{"slug":"amgen","name":"암젠","name_en":"Amgen","ticker":"AMGN","updated_at":"2026-07-12T04:06:29.043+00:00","canonical":"https://valuechain.wiki/amgen","citable":"밸류체인 그래프 기준 암젠의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Amgen is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 3 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 바이오테크 · 프롤리아·리파타·마리타이드","kicker_en":"S&P 500 · Biotech · Prolia, Repatha, MariTide","lead":"항암·골질환·염증·심혈관 바이오의약품을 만드는 대형 바이오테크다. FY2025 총매출은 367.5억 달러(제품매출 351.5억, 전년 대비 +10%)다. 미국 제품 대부분이 맥케슨·센코라·카디널헬스 3대 도매상을 거쳐 나가며, 이 3사가 세계 총매출의 77%를 차지한다. 주력 제품은 프롤리아·리파타·이베니티·엔브렐·테프자이고, 월 1회 투여 비만 신약 마리타이드가 글로벌 3상 6건에 들어가 릴리·노보의 GLP-1 양강 구도에 도전한다. R&D에 연 72.7억 달러(제품매출의 20.7%)를 쓴다.","lead_en":"A large biotech that makes biologic drugs for oncology, bone disease, inflammation, and cardiovascular disease. FY2025 total revenue was $36.75B (product sales $35.15B, up 10% year over year). Most U.S. product volume flows through three wholesalers, McKesson, Cencora, and Cardinal Health, which together account for 77% of worldwide gross revenues. Lead products are Prolia, Repatha, EVENITY, ENBREL, and TEPEZZA, while the once-monthly obesity candidate MariTide has entered six global Phase 3 studies, challenging the Lilly and Novo GLP-1 duopoly. R&D spend is $7.27B a year, 20.7% of product sales.","segments":{"parts":[{"desc":"프롤리아·이베니티·엔브렐·오테즐라 — 최대 매출 축(골질환·염증).","name":"골질환·염증 (프롤리아 $4.4B·이베니티 $2.1B·엔브렐 $2.2B·오테즐라)"},{"desc":"리파타($3.0B) — PCSK9 콜레스테롤 치료.","name":"심혈관 (리파타 $3.0B)"},{"desc":"블린사이토·카이프롤리스·엑스지바 등 항암·혈액.","name":"종양·혈액 (블린사이토·카이프롤리스·엑스지바)"},{"desc":"테프자·크리스텍사 — 2023년 호라이즌 인수로 확보한 희귀질환 축.","name":"희귀질환 (테프자 $1.9B·크리스텍사, 2023 호라이즌 인수)"}],"total":"$36.8B (FY2025, 제품매출 $35.1B)"},"segments_en":{"parts":[{"desc":"Prolia, EVENITY, ENBREL, Otezla — the largest revenue axis (bone/inflammation).","name":"Bone & Inflammation (Prolia $4.4B, EVENITY $2.1B, ENBREL $2.2B, Otezla)"},{"desc":"Repatha ($3.0B) — PCSK9 cholesterol therapy.","name":"Cardiovascular (Repatha $3.0B)"},{"desc":"BLINCYTO, KYPROLIS, XGEVA — oncology and hematology.","name":"Oncology & Hematology (BLINCYTO, KYPROLIS, XGEVA)"},{"desc":"TEPEZZA, KRYSTEXXA — the rare-disease axis gained via the 2023 Horizon acquisition.","name":"Rare Disease (TEPEZZA $1.9B, KRYSTEXXA, from 2023 Horizon acquisition)"}],"total":"$36.8B (FY2025, product sales $35.1B)"},"returns_yearly":{"2021":0.9,"2022":20.4,"2023":13.5,"2024":-6.8,"2025":29.7,"2026":12.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"cardinal-health","name":"카디널 헬스","name_en":"Cardinal Health","tier":1,"returns_yearly":{"2021":-0.4,"2022":54.1,"2023":34.1,"2024":19,"2025":76.3,"2026":15.6}},{"slug":"mckesson","name":"맥케슨","name_en":"McKesson Corporation","tier":1,"returns_yearly":{"2021":44.2,"2022":51.8,"2023":24.1,"2024":23.7,"2025":44.5,"2026":-1.6}},{"slug":"cencora","name":"센코라","name_en":"Cencora","tier":1,"returns_yearly":{"2021":44.1,"2022":26.3,"2023":25.3,"2024":10.4,"2025":51.5,"2026":-9.8}}],"benefiting":[],"analysis":"투자 논점은 성숙 바이오의약품 포트폴리오의 현금흐름 위에 비만 신약 마리타이드라는 옵션을 얹은 대형 바이오테크다. 프롤리아·리파타·이베니티·엔브렐·테프자 등 골질환·심혈관·염증·희귀질환을 아우르는 제품군이 FY2025 제품매출 $351.5억(+10%)을 떠받치고, 월 1회 투여 마리타이드가 글로벌 3상 6건에 들어가 2027년 초 판독으로 릴리·노보 GLP-1 양강에 도전한다. 매출의 구조적 특징은 유통 집중으로, 맥케슨(34%)·센코라(27%)·카디널헬스(16%) 3대 도매상이 총매출의 77%를 거쳐 나가 단일 채널 리스크가 크되 협상은 소수에 집중된다. R&D $72.7억(제품매출의 20.7%)과 2023년 호라이즌 인수(테프자)로 파이프라인을 방어하며, 위험은 마리타이드 임상 성패가 밸류에이션을 좌우하고 엔브렐 등 성숙 제품의 바이오시밀러 잠식이 지속된다는 점이다.","analysis_en":"The thesis is a large biotech layering an obesity option (MariTide) on the cash flows of a mature biologics portfolio. A product range spanning bone, cardiovascular, inflammation and rare disease — Prolia, Repatha, EVENITY, ENBREL, TEPEZZA — underpins FY2025 product sales of $35.15B (+10%), while the once-monthly MariTide is in six global Phase 3 studies with early-2027 readouts, challenging the Lilly/Novo GLP-1 duopoly. A structural feature is distribution concentration: three wholesalers — McKesson (34%), Cencora (27%), Cardinal Health (16%) — take 77% of gross revenue, a large single-channel risk but with negotiation concentrated in few hands. R&D of $7.27B (20.7% of product sales) and the 2023 Horizon acquisition (TEPEZZA) defend the pipeline; risks are that MariTide trial outcomes drive the valuation and that biosimilar erosion of mature products like ENBREL continues.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"카디널 헬스","counterparty_slug":"cardinal-health","confidence":"high","metric":{"share":"16% of gross revenues","amount":"$12.56B gross (FY2025)"},"note":"3위 도매상. FY2025 총매출의 16%($125.6억 총제품매출). 3대 도매상 합산 77%.","note_en":"No.3 wholesaler. 16% of total gross revenues in FY2025 ($12.56B gross product sales). The three wholesalers combined were 77%.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/318154/000031815426000010/amgn-20251231.htm","title":"암젠 Form 10-K (FY2025)","title_en":"Amgen Form 10-K (FY2025)","excerpt":"맥케슨·센코라·카디널헬스 3대 도매상이 각각 2025·2024·2023년 총매출의 10% 이상을 차지했으며, 합산 기준 각각 77%·77%·79%였다.","excerpt_en":"Our product sales to three large wholesalers, McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., each individually accounted for more than 10% of total revenues for 2025, 2024 and 2023. On a combined basis, these wholesalers accounted for 77%, 77% and 79% of worldwide gross revenues."}]},{"direction":"cost","counterparty":"아스트라제네카 (테프스피어 협업)","counterparty_slug":null,"confidence":"high","metric":{"amount":"$1,478M (FY2025, +52%)","product":"TEZSPIRE"},"note":"테프스피어(tezepelumab) 공동개발. 암젠이 전세계 생산·공급, 미국 매출은 암젠이 인식하고 북미 외 상업화는 아스트라제네카가 주도(수익·비용 공유). 테프스피어 FY2025 $14.8억(+52%).","note_en":"Co-develops TEZSPIRE (tezepelumab). Amgen manufactures and supplies worldwide and books U.S. sales; AstraZeneca leads commercialization outside North America (shared profits and costs). TEZSPIRE FY2025 $1.48B (+52%).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/318154/000031815426000010/amgn-20251231.htm","title":"암젠 Form 10-K (FY2025)","title_en":"Amgen Form 10-K (FY2025)","excerpt":"테프스피어 미국 매출은 암젠이 원청으로 인식하고, 아스트라제네카가 북미 외 상업화를 주도한다. 암젠이 테프스피어를 전세계 생산·공급한다.","excerpt_en":"Amgen, as principal, recognizes TEZSPIRE product sales in the United States, and AstraZeneca leads commercialization outside North America. Amgen manufactures and supplies TEZSPIRE worldwide."}]},{"direction":"revenue","counterparty":"맥케슨","counterparty_slug":"mckesson","confidence":"high","metric":{"share":"34% of gross revenues","amount":"$26.25B gross (FY2025)"},"note":"미국 최대 의약품 도매상. FY2025 암젠 총매출의 34%($262.5억 총제품매출)를 이 한 곳이 차지 — 최대 단일 채널.","note_en":"Largest U.S. drug wholesaler. Accounted for 34% of Amgen's total gross revenues in FY2025 ($26.25B gross product sales), the single biggest channel.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/318154/000031815426000010/amgn-20251231.htm","title":"암젠 Form 10-K (FY2025)","title_en":"Amgen Form 10-K (FY2025)","excerpt":"맥케슨·센코라·카디널헬스 3대 도매상이 각각 2025·2024·2023년 총매출의 10% 이상을 차지했으며, 합산 기준 각각 77%·77%·79%였다.","excerpt_en":"Our product sales to three large wholesalers, McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., each individually accounted for more than 10% of total revenues for 2025, 2024 and 2023. On a combined basis, these wholesalers accounted for 77%, 77% and 79% of worldwide gross revenues."}]},{"direction":"revenue","counterparty":"센코라","counterparty_slug":"cencora","confidence":"high","metric":{"share":"27% of gross revenues","amount":"$20.99B gross (FY2025)"},"note":"2위 도매상(구 아메리소스버겐). FY2025 총매출의 27%($209.9억 총제품매출).","note_en":"No.2 wholesaler (formerly AmerisourceBergen). 27% of total gross revenues in FY2025 ($20.99B gross product sales).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/318154/000031815426000010/amgn-20251231.htm","title":"암젠 Form 10-K (FY2025)","title_en":"Amgen Form 10-K (FY2025)","excerpt":"맥케슨·센코라·카디널헬스 3대 도매상이 각각 2025·2024·2023년 총매출의 10% 이상을 차지했으며, 합산 기준 각각 77%·77%·79%였다.","excerpt_en":"Our product sales to three large wholesalers, McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., each individually accounted for more than 10% of total revenues for 2025, 2024 and 2023. On a combined basis, these wholesalers accounted for 77%, 77% and 79% of worldwide gross revenues."}]},{"direction":"cost","counterparty":"UCB (이베니티 협업)","counterparty_slug":null,"confidence":"high","metric":{"amount":"$2,100M (FY2025, +34%)","product":"EVENITY"},"note":"이베니티(romosozumab) 공동개발. 글로벌 개발비와 상업화 손익을 균등 분배. UCB가 유럽 대부분 상업화 주도, 암젠은 미국 등 매출 인식. 이베니티 FY2025 $21.0억(+34%).","note_en":"Co-develops EVENITY (romosozumab). Global development costs and commercialization profits and losses are shared equally. UCB leads commercialization across most of Europe; Amgen books sales in the U.S. and other territories. EVENITY FY2025 $2.10B (+34%).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/318154/000031815426000010/amgn-20251231.htm","title":"암젠 Form 10-K (FY2025)","title_en":"Amgen Form 10-K (FY2025)","excerpt":"암젠은 이베니티 개발·상업화를 위해 UCB와 협업 중이다. 글로벌 개발비와 상업화 손익은 균등하게 분배된다.","excerpt_en":"We are in a collaboration with UCB for the development and commercialization of EVENITY. Global development costs and commercialization profits and losses related to the collaboration are shared equally."}]},{"direction":"revenue","counterparty":"비만·골질환 시장 (마리타이드 개발)","counterparty_slug":null,"confidence":"mid","metric":{"count":"6 global Phase 3 studies","qualifier":"confirmed_no_disclosed_value"},"note":"월 1회 투여 항체-펩타이드 접합체 마리타이드(GLP-1 작용+GIPR 억제) 글로벌 3상 6건 진행 — 2건은 2025년 3월, 4건은 2025년 11월 개시. 주요 판독 2027년 초. 릴리·노보 GLP-1 양강에 도전하는 제3 후보.","note_en":"MariTide, a once-monthly antibody-peptide conjugate (GLP-1 agonist plus GIPR antagonist), is in six global Phase 3 studies — two started March 2025, four more November 2025. Primary readouts early 2027. A third contender challenging the Lilly and Novo GLP-1 duopoly.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/318154/000031815426000010/amgn-20251231.htm","title":"암젠 Form 10-K (FY2025)","title_en":"Amgen Form 10-K (FY2025)","excerpt":"2025년 3월 마리타이드(GLP-1 수용체 작용·GIPR 길항 항체-펩타이드 접합체) 만성 체중관리 글로벌 3상 2건을 개시했고, 2025년 11월 추가 4건이 진행 중이라고 발표했다.","excerpt_en":"In March 2025, we announced the initiation of two global Phase 3 studies to evaluate MariTide, a differentiated antibody-peptide conjugate that activates the GLP-1 receptor and antagonizes the GIPR, in chronic weight management; in November 2025 we announced four additional global Phase 3 studies were underway."},{"stance":"mentions","publisher":"TIKR","publisher_en":"TIKR","kind":"analysis","lang":"en","published_at":"2026-02-01","url":"https://www.tikr.com/blog/abbvie-posts-record-61b-revenue-as-skyrizi-and-rinvoq-surge-past-peak-humira-sales","title":"애브비 $611억 사상 최대 — 스카이리치·린버크가 휴미라 추월","title_en":"AbbVie posts record $61B as Skyrizi and Rinvoq surge past Humira","excerpt":"Amgen's two fully enrolled MariTide obesity Phase III studies are expected to read out in early 2027.","excerpt_en":"MariTide Phase III readouts in early 2027."},{"stance":"confirms","publisher":"더바이오","publisher_en":"TheBioNews","kind":"news","lang":"ko","published_at":"2025-03-12","url":"https://www.thebionews.net/news/articleView.html?idxno=13284","title":"암젠, 월1회 비만약 후보 '마리타이드' 3상 2건 개시…2027년초 주요 데이터","title_en":"Amgen begins two Phase 3 trials of once-monthly obesity candidate MariTide; key data early 2027","excerpt":"암젠이 월1회 투여 비만약 후보 마리타이드 3상 2건을 개시했으며 주요 데이터는 2027년 초 공개 예정이다.","excerpt_en":"Amgen began two Phase 3 trials of once-monthly obesity candidate MariTide, with key data expected early 2027."},{"stance":"confirms","publisher":"FierceBiotech","publisher_en":"FierceBiotech","kind":"news","lang":"en","published_at":"2025-03-11","url":"https://www.fiercebiotech.com/biotech/amgen-enters-maritime-launching-2-late-stage-obesity-trials-maritide","title":"암젠, MARITIME 개시…마리타이드 후기 비만 임상 2건 착수","title_en":"Amgen enters Maritime, launching 2 late-stage obesity trials for MariTide","excerpt":"암젠이 마리타이드 후기(3상) 비만 임상 2건을 개시했다. 2상에서 52주 최대 약 20% 체중 감량을 보였다.","excerpt_en":"Amgen launched two late-stage (Phase 3) obesity trials for MariTide; Phase 2 showed up to ~20% weight loss at 52 weeks."}]},{"direction":"cost","counterparty":"제3자 위탁생산 (CDMO)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"자체 생산망(푸에르토리코·로드아일랜드·오하이오·캘리포니아·아일랜드·네덜란드·싱가포르)을 보완하려 제3자 위탁생산업체를 상업·임상 생산에 활용. FY2025 매출원가 $120.4억(제품매출의 34.2%).","note_en":"Uses third-party contract manufacturers to supplement its own network (Puerto Rico, Rhode Island, Ohio, California, Ireland, Netherlands, Singapore) for both commercial and clinical supply. FY2025 cost of sales $12.04B (34.2% of product sales).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/318154/000031815426000010/amgn-20251231.htm","title":"암젠 Form 10-K (FY2025)","title_en":"Amgen Form 10-K (FY2025)","excerpt":"자체 생산망을 보완하려 제3자 위탁생산업체를 활용한다. FY2025 매출원가는 $120.37억.","excerpt_en":"We use third-party contract manufacturers to supplement the capacity or capability of our commercial manufacturing network. FY2025 cost of sales $12,037M."}]}]}