Amgen Inc. (AMGN): Business Model Canvas [Dec-2025 Updated]

You're looking at Amgen Inc. and trying to figure out the engine behind their next phase of growth, which, after two decades in this game, I can tell you is never simple, but definitely map-able. Honestly, their 2025 Business Model Canvas shows a clear pivot to a volume-driven strategy, balancing high-stakes R&D-which they expect to grow in the mid-20s percentage rate-against a significant balance sheet, including $57.4 billion in debt as of Q1 2025. The real question is how they translate that science into the projected $35.8 billion to $36.6 billion in revenue, supported by rare disease blockbusters and a biosimilar segment annualizing near $3 billion this year. Below, I've laid out the nine building blocks so you can see the precise structure driving these numbers.

Amgen Inc. (AMGN) - Canvas Business Model: Key Partnerships

You're looking at the alliances that make Amgen Inc.'s revenue engine run, especially as they navigate patent cliffs and new product launches. These aren't just friendly chats; they are legally binding, financially significant arrangements that drive market access and production capacity.

Global co-development and co-commercialization partners (e.g., AstraZeneca for Tezspire)

The partnership with AstraZeneca is a prime example of shared risk and shared reward. For Tezspire (tezepelumab-ekko), which treats severe asthma and now Chronic Rhinosinusitis with Nasal Polyps (CRSwNP) as of late 2025, the profit sharing is clearly defined. In the US, Amgen records the product sales, and AstraZeneca recognizes its portion as Collaboration Revenue. Outside the US, the roles reverse, with AstraZeneca booking sales and Amgen recording a profit share as Other/Collaboration revenue. This collaboration is clearly paying off; TEZSPIRE sales grew 50% year-over-year in 2025, and by the third quarter, it had achieved $1 billion of sales within the US this year alone.

The financial performance of these key products, which rely on these external commercialization efforts, shows strong momentum:

Furthermore, an amendment effective May 20, 2025, updated the Collaboration Agreement with AstraZeneca Collaboration Ventures, LLC, specifically revising manufacturing responsibilities and the commercialization framework for the drug AMG 157, showing these alliances are actively managed.

Contract Manufacturing Organizations (CMOs) for specialized production

While Amgen Inc. maintains significant internal capacity, evidenced by its $40 billion investment in manufacturing and R&D since 2017, it strategically partners for specialized needs and supply chain resilience. The company is actively expanding its internal footprint, announcing a $650 million expansion of its U.S. manufacturing network in September 2025, which will support increased drug production at the Juncos facility and is expected to create nearly 750 jobs. This 2025 investment is part of a larger commitment, with Amgen investing (or committing to investing) $1.5 billion in U.S. manufacturing, science, and innovation in 2025 alone. Historically, Amgen Inc. has used third-party manufacturers for clinical trial products, like the flexible manufacturing agreement entered into with Patheon in 2016, though recent focus is on internal capacity expansion.

Pharmaceutical wholesale distributors for product logistics and reach

Amgen Inc. relies on a network of third-party distributors to supplement its worldwide distribution, ensuring broad market reach for its portfolio. A concrete example of a distribution partnership is the agreement finalized in December 2025 with Biocon Biologics to commercialize denosumab biosimilars (Vevzuo and Evfraxy) in Europe, effective December 2. This type of agreement covers the logistics and market penetration for specific geographies and product lines.

Health insurance payers and government agencies for market access and reimbursement

Market access is heavily influenced by negotiations with payers and government bodies, which directly impact net selling prices. The impact of policy is visible in the performance of established products; for instance, Enbrel (etanercept) Q2 2025 sales decreased 34% year-over-year, driven partly by 19% lower net selling price resulting from the U.S. Medicare Part D redesign and increased 340B Program mix. Conversely, the company's overall product sales growth is being driven by volume, which suggests successful navigation of access hurdles for newer products, with global volume growth at 14% in Q3 2025.

Academic and research institutions for early-stage discovery

Amgen Inc.'s commitment to science underpins its pipeline, which is supported by external research collaborations. The company's non-GAAP Research and Development expense was up 31% year-over-year in the third quarter of 2025, with roughly $200 million in business development activities in that quarter alone. These funds support early-stage discovery, including work leveraging artificial intelligence to enhance drug discovery, as mentioned in their 2025 updates. The company has a history of research collaborations, such as the one with Entera Bio to develop oral formulations for an inflammatory disease candidate.

Amgen Inc. (AMGN) - Canvas Business Model: Key Activities

You're looking at the core engine of Amgen Inc. as of late 2025, which is all about discovering, making, and selling complex biological medicines globally. The key activities are heavily weighted toward high-cost, high-reward science and massive capital deployment for manufacturing.

Extensive Research and Development (R&D) for innovative biologics

The commitment to R&D is substantial and growing, reflecting the pipeline focus, especially on obesity and oncology assets. For the twelve months ending September 30, 2025, Amgen Inc.'s research and development expenses reached $6.854B. This investment pace accelerated through the year; for instance, R&D expenses increased 31% year-over-year in the third quarter of 2025, directly tied to later-stage clinical programs. In the first quarter of 2025, the R&D investment was $1.5 billion, marking a 12% increase from the prior year's first quarter. Management projected non-GAAP R&D expenses to grow at a mid-20s percentage rate year-over-year for the full year 2025. This activity fuels the advancement of key candidates.

The focus areas driving this spend include:

• Advancing MariTide (maridebart cafraglutide) in obesity and related conditions.
• Developing oncology assets like IMDELLTRA (tarlatamab-dlle).
• Expanding the TEZSPIRE program into COPD.
• Progressing biosimilar candidates to blockbuster drugs like Opdivo (ABP 206), Keytruda (ABP 234), and Ocrevus (ABP 692).

Manufacturing complex, high-quality human therapeutics and biosimilars

Amgen Inc. is making concrete, large-scale capital investments to support production, especially for its growing portfolio and the anticipated launch of MariTide. The company has committed over $40 billion in domestic manufacturing and R&D since the Tax Cuts and Jobs Act of 2017. For the full year 2025, capital expenditures are projected to be in the range of $2.2 billion to $2.3 billion. Specific 2025 manufacturing expansion commitments include:

The Juncos, Puerto Rico facility is responsible for a substantial majority of Amgen Inc.'s commercial manufacturing activities. The company also maintains manufacturing operations in the Netherlands, Ireland, and Singapore outside the US.

Global clinical trials and regulatory approval processes (e.g., FDA, EMA)

Clinical trial execution is a massive undertaking, evidenced by the late-stage work on key pipeline assets. As of Q3 2025, there are six global Phase 3 studies underway for MariTide. The Maritime Phase 3 program includes one study for obesity/overweight without Type 2 diabetes enrolling 3,500 participants, with a primary readout slated for early 2027. Furthermore, the ROCKET Phase III program for rocatinlimab in atopic dermatitis has enrolled over 3,200 patients across eight trials. Success in this activity is immediately translated to commercialization, as seen with the full FDA approval for IMDELLTRA in second-line extensive-stage SCLC in November 2025, supported by data showing a median overall survival benefit of 13.6 months versus 8.3 months for chemotherapy.

Commercialization and sales of a diverse product portfolio across 100 countries

Amgen Inc. is a major global player, being one of the 30 companies comprising the Dow Jones Industrial Average®. The company employs over 28,000 people globally. The commercial activity is yielding strong results, with full-year 2025 revenue guidance raised to the range of $35.8 billion to $36.6 billion. The portfolio is diverse, with fourteen products now annualizing at more than $1 billion in sales. The biosimilar segment is a key growth driver, with biosimilar sales in the first nine months of 2025 reaching around $2.2 billion, annualizing at roughly $3 billion.

Third quarter 2025 product sales grew 12% year-over-year, driven by 14% volume growth. Key product performance highlights from recent quarters include:

The company expects sales erosion for Prolia and Xgeva in the fourth quarter of 2025 due to the launch of three biosimilars in the U.S. market.

Pipeline advancement, especially for MariTide (obesity) and oncology assets

Pipeline advancement is a critical activity, with management highlighting MariTide and Imdelltra as meaningful future growth drivers following strong Q3 2025 results. MariTide, which targets GLP-1 and GIP receptors, showed up to 20% average weight loss at 52 weeks in a Phase 2 trial. Amgen Inc. started five Phase III studies for MariTide in the first seven months of 2025. The company is also advancing biosimilar versions of EYLEA (Pavblu), which generated $442.0 million in sales in the first nine months of 2025, and Soliris (Bekemv).

Key pipeline activities include:

• Advancing six global Phase 3 studies for MariTide.
• Expecting cardiovascular outcomes data readout for Repatha in the second half of 2025.
• Expecting Phase 3 data readout for bemarituzumab in gastric cancer around the end of 2025.
• IMDELLTRA received full FDA approval in November 2025.

Amgen Inc. (AMGN) - Canvas Business Model: Key Resources

You're looking at the core assets that power Amgen Inc.'s operations as of late 2025. These aren't just line items; they are the engines driving their market position.

The Intellectual Property (IP) portfolio remains critical, even as key patents expire. Patents for the RANKL antibodies, Prolia and Xgeva, expired in the United States in February 2025, with European expirations following in November 2025. This erosion is being countered by the strong performance of other key assets.

Consider the revenue contribution from major products in the third quarter of 2025:

Amgen Inc.'s specialized manufacturing footprint is a significant physical resource, heavily invested in for domestic supply chain security. The company has committed substantial capital to these sites.

• Juncos, Puerto Rico facility: Received a $650 million expansion initiative announced in late 2025, expected to create nearly 750 new jobs.
• The Juncos site, established in 1993, had 30 buildings and thousands of employees by 2022.
• Other major US manufacturing investments include a $900 million expansion in New Albany, Ohio, and a $1 billion expansion in Holly Springs, North Carolina.
• The company maintains a presence in Europe, with UK sites in Cambridge and Uxbridge.

The deep expertise in human genetics and protein engineering underpins the entire discovery engine. This capability is directly feeding the late-stage pipeline, which is the future revenue driver.

The late-stage pipeline is anchored by the obesity candidate, MariTide. As of late 2025, the development program is extensive:

• Enrollment completed in two Phase 3 studies: MARITIME-1 (obesity) and MARITIME-2 (obesity with type II diabetes).
• Enrollment ongoing in two other Phase 3 studies: MARITIME-CV (atherosclerotic cardiovascular disease) and MARITIME-HF (heart failure).
• Two additional Phase 3 studies in obstructive sleep apnea were initiated in 2025.
• The initial two obesity trials aim to recruit approximately 5,000 adults combined.

Finally, the balance sheet provides immediate financial flexibility. As of the first quarter of 2025, Amgen Inc. held $8.8 billion in cash and cash equivalents. More recently, by the end of the third quarter of 2025, this figure stood at $9.4 billion. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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.

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:

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.

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.