⚠ Biosimilars Hidden in Other ProductsLow threat

Amgen (AMGN) — threat to the moat

Amgen reports several biosimilars only as a total inside other products, and that total rose just 2% in 2025 despite a new launch.

The biosimilar business is harder to judge than it looks, because Amgen does not report all of it by product. Several copies sit inside other products, and Amgen discloses only their total: $154 million in 2022, $331 million in 2023, $667 million in 2024 and $683 million in 202512. For 2019 to 2021 it discloses no total at all.

Biosimilars reported inside other products ($M)1542022331202366720246832025Amgen FY2023 and FY2025 results releases
A growing total with little detail.

That matters for three reasons. First, investors cannot see how individual copies such as BKEMV are doing. Second, the band's history is incomplete: the biosimilar totals for 2019 to 2021 in this app's revenue chart are understated, because copies such as AVSOLA and RIABNI sat in other products without a separate figure. Third, KANJINTI moved into other products from 2024, so its decline is no longer visible.

The disclosed total rose only 2% from 2024 to 20253, even though BKEMV launched in 20254. That suggests the older copies inside the line were shrinking while the new one grew.

Amgen reports a single segment5 and no profit by product, so the biosimilar business's margin is also unknown. A business that is about 8.6% of product sales6 and competes almost entirely on price may be earning much less than the rest of Amgen.

The disclosure to watch is whether Amgen begins reporting BKEMV separately. If it does, investors will learn whether the rare-disease copy is holding up better than the immunology ones; if the other-products biosimilar total falls in 2026, the hidden copies will be shrinking faster than the visible ones.

References
  1. ReportedSeveral copies sit inside other products, and Amgen discloses only their total: $154 million in 2022, $331 million in 2023, $667 million in 2024 and $683 million in 2025.
    Amgen fourth-quarter and full-year 2023 results release, Form 8-K exhibit 99.1 - product sales for 2022-2023. — FY2023 · publ. February 2024 · source ↗
  2. ReportedSeveral copies sit inside other products, and Amgen discloses only their total: $154 million in 2022, $331 million in 2023, $667 million in 2024 and $683 million in 2025.
    Amgen fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - product sales for 2024-2025, non-GAAP EPS and 2026 guidance. — FY2025 · publ. 3 February 2026 · source ↗
  3. Moat Explorer calcThe disclosed total rose only 2% from 2024 to 2025, even though BKEMV launched in 2025.
    Moat Explorer calculation from Amgen's reported product sales and financial statements ($ millions unless stated). Sales deductions: 2019 rebates 6,825 + chargebacks 7,090 + other 1,292 = 15,207; 2025 21,697 + 16,988 + 3,298 = 41,983; 41,983 / 35,148 = 1.19 times net product sales; implied gross product sales 35,148 + 41,983 = 77,131. Growth 2019-2025: deductions 41,983 / 15,207 = 2.76 times; net product sales 35,148 / 22,204 = 1.58 times (up 58%); rebates 21,697 / 6,825 = 3.18 times; chargebacks 16,988 / 7,090 = 2.4 times. Wholesalers 2025 gross: 26,253 + 20,986 + 12,562 = 59,801; 59,801 / 36,751 = 1.63 times total revenues; McKesson 26,253 / 36,751 = 71%. ENBREL: 2,226 / 5,433 - 1 = -59%; share of product sales 5,226 / 22,204 = 23.5% (2019), 2,226 / 35,148 = 6.3% (2025). ENBREL + Otezla 2025: 2,226 + 2,265 = 4,491; 4,491 / 36,751 = 12%. Otezla sales 2020-2025: 2,195 + 2,249 + 2,288 + 2,188 + 2,126 + 2,265 = 13,311; impairment 1,200 / 13,400 = 9%. Horizon products: 2023 448 + 272 + 65 + 164 = 949; 2024 1,851 + 1,185 + 379 + 758 = 4,173; 2025 1,903 + 1,340 + 655 + 719 = 4,617, 4,617 / 27,800 = 16.6%; Q2 2026 576 + 400 + 335 + 149 = 1,460, x4 = 5,840. TEPEZZA + KRYSTEXXA 2025 1,903 + 1,340 = 3,243; KRYSTEXXA 1,340 / 1,185 - 1 = 13.1%; TEPEZZA 1,903 / 1,851 - 1 = 2.8%; UPLIZNA 655 / 379 - 1 = 72.8%; H1 2026 262 + 335 = 597; ultra-rare 719 / 758 - 1 = -5.1%; UPLIZNA + ultra-rare 655 + 719 = 1,374. TAVNEOS H1 2026 119 + 150 = 269. Acquisitions: 13.4 + 3.9 + 27.8 = 45.1 bn; acquired products 2025 2,265 + 459 + 4,617 = 7,341, 7,341 / 36,751 = 20%. Interest 2,755 / 9,080 = 30%. Net debt 30 June 2026: 57.3 - 13.989 = 43.3 bn. Goodwill + intangibles 18,680 + 22,276 = 40,956, 40,956 / 90,586 = 45%. EPS gap 21.84 - 14.23 = 7.61. R&D 7,272 / 4,784 - 1 = 52%; 7,272 / 36,751 = 19.8%. Growth drivers 2025: Repatha 3,016 + EVENITY 2,100 + TEZSPIRE 1,478 + BLINCYTO 1,559 = 8,153 (2024: 2,222 + 1,563 + 972 + 1,216 = 5,973; 2023: 1,635 + 1,160 + 567 + 861 = 4,223; 2021: 1,117 + 530 + 0 + 472 = 2,119; 2019: 661 + 189 + 0 + 312 = 1,162); 8,153 / 5,973 - 1 = 36.5%, about 37%; 8,153 / 36,751 = 22%. Repatha 3,016 / 661 = 4.6 times, 3,016 / 2,222 - 1 = 36%; EVENITY 2,100 / 189 = 11 times; BLINCYTO 1,559 / 312 = 5.0 times. KYPROLIS 1,412 / 1,503 - 1 = -6%; KYPROLIS + Nplate 1,412 + 1,524 = 2,936, 2,936 / 6,660 = 44%; BLINCYTO + IMDELLTRA 1,559 + 627 = 2,186; Q2 2026 472 + 288 = 760. IMDELLTRA run rate 288 x 4 = 1,152, 1,152 / 6,498 = 18%. Biosimilars: 2025 AMJEVITA 597 + PAVBLU 700 + WEZLANA 273 + MVASI 771 + in other products 683 = 3,024; 3,024 / 35,148 = 8.6% of product sales; 3,024 / 36,751 = 8.2% of total revenues; PAVBLU 700 / 3,024 = 23%; AMJEVITA 597 / 761 - 1 = -22%; band 2022 1,831 / 2,177 - 1 = -16%; in other products 683 / 667 - 1 = 2%; WEZLANA and other biosimilars added (273 - 27) + (683 - 667) = 262; Q2 2026 155 + 287 + 61 + 153 + 199 = 855; Q2 2025 133 + 130 + 35 + 191 + 172 = 661; 855 / 661 - 1 = 29%; shares of total revenues 568 / 23,362 = 2.4% (2019), 2,177 / 25,979 = 8.4% (2021), 1,916 / 28,190 = 6.8% (2023). Bands 2025: general medicine and bone 3,016 + 2,100 + 4,414 + 2,084 = 11,614 (31.6%); inflammation and rare disease 2,226 + 2,265 + 1,478 + 1,903 + 1,340 + 655 + 459 + 719 = 11,045 (30.1%); oncology 1,559 + 627 + 1,175 + 1,412 + 363 + 1,524 = 6,660 (18.1%); biosimilars 3,024 (8.2%); established and other 1,389 + 435 + 353 + (1,311 - 683 = 628) + 1,603 = 4,408 (12.0%); total 36,751. 2019 bands 5,457; 5,404; 2,895; 568; 9,038; total 23,362. General medicine 11,614 / 5,457 = 2.1 times, 11,614 / 10,384 - 1 = 11.8%; inflammation 2020 7,191, 2024 10,870 / 7,535 - 1 = 44%, 2025 11,045 / 10,870 - 1 = 1.6%, non-ENBREL-Otezla 11,045 - 4,491 = 6,554; oncology 6,660 / 2,895 = 2.3 times, 6,660 / 5,685 - 1 = 17.2%; established 4,408 / 9,038 = 0.49. Q2 bands 2026 vs 2025: general medicine 953 + 714 + 759 + 352 = 2,778 vs 696 + 518 + 1,122 + 532 = 2,868, down 3%; Repatha + EVENITY 1,667 vs 1,214; denosumab 1,111 vs 1,654, down 33%; inflammation 3,167 vs 604 + 618 + 342 + 505 + 349 + 176 + 110 + 183 = 2,887, up 9.7%; oncology 1,953 vs 384 + 134 + 305 + 378 + 90 + 369 = 1,660, up 17.7%; established and other 632 + (351 - 199) + 517 = 1,301 vs 359 + 82 + 92 + (334 - 172) + 408 = 1,103, up 18%. Denosumab 2025 4,414 + 2,084 = 6,498, 6,498 / 36,751 = 17.7%; Q1 2026 727 + 411 = 1,138; H1 2026 1,486 + 763 = 2,249 vs 2,221 + 1,098 = 3,319. Neulasta 435 / 4,534 - 1 = -90%. Geography: US 25,656 / 35,148 = 73%; rest of world 9,492 / 35,148 = 27.0%; Q2 2026 2,547 / 9,537 = 26.7%; AMJEVITA 129 / 155 = 83.2%; Aranesp 258 / 352 = 73.3%; ENBREL 6 / 580 = 1.0%. Novartis-facing 2025 3,016 + 2,265 + 2,226 + 1,524 + 1,478 = 10,509, 10,509 / 36,751 = 29%. Other revenues 1,603 / 36,751 = 4.4%. Receivables 9,570 / 6,782 - 1 = 41%. Guidance midpoints: (37.0 + 38.4) / 2 = 37.7; (37.1 + 38.5) / 2 = 37.8; (38.2 + 39.4) / 2 = 38.8; non-GAAP EPS (22.30 + 23.50) / 2 = 22.90. IRS: 3.6 + 5.1 + 2.0 = 10.7 bn before interest; offsets 0.9 + 2.2 = 3.1 bn; 10.7 / 7.711 = 1.4 times 2025 net income; 10.7 / 224.15 = 4.8% of market value. Trailing free cash flow 8,100 - 2,891 + 4,966 = 10,175; 10,175 / 224,150 = 4.5%. Shares 538.8 / 629.6 - 1 = -14%. Gross margin (total revenues - cost of sales) / total revenues: (28,190 - 8,451) / 28,190 = 70.0% (2023); (33,424 - 12,858) / 33,424 = 61.5% (2024); (36,751 - 12,037) / 36,751 = 67.2% (2025). Pre-tax income 2025 7,711 + 1,265 = 8,976. Total revenues 36,751 / 21,662 = 1.70 times 2015. Market value 224.15 / 176.25 - 1 = 27% in 2026; added 224.15 - 176.25 = 47.9 bn against 176.25 - 122.45 = 53.8 bn in 2015-2025. Trailing net income 7,711 - 3,162 + 4,194 = 8,743; trailing revenue 36,751 - 17,328 + 18,672 = 38,095 - product and band totals, growth and sales deductions. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amgen's Forms 10-K, 10-Q, results releases and market data; operands shown in the source line.
  4. ReportedThe disclosed total rose only 2% from 2024 to 2025, even though BKEMV launched in 2025.
    Amgen Form 10-K for fiscal 2025 - Item 1 patents, biosimilars and competitors. — FY2025 · publ. 13 February 2026 · source ↗
  5. ReportedAmgen reports a single segment and no profit by product, so the biosimilar business's margin is also unknown.
    Amgen Form 10-K for fiscal 2025 - Item 1 business: products, collaborations, staff and pipeline. — FY2025 · publ. 13 February 2026 · source ↗
  6. Moat Explorer calcA business that is about 8.6% of product sales and competes almost entirely on price may be earning much less than the rest of Amgen.
    Moat Explorer calculation from Amgen's reported product sales and financial statements ($ millions unless stated). Sales deductions: 2019 rebates 6,825 + chargebacks 7,090 + other 1,292 = 15,207; 2025 21,697 + 16,988 + 3,298 = 41,983; 41,983 / 35,148 = 1.19 times net product sales; implied gross product sales 35,148 + 41,983 = 77,131. Growth 2019-2025: deductions 41,983 / 15,207 = 2.76 times; net product sales 35,148 / 22,204 = 1.58 times (up 58%); rebates 21,697 / 6,825 = 3.18 times; chargebacks 16,988 / 7,090 = 2.4 times. Wholesalers 2025 gross: 26,253 + 20,986 + 12,562 = 59,801; 59,801 / 36,751 = 1.63 times total revenues; McKesson 26,253 / 36,751 = 71%. ENBREL: 2,226 / 5,433 - 1 = -59%; share of product sales 5,226 / 22,204 = 23.5% (2019), 2,226 / 35,148 = 6.3% (2025). ENBREL + Otezla 2025: 2,226 + 2,265 = 4,491; 4,491 / 36,751 = 12%. Otezla sales 2020-2025: 2,195 + 2,249 + 2,288 + 2,188 + 2,126 + 2,265 = 13,311; impairment 1,200 / 13,400 = 9%. Horizon products: 2023 448 + 272 + 65 + 164 = 949; 2024 1,851 + 1,185 + 379 + 758 = 4,173; 2025 1,903 + 1,340 + 655 + 719 = 4,617, 4,617 / 27,800 = 16.6%; Q2 2026 576 + 400 + 335 + 149 = 1,460, x4 = 5,840. TEPEZZA + KRYSTEXXA 2025 1,903 + 1,340 = 3,243; KRYSTEXXA 1,340 / 1,185 - 1 = 13.1%; TEPEZZA 1,903 / 1,851 - 1 = 2.8%; UPLIZNA 655 / 379 - 1 = 72.8%; H1 2026 262 + 335 = 597; ultra-rare 719 / 758 - 1 = -5.1%; UPLIZNA + ultra-rare 655 + 719 = 1,374. TAVNEOS H1 2026 119 + 150 = 269. Acquisitions: 13.4 + 3.9 + 27.8 = 45.1 bn; acquired products 2025 2,265 + 459 + 4,617 = 7,341, 7,341 / 36,751 = 20%. Interest 2,755 / 9,080 = 30%. Net debt 30 June 2026: 57.3 - 13.989 = 43.3 bn. Goodwill + intangibles 18,680 + 22,276 = 40,956, 40,956 / 90,586 = 45%. EPS gap 21.84 - 14.23 = 7.61. R&D 7,272 / 4,784 - 1 = 52%; 7,272 / 36,751 = 19.8%. Growth drivers 2025: Repatha 3,016 + EVENITY 2,100 + TEZSPIRE 1,478 + BLINCYTO 1,559 = 8,153 (2024: 2,222 + 1,563 + 972 + 1,216 = 5,973; 2023: 1,635 + 1,160 + 567 + 861 = 4,223; 2021: 1,117 + 530 + 0 + 472 = 2,119; 2019: 661 + 189 + 0 + 312 = 1,162); 8,153 / 5,973 - 1 = 36.5%, about 37%; 8,153 / 36,751 = 22%. Repatha 3,016 / 661 = 4.6 times, 3,016 / 2,222 - 1 = 36%; EVENITY 2,100 / 189 = 11 times; BLINCYTO 1,559 / 312 = 5.0 times. KYPROLIS 1,412 / 1,503 - 1 = -6%; KYPROLIS + Nplate 1,412 + 1,524 = 2,936, 2,936 / 6,660 = 44%; BLINCYTO + IMDELLTRA 1,559 + 627 = 2,186; Q2 2026 472 + 288 = 760. IMDELLTRA run rate 288 x 4 = 1,152, 1,152 / 6,498 = 18%. Biosimilars: 2025 AMJEVITA 597 + PAVBLU 700 + WEZLANA 273 + MVASI 771 + in other products 683 = 3,024; 3,024 / 35,148 = 8.6% of product sales; 3,024 / 36,751 = 8.2% of total revenues; PAVBLU 700 / 3,024 = 23%; AMJEVITA 597 / 761 - 1 = -22%; band 2022 1,831 / 2,177 - 1 = -16%; in other products 683 / 667 - 1 = 2%; WEZLANA and other biosimilars added (273 - 27) + (683 - 667) = 262; Q2 2026 155 + 287 + 61 + 153 + 199 = 855; Q2 2025 133 + 130 + 35 + 191 + 172 = 661; 855 / 661 - 1 = 29%; shares of total revenues 568 / 23,362 = 2.4% (2019), 2,177 / 25,979 = 8.4% (2021), 1,916 / 28,190 = 6.8% (2023). Bands 2025: general medicine and bone 3,016 + 2,100 + 4,414 + 2,084 = 11,614 (31.6%); inflammation and rare disease 2,226 + 2,265 + 1,478 + 1,903 + 1,340 + 655 + 459 + 719 = 11,045 (30.1%); oncology 1,559 + 627 + 1,175 + 1,412 + 363 + 1,524 = 6,660 (18.1%); biosimilars 3,024 (8.2%); established and other 1,389 + 435 + 353 + (1,311 - 683 = 628) + 1,603 = 4,408 (12.0%); total 36,751. 2019 bands 5,457; 5,404; 2,895; 568; 9,038; total 23,362. General medicine 11,614 / 5,457 = 2.1 times, 11,614 / 10,384 - 1 = 11.8%; inflammation 2020 7,191, 2024 10,870 / 7,535 - 1 = 44%, 2025 11,045 / 10,870 - 1 = 1.6%, non-ENBREL-Otezla 11,045 - 4,491 = 6,554; oncology 6,660 / 2,895 = 2.3 times, 6,660 / 5,685 - 1 = 17.2%; established 4,408 / 9,038 = 0.49. Q2 bands 2026 vs 2025: general medicine 953 + 714 + 759 + 352 = 2,778 vs 696 + 518 + 1,122 + 532 = 2,868, down 3%; Repatha + EVENITY 1,667 vs 1,214; denosumab 1,111 vs 1,654, down 33%; inflammation 3,167 vs 604 + 618 + 342 + 505 + 349 + 176 + 110 + 183 = 2,887, up 9.7%; oncology 1,953 vs 384 + 134 + 305 + 378 + 90 + 369 = 1,660, up 17.7%; established and other 632 + (351 - 199) + 517 = 1,301 vs 359 + 82 + 92 + (334 - 172) + 408 = 1,103, up 18%. Denosumab 2025 4,414 + 2,084 = 6,498, 6,498 / 36,751 = 17.7%; Q1 2026 727 + 411 = 1,138; H1 2026 1,486 + 763 = 2,249 vs 2,221 + 1,098 = 3,319. Neulasta 435 / 4,534 - 1 = -90%. Geography: US 25,656 / 35,148 = 73%; rest of world 9,492 / 35,148 = 27.0%; Q2 2026 2,547 / 9,537 = 26.7%; AMJEVITA 129 / 155 = 83.2%; Aranesp 258 / 352 = 73.3%; ENBREL 6 / 580 = 1.0%. Novartis-facing 2025 3,016 + 2,265 + 2,226 + 1,524 + 1,478 = 10,509, 10,509 / 36,751 = 29%. Other revenues 1,603 / 36,751 = 4.4%. Receivables 9,570 / 6,782 - 1 = 41%. Guidance midpoints: (37.0 + 38.4) / 2 = 37.7; (37.1 + 38.5) / 2 = 37.8; (38.2 + 39.4) / 2 = 38.8; non-GAAP EPS (22.30 + 23.50) / 2 = 22.90. IRS: 3.6 + 5.1 + 2.0 = 10.7 bn before interest; offsets 0.9 + 2.2 = 3.1 bn; 10.7 / 7.711 = 1.4 times 2025 net income; 10.7 / 224.15 = 4.8% of market value. Trailing free cash flow 8,100 - 2,891 + 4,966 = 10,175; 10,175 / 224,150 = 4.5%. Shares 538.8 / 629.6 - 1 = -14%. Gross margin (total revenues - cost of sales) / total revenues: (28,190 - 8,451) / 28,190 = 70.0% (2023); (33,424 - 12,858) / 33,424 = 61.5% (2024); (36,751 - 12,037) / 36,751 = 67.2% (2025). Pre-tax income 2025 7,711 + 1,265 = 8,976. Total revenues 36,751 / 21,662 = 1.70 times 2015. Market value 224.15 / 176.25 - 1 = 27% in 2026; added 224.15 - 176.25 = 47.9 bn against 176.25 - 122.45 = 53.8 bn in 2015-2025. Trailing net income 7,711 - 3,162 + 4,194 = 8,743; trailing revenue 36,751 - 17,328 + 18,672 = 38,095 - revenue mix, concentration and geography. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amgen's Forms 10-K, 10-Q, results releases and market data; operands shown in the source line.
Sources
Generated September 28, 2026