Amgen Inc. (AMGN): BCG Matrix [Dec-2025 Updated]

You're digging into Amgen Inc. (AMGN)'s portfolio as of late 2025, and honestly, it's a classic story of transition: high-stakes pipeline growth meeting mature revenue streams. We've got Stars like Repatha, which jumped 40% to $794 million in Q3, lighting the way forward, while the Cash Cows, anchored by Prolia's $1.1 billion in sales, provide the necessary fuel. But look closer, and you'll see the pressure points: Enbrel sales are down a tough 30%, landing it squarely in the Dogs quadrant, and the massive Question Mark bets, like the obesity candidate MariTide, are soaking up capital right now. This BCG map distills exactly where Amgen is winning, where it's defending, and where it needs to execute perfectly next.

Background of Amgen Inc. (AMGN)

You're looking at one of the foundational giants of the biotech world, Amgen Inc. (AMGN). The company started way back in the spring of 1980 in Thousand Oaks, California, originally as Applied Molecular Genetics. They went public with an initial public offering in 1983, and a major turning point came in 1989 with the approval of their first medicine for patients with chronic kidney disease. Amgen Inc. has since grown significantly, marked by key acquisitions like Immunex in 2002 and the big one, Horizon Therapeutics, in 2023, which really pushed them further into the rare disease space. As Amgen Inc. marks its 45th anniversary in 2025, it operates in approximately 100 countries with a workforce of nearly 28,000 colleagues, marketing about 40 medicines.

Honestly, Amgen Inc.'s core value proposition rests on its deep commitment to science and innovation, focusing on using expertise in human genetics, molecular biology, and protein engineering to tackle serious, unmet medical needs. They structure their business across four main therapeutic areas: General Medicine, Rare Disease, Inflammation, and Oncology. For the full year 2025, management is guiding total revenues to be in the range of $35.8 billion to $36.6 billion, with non-GAAP earnings per share expected between $20.60 and $21.40. This reflects continued strong execution, as the third quarter of 2025 saw total revenues climb 12% year-over-year to $9.6 billion.

Looking at the product performance as of late 2025, the portfolio shows a clear split between high-growth drivers and more mature assets facing pricing or competitive pressure. In the third quarter of 2025, sixteen products delivered at least double-digit sales growth, showing the breadth of their success. Key growth engines include medicines like Repatha, EVENITY, TEZSPIRE, Blincyto, Tavneos, and UPLIZNA. For instance, the company is heavily investing R&D into late-stage pipeline assets like MariTide and olpasiran to fuel future growth. Still, you see headwinds, like the established product segment seeing a 5% sales decrease in the second quarter of 2025, and the expectation that Prolia sales would face erosion due to biosimilar competition later in the year.

Amgen Inc. (AMGN) - BCG Matrix: Stars

You're looking at the engine room of Amgen Inc. (AMGN)'s current growth trajectory, which is exactly where the Boston Consulting Group (BCG) Matrix places its Stars. These are the products that have captured significant market share in markets that are still expanding rapidly. They are the current leaders in their respective businesses, but honestly, they demand substantial investment to maintain that lead, meaning the cash coming in often equals the cash going out for promotion and placement.

The strategic imperative here is clear: keep investing heavily to ensure these assets can transition into Cash Cows when their high-growth markets eventually mature. Here's the quick math on what these high-flyers are delivering right now:

• Stars are defined by having high market share in a growing market.
• Stars are the leaders in the business but still need a lot of support for promotion a placement.
• If market share is kept, Stars are likely to grow into cash cows.
• Stars consume large amounts of cash due to their high growth rate.

The performance data from the third quarter of 2025 clearly illustrates which Amgen Inc. (AMGN) assets fit this high-growth, high-share profile. These are the products generating the most excitement and requiring the most capital deployment to secure future dominance.

When you look at the General Medicine portfolio, Repatha (evolocumab) sales surged 40% year-over-year to $794 million in Q3 2025, primarily driven by volume growth. Also in this area, EVENITY (romosozumab-aqqg) is definitely a high-growth asset, with Q3 2025 sales increasing 36% to $541 million, also driven by volume increases. These two are clearly leaders in their respective segments, demanding continued investment.

In the Inflammation segment, TEZSPIRE (tezepelumab-ekko) continues to deliver robust results, with Q3 2025 sales increasing 40% year-over-year to $377 million, which was supported by 48% volume growth. This indicates strong market penetration in the severe asthma space. Over in Oncology, BLINCYTO (blinatumomab) maintains strong momentum, showing a 20% year-over-year sales increase in Q3 2025, following its double-digit sales growth reported in Q1 2025 (where sales reached $370 million, up 52% year-over-year). Furthermore, the new oncology launch, IMDELLTRA (tarlatamab-dlle), generated $178 million in Q3 2025, reflecting rapid uptake with a 33% sequential increase from Q2 2025, building on its initial success of generating $81 million in Q1 2025. These products represent Amgen Inc. (AMGN)'s best bets for future Cash Cow status, provided they sustain this success. Finance: draft 13-week cash view by Friday.

Amgen Inc. (AMGN) - BCG Matrix: Cash Cows

Cash Cows for Amgen Inc. represent established products with significant market share in mature therapeutic areas, which are critical for funding the company's growth initiatives. These assets are characterized by high-margin profiles and substantial, consistent cash generation, requiring minimal heavy promotion or placement investment relative to their returns.

The core of Amgen Inc.'s current Cash Cow portfolio is anchored by several key established brands. You can see the third quarter 2025 performance metrics for these products here:

These products provide the financial ballast for Amgen Inc. The company's full-year 2025 revenue guidance midpoint is set at $36.2 billion, a figure heavily supported by the steady, high-margin contributions from this mature portfolio. This cash flow is what allows the company to service debt and return capital to shareholders.

The operational efficiency supporting the Cash Cow status is evident in the third quarter 2025 financial results. For instance, the non-GAAP operating margin reached 47.1% for the quarter. Furthermore, the company generated $4.2 billion of free cash flow in the third quarter of 2025 alone, demonstrating the significant cash surplus these mature assets produce.

To maintain these cash flows, Amgen Inc. focuses investments on efficiency rather than aggressive market expansion for these specific brands. The strategy involves 'milking' the gains passively while making targeted infrastructure investments. The commitment to shareholders, funded by this cash, is clear:

• The company declared a third quarter 2025 dividend of $2.38 per share.
• This dividend represented a 6% increase from the same period in 2024.
• The company retired $1.6 billion of debt during the third quarter of 2025.

While Prolia and XGEVA face headwinds from biosimilar competition, which suggests their market share may decline over time, their current scale and profitability firmly place them in the Cash Cow quadrant for the 2025 reporting period. Otezla, with its 4% growth, still functions as a strong, predictable cash generator within this category, even as the company manages pricing pressures across the industry.

Amgen Inc. (AMGN) - BCG Matrix: Dogs

Dogs are units or products with a low market share and low growth rates. They frequently break even, neither earning nor consuming much cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they bring back almost nothing in return. These business units are prime candidates for divestiture.

For Amgen Inc. (AMGN), several established or challenged products fit this profile, showing clear signs of market share erosion and declining revenue streams, which aligns with the low growth, low share quadrant. Expensive turn-around plans usually do not help these assets.

Enbrel (etanercept) sales declined 30% year-over-year in Q3 2025 to $580 million due to pricing pressures, specifically a 38% price drop driven by changes in the U.S. Medicare health plan and hospital purchases at favorable pricing. This product is clearly in a declining market segment for Amgen Inc. (AMGN).

The Established Products portfolio, which includes Aranesp and Neulasta, saw sales decrease 3% to $557 million in Q1 2025. This decline was driven by a 10% lower net selling price and 3% unfavorable foreign exchange impact.

Here is a snapshot of recent performance for these challenged assets:

AMJEVITA (adalimumab-atto) sales decreased 19% in Q1 2025, landing at $136 million. This erosion was primarily driven by a 33% lower net selling price resulting from competition, partially offset by 11% volume growth.

Biosimilars like MVASI (bevacizumab-awwb) and KANJINTI (trastuzumab) face continued sales erosion due to intense market competition. For instance, MVASI sales decreased 11% year-over-year to $179 million in Q1 2025, driven by lower volume. Although Q2 2025 sales temporarily rose 22% to $191 million due to competitor shortages, the expectation is a return to 'continued sales erosion driven by competition' for the remainder of 2025.

The characteristics pointing to the Dog quadrant include:

• Enbrel revenue decline of 30% in Q3 2025.
• Established Products revenue decline of 3% in Q1 2025.
• AMJEVITA revenue decline of 19% in Q1 2025.
• Expectation of continued sales erosion for biosimilars like MVASI and KANJINTI.

Amgen Inc. (AMGN) - BCG Matrix: Question Marks

You're looking at the Question Marks quadrant for Amgen Inc. (AMGN), and honestly, it's where the biggest potential-and the biggest cash burn-resides right now. These are the assets in markets that are growing fast, but where Amgen Inc. (AMGN) hasn't yet secured a dominant position. They are consuming capital now with the hope of becoming tomorrow's Stars.

The strategy here is clear: invest heavily to capture market share quickly, or risk watching these high-potential assets atrophy into Dogs. For Amgen Inc. (AMGN), this means significant outlays in late-stage trials and manufacturing capacity for these specific pipeline candidates.

Here's a quick look at the financial reality of these key Question Marks as of the first quarter of 2025, juxtaposed with the company's overall R&D commitment:

The investment required to move these assets forward is substantial. In the first quarter of 2025, Amgen Inc. (AMGN) reported Research & Development (R&D) expenses of $1.5 billion (GAAP), marking a 12% increase year-over-year, or $1.48 billion to $1.49 billion on an adjusted basis, up 11% to 12%. This spend reflects the high cash consumption typical of Question Marks, particularly those in late-stage development.

Consider the obesity candidate, MariTide. While Phase II data showed impressive up to 20% average weight loss at 52 weeks, the company is pouring capital into capacity now, committing $1.02 billion to expand manufacturing in Holly Springs, North Carolina, to prepare for what it hopes will be a massive market entry in H1 and H2 2025 with its Phase 3 trials.

For the established but still-maturing assets, the story is about market penetration:

• TEPEZZA sales of $381 million in Q1 2025 represent a step back, declining 10% versus the prior year.
• UPLIZNA, despite strong volume growth, only generated $91 million in Q1 2025 sales, indicating a relatively low current market share in its existing rare disease space.

The potential upside is what keeps these in the Question Mark category rather than the Dog quadrant. Olpasiran, targeting cardiovascular risk via Lp(a) reduction, has shown in Phase 2 that doses of $\ge$ 75 mg every 12 weeks led to $\ge$ 95% reduction in Lp(a) at week 36. The success of this asset hinges entirely on the ongoing Phase 3 OCEAN(a) outcomes trial, with the final data collection date for the primary endpoint set for December 2026.

UPLIZNA is facing a near-term binary event; the FDA PDUFA date for its generalized myasthenia gravis indication is December 14, 2025. A positive decision here would immediately boost its market share and growth trajectory, potentially moving it toward the Star quadrant, but until then, it remains a high-potential, cash-consuming asset.