Amgen is a large pharmaceutical company which has a fast-growing portfolio of rare disease innovative drugs supported by the recent acquisition of Horizon Therapeutics(Tepezza, Krystexxa, and Uplinza), as well as key obesity products AMG133 (injectable) and AMG786 (oral). 

Existing Product Pipeline

In 2023, Amgen's revenues rose to $28.2B, representing a 7% growth from the prior year. Non-GAAP EPS rose 5% to $18.65. Non-GAAP operating margin was 49.8%. Product sales grew 15% in volume yoy. 

Amgen's product portfolio is balanced across 4 key areas: General Medicine, Inflammation, Oncology, Rare Diseases.

General Medicine contributed $6.8B (24% total sales) in sales in 2023. Cholesterol treatment Repatha saw 26% growth to $1.6B, while osteoporosis medicines EVENITY and saw 47% growth to $1.2B and Prolia saw 12% growth to $4.0B.

Oncology business delivered $9.2B in 2023 sales (33% total sales). Key products include BLINCYTO, a Phase 3 treatment for acute lymphoblastic leukemia, saw sales grew 48% in 2023 to $861M. Phase 3 KYPROLIS for multiple myeloma grew 13% to $1.4B and Vectibix for colorectal cancer grew 10% to $984M.

Inflammation business is a strength of Amgen. Psoriasis treatment Otezla contributed $2.2B, declining 4% as it faces competition. TEZSPIRE treatment for asthma grew to $567M in its 2nd year. AMGEVITA, Amgen's biosimilar to HUMIRA, a treatment for rheumatoid arthritis, grew 36% to $626M.

Rare Disease business is a result of the acquisition of Horizon Therapeutics. In the first half of 2024, rare diseases generated roughly $2B in sales (annualize to $4B, help adding roughly 15% to revenue), a key revenue driver. Medicines from Horizon include TEPEZZA for thyroid eye disease, KRYSTEXXA for gout, and UPLIZNA for an inflammatory disease affecting optic nerves and spinal cord.

Promising Product Pipeline

In General Medicine, Amgen is advancing obesity and cholesterol treatments. MariTide (maridebart afraglutide, AMG 133) for treating adults with overweight or obesity is currently in phase 2, with data anticipated late 2024. Olpasiran, an siRNA treatment that reduces cholesterol, in ongoing in Phase 3.

In Oncology, Amgen is awaiting FDA review of Phase 3 IMDELLTRA (tarlatamab) for small cell lung cancer and BLINCYTO. 

In Inflammation, Amgen is studying TEZSPIRE in Phase 3 for chronic rhinosinusitis and in Phase 3 for chronic obstructive pulmonary disease. Rocatinlimab is in Phase 3 for atopic dermatitis.

In Rare Diseases, Amgen is pursuing launches of their key drugs in new geographic markets. for example, TEPEZZA is currently under review for New Drug Application in Japan.