AMGN · 10-K filed 13 Feb 2026 · year to 31 Dec 2025

Amgen

38 named things its latest annual report says its results depend on, each in the company's own words. 26 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

McKesson Corporation

earns from · more than 10% of total revenuesnamed as a risk

Our product sales to three large wholesalers, McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., each individually accounted for more than 10% of total revenues for each of the years 2025, 2024 and 2023.Business (Item 1)

Also named by ABBV, CAH, COR, GILD, HALO, HROW, HSIC, LLY and 1 more

Cardinal Health, Inc.

earns from · more than 10% of total revenuesnamed as a risk

Also named by ABBV, BAX, COR, CVS, GILD, HROW, LLY, MCK and 1 more

Cencora, Inc.

earns from · more than 10% of total revenuesnamed as a risk

Also named by ABBV, CAH, GILD, HROW, LLY, MCK

Pharmacy benefit managers (PBMs)

earns from · about 89% of all pharmacy prescriptionsnamed as a risk

Furthermore, in the United States, the top six integrated health plans and PBMs controlled about 89% of all pharmacy prescriptions.Business (Item 1)

Also named by ABBV, HROW, NBIX, WMT

CVS Health

earns fromnamed as a risk

Each of CVS, Express Scripts and United Health Group (among the top six integrated health plans and PBMs) have Rebate Management Organizations that further increase their leverage to negotiate deeper discounts on their behalf and for the benefit of their other customers.Risk factors (Item 1A)

Also named by CAH

Express Scripts

earns fromnamed as a risk

Also named by CVS

UnitedHealth Group

earns fromnamed as a risk

Suppliers

SureClick autoinjector supplier

depends onnamed as a risk

For example, we rely on a single source for the SureClick autoinjectors used in the drug delivery of a number of our products, including Repatha and ENBREL.Risk factors (Item 1A)

Partners and platforms

BeOne Medicines Ltd.

depends on · approximately $2.8 billion

In January 2020, we acquired an equity stake in BeOne for approximately $2.8 billion in cash as part of a collaboration agreement to expand our oncology presence in China.Business (Item 1)

AstraZeneca

depends on

Under our collaboration, both companies share global costs, profits and losses equally after payment by AstraZeneca of a mid-single-digit royalty to Amgen.Business (Item 1)

Also named by IONS, TEM

UCB

depends on

Under our collaboration, UCB has rights to lead commercialization for EVENITY in most countries in Europe.Business (Item 1)

Other companies

Change Healthcare

named as a risk

While Change Healthcare does not directly provide us with services, disruptions to co-pay card support, insurance billing and Medicaid rebate processing led to lost sales and required us to take action to help patients access their medications and to provide extended payment terms to certain customers.Risk factors (Item 1A)

Also named by CI, HROW

Competitors

Denosumab biosimilars

competes withnamed as a risk

For example, our patents for RANKL antibodies, including sequences, for Prolia and XGEVA expired in February 2025 in the United States and in November 2025 in select countries in Europe, and we expect accelerated sales erosion driven by increased competition, as multiple biosimilars have launched in the United States and ROW.Business (Item 1)

Places

United States

earns from · $25,656 73%

Our products are marketed around the world, with the United States as our largest market.Business (Item 1)

Also named by ABBV, ADP, AJG, APA, AXGN, AXP, BALL, BAM and 139 more

China

operates innamed as a risk

Our expansion efforts in China and new and emerging markets around the world are dependent upon the existence or establishment of an environment that is predictable, navigable and supportive of biopharmaceutical innovation, sustained access for our products and predictable pricing controls.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Israel

depends onnamed as a risk

For example, our acquisition of Horizon resulted in the addition of more than 30 contract manufacturing organizations (CMOs) to our operations, many of which are single-source suppliers, including the CMO that produces TEPEZZA drug substance and the CMO that produces all of our KRYSTEXXA drug substance in Israel, which is affected by the current conflict in the Middle East.Risk factors (Item 1A)

Also named by AIOT, AKAM, AMAT, APP, ASTS, AVY, BSX, CVX and 31 more

Puerto Rico

concentrated innamed as a risk

In addition, we currently perform a substantial majority of our commercial manufacturing activities at our facility in the U.S. territory of Puerto Rico.Risk factors (Item 1A)

Also named by BMY, BPOP, CCI, COO, GMED, HPE, LLY, PWR and 2 more

Louisville, Kentucky

concentrated innamed as a risk

Additionally, we distribute a substantial volume of our commercial products through our primary distribution centers in Louisville, Kentucky for the United States and in Breda, Netherlands for Europe and much of the rest of the world.Risk factors (Item 1A)

Also named by UPS

Thousand Oaks, California

concentrated innamed as a risk

We currently perform a substantial majority of our clinical manufacturing that supports our product candidates at our facility in Thousand Oaks, California.Risk factors (Item 1A)

Breda, Netherlands

concentrated innamed as a risk

Our ability to timely supply products is dependent on the uninterrupted and efficient operations of our distribution and logistics centers, our third-party logistics providers and our labeling and packaging facility in Breda.Risk factors (Item 1A)

Hazards

Hurricanes in Puerto Rico

operates innamed as a risk

Puerto Rico has experienced, and continues to be vulnerable to, natural disasters, including hurricanes and earthquakes, that have disrupted the functioning of critical infrastructure such as electric power, water supply, communications networks and transportation systems.Risk factors (Item 1A)

Commodities and inputs

Euro

exposed to its price · $7.8 billionnamed as a risk

As of December 31, 2025, we had primarily euro-based open foreign currency forward contracts with an aggregate notional amount of $7.8 billion.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMP and 186 more

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

On January 16, 2026, the FDA requested that ChemoCentryx voluntarily withdraw TAVNEOS from the U.S. market.Business (Item 1)

Also named by A, ABBV, ABT, ARE, ARWR, ATR, AXGN, BAX and 112 more

Internal Revenue Service (IRS)

subject tonamed as a risk

In 2017, we received an RAR and a modified RAR from the IRS for the years 2010–2012, proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, BBSI, BMNR, BRO, CAH and 39 more

Centers for Medicare & Medicaid Services (CMS)

subject tonamed as a risk

Depending on the growth and success of our medicines, other of our medicines may also be subject to selection by CMS in the next, or in a future, cycle of mandatory Medicare price setting, we may be required to accept a price set by the government for Medicare using the process that was applied to ENBREL and Otezla.Risk factors (Item 1A)

Also named by A, ABT, AXGN, BAX, BWIN, CNC, COO, COR and 23 more

Colorado Prescription Drug Affordability Board

subject tonamed as a risk

The Colorado PDAB deemed three of five drugs “unaffordable,” including ENBREL, and in October 2025 the Colorado PDAB established an Upper Payment Limit (UPL) substantially lower than the wholesale acquisition cost of ENBREL that would be generally applicable to all formulations of ENBREL, effective no earlier than January 1, 2027, and will be reviewed annually.Risk factors (Item 1A)

Also named by VRTX

Washington Prescription Drug Affordability Board

subject tonamed as a risk

On July 16, 2025, Washington state’s PDAB selected ENBREL for one of its first affordability reviews.Risk factors (Item 1A)

Laws and programs

One Big Beautiful Bill Act (OB3)

subject tonamed as a risk

On July 4, 2025, OB3 was enacted and included several changes to Medicare, Medicaid and Affordable Care Act policies, including provisions affecting eligibility, that, when implemented, are expected to adversely affect coverage and reimbursement for our products.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMKR, AMRC and 121 more

Inflation Reduction Act (IRA)

subject tonamed as a risk

The IRA’s Medicare price setting and Medicare redesign have had, and are likely to have, an adverse effect on our sales, our business and our results of operations, and such impact is expected to increase through the end of the decade and will depend on factors including the extent of our portfolio’s exposure to Medicare reimbursement, the rate of inflation over time, the number of our products selected for Medicare price setting and the timing of market entry of generic or biosimilar competition.Risk factors (Item 1A)

Also named by AEE, ARWR, BIIB, BKNG, BMY, CAH, CI, CNC and 26 more

Medicare Part D

subject tonamed as a risk

CMS has set Medicare Part D prices for ENBREL, effective January 1, 2026, and Otezla, effective January 1, 2027, in each case at significantly lower prices that are expected to negatively impact their profitability in Medicare.Business (Item 1)

Also named by ABBV, BMY, CI, CNC, CVS, ELV, INCY, JNJ and 5 more

U.S. tariffs on imported goods

exposed to its pricenamed as a risk

Further, recent increases in tariffs imposed on certain goods imported into the United States, including inputs relevant to biopharmaceutical manufacturing, have raised our production costs to a limited degree in 2025, and, going forward, such tariffs, together with the imposition of tariffs from agreements the Administration has made with other countries and other potential future tariffs, could further increase our production costs and/or potentially disrupt the operation of our supply chain.Risk factors (Item 1A)

Also named by CHRW, LITE, M, TEX, UNFI, VSH

BIOSECURE Act

subject tonamed as a risk

For example, the BIOSECURE Act, signed into law in December 2025 and subject to phased implementation over the next several years through agency guidance and rulemaking, prohibits federal contracting with companies that have commercial connections with enumerated “biotechnology companies of concern” located in certain geographies, including China, could restrict our ability to contract or collaborate with such biotechnology companies in the future.Risk factors (Item 1A)

Also named by GILD, IONS, LLY, REGN

PFAS regulation

subject tonamed as a risk

For example, the EU is considering a ban on PFAS in the manufacturing and packaging of pharmaceutical products that could affect pharmaceutical research and development activities and commercial distribution.Risk factors (Item 1A)

Also named by CLH, SMG, WCN, ZTS

Biologics Price Competition and Innovation Act (BPCIA)

subject tonamed as a risk

In the United States, the FDA has approved numerous biosimilars, including biosimilar versions of Neulasta, EPOGEN, ENBREL, Prolia and XGEVA, and a growing number of companies have announced that they are also developing biosimilar versions of our products.Risk factors (Item 1A)

Also named by ABBV, KRYS

340B Program

subject tonamed as a risk

As a result, this expanded utilization of the 340B Program has had a negative impact on the Company’s financial performance.Business (Item 1)

Also named by PFE

Most-Favored-Nations Prescription Drug Pricing Executive Order

subject tonamed as a risk

In December 2025, we announced that we are taking actions that satisfy the components outlined in the July MFN Letter, including the Administration’s MFN pricing requests.Risk factors (Item 1A)

Section 301 investigation of China

subject tonamed as a risk

This investigation, and any other 301 investigations initiated, may result in additional tariffs on imported goods from China and any other foreign markets subsequently investigated, respectively, potentially including pharmaceutical products and other goods that Amgen requires for the manufacture of our products.Risk factors (Item 1A)

EU general pharmaceutical legislation

subject tonamed as a risk

Further, the EU is currently undergoing a review and revision of its general pharmaceutical legislation that, while full implementation is not expected before 2027, has led to proposals that would reduce intellectual property protection for new products (including potentially shortening the duration of regulatory data exclusivity and orphan drug exclusivity protections), as well as change the reimbursement and regulatory landscape.Risk factors (Item 1A)