Amgen Inc

Company facts

Industry

Biological Products, (No Diagnostic Substances)

Headquarters

Thousand Oaks, California

Most recent report

10-Q, filed Aug 5, 2026

Incorporated

Delaware

Filings on record

1,007+ filings

On EDGAR

CIK 318154

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 3 of 11 sections worth reading, with 4 positive, 5 notable, and 11 negative flags.

• Financial Statements (Item 1)

  Core financial results plus major risks: TAVNEOS withdrawal threat, IRS tax disputes.
  Notable

  • BeOne (17% stake) fair value dropped to $5.4B; H1 2026 unrealized loss $357M after prior-year gain $1.1B.
  • Issued $4.0B of debt in Q1 2026; total debt carrying value $57.3B as of June 30, 2026.
  Negative

  • IRS disputes seek $3.6B (2010-2012) and $5.1B plus $2.0B penalties (2013-2015) in tax.
  • FDA proposes withdrawing TAVNEOS approval; $2.4B carrying value at risk if hearing fails.

• Management's Discussion (Item 2)

  Core MD&A with detailed product sales, tax dispute, and new debt. Must read.
  Positive

  • Repatha sales up 37% to $953M in Q2 2026, driven by volume growth.
  • TEZSPIRE sales surged 42% to $486M in Q2 2026 on volume growth.
  • UPLIZNA sales more than doubled to $335M in Q2 2026, up 90%.
  • IMDELLTRA/IMDYLLTRA sales more than doubled to $288M in Q2 2026.
  Notable

  • IRA and expanded 340B discounts continue to negatively affect business.
  • Issued $4.0B of new debt in H1 2026; no share repurchases; cash rose to $14.0B.
  Negative

  • Prolia sales dropped 32% to $759M in Q2 2026 due to biosimilar competition.
  • ENBREL sales declined 4% in Q2 2026 from IRA Medicare price setting (effective Jan 2026).
  • XGEVA sales fell 34% to $352M in Q2 2026 from biosimilar erosion.
  • IRS seeks $5.1B+$2B penalties for 2013-2015; new NOPA for 2016-2018 received.

• Risk Factors (Item 1A)

  Material new risks: TAVNEOS FDA withdrawal, ENBREL/Otezla pricing, cyber incidents, recalls.
  Notable

  • In June 2026, FDA authorized Colorado's drug importation program; could affect Amgen's small-molecule products.
  Negative

  • Medicare set ENBREL and Otezla prices at 'significantly lower levels', ENBREL effective Jan 2026, Otezla Jan 2027.
  • Colorado PDAB set an ENBREL Upper Payment Limit 'substantially lower' than wholesale cost, effective no earlier than Jan 2027.
  • In Nov 2025, a third-party service provider had a cyber incident where Amgen info was accessed (no material impact).
  • FDA proposed withdrawing TAVNEOS over effectiveness; product stays on market during appeal process. Q2 2026.
  • In June 2026, initiated recalls of certain lots of KYPROLIS, Corlanor, and Sensipar distributed in U.S. and Türkiye.

What changed: Jun 2026 vs. Mar 2026

About 11% of AMGN's Jun 2026 10-Q is new information. 73 paragraphs were added, 209 changed, and 76 removed. Below are the most important lines SECSift identified.

• Item 2 82
• Item 1 73
• Item 1A 41
• Item 6 29
• Item 4 2
• Item 3 1
• Item 5 1