Amgen's total revenue 2004-2023

Biotechnology company Amgen reported total revenues of around 28.2 billion U.S. dollars in 2022, increasing by approximately 1.9 billion U.S. dollars compared to the previous year.

The U.S. is Amgen’s largest market

Amgen focuses on the development and manufacture of human therapeutics for the treatment of serious illnesses. The company markets its products around the world, but most sales are made within the United States: more than 70 percent of the company’s product revenues are generated in the country. The majority of product sales in the United States were made to three pharmaceutical wholesalers: Cardinal Health, AmerisourceBergen Corporation, and McKesson Corporation. These wholesalers buy drugs in bulk and then sell them to their customers, which include hospitals, clinics, and pharmacies.

Beware of the copycats

Amgen's Enbrel, a drug sold in North America that is used to treat rheumatoid arthritis, lost its position as the company's best-selling product. Launched in 1998, the exclusivity of the drug has come under pressure in recent years, with a growing number of companies announcing that they are developing biosimilar versions of the product. Amgen has been involved in patent litigations with two companies (Samsung Bioepis and Novartis Sandoz) seeking to market their own versions of the drug, which have been approved by the U.S. Food and Drug Administration.