AMGEN TAKES ACTION WITH THE U.S. GOVERNMENT TO LOWER THE COST OF MEDICINES FOR AMERICAN PATIENTS

Rhea-AI Summary

Amgen (NASDAQ:AMGN) said it is taking action with the U.S. government to lower medicine costs for American patients while reaffirming investment in U.S. innovation and manufacturing.

Key moves: AmgenNow™ will add Aimovig and Amjevita at a discounted monthly price of $299 (about 60% and 80% below current U.S. list prices); Repatha was made available in October 2025 at $239 monthly. Amgen reported > $40 billion invested in U.S. manufacturing and R&D since 2018 and announced an additional $2.5 billion in U.S. manufacturing investments in 2025, including $900 million in Ohio and $1 billion in North Carolina. Amgen will receive industry tariff relief for the next three years.

Positive

• Drug pricing cuts: Aimovig and Amjevita at $299 monthly
• Repatha price: available at $239 monthly since October 2025
• Historic investment: > $40 billion in U.S. manufacturing and R&D since 2018
• 2025 capital spend: additional $2.5 billion in U.S. manufacturing investments
• Site expansions: $900 million in Ohio and $1 billion in North Carolina
• Tariff relief: industry-specific tariff relief for the next three years

Negative

• None.

Key Figures

Aimovig / Amjevita price $299 per month Discounted direct-to-patient price vs current U.S. list prices

Repatha price $239 per month AmgenNow direct-to-patient price vs current U.S. list price

Aimovig discount nearly 60% lower Discount vs current U.S. list price through AmgenNow

Amjevita discount 80% lower Discount vs current U.S. list price through AmgenNow

Innovation & manufacturing spend more than $40 billion U.S. manufacturing and R&D investments since 2018

New U.S. manufacturing capex $2.5 billion Additional U.S. manufacturing capital investments announced this year

Ohio expansion $900 million Portion of new U.S. manufacturing investments

North Carolina expansion $1 billion Portion of new U.S. manufacturing investments

Market Reality Check

$327.38 Last Close

Volume Volume 2,568,506 vs 20-day average 2,884,352 (relative volume 0.89). normal

Technical Trading above 200-day MA: price 324.42 vs MA200 297.23.

Peers on Argus

AMGN was down -0.49% while key peers like GILD, PFE, SNY and BMY showed small gains and GSK was slightly negative, suggesting a stock-specific move rather than a uniform sector trend.

Common Catalyst Both Amgen and Gilead had U.S. government-related headlines on lowering medicine costs, pointing to a shared policy backdrop rather than broad drug sector momentum.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 11	FDA approval	Positive	+0.1%	UPLIZNA FDA approval for generalized myasthenia gravis with supportive Phase 3 data.
Dec 09	Dividend declaration	Positive	+0.5%	Announced <b>$2.52</b> per share Q1 2026 dividend for shareholders of record.
Nov 24	Conference appearance	Neutral	+2.0%	Planned presentation at Citi’s 2025 Global Healthcare Conference with executive speakers.
Nov 24	Conference appearance	Neutral	+2.0%	Scheduled presentation at Evercore ISI HealthCONx with webcast access for investors.
Nov 19	FDA approval	Positive	-1.9%	Full FDA approval for IMDELLTRA in ES-SCLC based on DeLLphi-304 survival benefit.

Pattern Detected

Recent FDA approvals and dividend news often coincided with modest positive price moves, though one major approval saw a negative reaction, indicating occasional divergence between strong clinical news and short-term trading.

Recent Company History

Over the last month, Amgen reported strong FDA approvals for UPLIZNA and IMDELLTRA, a $2.52 Q1 2026 dividend, and multiple healthcare conference presentations. These events generally aligned with small to moderate gains, except one FDA approval that saw a -1.85% move. Today’s pricing and U.S. policy-focused announcement fits a pattern of active engagement in both innovation and market access alongside ongoing capital allocation to shareholders.

Market Pulse Summary

This announcement focused on expanding Amgen’s AmgenNow program with discounted prices of $299 for Aimovig and Amjevita and $239 for Repatha, alongside more than $40 billion invested in U.S. manufacturing and R&D since 2018. It also detailed an additional $2.5 billion in domestic manufacturing projects and tariff relief. Investors may track how these pricing changes affect volume, margins, and U.S. policy relationships over time.

Key Terms

Most Favored Nation pricing regulatory

"including the Administration's Most Favored Nation pricing requests."

A most favored nation (MFN) pricing clause requires a seller to give a buyer the lowest price it offers to any other purchaser, and to adjust that buyer’s price if a better deal appears later. For investors, MFN clauses can limit a company’s ability to charge different prices, compress profit margins if lower prices become widespread, and affect future revenue predictability—imagine a store that must always match the cheapest price it gives anyone else.

direct-to-patient program technical

"Amgen will expand its direct-to-patient program, AmgenNow™, to include"

A direct-to-patient program delivers medicines, medical devices, or clinical services straight to a patient’s home and often includes remote support such as telehealth, shipping, training, and adherence monitoring. Like a subscription delivery service for healthcare, it shortens the route between maker and user, which can speed up sales, improve patient use of therapies, lower distribution costs, and change revenue timing — all important factors for investors assessing growth, margins, and regulatory risk.

Tax Cuts and Jobs Act (TCJA) regulatory

"facilitated by the passage of the Tax Cuts and Jobs Act (TCJA) of 2017."

A major U.S. federal tax law that reshaped corporate and individual tax rules, changing how much companies and people pay and how certain income and deductions are treated. For investors it matters because those changes alter a company’s after-tax profits and available cash—like changing the rules of a household budget—so they can affect dividends, stock buybacks, investment decisions and how stocks are valued relative to one another.

tariffs regulatory

"Amgen will receive relief from industry-specific tariffs for the next three years."

Tariffs are taxes imposed by a government on goods imported from other countries. They increase the cost of those goods, which can lead to higher prices for consumers and impact international trade. For investors, tariffs matter because they can influence the profitability of companies, affect supply chains, and shift economic stability across different regions.

AI-generated analysis. Not financial advice.

Underscores Long-Standing Commitment to Investing in Innovation and U.S. Manufacturing

THOUSAND OAKS, Calif., Dec. 19, 2025 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced it is taking action again with the U.S. government to lower medicine costs for American patients, while reinforcing Amgen's long-standing commitment to innovation. The action satisfies the components outlined in President Trump's July 31 letter, including the Administration's Most Favored Nation pricing requests. Additional details remain confidential.

"The U.S. leads the world in biopharmaceutical innovation, and we look forward to continued engagement with the U.S. government to see that this innovation is appropriately supported globally," said Robert A. Bradway, chairman and chief executive officer at Amgen.

Amgen will expand its direct-to-patient program, AmgenNow™, to include Aimovig^® (erenumab-aooe) and Amjevita^® (adalimumab-atto). Both will be available at a discounted monthly price of $299, nearly 60% and 80% lower than their current U.S. list prices, respectively. In October 2025, the company launched AmgenNow and made Repatha^® (evolocumab) available to American patients at a monthly price of $239, nearly 60% below its current U.S. list price. The program is open to all eligible patients, including those who are uninsured, enrolled in high-deductible health plans or prefer to pay with cash or out of pocket. All three medicines will also be offered through TrumpRx.gov.

Since 2018, Amgen has invested more than $40 billion in manufacturing and research and development, building on its leadership in innovation and state-of-the-art operations in the U.S. These investments were facilitated by the passage of the Tax Cuts and Jobs Act (TCJA) of 2017. The enactment of pro-growth tax policies in the TCJA, reinforced by the One Big Beautiful Bill Act of 2025, further enabled Amgen to invest domestically in science and manufacturing.

This year, Amgen announced an additional $2.5 billion in U.S. manufacturing capital investments, including expansions of $900 million in Ohio and $1 billion in North Carolina. In recognition of these continued investments, Amgen will receive relief from industry-specific tariffs for the next three years.

About Amgen
Amgen discovers, develops, manufactures and delivers innovative medicines to help millions of patients in their fight against some of the world's toughest diseases. More than 40 years ago, Amgen helped to establish the biotechnology industry and remains on the cutting-edge of innovation, using technology and human genetic data to push beyond what's known today. Amgen is advancing a broad and deep pipeline that builds on its existing portfolio of medicines to treat cancer, heart disease, osteoporosis, inflammatory diseases and rare diseases.

In 2024, Amgen was named one of the "World's Most Innovative Companies" by Fast Company and one of "America's Best Large Employers" by Forbes, among other external recognitions. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average^®, and it is also part of the Nasdaq-100 Index^®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

For more information, visit Amgen.com and follow Amgen on X, LinkedIn, Instagram, YouTube and Threads. 

Amgen Forward-Looking Statements
This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd. or Kyowa Kirin Co., Ltd.), the performance of Otezla® (apremilast), our acquisitions of ChemoCentryx, Inc. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon's business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful. There can be no guarantee that we will be able to realize any of the strategic benefits, synergies or opportunities arising from the Horizon acquisition, and such benefits, synergies or opportunities may take longer to realize than expected. We may not be able to successfully integrate Horizon, and such integration may take longer, be more difficult or cost more than expected. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.

CONTACT: Amgen, Thousand Oaks
Elissa Snook, 609-251-1407 (media)
Casey Capparelli, 805-447-1746 (investors)

 

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SOURCE Amgen

FAQ

What monthly price did Amgen set for Aimovig and Amjevita under AmgenNow in December 2025 (AMGN)?

Amgen set a discounted monthly price of $299 for both Aimovig and Amjevita.

How much does Repatha cost for U.S. patients through AmgenNow after the October 2025 launch?

Repatha was made available at a monthly price of $239 in October 2025.

Who is eligible for AmgenNow pricing for Aimovig, Amjevita, and Repatha (AMGN)?

The program is open to eligible patients, including uninsured patients, those with high-deductible plans, or patients who pay cash or out of pocket.

How much has Amgen invested in U.S. manufacturing and R&D since 2018 as stated in December 2025?

Amgen reported investing more than $40 billion in U.S. manufacturing and research and development since 2018.

What new U.S. manufacturing investments did Amgen announce in 2025 (AMGN)?

Amgen announced an additional $2.5 billion in U.S. manufacturing capital investments in 2025, including $900 million in Ohio and $1 billion in North Carolina.

Will Amgen receive any tariff or policy relief tied to its 2025 investments?

Yes; Amgen will receive industry-specific tariff relief for the next three years.