S&P 500 · Biotech · Prolia, Repatha, MariTide
Amgen
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.
AMGN Updated Jul 12, 2026 2 AI consumers· 2 recurring
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).
Financials & Segments
- Total revenue · $36.8B (FY2025, product sales $35.1B)
- Segments · Bone & Inflammation (Prolia $4.4B, EVENITY $2.1B, ENBREL $2.2B, Otezla) · Cardiovascular (Repatha $3.0B) · Oncology & Hematology (BLINCYTO, KYPROLIS, XGEVA) · Rare Disease (TEPEZZA $1.9B, KRYSTEXXA, from 2023 Horizon acquisition)
Revenue from
- Cardinal Health High confidence
No.3 wholesaler. 16% of total gross revenues in FY2025 ($12.56B gross product sales). The three wholesalers combined were 77%. - McKesson Corporation High confidence
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. - Cencora High confidence
No.2 wholesaler (formerly AmerisourceBergen). 27% of total gross revenues in FY2025 ($20.99B gross product sales). - 비만·골질환 시장 (마리타이드 개발) Medium confidence
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.Mentions EN TIKR Published Feb 1, 2026: AbbVie posts record $61B as Skyrizi and Rinvoq surge past HumiraConfirms KO TheBioNews Published Mar 12, 2025: Amgen begins two Phase 3 trials of once-monthly obesity candidate MariTide; key data early 2027Confirms EN FierceBiotech Published Mar 11, 2025: Amgen enters Maritime, launching 2 late-stage obesity trials for MariTide
Pays to
- 아스트라제네카 (테프스피어 협업) High confidence
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%). - UCB (이베니티 협업) High confidence
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%). - 제3자 위탁생산 (CDMO) Medium confidence
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).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Cardinal Health | lead1 | -0.4 | +54.1 | +34.1 | +19 | +76.3 | +15.6 |
| McKesson Corporation | lead1 | +44.2 | +51.8 | +24.1 | +23.7 | +44.5 | -1.6 |
| Cencora | lead1 | +44.1 | +26.3 | +25.3 | +10.4 | +51.5 | -9.8 |
| Amgen | node | +0.9 | +20.4 | +13.5 | -6.8 | +29.7 | +12.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10