2024 Revenues ($USD) : $33.42B

Amgen Inc. posted some pretty hefty numbers for 2024, with total revenues hitting $33.4 billion, a 19% jump year-over-year. What really drove that was sheer volume — product volumes climbed 23% across the board. Even looking just at the last quarter of 2024, revenues were up 11% to $9.1 billion, again powered by solid volume growth, this time 14%.

Management pointed to good performance pretty much everywhere, plus getting a boost from recent deals, notably the Horizon Therapeutics pickup from 2023. This really helped fuel growth in their big focus areas: inflammation, oncology, and rare diseases.

On the pipeline front, a bit of good news came in March 2025. Amgen and its partner Kyowa Kirin dropped positive Phase 3 results for rocatinlimab for moderate to severe atopic dermatitis. The IGNITE study hit its main goals, and the numbers looked promising — on the higher dose, over 42% of patients hit the EASI-75 mark at 24 weeks, a roughly 30 point difference compared to placebo, and statistically significant (p<0.0001).

The firm also flagged a recent FDA green light for a treatment targeting IGG4-related disease, beefing up their rare disease portfolio, although details on the specific drug were a bit thin in what we saw.