Amgen Inc. (AMGN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la biotecnología, Amgen Inc. se erige como un faro de innovación, transformando desafíos médicos complejos en terapias innovadoras que redefinen la atención al paciente. Al aprovechar estratégicamente su sólido lienzo de modelo de negocio, este gigante farmacéutico ha cultivado un notable ecosistema de descubrimiento científico, asociaciones estratégicas e investigación de vanguardia que aborda algunas de las necesidades de atención médica más apremiantes a nivel mundial. Desde soluciones de medicina personalizada pionera hasta desarrollar tratamientos innovadores para afecciones crónicas, el enfoque integral de Amgen demuestra cómo el modelado de negocios estratégicos puede impulsar avances médicos transformadores y crear un valor sustancial para proveedores de atención médica, pacientes e inversores.

AMGEN Inc. (AMGN) - Modelo de negocio: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación académica

Amgen mantiene asociaciones de investigación estratégica con las siguientes instituciones académicas:

Institución	Área de enfoque	Año de colaboración
MIT	Biología computacional	2022
Escuela de Medicina de Harvard	Investigación oncológica	2021
Universidad de Stanford	Inmunología	2023

Acuerdos de licencia farmacéutica con startups de biotecnología

Acuerdos clave de licencia en 2023-2024:

• Beigene Ltd. - Colaboración de $ 2.7 mil millones para la terapéutica del cáncer
• Horizon Therapeutics - Adquisición de $ 27.8 mil millones en 2023
• Inmunomedics - Adquisición de $ 21 mil millones en 2020

Asociaciones de fabricación con organizaciones de contratos globales

Fabricante de contratos	Ubicación de fabricación	Capacidad de producción anual
Grupo lonza	Suiza/Estados Unidos	500,000 litros
Biológicos de Samsung	Corea del Sur	360,000 litros
Boehringer ingelheim	Alemania	200,000 litros

Alianzas de investigación y desarrollo con empresas de tecnología médica

Asociaciones activas de I + D en 2024:

• Illumina - Tecnologías de secuenciación genómica
• Genentech - Desarrollo de fármacos oncológicos
• AstraZeneca - Investigación de enfermedades raras

Inversión total de I + D en asociaciones: $ 3.8 mil millones en 2023

AMGEN Inc. (AMGN) - Modelo de negocio: actividades clave

Investigación de biotecnología y desarrollo de fármacos

Amgen invirtió $ 4.6 mil millones en gastos de investigación y desarrollo en 2022. La compañía mantiene 12 sitios de investigación y desarrollo a nivel mundial, centrándose en áreas terapéuticas innovadoras.

Áreas de enfoque de investigación	Número de programas de investigación activos
Oncología	7
Enfermedades cardiovasculares	5
Inflamación	4
Salud ósea	3

Ensayos clínicos y pruebas farmacéuticas

AMGEN realizó 45 ensayos clínicos activos en 2022, abarcando múltiples áreas terapéuticas e involucrando a aproximadamente 25,000 pacientes en todo el mundo.

• Pruebas de fase I: 12
• Ensayos de fase II: 18
• Ensayos de fase III: 15

Fabricación biofarmacéutica a gran escala

AMGEN opera 7 instalaciones de fabricación a nivel mundial, con una capacidad de producción total de aproximadamente 500,000 kilogramos de productos biofarmacéuticos anualmente.

Ubicación de fabricación	Capacidad de producción
California, EE. UU.	180,000 kg
Puerto Rico	120,000 kg
Irlanda	100,000 kg
Otros lugares	100,000 kg

Marketing global y comercialización de tratamientos terapéuticos

Amgen comercializa productos en aproximadamente 100 países, con ingresos totales de $ 26.0 mil millones en 2022.

• América del Norte: 68% de los ingresos
• Europa: 20% de los ingresos
• Resto del mundo: 12% de los ingresos

Innovación continua en investigación molecular y genética

Amgen mantiene 2.500 patentes activas y archivos aproximadamente 200 nuevas solicitudes de patentes anualmente.

Categoría de investigación	Solicitudes de patentes en 2022
Biología molecular	85
Ingeniería genética	65
Innovaciones terapéuticas	50

AMGEN Inc. (AMGN) - Modelo de negocio: recursos clave

Instalaciones avanzadas de investigación de biotecnología

Amgen opera múltiples instalaciones de investigación en los Estados Unidos, con ubicaciones clave que incluyen:

Ubicación	Enfoque de investigación	Tamaño de la instalación
Thousand Oaks, California	Sede y centro de investigación primario	1.8 millones de pies cuadrados
Cambridge, Massachusetts	Investigación de oncología y enfermedades raras	540,000 pies cuadrados

Extensa cartera de patentes en productos biológicos

Métricas de cartera de patentes:

• Patentes activas totales: 5,200+
• Protección de expiración de patentes: hasta 2035 para Biológicos clave
• Presentaciones anuales de patentes de I + D: aproximadamente 350-400 nuevas patentes por año

Fuerza laboral científica y de investigación altamente calificada

Composición de la fuerza laboral	Número
Total de empleados	24,000
Investigadores a nivel de doctorado	2,800
Personal de investigación y desarrollo	8,500

Infraestructura sofisticada de desarrollo biotecnología

La infraestructura de desarrollo de Amgen incluye:

• 7 principales instalaciones de fabricación en todo el mundo
• 3 centros de producción de productos biológicos dedicados
• Laboratorios avanzados de cultivo celular y ingeniería de proteínas

Capital financiero significativo para inversiones en I + D

Recurso financiero	Valor 2023
Gastos totales de I + D	$ 4.6 mil millones
Efectivo e inversiones	$ 22.3 mil millones
Gastos de capital anuales	$ 1.2 mil millones

AMGEN Inc. (AMGN) - Modelo de negocio: propuestas de valor

Terapias biofarmacéuticas innovadoras dirigidas a enfermedades complejas

La cartera de Amgen incluye 12 productos terapéuticos clave con ingresos totales de $ 27.4 mil millones en 2022. Las terapias innovadoras clave incluyen:

Área terapéutica	Producto	Ingresos anuales
Oncología	Neulasta	$ 3.2 mil millones
Cardiovascular	Encerrar	$ 4.7 mil millones
Inflamación	Otezla	$ 2.1 mil millones

Soluciones de medicina personalizada para afecciones crónicas

Amgen invierte $ 4.3 mil millones anuales en investigación y desarrollo, centrándose en enfoques de medicina personalizada.

• Tecnologías de detección genética
• Plataformas de medicina de precisión
• Intervenciones terapéuticas dirigidas

Tratamientos médicos de alta calidad y validados científicamente

Tasas de éxito del ensayo clínico para los desarrollos terapéuticos de Amgen:

Fase	Probabilidad de éxito
Preclínico	10.4%
Fase I	13.8%
Fase II	31.2%
Fase III	58.1%

Terapias innovadoras que abordan las necesidades médicas no satisfechas

La tubería de Amgen incluye 40 programas de desarrollo de etapas clínicas en múltiples áreas terapéuticas.

• Tratamientos de enfermedades raras
• Innovaciones oncológicas
• Intervenciones cardiovasculares

Resultados mejorados del paciente a través de la biotecnología avanzada

Métricas de impacto del paciente para áreas terapéuticas clave:

Área terapéutica	Pacientes tratados	Mejora del resultado
Oncología	1.2 millones	Mejora de la tasa de supervivencia del 35%
Cardiovascular	2.5 millones	40% de reducción de riesgos
Enfermedades inflamatorias	800,000	45% de manejo de síntomas

AMGEN Inc. (AMGN) - Modelo de negocio: relaciones con los clientes

Compromiso médico directo

Amgen invirtió $ 4.2 mil millones en investigación y desarrollo en 2022, centrándose en la participación directa con los profesionales médicos a través de canales de comunicación específicos.

Método de compromiso	Número de profesionales de la salud	Frecuencia de interacción anual
Presentaciones de conferencia médica	12,500 especialistas	3-4 conferencias principales anualmente
Simposios científicos digitales	8.700 expertos en oncología y nefrología	6 eventos virtuales por año

Programas de apoyo y educación del paciente

AMGEN opera iniciativas integrales de apoyo al paciente en múltiples áreas terapéuticas.

• Programa de Oncosupport: atender a 47,300 pacientes con cáncer anualmente
• Asistencia del paciente con enfermedades raras: apoyo a 6.200 pacientes con tratamientos especializados
• Plataforma de educación de pacientes digitales: 215,000 usuarios registrados en 2022

Plataformas y recursos de salud digital

Plataforma digital	Base de usuarios	Inversión anual
Portal de pacientes de Amgen	129,500 pacientes registrados	$ 18.3 millones
Aplicación de salud móvil	87,600 usuarios activos	$ 7.6 millones

Servicios de consulta de tratamiento personalizado

AMGEN ofrece servicios de consulta especializados en dominios terapéuticos clave.

• Equipo de consulta de oncología: 92 especialistas dedicados
• Red de consulta de enfermedades raras: 64 consultores expertos
• Consultas de tratamiento personalizadas: 23,700 consultas individuales en 2022

Comunicación de investigación clínica en curso

Amgen mantiene canales de comunicación robustos para participantes de la investigación clínica.

Investigación del canal de comunicación	Número de participantes activos	Puntos de contacto de comunicación anuales
Portal participante de ensayos clínicos	16,500 participantes activos	4-6 actualizaciones personalizadas
Boletín de Progress de Investigación	11,200 suscriptores	Publicaciones trimestrales

AMGEN Inc. (AMGN) - Modelo de negocio: canales

Equipos de ventas directos dirigidos a proveedores de atención médica

Amgen mantiene una fuerza de ventas dedicada de 7.500 representantes a partir de 2023, centrándose en áreas terapéuticas oncológicas, cardiovasculares e inflamación.

Canal de ventas	Número de representantes	Segmento objetivo
Equipo de ventas de oncología	2,300	Oncólogos y centros de cáncer
Equipo de ventas cardiovasculares	1,800	Cardiólogos y redes hospitalarias
Equipo de ventas de inflamación	1,650	Reumatólogos y clínicas especializadas

Redes de distribuidores farmacéuticos

Amgen colabora con 3 principales distribuidores farmacéuticos en los Estados Unidos.

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation

Plataformas de información médica en línea

Amgen invierte $ 45 millones anuales en plataformas de información médica digital, llegando a aproximadamente 250,000 profesionales de la salud mensualmente.

Plataforma digital	Alcance mensual	Inversión anual
Portal de información médica de Amgen	175,000 profesionales de la salud	$ 25 millones
Seminarios web de investigación científica	75,000 investigadores médicos	$ 20 millones

Conferencia médica y presentaciones de simposio

Amgen participa en 87 conferencias médicas internacionales anualmente, con un presupuesto de presentación de $ 22 millones.

Mercadeo digital y canales de comunicación de atención médica

El gasto de marketing digital alcanza los $ 65 millones en 2024, dirigidos a profesionales de la salud a través de múltiples plataformas digitales.

Canal digital	Presupuesto anual	Público objetivo
Red profesional de LinkedIn	$ 18 millones	Profesionales médicos
Publicidad médica dirigida	$ 27 millones	Médicos especializados
Promociones digitales de la revista científica	$ 20 millones	Comunidad de investigación

AMGEN Inc. (AMGN) - Modelo de negocio: segmentos de clientes

Hospitales e instituciones médicas

A partir del cuarto trimestre de 2023, AMGEN sirve aproximadamente 3.500 hospitales e instituciones médicas a nivel mundial. Los productos de oncología y atención especializada de la compañía se utilizan en el 68% de los hospitales estadounidenses con más de 500 camas.

Categoría de hospital	Número de instituciones	Tasa de penetración
Grandes hospitales (más de 500 camas)	1,850	68%
Hospitales medianos (200-499 camas)	1,250	45%
Pequeños hospitales (menos de 200 camas)	400	22%

Centros de tratamiento oncológico

En 2023, Amgen se asoció con 1.100 centros de tratamiento de oncología especializados en las regiones de América del Norte, Europa y Asia-Pacífico.

• América del Norte: 625 centros de oncología
• Europa: 350 centros de oncología
• Asia-Pacífico: 125 centros de oncología

Profesionales de la salud especializados

Amgen se involucra con aproximadamente 85,000 profesionales de la salud especializados, incluidos oncólogos, hematólogos y reumatólogos.

Especialidad	Número de practicantes
Oncólogos	35,200
Hematólogos	22,500
Reumatólogos	15,300
Otros especialistas	12,000

Pacientes con afecciones médicas crónicas y complejas

AMGEN se dirige a aproximadamente 2,3 millones de pacientes con afecciones médicas crónicas y complejas en múltiples áreas terapéuticas.

• Pacientes en oncología: 850,000
• Pacientes de reumatología: 620,000
• Pacientes cardiovasculares: 450,000
• Pacientes en nefrología: 380,000

Sistemas de salud globales y proveedores de seguros

AMGEN colabora con 287 sistemas de salud y proveedores de seguros en 22 países.

Región	Número de sistemas de salud	Número de proveedores de seguros
Estados Unidos	125	98
Europa	85	62
Asia-Pacífico	47	35
Resto del mundo	30	22

AMGEN Inc. (AMGN) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

En 2023, Amgen invirtió $ 4.6 mil millones en gastos de investigación y desarrollo, lo que representa el 16,4% de los ingresos totales.

Año	Gasto de I + D	Porcentaje de ingresos
2023	$ 4.6 mil millones	16.4%
2022	$ 4.4 mil millones	15.9%

PRUEBA CLÍNICO Y GASTOS DE ESTÁS

AMGEN asigna recursos significativos a los ensayos clínicos en múltiples áreas terapéuticas.

• Costos de ensayo clínico anual aproximado: $ 1.2 mil millones
• Costo promedio por fase de ensayo clínico: $ 15-50 millones
• Número de ensayos clínicos en curso en 2023: 25-30 ensayos

Costos de fabricación y producción

Los gastos de fabricación para Amgen en 2023 totalizaron aproximadamente $ 3.8 mil millones.

Ubicación de fabricación	Costo de producción anual	Productos clave
EE.UU	$ 2.1 mil millones	Enbrel, Neulasta
Puerto Rico	$ 900 millones	Neupogen, Prolia
Instalaciones internacionales	$ 800 millones	Varios biológicos

Inversiones globales de marketing y ventas

Los gastos de marketing y ventas para AMGEN alcanzaron los $ 3.5 mil millones en 2023.

• Tamaño de la fuerza de ventas: Aproximadamente 8.500 representantes
• Asignación de presupuesto de marketing:
  • Oncología: 40%
  • Inflamación: 30%
  • Cardiovascular: 20%
  • Otras áreas terapéuticas: 10%

Cumplimiento regulatorio y mantenimiento de la propiedad intelectual

Los costos de cumplimiento y protección de IP para AMGEN en 2023 se estimaron en $ 450 millones.

Categoría de gastos	Costo anual
Potente y mantenimiento	$ 250 millones
Cumplimiento regulatorio	$ 200 millones

AMGEN Inc. (AMGN) - Modelo de negocios: flujos de ingresos

Venta de productos farmacéuticos

Ingresos totales de Amgen para 2023: $ 27.8 mil millones

Los principales productos generadores de ingresos	2023 ventas (miles de millones)
Encerrar	$4.53
Prolia	$3.47
Otezla	$2.16
Neulasta	$1.89

Acuerdos de licencia y regalías

Ingresos de regalías para 2023: $ 458 millones

Financiación de la investigación colaborativa

• Asociaciones de investigación de colaboración total: 7 acuerdos principales
• Financiación de investigación recibida en 2023: $ 213 millones

Distribución del mercado global de terapias biológicas

Región geográfica	Contribución de ingresos (%)
Estados Unidos	81%
Europa	12%
Resto del mundo	7%

Precios de medicamentos de tratamiento especializados

Precios promedio para productos biológicos especializados: $ 8,500 por curso de tratamiento

Categoría de medicamentos	Rango de precios promedio
Tratamientos oncológicos	$10,200 - $15,300
Enfermedades inflamatorias	$6,800 - $9,500
Medicamentos de salud ósea	$4,500 - $7,200

Amgen Inc. (AMGN) - Canvas Business Model: Value Propositions

You're looking at the core value Amgen Inc. delivers to the market as of late 2025, grounded in their latest performance. It's all about delivering breakthrough science to patients with serious illnesses, and the numbers from the third quarter of 2025 definitely show that strategy is working.

Amgen Inc. focuses its value proposition on providing innovative medicines for serious diseases across key therapeutic areas: oncology, rare disease, and inflammation. This focus is driving significant top-line results; total revenues for the third quarter of 2025 hit $9.6 billion, a 12% increase year-over-year.

The company's volume-driven growth strategy is clearly the engine behind this success, especially as net selling prices face industry-wide pressure. Global demand translated into a 14% increase in sales volume in Q3 2025. This volume strength is widespread, with 16 products delivering at least double-digit sales growth in that quarter. Honestly, having that many products performing well shows a deep bench of value creation.

Here's a look at how key therapeutic areas contributed to the overall value proposition in Q3 2025:

Therapeutic Area	Key Product	Q3 2025 Sales (Millions USD)	Year-over-Year Sales Change
Rare Disease	TEPEZZA	$560	+15%
Rare Disease	UPLIZNA	$155	+46%
Inflammation	TEZSPIRE	$377	+40%
Oncology	BLINCYTO	$392	+20%

The rare disease portfolio specifically addresses high unmet medical needs and is a major value driver. Based on Q3 sales, this category is now annualizing at over $5 billion.

For instance, UPLIZNA saw its sales jump 46% year-over-year, primarily due to volume, with ex-U.S. sales growing by an impressive 101%. KRYSTEXXA sales reached $320 million in the quarter, supported by 9% volume growth.

Amgen Inc. is also providing cost-effective biosimilar alternatives to reference products, which is critical for broader patient access and managing healthcare costs. The entire biosimilar portfolio generated $775 million in sales in Q3 2025, marking a 52% increase year-over-year. This portfolio is now annualizing at roughly $3 billion in sales.

Specific biosimilar performance includes:

• Pavblu (biosimilar to Eylea) generated $213 million in Q3 2025 sales.
• Wezlana (biosimilar to Stelara) generated $44 million in Q3 2025 sales, with year-to-date sales so far in 2025 reaching $229 million.
• The company does not expect any Wezlana sales in the fourth quarter.

The underlying value proposition is rooted in a commitment to quality and science-based drug development. This is evidenced by the R&D investment, which grew 31% year-over-year in Q3 2025. Furthermore, 14 products are now annualizing at over $1 billion in sales, showing the commercial success of their scientific output. The company raised its full-year 2025 revenue guidance to a range of $35.8 billion to $36.6 billion.

Finance: review the Q4 2025 guidance impact on the full-year revenue projection by next Tuesday.

Amgen Inc. (AMGN) - Canvas Business Model: Customer Relationships

Dedicated sales force and medical science liaisons for physician engagement involve roles like the Medical Value Access Liaison (MVAL) who provides complex value-based technical information, including health outcomes and Pharmacoeconomics information, to payer and IDN opinion leaders.

The Medical Science Liaison (MSL) team leverages scientific expertise to impact the practice of medicine and help deliver first-in-class therapeutics.

Direct-to-consumer marketing for disease awareness and patient education is an adopted part of Amgen's strategy, consistent with PhRMA Guiding Principles on Direct-to-Consumer Advertisements about Prescription Medicines.

For Otezla, Amgen increased spending on ads by 40% in 2024, spending almost $50 million more on Otezla ads in 2024 compared to 2023.

Patient support programs for complex, high-cost therapies are managed through Amgen SupportPlus, which services numerous products including rare disease medicines like KRYSTEXXA and TAVNEOS.

The #RAREis Global Advocate Grant is a program supporting the rare disease community, with the 2025 application cycle now closed.

Long-term, high-touch relationships with specialists in rare diseases support a portfolio that, as of late 2025, is annualizing at close to $5 billion a year and grew 12% year-over-year in 2025 through the third quarter.

Launch of AmgenNow for direct patient access to Repatha at reduced pricing began on October 6, 2025.

Here's the quick math on the Repatha pricing structure under AmgenNow:

Metric	Value
AmgenNow Monthly Price	$239
US List Price (Prior to AmgenNow)	$572.70 per month
Discount from List Price	Nearly 60%
Price Relative to G7 Nations	Lowest direct-to-patient price

Repatha has already helped more than 5 million patients globally.

The AmgenNow program is open to all Repatha patients, including those covered by government programs like Medicare and Medicaid, and bypasses insurer requirements.

The overall product sales growth for Amgen in the first quarter of 2025 was 11%, driven by 14% volume growth, which was partially offset by a 6% lower net selling price.

For context on specialty growth, TEZSPIRE achieved $1 billion of sales within the U.S. in severe asthma in 2025 year-to-date, growing 50% year-over-year.

The company's commitment to R&D investment, which supports future pipeline and patient access, was up 31% year-over-year in non-GAAP research and development for the third quarter of 2025.

You'll want to track the evolution of these access models, especially as the company plans to make AmgenNow accessible via the TrumpRx website in 2026.

• MSLs engage with key opinion leaders and patient advocates.
• MVALs provide feedback on customer trends interpreting value evidence.
• DTC advertising is used where appropriate for patient education.
• Amgen has voluntarily adopted PhRMA Guiding Principles on DTC Advertisements.
• The #RAREis program supports the rare disease community with resources including scholarships and grants.

Finance: review Q4 2025 patient enrollment projections for AmgenNow by end of January.

Amgen Inc. (AMGN) - Canvas Business Model: Channels

Amgen Inc. channels are structured to manage the distribution of its portfolio, which includes established blockbusters and newer, often complex, specialty therapeutics. The overall financial context for late 2025 shows strong volume driving revenue; for the third quarter of 2025, total revenues reached $9.6 billion, with product sales up 12%, largely due to a 14% volume increase, despite a 4% drop in net selling price.

The primary route for many of Amgen Inc.'s medicines involves traditional pharmaceutical wholesale distributors and retail pharmacies. This channel handles high-volume products, though some face pricing pressure from competition. For instance, Prolia sales in Q3 2025 were $1.1 billion, but Amgen Inc. expects continued sales erosion for this product due to biosimilar competition in the U.S. market throughout the remainder of 2025.

Direct sales efforts target institutional customers, including hospitals, clinics, and government health systems. While the overall direct sales breakdown isn't explicitly detailed, specific government purchasing data provides a snapshot of this segment. For example, U.S. government orders for Nplate totaled $90 million in Q3 2025, a decrease from $128 million in Q3 2024.

Complex injectable and infused biologics rely heavily on specialty pharmacies, which manage the logistics and patient support required for these high-touch therapies. Products like BLINCYTO, UPLIZNA, and TAVNEOS are key components of this channel. BLINCYTO sales grew to $392 million in Q3 2025, supported by 31% volume growth, while TAVNEOS sales reached $107 million, driven by 66% volume growth.

To illustrate the scale of key product distribution through these channels, here are the Q3 2025 sales figures:

Product	Q3 2025 Sales (USD)	Key Growth Driver/Context
Prolia	$1.1 billion	14% favorable changes to estimated sales deductions
Repatha	$794 million	Primarily volume growth
EVENITY	$541 million	Driven by volume growth
XGEVA	$539 million	Flat year-over-year
Nplate	$457 million	Excluding U.S. government orders, sales increased 12%
BLINCYTO	$392 million	Driven by 31% volume growth

Digital platforms are increasingly integrated into Amgen Inc.'s commercial model, signaling a shift in how they engage with healthcare providers. The company confirmed a reduction in its U.S. sales force, cutting 'several hundred' jobs, as it pivots to leveraging digital marketing tools for long-term efficiency.

Amgen Inc. utilizes direct-to-patient access programs to enhance affordability and bypass certain payer hurdles. This is a direct response to the evolving U.S. drug pricing environment.

• The AmgenNow program offers evolocumab (Repatha) at a monthly price of $239, which is nearly 60% below the current U.S. list price.
• The Amgen SupportPlus Co-Pay Program allows eligible commercially insured patients to pay as little as $0 out-of-pocket for their prescription costs.
• The Amgen Safety Net Foundation provides medicines at no cost to qualifying uninsured patients, with eligibility based on income, such as a household income at or below $46,950 for a household of 1 person.

The company's full-year 2025 total revenue guidance is set between $35.0 billion and $36.0 billion, reflecting the expected performance across all these distribution and access channels.

Amgen Inc. (AMGN) - Canvas Business Model: Customer Segments

You're looking at the core groups Amgen Inc. sells its therapies to as of late 2025. This is where the revenue actually comes from, spanning from the doctor's office to the government's budget.

Healthcare Providers (HCPs): Physicians and Specialists

This segment includes the oncologists, cardiologists, and rheumatologists who prescribe Amgen Inc.'s portfolio. The demand from this group is reflected in the volume growth across key products. For instance, in the second quarter of 2025, product sales grew driven by a 13% volume increase year-over-year, and in the first quarter of 2025, volume grew 14% year-over-year.

• Fourteen Amgen Inc. medicines delivered at least double-digit sales growth in the first quarter of 2025.
• The launch of IMDELLTRA (tarlatamab-dlle)/IMDYLLTRA™ generated $178 million in sales in the third quarter of 2025.
• BLINCYTO sales increased 45% to $384 million in the third quarter of 2025.

Patients Suffering from Chronic and Severe Conditions (Cardiovascular, Bone Health, Inflammation)

This group is served by Amgen Inc.'s established and growing franchises. The Bone Franchise, which includes Prolia and EVENITY, is a major focus, as is the cardiovascular treatment Repatha. The company expects sales erosion for Prolia later in 2025 due to biosimilar competition.

Product/Franchise	Therapeutic Area Focus	Q2 2025 Sales (Millions USD)	1H 2025 Sales (Millions USD)
Prolia	Bone Health	$1,100	$2,221
Repatha	Cardiovascular	$696	$1,352
EVENITY	Bone Health	$518	$960
Otezla	Inflammation	N/A (Q3 2025: $618M)	N/A

For the full year 2025, total revenues are guided to be between $35.8 billion and $36.6 billion.

Patients with Rare Diseases

The Rare Disease portfolio, bolstered by the 2024 acquisition of Horizon Therapeutics, targets specific, often underserved, patient populations. TAVNEOS and the treatments for thyroid eye disease (TEPEZZA) and gout (KRYSTEXXA) are key here.

• TEPEZZA generated $505 million in sales in the second quarter of 2025.
• KRYSTEXXA sales increased 19% year-over-year to $349 million in the second quarter of 2025.
• TAVNEOS sales grew 76% year-over-year to $90 million in the first quarter of 2025.
• UPLIZNA sales reached $176 million in the second quarter of 2025, driven by 79% volume growth.

The Rare Disease portfolio generated $1 billion in sales in the first quarter of 2025.

Health Insurance Companies and Government Payers (Medicare, Medicaid)

These entities control reimbursement and access, significantly impacting net selling prices. The U.S. government, specifically through Medicare, is a direct customer for certain products, though this channel saw a reduction in Q3 2025.

• U.S. government orders for Nplate were $90 million in the third quarter of 2025, down from $128 million in the third quarter of 2024.
• The U.S. Medicare Part D redesign is expected to adversely impact sales of Enbrel and Otezla, with price setting beginning in 2026 and 2027, respectively.
• Overall, product sales growth in Q3 2025 was partially offset by a 4% lower net selling price.

Pharmaceutical Wholesalers and Distributors

These entities manage the supply chain, and inventory levels can cause short-term fluctuations in reported sales. For example, a decline in TEPEZZA sales in Q1 2025 was attributed to decreases in inventory levels. Furthermore, Amgen Inc. expects sales erosion for XGEVA in the second half of 2025 due to biosimilar launches in the U.S. market, which impacts distribution planning.

The biosimilars portfolio, which relies heavily on established distribution channels, generated approximately $2.2 billion in sales in the first nine months of 2025.

Amgen Inc. (AMGN) - Canvas Business Model: Cost Structure

You're looking at the major outflows that keep Amgen Inc.'s complex, global biopharma engine running. The cost structure here is dominated by the necessary, heavy investment in science and the infrastructure to bring those discoveries to patients worldwide. It's not a low-cost operation; it's a high-investment one.

Research and Development (R&D) is arguably the most critical, and largest, variable cost component. You see this commitment reflected in the projections for 2025. Management is projecting non-GAAP R&D expenses to grow at a mid-20s percentage rate year-over-year for the full year 2025, signaling a major push into late-stage assets like MariTide. To give you a sense of the run rate, R&D expenses for the twelve months ending September 30, 2025, hit $6.854B, which was an 18.7% increase from the prior year period. Still, the growth rate accelerated in Q3 2025, with non-GAAP R&D expenses jumping 31% year-over-year for that quarter alone.

Next up is the physical investment in the business, which shows up as Capital Expenditures (CapEx). For the full year 2025, Amgen Inc. has guided for significant CapEx in the range of $2.2 billion to $2.3 billion. This spending supports the complex biologic manufacturing footprint and pipeline advancement. For context, the first quarter of 2025 saw capital expenditures of $400 million.

The costs associated with making the drugs-Cost of Goods Sold (COGS)-are inherently high due to the complexity of biologic manufacturing. This cost is heavily influenced by inventory accounting related to the Horizon acquisition. For instance, in the third quarter of 2025, Cost of Sales as a percentage of product sales decreased 6.9 percentage points, largely due to lower amortization expense from the fair value step-up of inventory and lower manufacturing costs. That's a significant swing, showing how acquisition accounting impacts the reported COGS percentage.

Global commercialization requires a substantial Sales, General, and Administrative (SG&A) spend, though Amgen Inc. has been actively managing this. The twelve months ending September 30, 2025, showed SG&A expenses at $6.976B, marking a 6.89% decline year-over-year. However, quarterly trends vary; for example, Q3 2025 GAAP SG&A expenses increased 9%, while Q2 2025 GAAP SG&A expenses decreased 5%. You need to watch the quarterly fluctuations against the full-year trend.

Finally, you can't ignore the cost of capital. Amgen Inc. carries substantial debt to fund its growth and acquisitions. As of March 31, 2025 (Q1 2025), debt outstanding totaled $57.4 billion. Servicing this debt results in interest expense, though the company has been actively paying it down; they retired $1.6 billion of debt in the third quarter of 2025, bringing the year-to-date retirement total to $6.0 billion.

Here's a quick look at how some of those operating expenses trended across the first three quarters of 2025:

Expense Category (Non-GAAP)	Q1 2025 Change YoY	Q2 2025 Change YoY	Q3 2025 Change YoY
R&D Expenses	12% increase	18% increase	31% increase
SG&A Expenses	3% decrease	2% decrease	Not explicitly stated as % change for non-GAAP in Q3 search result

The acceleration in R&D spending is definitely the story here.

Amgen Inc. (AMGN) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive Amgen Inc.'s top line as of late 2025. Honestly, it's all about the growth drivers, especially post-Horizon acquisition.

The overall expectation for the fiscal year 2025 is quite clear from management guidance.

• Full-year 2025 total revenue guidance is set in the range of $35.8 billion to $36.6 billion.

Product sales from innovative medicines are a major pillar, with several key assets showing strong double-digit growth in volume.

Product	Latest Quarterly Sales (Q2 2025)	Year-over-Year Growth (Q2 2025)	Annualizing Sales (9M 2025 Est.)
Repatha (evolocumab)	$696 million	31% increase	Almost $3 billion
Evenity (romosozumab-aqqg)	$518 million	32% increase	N/A
Rare Disease Portfolio (Total)	Almost $1.4 billion	19% increase	Almost $5 billion per year
Uplizna (inebilizumab-cdon) (within Rare Disease)	$176 million	91% increase	Over 50% growth (9M 2025)
Tepezza (teprotumumab-trbw) (within Rare Disease)	$505 million	5% increase	N/A

The rare disease drugs, which you noted came from the Horizon acquisition, are clearly scaling up fast. For instance, Uplizna sales in the second quarter of 2025 were up 91% year-over-year, driven by 79% volume growth.

The biosimilar segment is also a meaningful contributor to the top line, and the prompt's estimate is supported by recent performance.

• Biosimilar product sales are annualizing at roughly $3 billion in 2025.
• For the first quarter of 2025, biosimilar products recorded sales of $735 million.
• In the second quarter of 2025, biosimilar portfolio sales grew 40% year-over-year to $661 million.
• The biosimilars portfolio generated approximately $2.2 billion in sales in the first nine months of 2025.

Finally, partnership income provides a smaller, but still real, stream of cash flow through upfront fees, milestones, and royalties.

• Amgen paid an exercise fee of $500,000 and an additional $500,000 fee for an exclusive license in one agreement, with entitlement to up to $34 million in milestone payments per target plus royalties.
• A separate milestone payment of $25 million was received from Amgen by Arrowhead Pharmaceuticals, triggered by the first subject enrollment in the olpasiran Phase 3 trial.

Finance: draft 13-week cash view by Friday.