We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Are Biosimilars Becoming a Key Pillar of Amgen's Growth Story?
Read MoreHide Full Article
Key Takeaways
Amgen's biosimilar portfolio generated $835 million in Q1 2026 sales, up 14% year over year.
New launches like Wezlana and Pavblu are helping offset declines in older biosimilar products.
AMGN is advancing biosimilars to Opdivo, Keytruda and Ocrevus to tap major biologic markets.
Historically known for its innovative biologic medicines such as Enbrel, Prolia and Repatha, Amgen (AMGN - Free Report) has also emerged as one of the global leaders in biosimilars. The company boasts a strong biosimilars portfolio and the business has become an increasingly important contributor to the company's top-line growth strategy. Its biosimilar portfolio spans oncology, inflammation and rare diseases.
Some of Amgen's older biosimilars — Kanjinti (a biosimilar of Roche’s [(RHHBY - Free Report) ] Herceptin), Mvasi (a biosimilar of Roche’s Avastin), Riabni (a biosimilar to Roche’s Rituxan), Avsola (a biosimilar to J&J’s [(JNJ - Free Report) ] Remicade) and Amjevita/Amgevita (a biosimilar of AbbVie’s Humira) — are seeing slowing/declining sales due to rising competitive pressure.
To combat the impact, Amgen has successfully launched biosimilars of J&J’s Stelara, called Wezlana, AstraZeneca’s (AZN - Free Report) Soliris, called Bekemv, and Regeneron’s Eylea, called Pavblu, in the past couple of years.
In the first quarter of 2026, its biosimilar products generated sales of $835 million, up 14% year over year, including $47 million from Wezlana and $280 million from Pavblu. Since the first launch in 2018, Amgen’s biosimilar drugs have delivered more than $14 billion in sales, significantly contributing to top-line growth and generating meaningful cash flows.
Amgen is also developing biosimilars referencing some of the pharmaceutical industry's largest biologics. Phase III studies are ongoing to evaluate biosimilar versions of Bristol-Myers’ Opdivo (ABP 206), Merck’s Keytruda (ABP 234) and Roche’s Ocrevus (ABP 692). These medicines collectively generate tens of billions of dollars in annual sales globally. As patents on these products expire over the next several years, biosimilars targeting them could create substantial revenue opportunities for Amgen.
Over the next few years, Amgen will face a significant patent-expiration overhang. Its own key branded products, such as Prolia, Xgeva, Enbrel and Otezla, have either already lost exclusivity or are expected to do so within the next few years. Together, these medicines accounted for roughly 30% of Amgen’s 2025 product sales, leaving the company exposed to potential revenue pressure from generic and biosimilar competition as patents expire.
Amgen’s new biosimilar launches will play a key role in mitigating the impact of LOE over the next few years, along with Amgen’s key growth drivers, which include Repatha, Evenity, Tezspire and some oncology and rare disease drugs.
While Amgen's biosimilars may not individually achieve blockbuster status comparable to leading innovative therapies, together they represent a meaningful source of recurring revenues, enhance portfolio diversification and provide access to some of the world's largest biologic markets. Over the long term, the biosimilars business is expected to remain a key pillar of Amgen's strategy, supporting a more diversified, resilient and sustainable growth profile.
AMGN’s Price Performance, Valuation and Estimates
Amgen’s stock has risen 5.3% so far this year compared with an increase of 1.3% for the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Amgen is reasonably priced. Going by the price/earnings ratio, the company’s shares currently trade at 15.02 forward earnings, which is lower than 17.05 for the industry. The stock is also trading above its five-year mean of 13.81.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for earnings has risen from $22.21 per share to $22.26 per share for 2026 over the past 60 days. For 2027, the consensus mark for earnings has risen from $23.35 to $23.70 per share over the same timeframe.
View the Zacks #1 Rank List
Image: Bigstock
Are Biosimilars Becoming a Key Pillar of Amgen's Growth Story?
Key Takeaways
Historically known for its innovative biologic medicines such as Enbrel, Prolia and Repatha, Amgen (AMGN - Free Report) has also emerged as one of the global leaders in biosimilars. The company boasts a strong biosimilars portfolio and the business has become an increasingly important contributor to the company's top-line growth strategy. Its biosimilar portfolio spans oncology, inflammation and rare diseases.
Some of Amgen's older biosimilars — Kanjinti (a biosimilar of Roche’s [(RHHBY - Free Report) ] Herceptin), Mvasi (a biosimilar of Roche’s Avastin), Riabni (a biosimilar to Roche’s Rituxan), Avsola (a biosimilar to J&J’s [(JNJ - Free Report) ] Remicade) and Amjevita/Amgevita (a biosimilar of AbbVie’s Humira) — are seeing slowing/declining sales due to rising competitive pressure.
To combat the impact, Amgen has successfully launched biosimilars of J&J’s Stelara, called Wezlana, AstraZeneca’s (AZN - Free Report) Soliris, called Bekemv, and Regeneron’s Eylea, called Pavblu, in the past couple of years.
In the first quarter of 2026, its biosimilar products generated sales of $835 million, up 14% year over year, including $47 million from Wezlana and $280 million from Pavblu. Since the first launch in 2018, Amgen’s biosimilar drugs have delivered more than $14 billion in sales, significantly contributing to top-line growth and generating meaningful cash flows.
Amgen is also developing biosimilars referencing some of the pharmaceutical industry's largest biologics. Phase III studies are ongoing to evaluate biosimilar versions of Bristol-Myers’ Opdivo (ABP 206), Merck’s Keytruda (ABP 234) and Roche’s Ocrevus (ABP 692). These medicines collectively generate tens of billions of dollars in annual sales globally. As patents on these products expire over the next several years, biosimilars targeting them could create substantial revenue opportunities for Amgen.
Over the next few years, Amgen will face a significant patent-expiration overhang. Its own key branded products, such as Prolia, Xgeva, Enbrel and Otezla, have either already lost exclusivity or are expected to do so within the next few years. Together, these medicines accounted for roughly 30% of Amgen’s 2025 product sales, leaving the company exposed to potential revenue pressure from generic and biosimilar competition as patents expire.
Amgen’s new biosimilar launches will play a key role in mitigating the impact of LOE over the next few years, along with Amgen’s key growth drivers, which include Repatha, Evenity, Tezspire and some oncology and rare disease drugs.
While Amgen's biosimilars may not individually achieve blockbuster status comparable to leading innovative therapies, together they represent a meaningful source of recurring revenues, enhance portfolio diversification and provide access to some of the world's largest biologic markets. Over the long term, the biosimilars business is expected to remain a key pillar of Amgen's strategy, supporting a more diversified, resilient and sustainable growth profile.
AMGN’s Price Performance, Valuation and Estimates
Amgen’s stock has risen 5.3% so far this year compared with an increase of 1.3% for the industry.
From a valuation standpoint, Amgen is reasonably priced. Going by the price/earnings ratio, the company’s shares currently trade at 15.02 forward earnings, which is lower than 17.05 for the industry. The stock is also trading above its five-year mean of 13.81.
The Zacks Consensus Estimate for earnings has risen from $22.21 per share to $22.26 per share for 2026 over the past 60 days. For 2027, the consensus mark for earnings has risen from $23.35 to $23.70 per share over the same timeframe.
Amgen has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.