Research · Sep 3, 2026
Amgen FY25 (Dec 31, 2025) at $36.75B revenue (+10%). US product $25.66B (+10%); ROW $9.49B (+9%); other $1.6B (+15%). Top growth: Repatha $3.0B (+36%), Tezspire $1.48B (+52%), Evenity $2.10B (+34%), Blincyto $1.56B (+28%). Enbrel $2.23B (-33%, US biosimilar erosion Y3). Operating income $9.08B (+25%); net income $7.71B (+89% partly inflated by $2B equity gain); diluted EPS $14.23. OCF $9.96B; capex $1.86B (+69%); FCF $8.10B. $0 buybacks; $5.1B dividend; $5.7B debt paydown. Net principal debt $56.04B (vs $61.78B FY24). 12 analysts: 4 Buy / 8 Hold; consensus $366.67, range $326-$432.
Research · Jun 9, 2026
Viking Therapeutics dropped 25% on new weight-loss drug safety data. What the GLP-1 cohort spillover means for LLY, NVO, AMGN.
Research · Apr 28, 2026
Canaccord's Hold/$366 initiation spotlights Amgen's 10% FY2025 revenue growth from Repatha/Evenity ramps and Horizon assets, offsetting Enbrel declines. Bull: Pipeline diversification; Bear: Biosimilars/IRA. Fairly valued at ~17x forward EPS.
Research · Apr 28, 2026
Eli Lilly's $2.3 billion Ajax Therapeutics acquisition reveals a critical divergence in large-cap pharma M&A strategy that the market has mispriced. While Merck and Pfizer scramble to replace patent cliff revenue with expensive blockbuster acquisitions, Lilly is buying rare-disease optionality from a position of GLP-1 strength. Long LLY versus short MRK/PFE targets 8-12% relative return over six months as earnings reveal the cost of desperate dealmaking.
Research · Apr 13, 2026
Trump policies eroding Europe's pharma lead via tariffs favor US manufacturing-heavy Eli Lilly and Amgen, with strong growth and margins, while Pfizer and Merck's global chains invite cost squeezes. J&J and AbbVie sit in the middle with diversification. Rank: Buy LLY/AMGN, sell PFE/MRK.
Research · Apr 10, 2026
Trump's pharma import tariffs shield U.S.-focused drugmakers like Eli Lilly and Amgen from cost hikes while pressuring import-reliant Pfizer and Merck. Analysis ranks six majors by exposure, highlighting financials and guidance. Domestic winners eye margin expansion amid onshoring push.
