Amgen Inc

Company facts

Industry

Biological Products, (No Diagnostic Substances)

Headquarters

Thousand Oaks, California

Most recent report

10-Q, filed Nov 4, 2026

Incorporated

Delaware

Filings on record

1,004+ filings

On EDGAR

CIK 318154

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 3 of 11 sections worth reading, with 0 positive, 13 notable, and 7 negative flags.

• Financial Statements (Item 1)

  IRS disputes total ~$10.7B; TAVNEOS withdrawal risk; $4B debt issued; Otezla impairment history.
  Notable

  • BeOne equity investment valued at $6.9B; unrealized gains of $1.2B in first nine months of 2026 boosted other income.
  • Otezla selected for Medicare price setting under IRA; triggered $1.2B impairment in 2025; carrying value now $3.0B.
  • Issued $4.0B of new long-term debt in first nine months of 2026; repaid $3.9B; net debt increased slightly.
  Negative

  • IRS seeks ~$3.6B tax for 2010-2012 and ~$5.1B tax + ~$2.0B penalties for 2013-2015; trial concluded, decision expected late 2026/early 2027.
  • IRS issued draft NOPA for 2016-2018 similar to prior disputes; penalties also proposed; could have material impact if sustained.
  • FDA proposed withdrawing TAVNEOS approval due to liver injury; $2.2B intangible asset at risk; product remains on market during process.

• Management's Discussion (Item 2)

  Revenue up 8%, but Prolia/XGEVA collapsing from biosimilars; IRS dispute up to $10.7B; debt issued $4B.
  Notable

  • Amgen received relief from Section 232 tariffs on pharmaceuticals for ~3 years from Dec 2025 due to U.S. manufacturing investments.
  • Dazodalibep met primary endpoint in Phase 3 Sjögren's disease study in Sep 2026.
  • ABP 206 (biosimilar to Opdivo) BLA accepted by FDA; ABP 234 (biosimilar to Keytruda) met endpoints in Sep 2026.
  • ENBREL sales up 5% in Q3 2026 but down 11% YTD, reflecting IRA Medicare price setting effective 2026.
  • Otezla sales fell 18% in Q3 2026; selected for Medicare price setting beginning 2027, expects further price declines.
  • R&D spend up 11% in Q3 2026 to $2.1B, driven by early pipeline and MariTide later-stage programs.
  • Dividend raised 6% to $2.52/share in 2026; paid $4.1B in dividends in first nine months.
  • No shares repurchased in first nine months of 2026; $6.8B authorization remains unused.
  • Capital expenditures rose to $1.8B in first nine months of 2026; full-year estimate $2.6B for new plants and capacity.
  Negative

  • Prolia sales fell 45% in Q3 2026 to $632M as multiple biosimilars launched after patent expiry in Feb 2025.
  • XGEVA sales fell 47% in Q3 2026 to $288M, also hit by biosimilars after patent expiry.

• Risk Factors (Item 1A)

  TAVNEOS withdrawal risk, IRA/OB3/MFN pricing, and state PDAB actions are company-specific and quantified.
  Notable

  • IRA price setting may apply to Repatha as early as Jan 2029, and CMS can re-set prices for drugs already selected.
  Negative

  • CMS set Medicare Part D prices for ENBREL (effective Jan 2026) and Otezla (Jan 2027) at significantly lower levels, negatively impacting profitability.
  • Colorado PDAB set an Upper Payment Limit for ENBREL substantially below wholesale acquisition cost, effective no earlier than Jan 2027, though preliminarily enjoined.

What changed: Sep 2026 vs. Jun 2026

About 7% of AMGN's Sep 2026 10-Q is new information. 45 paragraphs were added, 214 changed, and 81 removed. Below are the most important lines SECSift identified.

• Item 2 78
• Item 1 74
• Item 6 37
• Item 1A 13
• Item 4 2
• Item 3 1
• Item 5 1