AMGN · 10-Q · 2026Q3 · Full report

Enbrel Pricing Pressure

AMGEN INC · 2026-11-04 · Importance 56 · Surprise 58

Enbrel’s nine-month sales declined 11% to $1.511 billion, primarily reflecting a 19% lower net selling price. Amgen attributed the lower price to the ongoing impact of U.S. Medicare Part D price setting effective in 2026 and an increase in 340B Program mix. Third-quarter sales increased, supported by favorable changes to estimated sales deductions and higher inventory, which partly offset a 14% lower net selling price and lower volume.

Key facts

• ENBREL sales increased in the three months ended September 30, 2026, driven by favorable estimated sales deductions of 15% and higher inventory of 8%, partly offset by lower net selling price of 14% reflecting U.S. Medicare Part D price setting effective in 2026 under the IRA, and lower volume. source
• ENBREL sales decreased in the nine months ended September 30, 2026, driven by lower net selling price of 19% reflecting U.S. Medicare Part D price setting effective in 2026 under the IRA and increased 340B Program mix, partly offset by favorable changes to estimated sales deductions. source