AMGN · 10-Q · 2026Q2 · Full report
Reimbursement and Payer Mix
AMGEN INC · 2026-08-05 · Importance 65 · Surprise 60 · In source text
The Inflation Reduction Act selected Otezla for Medicare price setting beginning January 1, 2027. The earlier-than-anticipated selection reduced estimated future U.S. cash flows for Otezla and triggered an impairment evaluation in the first quarter of 2025. A discounted-cash-flow analysis valued the related developed-product-technology rights at $4.0 billion versus a $4.8 billion carrying value, resulting in a partial impairment charge. The pricing decision creates continuing reimbursement and asset-recovery risk for Amgen’s human therapeutics business.
Key facts
- In January 2025 Otezla was selected by CMS for Medicare price setting applicable beginning January 1, 2027 source
- ENBREL sales decrease for the three months ended June 30, 2026 included a lower net selling price impact of 22% and favorable changes in estimated sales deductions of 16%. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | negative | probable | — | In January 2025 Otezla was selected by CMS for Medicare price setting applicable beginning January 1, 2027 |