Amgen

Amgen enjoys selective pricing power where it offers unique clinical value, such as rare‑disease therapies from Horizon (Tepezza, Krystexxa) and novel oncology assets (Imdelltra). However, company‑level net selling price declined in 2025 as payer mix and policy pressures intensified.

Denosumab biosimilars launched in the U.S. in June 2025 and will weigh on Prolia/Xgeva pricing. Otezla will face Medicare negotiation in 2027, and Enbrel continues to see U.S. price pressure. Offsetting dynamics include volume growth for Repatha and Tezspire and label expansion for Lumakras in mCRC.

Overall, pricing power is mixed and increasingly product‑specific rather than enterprise‑wide.