Amgen Pipeline’s Next Growth Cycle: Replacing Its Old Blockbusters

Why It Matters

The pivot away from eroding legacy products toward high‑growth areas like obesity and rare disease positions Amgen to sustain earnings despite pricing headwinds, reshaping the competitive landscape of biotech.

Key Takeaways

• Amgen revenue hit $36.8 B in 2025, up 10% YoY
• Enbrel sales fell 33% as Medicare pricing reforms bite
• MariTide showed ~20% weight loss in phase‑2, entering phase‑3
• Horizon assets TEPEZZA and KRYSTEXXA generated $3.2 B combined in 2025
• Capital spend rose to $2.6 B in 2026 for new facilities

Pulse Analysis

Amgen’s 2025 earnings report underscores a classic biotech inflection point: a robust top line masked by the erosion of its historic revenue pillars. Enbrel’s 33% decline and the looming biosimilar competition for Xgeva and Prolia illustrate how Medicare price‑setting and global biosimilar rollouts are compressing margins on once‑stable assets. This pressure has accelerated Amgen’s strategic realignment, channeling capital into late‑stage research and expanding manufacturing footprints to support next‑generation products.

At the forefront of that next‑generation push is MariTide, the company’s flagship obesity candidate. Phase‑2 data revealed roughly 20% average weight loss over a year, with no plateau, prompting a rapid move into phase‑3 trials across weight‑management, cardiovascular outcomes, heart‑failure, and even obstructive sleep apnea. By pairing potent weight loss with cardiometabolic benefits, Amgen aims to capture a broader therapeutic niche, mirroring industry trends that reward drugs demonstrating disease‑modifying effects beyond simple weight reduction.

Complementing the obesity thrust, Amgen’s Horizon acquisition continues to pay dividends. TEPEZZA and KRYSTEXXA together contributed about $3.2 billion in 2025, bolstering a rare‑disease platform less vulnerable to pricing reforms. Simultaneously, cardiovascular assets like Repatha and the Lp(a)‑targeting siRNA olpasiran are expanding Amgen’s prevention portfolio. Coupled with $2.6 billion in 2026 capital spending for new sites and research infrastructure, the company is building a resilient, diversified pipeline designed to replace aging blockbusters and sustain long‑term growth.