How Does Amgen Make its Money?
Amgen is one of the world’s largest biotechnology companies, focused on discovering, developing, and delivering innovative medicines. The company’s portfolio includes blockbuster drugs targeting oncology, cardiovascular disease, bone health, and inflammation. Amgen significantly expanded its drug portfolio in 2023 through its $28 billion acquisition of Horizon Therapeutics, adding rare disease therapies to its lineup. The company continues to invest heavily in its biosimilar pipeline and next-generation obesity drug MariTide.
Amgen (AMGN) Business Model
Amgen operates in the biotechnology sector. Below is a summary of Amgen’s revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from Amgen’s 2024 fiscal year filings with the SEC.
Amgen Competitors
Amgen’s key competitors and comparable public companies in the biotechnology sector include Eli Lilly, Novo Nordisk, Gilead Sciences, and Pfizer. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Amgen stacks up by comparing their revenue breakdown, margins, and growth metrics.
Amgen Competitors
Amgen’s key competitors and comparable public companies in the biotechnology sector include Eli Lilly, Novo Nordisk, Gilead Sciences, and Pfizer. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Amgen stacks up by comparing their revenue breakdown, margins, and growth metrics.
Amgen Competitors
Amgen’s key competitors and comparable public companies in the biotechnology sector include Eli Lilly, Novo Nordisk, Gilead Sciences, and Pfizer. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Amgen stacks up by comparing their revenue breakdown, margins, and growth metrics.
Amgen Competitors
Amgen’s key competitors and comparable public companies in the biotechnology sector include Eli Lilly, Novo Nordisk, Gilead Sciences, and Pfizer. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Amgen stacks up by comparing their revenue breakdown, margins, and growth metrics.
Amgen Competitors
Amgen’s key competitors and comparable public companies in the biotechnology sector include Eli Lilly, Novo Nordisk, Gilead Sciences, and Pfizer. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Amgen stacks up by comparing their revenue breakdown, margins, and growth metrics.
Amgen Competitors
Amgen’s key competitors and comparable public companies in the biotechnology sector include Eli Lilly, Novo Nordisk, Gilead Sciences, and Pfizer. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Amgen stacks up by comparing their revenue breakdown, margins, and growth metrics.
Amgen Competitors
Amgen’s key competitors and comparable public companies in the biotechnology sector include Eli Lilly, Novo Nordisk, Gilead Sciences, and Pfizer. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Amgen stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
| Segment | 2024 | 2023 | YoY Growth |
|---|---|---|---|
| Enbrel (autoimmune) | $3,200 | $3,700 | -13.5% |
| Prolia (bone health) | $4,200 | $3,900 | +7.7% |
| XGEVA (bone metastases) | $2,200 | $2,100 | +4.8% |
| Repatha (cholesterol) | $2,600 | $1,900 | +36.8% |
| EVENITY (osteoporosis) | $1,500 | $1,100 | +36.4% |
| TEZSPIRE (asthma) | $1,300 | $800 | +62.5% |
| Horizon portfolio & Other Products | $18,400 | $15,700 | +17.2% |
| Total Revenue | $33,400 | $28,200 | +18.4% |
Enbrel (autoimmune) — 10% of Revenue
Prolia (bone health) — 13% of Revenue
XGEVA (bone metastases) — 7% of Revenue
Repatha (cholesterol) — 8% of Revenue
EVENITY (osteoporosis) — 4% of Revenue
TEZSPIRE (asthma) — 4% of Revenue
Horizon portfolio & Other Products — 55% of Revenue
Income Statement Overview
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $33,400 | $28,200 |
| Cost of Revenue | $11,800 | $8,300 |
| Gross Profit | $21,600 | $19,900 |
| Operating Expenses | $14,800 | $14,600 |
| Operating Income | $6,800 | $5,300 |
| Net Income | $5,700 | $4,800 |
All values in millions USD unless otherwise stated.
Key Financial Metrics
- Gross Margin: 64.7%
- Operating Margin: 20.4%
- Revenue Growth: 18.4%
Is Amgen Profitable?
Yes, Amgen is profitable. The company reported net income of $5,700 on total revenue of $33,400. With an operating margin of 20.4%, Amgen demonstrates solid profitability for the biotechnology sector. The gross margin of 64.7% reflects Amgen’s pricing power and cost structure.
What to Watch
- Clinical trial results for MariTide, Amgen’s GLP-1 obesity drug candidate
- Integration of Horizon Therapeutics assets and revenue trajectory of TEPEZZA
- Enbrel revenue decline as biosimilar competition intensifies
- Growth of newer drugs like TEZSPIRE, Repatha, and EVENITY offsetting mature product declines
Amgen (AMGN) Financial Summary
Amgen (AMGN) is a biotechnology company that generated $33,400 in total revenue in fiscal year 2024. Revenue grew 18.4% year-over-year. The company earned $5,700 in net income, making it profitable. For a deeper look at Amgen’s revenue breakdown, business segments, and financial performance, review the detailed analysis above.