Amgen stock gains after obesity drug data as revenue grows
Published on 07/23/2026 at 04:26 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Amgen Inc. (ISIN US0311621009) is one of the largest biotechnology companies listed on Nasdaq, and Amgen stock remains closely watched as investors weigh recent revenue growth alongside pipeline developments in obesity and other therapeutic areas.
Revenue up in 2023
According to Amgen's 2023 annual reporting, the company generated total revenue of around $28 billion in 2023, reflecting an increase from approximately $26.3 billion in 2022 and highlighting mid-single-digit growth year over year.
Within that revenue base, Amgen reported that product sales contributed the overwhelming majority, supported by key franchises in oncology, inflammation, and bone health, and investors have paid attention to how newer therapies offset declines in more mature products.
Net income in 2023 reached several billion dollars, illustrating that Amgen continues to operate with substantial profitability and cash generation capacity, even as it invests heavily in research and development and business development transactions.
Obesity pipeline and growth comparison
In 2024 Amgen has been developing an investigational obesity therapy often referenced under the code AMG 133, and clinical data from trials reported in 2024 described meaningful reductions in body weight over a treatment period when compared with baseline values, drawing investor focus to the potential size of this market.
The company has pointed out that the global obesity treatment opportunity could reach tens of billions of dollars over time, and a credible entry in this category would be incremental to Amgen's existing revenue streams, which were already close to $28 billion in 2023, implying a substantial potential for future growth versus its historical base.
Amgen's management has contrasted its pipeline progress in obesity and other areas against prior years in which growth derived more from incremental indications and life-cycle management of existing biologic products, and this shift toward large new categories is seen as an important strategic comparison for long-term investors.
More details on Amgen fundamentals
Investors who want to explore Amgen's latest financial statements, guidance, and pipeline information can find more detail in regulatory filings and the companys own investor materials.
Key products underpin results
Amgen markets a broad portfolio of biologic medicines, and one of its representative products is the cholesterol-lowering therapy Repatha, which targets PCSK9 and is used to reduce low-density lipoprotein cholesterol in high-risk patients.
Repatha has been contributing to growth within Amgen's cardiovascular segment and has delivered increasing revenue over recent years, helped by broader reimbursement and guideline support, and this product serves as an example of how the company leverages biologic innovation to drive sales.
Alongside Repatha, legacy oncology products such as Neulasta and newer therapies in hematology and oncology lines continue to supply material revenue, although some older franchises face biosimilar competition that can weigh on growth when compared with prior peak levels.
Amgen stock and market context
Amgen stock trades on Nasdaq in US dollars and is part of major US equity indexes, and the companys equity value runs into tens of billions of dollars in market capitalization, reflecting its role as a large-cap biotechnology constituent.
Over recent years Amgen's share price has fluctuated within a broad range, influenced by earnings trends, pipeline developments, and sector rotation, and investors commonly compare its valuation multiples such as price-to-earnings ratios against those of large biotech peers like other US-based innovators.
The stock has also been supported by shareholder return policies including dividend payments and share repurchase programs, and these capital allocation decisions are typically assessed in relation to earnings and cash flow metrics from periods such as fiscal 2023 and earlier reporting years.
Amgen at a glance
- Company: Amgen Inc.
- ISIN: US0311621009
- Ticker: NASDAQ: AMGN
- Trading venue: Nasdaq
- Sector / Industry: Health Care / Biotechnology
- Index membership: S&P 500
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