AMGEN INC.

Red flags

• Prolia and XGEVA together generated $6.5 billion of 2025 sales, but both lost U.S. patent protection in February 2025 and are expected to face accelerated biosimilar erosion in 2026.
• ENBREL sales fell 33% to $2.2 billion in 2025, with net selling price down 36%; the filing identifies 340B mix, Medicare Part D redesign and higher commercial discounts as drivers.
• Cash and equivalents declined to $9.1 billion from $12.0 billion, against $54.6 billion of carrying-value debt and $4.6 billion of current debt.
• The company faces ongoing product litigation, including Repatha patent disputes, and states that an adverse outcome in pending matters could materially affect results, financial position or cash flows.
• The filing identifies an ongoing IRS tax dispute and other tax examinations that could create additional tax liabilities, but does not quantify the potential exposure.