticals ETF allocates 100% of its portfolio to the healthcare sector and holds 62 different securities. Its largest positions include Xeris Biopharma Holdings(XERS +2.85%) at 2.47%, Amneal Pharmaceuticals (AMRX +1.32%) at 2.30%, and Veradermics (MANE +3.37%) at 2.23%. It was launched in 2006, and has paid $0.27 per share over the trailing 12 months, which on its recent ~$66.89 share price works out to a 0.4% yield.

The VanEck Biotech ETF also maintains a 100% weighting in healthcare, but it is far more concentrated with only 25 holdings. Top holdings include Amgen (AMGN +1.82%) at 15.25%, Gilead Sciences (GILD +2.77%) at 13.28%, and Vertex Pharmaceuticals (VRTX +1.36%) at 8.23%. It was launched in 2011, and has paid $0.96 per share over the trailing 12 months, which on its recent ~$245.34 share price works out to a 0.4% yield.

For more guidance on ETF investing, check out the full guide at this link.

Which looks like the better buyThe State Street SPDR S&P Pharmaceuticals ETF (XPH) and the VanEck Biotech ETF (BBH) offer two distinct methods of investing in the healthcare industry. Deciding between the two comes down to whether you prefer BBH's focus on biotech leaders or XPH's broader, more evenly distributed pharmaceutical portfolio.

BBH targets a handful of biotech companies, focusing on those that are the most liquid in the industry based on market cap and trading volume. This helps active traders, leading to tight bid-ask spreads and fast execution with low slippage. While the fund is comprised of 95% U.S. companies, it includes some international stocks.

The nature of the biotech sector leads to spectacular growth, as demonstrated by BBH's one-year return, and larger drops, indicated by the ETF's higher max drawdown. Therefore, the fund is for investors who are comfortable with that kind of volatility in exchange for the potential of outsized returns.

XPH can be more appealing for conservative investors, given its lower historical volatility. It uses an equal-weighted approach, so no one company dominates the fund's performance. The ETF is also U.S. only, so it holds no international stocks. It sports greater diversification than BBH thanks to its larger number of holdings, but like the VanEck fund, its focus on a single sub-sector within healthcare means it's vulnerable to industry downturns.

Farther Finance Advisors LLC raised its stake in Amgen Inc. (NASDAQ:AMGN – Free Report) by 32.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 46,131 shares of the medical research company’s stock after purchasing an additional 11,420 shares during the period. Farther Finance Advisors LLC’s holdings in Amgen were worth $17,979,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in AMGN. Sapient Capital LLC boosted its position in shares of Amgen by 13.3% during the 3rd quarter. Sapient Capital LLC now owns 3,124 shares of the medical research company’s stock worth $1,317,000 after purchasing an additional 367 shares in the last quarter. CoreCap Advisors LLC increased its position in Amgen by 2.6% in the 3rd quarter. CoreCap Advisors LLC now owns 5,905 shares of the medical research company’s stock valued at $2,476,000 after buying an additional 150 shares in the last quarter. Atwood & Palmer Inc. raised its stake in Amgen by 23.5% during the 3rd quarter. Atwood & Palmer Inc. now owns 6,840 shares of the medical research company’s stock worth $2,883,000 after buying an additional 1,300 shares during the period. Zevenbergen Capital Investments LLC raised its stake in Amgen by 4.7% during the 3rd quarter. Zevenbergen Capital Investments LLC now owns 10,462 shares of the medical research company’s stock worth $4,410,000 after buying an additional 473 shares during the period. Finally, Aletheian Wealth Advisors LLC bought a new position in Amgen in the third quarter worth approximately $206,000. Institutional investors and hedge funds own 76.50% of the company’s stock.

Analyst Ratings Changes AMGN has been the subject of several recent research reports. Argus boosted their price objective on Amgen from $375.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday, August 19th. Cantor Fitzgerald boosted their price target on shares of Amgen from $400.00 to $440.00 and gave the company a “neutral” rating in a research note on Monday. Truist Financial upped their price objective on shares of Amgen from $362.00 to $380.00 and gave the stock a “hold” rating in a report on Wednesday. Bank of America raised their price objective on shares of Amgen from $312.00 to $317.00 and gave the company an “underperform” rating in a research note on Wednesday, August 5th. Finally, Oppenheimer reissued an “outperform” rating on shares of Amgen in a research report on Wednesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, sixteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $388.29.

View Our Latest Report on Amgen Amgen Trading Down 1.4% NASDAQ AMGN opened at $407.44 on Friday. The company has a current ratio of 1.37, a quick ratio of 1.13 and a debt-to-equity ratio of 4.44. The business has a fifty day simple moving average of $412.35 and a 200 day simple moving average of $371.88. Amgen Inc. has a 12 month low of $288.00 and a 12 month high of $447.03. The firm has a market capitalization of $220.27 billion, a P/E ratio of 25.32, a PEG ratio of 2.98 and a beta of 0.41.

Amgen (NASDAQ:AMGN – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The medical research company reported $6.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.62 by $0.67. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The firm had revenue of $10.05 billion for the quarter, compared to the consensus estimate of $9.43 billion. During the same period in the previous year, the firm earned $6.02 EPS. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. On average, analysts predict that Amgen Inc. will post 22.94 EPS for the current fiscal year.

Amgen Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 21st were given a $2.52 dividend. This represents a $10.08 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, August 21st. Amgen’s dividend payout ratio is presently 62.65%.

Key Headlines Impacting Amgen Here are the key news stories impacting Amgen this week:

Positive Sentiment: Amgen is advancing a Phase 3 head-to-head trial of its monthly diabetes treatment, MariTide, against semaglutide-based therapy. A successful study could strengthen Amgen’s position in the highly competitive GLP-1 and obesity-treatment markets and provide a significant future growth opportunity. Amgen’s Monthly Diabetes Shot Takes Aim at Semaglutide in New Phase 3 Trial Positive Sentiment: Amgen’s recently announced Sjögren’s syndrome trial results appear to have supported investor sentiment, contributing to gains in the prior session. Further details on efficacy and regulatory plans will determine the longer-term impact. Amgen Announces Sjögren’s Trial Results Neutral Sentiment: Amgen participated in Arboretum LifeSciences’ $30 million Series A financing for AI-driven genetic testing. The investment may give Amgen access to molecular data useful for precision-medicine research, but it is unlikely to materially affect near-term earnings. Amgen Backs $30 Million Series A Round Neutral Sentiment: AMGN advanced about 2.6% in the prior session while the broader market declined, suggesting recent relative strength; however, this move may also have increased the potential for profit-taking. Amgen Advances While Market Declines Negative Sentiment: Morgan Stanley cut its price target to $359 from $362 and maintained an Equal Weight rating. Truist raised its target to $380 but kept a Hold rating. Both targets imply downside from Amgen’s recent price, reinforcing valuation concerns. Morgan Stanley Adjusts Price Target on Amgen Insider Transactions at Amgen In other Amgen news, SVP Rachna Khosla sold 1,252 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $416.43, for a total value of $521,370.36. Following the completion of the sale, the senior vice president owned 6,404 shares in the company, valued at approximately $2,666,817.72. This trade represents a 16.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Nancy Grygiel sold 2,970 shares of Amgen stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $402.16, for a total transaction of $1,194,415.20. Following the transaction, the senior vice president directly owned 7,340 shares in the company, valued at approximately $2,951,854.40. This represents a 28.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 6,222 shares of company stock valued at $2,540,926 over the last ninety days. 0.85% of the stock is currently owned by insiders.

Amgen Profile (Free Report)

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research and commercial activities focus on areas including oncology, cardiovascular disease, inflammation, bone health, neuroscience and rare diseases. The company uses biologic research, human genetics and other advanced technologies to develop targeted therapies and supports patients through treatment and disease-management services.

Amgen’s portfolio includes medicines such as Enbrel for inflammatory diseases; Prolia and Evenity for osteoporosis; Xgeva for cancer-related bone complications; Repatha for certain cardiovascular conditions; Otezla for inflammatory diseases; Aimovig for migraine prevention; Tezspire for severe asthma; and Lumakras for certain cancers.

See Also Five stocks we like better than Amgen Want Private-Market Access to Kalshi and Polymarket? Try This ETF Levi’s Stock Dip Reveals Value Opportunity Despite Q3 Headwinds PepsiCo Stock Looks Poised to Bottom With High Yield, Deep Value Alphabet’s $1.8 Billion Black Hills Deal Powers AI Data Center Push Want to see what other hedge funds are holding AMGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amgen Inc. (NASDAQ:AMGN – Free Report).

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Amgen (AMGN - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Shares of this world's largest biotech drugmaker have returned -7.8% over the past month versus the Zacks S&P 500 composite's +0.8% change. The Zacks Medical - Biomedical and Genetics industry, to which Amgen belongs, has lost 6.7% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Amgen is expected to post earnings of $5.69 per share, indicating a change of +0.9% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The consensus earnings estimate of $22.94 for the current fiscal year indicates a year-over-year change of +5%. This estimate has changed -0.2% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $24.46 indicates a change of +6.7% from what Amgen is expected to report a year ago. Over the past month, the estimate has changed +2.1%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Amgen.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Amgen, the consensus sales estimate of $9.91 billion for the current quarter points to a year-over-year change of +3.7%. The $38.81 billion and $40 billion estimates for the current and next fiscal years indicate changes of +5.6% and +3.1%, respectively.

Last Reported Results and Surprise HistoryAmgen reported revenues of $10.05 billion in the last reported quarter, representing a year-over-year change of +9.5%. EPS of $6.29 for the same period compares with $6.02 a year ago.

Compared to the Zacks Consensus Estimate of $9.44 billion, the reported revenues represent a surprise of +6.52%. The EPS surprise was +12.32%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Amgen is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Amgen. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Ferguson Wellman Capital Management Inc. boosted its holdings in Amgen Inc. (NASDAQ:AMGN – Free Report) by 4.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 259,022 shares of the medical research company’s stock after acquiring an additional 11,950 shares during the quarter. Amgen comprises about 1.2% of Ferguson Wellman Capital Management Inc.’s investment portfolio, making the stock its 20th biggest holding. Ferguson Wellman Capital Management Inc.’s holdings in Amgen were worth $103,614,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Rational Advisors Inc. grew its position in Amgen by 13.7% during the 2nd quarter. Rational Advisors Inc. now owns 199 shares of the medical research company’s stock worth $72,000 after purchasing an additional 24 shares in the last quarter. Beacon Financial Advisory LLC raised its position in Amgen by 2.0% during the second quarter. Beacon Financial Advisory LLC now owns 1,274 shares of the medical research company’s stock valued at $461,000 after buying an additional 25 shares during the period. Legacy Financial Advisors Inc. lifted its stake in Amgen by 0.8% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 3,407 shares of the medical research company’s stock worth $1,234,000 after acquiring an additional 26 shares in the last quarter. Roman Butler Fullerton & Co. grew its stake in Amgen by 1.4% during the 2nd quarter. Roman Butler Fullerton & Co. now owns 1,956 shares of the medical research company’s stock valued at $705,000 after acquiring an additional 27 shares in the last quarter. Finally, Round Rock Advisors LLC lifted its position in shares of Amgen by 2.9% in the second quarter. Round Rock Advisors LLC now owns 1,003 shares of the medical research company’s stock worth $363,000 after purchasing an additional 28 shares in the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Amgen In other Amgen news, SVP Rachna Khosla sold 2,000 shares of Amgen stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $412.57, for a total value of $825,140.00. Following the transaction, the senior vice president directly owned 6,404 shares of the company’s stock, valued at $2,642,098.28. The trade was a 23.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Nancy Grygiel sold 2,970 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $402.16, for a total transaction of $1,194,415.20. Following the transaction, the senior vice president owned 7,340 shares of the company’s stock, valued at approximately $2,951,854.40. The trade was a 28.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 6,222 shares of company stock worth $2,540,926. Company insiders own 0.85% of the company’s stock.

Wall Street Analyst Weigh In A number of equities research analysts have recently weighed in on AMGN shares. UBS Group reaffirmed a “buy” rating and set a $430.00 price target on shares of Amgen in a research note on Thursday, September 17th. Scotiabank boosted their target price on shares of Amgen from $450.00 to $500.00 and gave the stock an “outperform” rating in a research report on Monday, September 28th. Wells Fargo & Company raised their price target on shares of Amgen from $400.00 to $435.00 and gave the company an “equal weight” rating in a report on Friday, September 4th. Canaccord Genuity Group upped their price objective on shares of Amgen from $366.00 to $384.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. Finally, Bank of America raised their target price on Amgen from $312.00 to $317.00 and gave the company an “underperform” rating in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fifteen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Amgen currently has a consensus rating of “Hold” and a consensus target price of $385.25. Get Our Latest Research Report on Amgen

Amgen Stock Performance NASDAQ:AMGN traded up $0.36 during midday trading on Monday, reaching $403.40. The stock had a trading volume of 927,812 shares, compared to its average volume of 2,753,245. Amgen Inc. has a 1-year low of $288.00 and a 1-year high of $447.03. The firm’s fifty day simple moving average is $410.72 and its 200-day simple moving average is $370.36. The company has a debt-to-equity ratio of 4.44, a current ratio of 1.37 and a quick ratio of 1.13. The stock has a market capitalization of $218.09 billion, a P/E ratio of 25.07, a PEG ratio of 2.91 and a beta of 0.41.

Amgen (NASDAQ:AMGN – Get Free Report) last released its earnings results on Tuesday, August 4th. The medical research company reported $6.29 earnings per share for the quarter, topping analysts’ consensus estimates of $5.62 by $0.67. The firm had revenue of $10.05 billion during the quarter, compared to analyst estimates of $9.43 billion. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The business’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.02 EPS. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. On average, equities research analysts forecast that Amgen Inc. will post 22.94 EPS for the current fiscal year.

Amgen Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 21st were issued a $2.52 dividend. The ex-dividend date of this dividend was Friday, August 21st. This represents a $10.08 dividend on an annualized basis and a yield of 2.5%. Amgen’s dividend payout ratio (DPR) is 62.65%.

Amgen Company Profile (Free Report)

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research and commercial activities focus on areas including oncology, cardiovascular disease, inflammation, bone health, neuroscience and rare diseases. The company uses biologic research, human genetics and other advanced technologies to develop targeted therapies and supports patients through treatment and disease-management services.

Amgen’s portfolio includes medicines such as Enbrel for inflammatory diseases; Prolia and Evenity for osteoporosis; Xgeva for cancer-related bone complications; Repatha for certain cardiovascular conditions; Otezla for inflammatory diseases; Aimovig for migraine prevention; Tezspire for severe asthma; and Lumakras for certain cancers.

See Also Five stocks we like better than Amgen A Manufacturing Surprise Could Be a Big Win for These 2 Companies What a $1 Billion Chip Deal Says About Amazon’s AI Ambitions 3 Stocks Benefiting From AI Demand Just Announced Major Buybacks Insiders Are Selling These 3 Stocks, Should You? Want to see what other hedge funds are holding AMGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amgen Inc. (NASDAQ:AMGN – Free Report).

Receive News & Ratings for Amgen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Amgen and related companies with MarketBeat.com's FREE daily email newsletter.

In the latest trading session, Amgen (AMGN - Free Report) closed at $407.27, marking a -3.38% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 0.2% for the day. On the other hand, the Dow registered a gain of 0.04%, and the technology-centric Nasdaq increased by 0.04%.

Prior to today's trading, shares of the world's largest biotech drugmaker had lost 4.82% lagged the Medical sector's loss of 1.75% and the S&P 500's loss of 0.35%.

Analysts and investors alike will be keeping a close eye on the performance of Amgen in its upcoming earnings disclosure. The company's upcoming EPS is projected at $5.69, signifying a 0.89% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $9.91 billion, indicating a 3.68% growth compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates project earnings of $22.94 per share and a revenue of $38.81 billion, demonstrating changes of +5.04% and +5.6%, respectively, from the preceding year.

Investors should also take note of any recent adjustments to analyst estimates for Amgen. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.15% lower within the past month. Right now, Amgen possesses a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Amgen has a Forward P/E ratio of 18.38 right now. This represents a discount compared to its industry average Forward P/E of 22.46.

Also, we should mention that AMGN has a PEG ratio of 3.04. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Medical - Biomedical and Genetics industry was having an average PEG ratio of 1.91.

The Medical - Biomedical and Genetics industry is part of the Medical sector. With its current Zacks Industry Rank of 182, this industry ranks in the bottom 27% of all industries, numbering over 250.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Amgen just handed income investors another dividend raise, but a mountain of acquisition debt, crumbling legacy drugs, and a billion-dollar obesity bet are all competing for the same pool of cash.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Amgen (NASDAQ:AMGN | AMGN Price Prediction) pays $2.52 per share quarterly, an annualized rate of $10.08. Its first payout in August 2011 was $0.28. With shares at $418.13 and up 30.36% year to date, income investors need to know whether the cash engine can sustain raises while taking on biosimilar losses and an expensive obesity program.

A Biotech That Raises Like a Utility Amgen raises its dividend annually in steady steps. The latest lifted the quarterly payout from $2.38 to $2.52, a 6% increase matching the prior year. Dividend cash rose from $3.509 billion in 2019 to $5.124 billion in 2025.

“In addition, we return capital to shareholders through competitive dividend payments of $2.52 per share, representing a 6% increase compared to the second quarter of 2025.”

That rhythm matches Johnson & Johnson (NYSE:JNJ), a Dividend King. Pfizer (NYSE:PFE) offers higher yield but has struggled with payout coverage post-COVID. Amgen yields 2.36%, compressed by the stock’s rally.

Coverage Looks Solid, but Debt Sets the Speed Limit Amgen generated $8.1 billion in free cash flow in 2025 against $5.124 billion in dividends paid. In the second quarter of 2026, free cash flow reached $3.5 billion while dividends consumed $1.362 billion. Management guides 2026 non-GAAP EPS to $22.30 to $23.50, far above the $10.08 forward dividend, and trailing GAAP EPS of $16.22 also covers it.

The balance sheet limits growth. Total debt stood at $57.304 billion at June-end against $13.989 billion in cash, largely from the Horizon Therapeutics acquisition. Interest expense ran $2.755 billion in 2025. Amgen limited 2026 buybacks at $3.0 billion, focusing on the dividend and debt paydown.

“That sound financial structure also gives us the flexibility to invest with discipline in both our internal pipeline and external innovation while supporting the long-term needs of the business.”

Biosimilars and MariTide Will Decide Future Raises Mature franchises are declining. Prolia and XGEVA combined for $1.1 billion in second-quarter sales, down 33%. Enbrel fell 37% in the first quarter as Medicare Part D price setting took effect, and Otezla’s IRA selection triggered a $1.2 billion impairment.

MariTide is the swing factor. Amgen has nine Phase 3 studies running and three more planned, with full-year non-GAAP R&D growing high single digits. It is the largest pipeline opportunity and the biggest competitor to the dividend for cash.

“As I’ve said before, the bar is high at Amgen for obesity medicines.”

“Our first quarter results demonstrate the strength of our business, with 16 brands achieving double-digit growth, enabling us to grow through expected patent expirations and increased competition.”

Verdict: The Raises Keep Coming at a Measured Pace Amgen’s dividend is safe. Free cash flow covers the payout comfortably, earnings guidance sits far above the forward rate, and buybacks rank behind the dividend. The debt load keeps raises in the mid-single digits. Watch MariTide Phase 3 data and Prolia erosion, as those variables set the size of each future raise.

Contact [email protected] for any questions or corrections.

In the latest close session, Amgen (AMGN - Free Report) was up +2.11% at $414.61. The stock's change was more than the S&P 500's daily gain of 0.51%. At the same time, the Dow added 0.93%, and the tech-heavy Nasdaq gained 0.48%.

The stock of world's largest biotech drugmaker has fallen by 7.08% in the past month, lagging the Medical sector's loss of 3.38% and the S&P 500's gain of 0.74%.

The investment community will be paying close attention to the earnings performance of Amgen in its upcoming release. In that report, analysts expect Amgen to post earnings of $5.69 per share. This would mark year-over-year growth of 0.89%. Simultaneously, our latest consensus estimate expects the revenue to be $9.91 billion, showing a 3.68% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates project earnings of $22.94 per share and a revenue of $38.81 billion, demonstrating changes of +5.04% and +5.6%, respectively, from the preceding year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Amgen. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.06% upward. Amgen is currently sporting a Zacks Rank of #2 (Buy).

In terms of valuation, Amgen is currently trading at a Forward P/E ratio of 17.7. This signifies a discount in comparison to the average Forward P/E of 25.2 for its industry.

It is also worth noting that AMGN currently has a PEG ratio of 2.93. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The average PEG ratio for the Medical - Biomedical and Genetics industry stood at 1.91 at the close of the market yesterday.

The Medical - Biomedical and Genetics industry is part of the Medical sector. With its current Zacks Industry Rank of 172, this industry ranks in the bottom 31% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Amgen (AMGN - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this world's largest biotech drugmaker have returned -7.1% over the past month versus the Zacks S&P 500 composite's +0.7% change. The Zacks Medical - Biomedical and Genetics industry, to which Amgen belongs, has lost 3.1% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Amgen is expected to post earnings of $5.69 per share, indicating a change of +0.9% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

For the current fiscal year, the consensus earnings estimate of $22.94 points to a change of +5% from the prior year. Over the last 30 days, this estimate has changed +0.1%.

For the next fiscal year, the consensus earnings estimate of $24.46 indicates a change of +6.7% from what Amgen is expected to report a year ago. Over the past month, the estimate has changed +2.4%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Amgen.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For Amgen, the consensus sales estimate for the current quarter of $9.91 billion indicates a year-over-year change of +3.7%. For the current and next fiscal years, $38.81 billion and $40 billion estimates indicate +5.6% and +3.1% changes, respectively.

Last Reported Results and Surprise HistoryAmgen reported revenues of $10.05 billion in the last reported quarter, representing a year-over-year change of +9.5%. EPS of $6.29 for the same period compares with $6.02 a year ago.

Compared to the Zacks Consensus Estimate of $9.44 billion, the reported revenues represent a surprise of +6.52%. The EPS surprise was +12.32%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Amgen is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Amgen. However, its Zacks Rank #2 does suggest that it may outperform the broader market in the near term.

Amgen Inc (NASDAQ:AMGN, XETRA:AMG)'s price target was raised to $410 from $367 by Jefferies after dazodalibep delivered positive Phase 3 results in patients with systemic Sjögren's disease.

Jefferies said the drug, a CD40L antagonist, achieved a statistically significant and clinically meaningful improvement in the primary endpoint, the change from baseline in ESSDAI at week 48.

The bank noted that dazodalibep improved ESSDAI as early as week four, compared with the week 12 to 16 separation seen in Ianalumab's Phase 3 NEPTUNUS trials.

Jefferies also sees potentially better safety and tolerability compared with other datasets in the Sjögren's disease treatment landscape.

The results were notable because previous CD40 and CD40L programs had produced mixed results, including Novartis' discontinuation of iscalimab and Sanofi's removal of Sjögren's disease from frexalimab's target indications.

Jefferies said Amgen's approach differs because its Phase 3 program includes separate trials targeting systemic and symptomatic Sjögren's disease, with the positive result coming from the smaller systemic population.

The second Phase 3 trial, OASIZ-303, is evaluating dazodalibep in patients with moderate-to-severe symptomatic Sjögren's disease, with data expected in the fourth quarter of 2026.

Jefferies increased its risk-adjusted peak sales estimate for dazodalibep to about $4.5 billion from $1 billion, including $2 billion for the systemic population and $2.5 billion for the symptomatic population at a 60% probability of success.

The bank said Sjögren's disease could become an important growth opportunity as Amgen seeks to diversify its pipeline beyond cardiometabolic programs, including maridebart cafraglutide and Lp(a).

Jefferies raised its 2026 revenue estimate by 4% and its 2027 estimate by 2%, while increasing its 2027 EPS forecast by 5%.

The bank said the systemic Sjögren's result was incrementally positive for the upcoming symptomatic-disease trial, although risks remain around the second Phase 3 readout.

Key Takeaways Amgen's dazodalibep delivered significant improvement in systemic Sjogren's disease activity at week 48.Dazodalibep's ESSDAI improvements emerged by week four and sustained through week 48.AMGN plans to present detailed OASIZ 301 data. The OASIZ 303 study is expected to finish in Q4 2026. Amgen (AMGN - Free Report) announced positive top-line data from the phase III OASIZ 301 study evaluating dazodalibep in adults with Sjögren’s disease and moderate-to-severe systemic disease activity.

Sjögren’s disease is a systemic autoimmune disease that can cause extensive dryness, fatigue, chronic pain, major organ involvement and neuropathy. Currently, there are no FDA-approved therapies for the given indication, highlighting a significant unmet need.

More on AMGN’s OASIZ 301 Study DataData from the OASIZ 301 study showed that treatment with dazodalibep led to statistically significant and clinically meaningful improvement as measured by the EULAR Sjögren's Syndrome Disease Activity Index (ESSDAI) at week 48 – the study’s primary endpoint.

ESSDAI is a validated clinical tool used to check systemic disease activity across organ systems in patients with Sjögren’s disease.

Importantly, improvements in ESSDAI were observed as early as week four following treatment with dazodalibep and were sustained through week 48.

AMGN’s Price PerformanceYear to date, shares of Amgen have rallied 27.9% compared with the industry’s rise of 8%.

Image Source: Zacks Investment Research

Per the company, the above data underscores the potential of dazodalibep as an emerging treatment for improving systemic disease activity in patients with Sjögren’s disease.

Amgen plans to present detailed data from the OASIZ 301 study at an upcoming medical conference.

Besides the OASIZ 301 study, dazodalibep is also being evaluated in the phase III OASIZ 303 study in patients with moderate-to-severe symptomatic Sjögren's disease. The study is expected to be completed in the fourth quarter of 2026.

AMGN’s Key Pipeline Development ActivitiesAmgen has several interesting candidates in its pipeline, which represent significant commercial opportunity. The company’s main area of focus remains general medicine, obesity, inflammation, rare disease and oncology.

Besides dazodalibep, important pipeline candidates include olpasiran for atherosclerotic cardiovascular disease in a phase III study, xaluritamig for metastatic castration-resistant prostate cancer in a phase III study and daxdilimab for primary discoid lupus erythematosus in a phase II study.

Amgen is developing MariTide, a GIPR/GLP-1 receptor for monthly and maybe less frequent dosing, which may help reduce treatment burden and improve persistence on treatment over time. MariTide is being studied for type II diabetes, obesity and obesity-related conditions.

Amgen believes that progress across its late-stage pipeline assets and biosimilars pipeline can support sustainable long-term growth beyond its established portfolio of marketed drugs.

AMGN’s Zacks Rank & Stocks to ConsiderAmgen currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are Repligen (RGEN - Free Report) , Anika Therapeutics (ANIK - Free Report) and Precigen (PGEN - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Repligen’s 2026 earnings per share have risen from $1.99 to $2.06, while estimates for 2027 have increased from $2.57 to $2.61 during the same time. RGEN’s shares have risen 14% year to date.

Repligen’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 16.80%.

Over the past 60 days, estimates for Anika Therapeutics’ 2026 earnings per share have risen from 41 cents to $1.05, while estimates for 2027 have increased from 46 cents to 95 cents during the same time frame. ANIK’s shares have surged 11% year to date.

Anika Therapeutics’ earnings beat estimates in each of the trailing three quarters, with the average surprise being 950.00%.

Over the past 60 days, estimates for Precigen’s 2026 bottom line have moved from a loss of 2 cents per share to earnings of 25 cents. Earnings estimates for 2027 have increased from 25 cents to 86 cents during the same time. PGEN’s shares have rallied 84.2% year to date.

Precigen’s earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 88.8%.

Dazodalibep Demonstrated Statistically Significant and Clinically Meaningful Improvement in Systemic Disease Activity 

Results Support the Potential for a New, Highly Differentiated Treatment Option for People Living With a Debilitating Autoimmune Disease 

, /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced positive topline results from the Phase 3 OASIZ 301 study evaluating dazodalibep in adults with Sjögren's disease and moderate-to-severe systemic disease activity.

The study met its primary endpoint, demonstrating statistically significant and clinically meaningful improvement at Week 48, as measured by the EULAR Sjögren's Syndrome Disease Activity Index (ESSDAI). Notably, improvements in ESSDAI were observed as early as Week 4 with treatment with dazodalibep, which were sustained through Week 48 of the study. ESSDAI is a validated clinical tool used to assess systemic disease activity across organ systems in patients with Sjögren's disease.

Sjögren's disease is a systemic autoimmune disease that affects the entire body. Along with symptoms of extensive dryness, other serious manifestations may include profound fatigue, chronic pain, major organ involvement, neuropathy, and an increased risk of lymphoma. There are currently no FDA-approved medicines for Sjögren's disease.

"The results mark an important step forward for people living with Sjögren's disease, a condition with significant unmet need and no approved systemic treatment options," said Jay Bradner, M.D., executive vice president, Research and Development, Artificial Intelligence and Data at Amgen. "The rapid and sustained improvement observed in systemic disease activity reinforces our confidence in dazodalibep and the broader Phase 3 program as we work to deliver a new, highly differentiated option for people living with this debilitating autoimmune disease."

The most common adverse events (>/= 5% incidence, reported at a higher rate in dazodalibep compared with placebo) were nasopharyngitis, urinary tract infection, hypertension, and infusion-related reactions, and were generally mild to moderate in nature. Discontinuations due to adverse events occurred at a low rate and were balanced across treatment groups. No imbalance in the incidence of thromboembolic events or opportunistic infections was observed across treatment arms.

"Patients with Sjogren's disease contend with debilitating symptoms and systemic manifestations for which no approved disease-modifying therapy exists," said Ghaith Noaiseh, M.D., Associate Professor of Medicine, Division of Allergy, Clinical Immunology and Rheumatology at the University of Kansas Medical Center, and lead investigator of the study. "These topline results provide further support for dazodalibep as an emerging treatment for improving systemic disease activity and represent an important advance for the field."

"Sjögren's disease is a complex and heterogeneous autoimmune disease, and no two people experience it in exactly the same way. It can be relentless, creating a real burden for people living with the disease and affecting their quality of life," said Janet E. Church, President and Chief Executive Officer, Sjögren's Foundation. "The Sjögren's Foundation welcomes continued progress in research that expands the possibilities for people living with Sjögren's disease and moves us toward a future with more treatment options and better care."

The company plans to present detailed data from the OASIZ 301 study at an upcoming medical meeting.

The Phase 3 OASIZ 303 study of dazodalibep in moderate-to-severe symptomatic Sjögren's disease is expected to complete in Q4 2026.

About Dazodalibep
Dazodalibep is a potential first-in-class CD40L antagonist fusion protein that is designed to target immune activation by disrupting interactions between T cells, B cells and other antigen-presenting cells. Dazodalibep is being studied in two Sjögren's disease patient groups: those with moderate-to-severe systemic disease and those with high symptom burden and low systemic disease who suffer from dryness, fatigue, and/or pain that profoundly impact daily life.

About OASIZ 301 and the Dazodalibep Development Program 
OASIZ 301 is a Phase 3, randomized, double-blind, placebo-controlled study to evaluate the efficacy and safety of dazodalibep in patients with Sjögren's disease with moderate-to-severe systemic disease activity (ESSDAI ≥ 5) (n=approximately 621). The primary endpoint of the study is change from baseline in ESSDAI score at Week 48.

Key secondary endpoints evaluated dryness, tender and swollen joints, fatigue, and ESSDAI[5] response, defined as a decrease of at least 5 points from baseline.

Additionally, Amgen is conducting OASIZ 303, a Phase 3, randomized, double-blind, placebo-controlled study evaluating the efficacy and safety of dazodalibep in patients with high symptom burden with low systemic Sjögren's disease activity. Amgen is also conducting OASIZ 304, an open-label, long-term extension study evaluating the long-term safety and tolerability of dazodalibep in eligible participants from OASIZ 301 and OASIZ 303.

About Sjögren's Disease
Sjögren's disease (SjD) is a heterogeneous autoimmune disease, where patients can experience persistent dryness, fatigue, and pain, often alongside systemic involvement that can be progressive. Although SjD is the second most common autoimmune rheumatic disease, it remains widely underrecognized, with the full extent of its systemic severity and debilitating symptomatic impact on patients' lives often underestimated. Despite this burden, there are currently no approved therapies for SjD, and many patients continue to experience persistent systemic disease activity and debilitating symptoms.

About Amgen 
Amgen discovers, develops, manufactures and delivers innovative medicines to fight some of the world's toughest diseases. Harnessing the best of biology and technology, Amgen reaches millions of patients with its medicines.

More than 45 years ago, Amgen helped establish the biotechnology industry at its U.S. headquarters in Thousand Oaks, California, and it remains at the cutting edge of innovation, using technology and human genetic data to push beyond what is known today. Amgen is advancing a broad and deep pipeline and portfolio of medicines to treat cancer, inflammatory conditions, rare diseases, heart disease and obesity and obesity-related conditions.

Amgen has been consistently recognized for innovation and workplace culture, including honors from Fast Company and Forbes. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average®, and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

For more information, visit Amgen.com and follow Amgen on X, LinkedIn, Instagram, YouTube, Facebook, TikTok and Threads.

Amgen Forward-Looking Statements
This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd.), the performance of Otezla® (apremilast), our acquisitions of ChemoCentryx, Inc., Dark Blue Therapeutics, Ltd. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon's business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise. 

No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, preclinical results do not guarantee safe and effective performance of product candidates in humans. The complexity of the human body cannot be perfectly, or sometimes, even adequately modeled by computer or cell culture systems or animal models. The length of time that it takes for us to complete clinical trials and obtain regulatory approval for product marketing has in the past varied and we expect similar variability in the future. Even when clinical trials are successful, regulatory authorities may question the sufficiency for approval of the trial endpoints we have selected. We develop product candidates internally and through licensing collaborations, partnerships and joint ventures. Product candidates that are derived from relationships may be subject to disputes between the parties or may prove to be not as effective or as safe as we may have believed at the time of entering into such relationship. Also, we or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. 

Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful, and may result in unanticipated costs, delays or failures to realize the benefits of the transactions. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all. 

The scientific information discussed in this news release related to our product candidates is preliminary and investigative. Such product candidates are not approved by the U.S. Food and Drug Administration, and no conclusions can or should be drawn regarding the safety or effectiveness of the product candidates. 

CONTACT: Amgen, Thousand Oaks
Brianna Wilkins, 513-284-9807 (media)
Casey Capparelli, 805-447-1746 (investors) 

SOURCE Amgen