AMGEN INC
AMGN evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for AMGN—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · AMGN
Amgen Inc. is a global biotechnology company organized across general medicine, oncology, inflammation, and rare disease, with an integrated biosimilars business and a pipeline spanning early discovery through late-stage clinical development.
Key risk: High debt leverage
BioSniper Score
Based on 6 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 10 pipeline candidates · 125 clinical trials · 36 catalysts · 11 FDA decisions for AMGEN INC.
Amgen Inc. is a global biotechnology company organized across general medicine, oncology, inflammation, and rare disease, with an integrated biosimilars business and a pipeline spanning early discovery through late-stage clinical development.
- Amgen's business is organized across four therapeutic areas: general medicine, oncology, inflammation, and rare disease, with biosimilars integrated into these areas [sec · filed 2026-04-07].
- In 2025, Amgen reported revenues of $36.751B against a target of $35.388B and non-GAAP net income of $11.837B against a target of $11.144B [sec · filed 2026-04-07].
- As of 2026-06-30, Amgen had cash & equivalents of $13,989.0M, total revenue of $10,054.0M, net income of $2,375.0M, shareholders' equity of $8,658.0M, and total debt of $62,749.0M [sec].
- In 2025, Amgen progressed nine new discovery-stage research programs in oncology, inflammation, and cardiovascular/metabolic diseases [sec · filed 2026-04-07].
- Amgen has multiple Phase 3 topline readouts scheduled from September 2026 through July 2027, covering assets such as apremilast, romiplostim, etelcalcetide, and rituximab [upcoming catalysts].
What works
- Amgen has a broad and advancing pipeline, including nine new discovery-stage programs initiated in 2025 across multiple therapeutic areas [sec · filed 2026-04-07].
- The company has demonstrated consistent financial execution, with 2025 revenues and non-GAAP net income exceeding targets, resulting in a 136.0% payout under the annual cash incentive program [sec · filed 2026-04-07].
- Amgen has a strong late-stage pipeline with multiple Phase 3 topline readouts scheduled through mid-2027, providing potential catalysts for pipeline progression [upcoming catalysts].
What to weigh
- Amgen carries a high total debt of $62,749.0M as of 2026-06-30, which may constrain financial flexibility [sec].
- The company's shareholders' equity of $8,658.0M is relatively low compared to its total debt, indicating a highly leveraged balance sheet [sec].
- Amgen's pipeline includes many early-stage programs, and the success of these programs is uncertain until later-stage clinical data are available [sec · filed 2026-04-07].
From the filings
Quoted directly from source documents.
Amgen's business is organized across four therapeutic areas with integrated biosimilars.
“Our business is organized across four therapeutic areas: general medicine, oncology, inflammation, and rare disease. Our biosimilars business is integrated into these therapeutic areas.”
SEC filings · April 7, 2026
Catalyst timeline
- 2026-09-03 · Phase3_Topline — Phase 3 Topline: A Phase 3, Multicenter, Open-label, Single-arm Study to Assess the Efficacy and Safety of Apremilast — Topline data from this Phase 3 study of apremilast will provide efficacy and safety results.
- 2026-10-31 · Phase2_Start · immunoglobulin — Phase 2 Start: Open-label, Uncontrolled, Multicenter Trial to Evaluate the Pharmacokinetics, Pharmacodynamics, Safe — Initiation of a Phase 2 trial for an immunoglobulin candidate will mark the start of clinical evaluation.
- 2026-11-13 · Phase3_Topline — Phase 3 Topline: A Phase 3, Randomized, Double-masked, Placebo-controlled, Parallel-group, Multicenter Trial to Evalu — Topline data from this Phase 3 study will provide efficacy and safety results for the candidate.
- 2026-11-19 · Phase3_Topline · episodic — Phase 3 Topline: A Phase 3, Randomized, Double-blind, Placebo-controlled, Parallel-group Study to Evaluate the Effica — Topline data from this Phase 3 episodic treatment study will provide efficacy and safety results.
- 2026-12-14 · Phase3_Topline — Phase 3 Topline: A Randomized, Double-blind Study to Compare the Pharmacokinetics Between ABP 234 and Keytruda® (Pemb — Topline pharmacokinetic data from this biosimilar study will inform comparability to Keytruda.
- 2027-02-23 · Phase3_Topline · romiplostim — Phase 3 Topline: PROCLAIM: A Phase 3 Randomized Placebo-controlled Double-blind Study of Romiplostim for the Treatmen — Topline data from this Phase 3 romiplostim study will provide efficacy and safety results.
- 2027-06-30 · Phase3_Topline · etelcalcetide — Phase 3 Topline: Phase 3, Single-arm, Open-label, Multidose, Titration, Pharmacokinetic, Pharmacodynamic, and Safety — Topline data from this Phase 3 etelcalcetide study will provide pharmacokinetic, pharmacodynamic, and safety results.
- 2027-07-18 · Phase3_Topline · rituximab — Phase 3 Topline: A Phase 3, Open-label, Uncontrolled Single-arm Study to Evaluate the Efficacy, Pharmacokinetics, and — Topline data from this Phase 3 rituximab study will provide efficacy, pharmacokinetic, and safety results.
Risks & what to watch (3)›
Key risks
- High debt leverage — Total debt of $62,749.0M as of 2026-06-30 significantly exceeds shareholders' equity of $8,658.0M [sec].
- Pipeline execution risk — Many pipeline programs are early-stage; late-stage readouts are needed to confirm clinical and commercial viability [sec · filed 2026-04-07].
- Regulatory and competitive risk — Phase 3 topline results for multiple candidates are pending through mid-2027, with no guarantee of success [upcoming catalysts].
What to watch
- Phase 3 topline results for apremilast expected on 2026-09-03 [upcoming catalysts].
- Phase 3 topline results for episodic treatment expected on 2026-11-19 [upcoming catalysts].
- Phase 3 topline results for romiplostim expected on 2027-02-23 [upcoming catalysts].
- Phase 3 topline results for etelcalcetide expected on 2027-06-30 [upcoming catalysts].
Sources: SEC filings · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 7.18 · 1% dilution
Lead: Approved
10 candidates
36 upcoming, next in ~4d
0 buys · 7 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
3,113
Total value held
$148.21B
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 70,028,464 | $24.64B |
| blackrock, inc. | 47,100,472 | $16.57B |
| state street corp | 30,548,488 | $10.75B |
| morgan stanley | 15,836,058 | $5.57B |
| geode capital management, llc | 15,430,524 | $5.41B |
| vanguard portfolio management llc | 14,621,148 | $5.14B |
| charles schwab investment management inc | 12,773,386 | $4.49B |
| primecap management co/ca/ | 8,874,129 | $3.12B |
| capital international investors | 7,122,275 | $2.51B |
| wells fargo & company/mn | 7,090,110 | $2.49B |
Showing top 10 of 3,113 institutional holders of AMGEN INC. Open the full 13F history after sign-in.
Short Interest
as of Apr 24, 2026- % of float
- 2.6%
- Days to cover
- 5.4
- Shares short
- 13,981,275
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
AMGN short interestGovernance
Frequently asked questions
What is the AI investment thesis for AMGEN INC?
Amgen Inc. is a global biotechnology company organized across general medicine, oncology, inflammation, and rare disease, with an integrated biosimilars business and a pipeline spanning early discovery through late-stage clinical development.
What is AMGEN INC's lead drug candidate?
AMGEN INC's most advanced tracked candidate is aimovig (Approved).
What is AMGEN INC's next catalyst?
AMGEN INC's next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 3, Multicenter, Open-label, Single-arm Study to Assess the Efficacy and Safety of Apremilast" — expected September 3, 2026.
Who is the CEO of AMGEN INC?
Mr. Robert A. Bradway is the chief executive officer of AMGEN INC (AMGN).
Where is AMGEN INC headquartered?
AMGEN INC (AMGN) is headquartered in Thousand Oaks, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.