Amgen (NASDAQ:AMGN) Chief Executive Officer Bob Bradway told attendees at a J.P. Morgan-hosted event that the company views 2026 as a “springboard year,” driven in part by what he described as a significant amount of clinical data expected across the portfolio. Bradway also reviewed 2025 performance and outlined several product and pipeline priorities heading into the new year.
Review of 2025 performance
Bradway said the company delivered on the objectives it outlined a year earlier, citing financial growth, multiple regulatory approvals, pipeline progression, and balance sheet actions.
- Revenue and earnings: Through the first nine months of 2025, Amgen reported 10% revenue growth and 14% earnings per share growth, paced by what Bradway called its 14 blockbuster products.
- Regulatory approvals: Bradway said the company received five FDA approvals in 2025.
- MariTide development: Amgen initiated six Phase 3 programs for MariTide during 2025.
- Repatha clinical data: Bradway highlighted Vesalius trial results presented in 2025, including a 36% reduction in first heart attack risk among people who had not previously had a heart attack.
- Biosimilars growth: The biosimilars franchise posted 42% year-over-year sales growth through the first nine months, according to Bradway.
- Debt reduction: The company paid down more than $6 billion in debt in 2025, he said.
Key 2026 growth drivers: Repatha, Evenity, and Tezspire
On Repatha, he said the product was “annualizing at about $3 billion” at the end of the third quarter and was up 33% year-to-date. He emphasized that LDL-related cardiovascular risk remains widespread globally and said penetration is still in the single digits, which he presented as a long runway for growth.
Evenity, Bradway said, grew more than 30% and is used for women at high risk of osteoporotic fracture. He cited an estimated two million such women in the U.S. and argued uptake is supported by the therapy’s efficacy profile and demographic trends. In response to a question on why the product has ramped faster than might be expected in osteoporosis, he called it “the most potent bone-building agent ever studied in the clinic” and underscored the seriousness of hip fractures, noting that more than 25% of women who fracture a hip die within 12 months.
For Tezspire, Bradway described it as “first-in-class” and “only-in-class” for severe uncontrolled asthma. He also pointed to Phase 3 results in chronic rhinosinusitis with nasal polyps and said Amgen is awaiting Phase 3 data in COPD and has a study underway in eosinophilic esophagitis.
Rare disease and oncology highlights
Bradway said Amgen’s rare disease portfolio approached $5 billion last year and remains early in its lifecycle. He highlighted Uplisna’s expansion beyond neuromyelitis optica spectrum disorder (NMOSD) into IgG4-related disease and generalized myasthenia gravis, describing early uptake in IgG4-related disease and expressing optimism about the myasthenia gravis opportunity.
On the new indications, Bradway said IgG4-related disease only received its diagnostic code in 2023, which he suggested contributes to limited physician awareness and a broad set of specialists encountering patients. For generalized myasthenia gravis, he emphasized that Uplisna works “across both classes” of patients, has a convenient dosing regimen, and showed a “deep and durable” response that may deepen over time.
In oncology, Bradway pointed to the company’s bispecific T-cell engager franchise. He said Imdeltra rapidly became a standard of care in second-line or later small cell lung cancer and that Amgen is pursuing earlier-line use, citing encouraging Phase 1 data. He also referenced Blincyto’s role as standard of care in first-line B-cell acute lymphoblastic leukemia and said Amgen is encouraged by early data in prostate cancer for Xaluridomig, a STEAP1-targeting therapy now in two Phase 3 trials.
MariTide: durability and dosing convenience as the central thesis
Much of the Q&A centered on MariTide and Amgen’s positioning in obesity and type 2 diabetes. Bradway argued that current injectable incretin therapies have strong efficacy but face real-world discontinuation, which he tied to treatment burden and dosing frequency.
He said Amgen’s confidence in MariTide is supported by the potential for monthly or even less frequent dosing with a “clear path to long-term maintenance.” He also cited newer Phase 2 findings that, in chronic weight management, lower monthly dosing or quarterly dosing could maintain weight loss while sustaining cardiometabolic benefits, and that nausea and vomiting rates were “very low” in the second year of treatment.
Bradway said Amgen plans to soon begin a Phase 3 program in type 2 diabetes and reiterated the company’s view that MariTide could be a first-of-its-kind monthly treatment option in that setting. On enrollment, he said the Phase 3 studies are enrolling rapidly and are “on track” with Amgen’s expectations.
Pipeline priorities, biosimilars, and capital allocation
Bradway also highlighted Olpasiran, an Lp(a)-lowering therapy in Phase 3 that he said reduces Lp(a) by 95% to 100% and is dosed quarterly. He described Lp(a) as a genetically driven cardiovascular risk factor that is not meaningfully modified by diet, exercise, or other therapies. He said the ongoing outcomes study is event-driven and that results are “unlikely to be this year,” but could come “sometime next year.”
On biosimilars, Bradway said Amgen’s franchise, launched in 2018, annualized at $3 billion through the first nine months of 2025 and has contributed about $13 billion in total revenue since inception.
Bradway said Amgen’s capital allocation remains focused on investing in innovation (both internal and external) and in manufacturing capacity expansion. He also highlighted two early-stage business development transactions: Dark Blue, which he described as a degrader technology deal aligned with Amgen’s interest in “inducible proximity platforms,” and Disco, a collaboration aimed at identifying cell surface antigens relevant to its bispecific T-cell engager approach.
Closing the session, Bradway said Amgen believes it enters 2026 with multiple high-potential products still early in their lifecycles, leadership positions in areas of high unmet need, and a track record of consistent growth supported by operating and financial discipline.
About Amgen (NASDAQ:AMGN)
Amgen Inc (NASDAQ: AMGN) is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen’s work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.
Amgen’s commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.
