AMGN · 10-Q · 2026Q2 · Full report

Competition and Pricing Pressure

AMGEN INC · 2026-08-05 · Importance 76 · Surprise 56

Prolia sales declined 32% to $1,122 million in the quarter and 33% to $1,486 million for the six months ended June 30, 2026, driven by lower volume and net selling price. Prolia volume declined 20% quarterly and 19% year to date, while net selling price declined 12% and 11%, respectively, as multiple biosimilars launched in the United States and rest of world. Otezla sales declined 21% quarterly to $ million and 13% year to date to $1,055 million, with lower pricing, volume and unfavorable sales deductions contributing to the quarterly decline and generic competition affecting rest-of-world sales. ENBREL sales declined 4% quarterly and 19% year to date to $1,114 million, primarily because U.S. Medicare Part D price setting under the IRA reduced net selling price by 22% quarterly and 25% year to date.

Key facts

• For the remainder of 2026, we continue to expect accelerated sales erosion driven by increased competition, as multiple biosimilars have launched in the United States and ROW. source
• Otezla ROW sales were unfavorably impacted by generic competition following loss of exclusivity in certain European countries during the first quarter of 2026. source
• 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. source
• Prolia decreases were primarily driven by lower volume of 20% (three months) and 19% (six months), and lower net selling price of 12% (three months) and 11% (six months). source