Amgen: A Defensive Biotech With Yield And Optionality

  • Amgen has transitioned into a mature, cash-generating pharma-biotech hybrid, offering defensive characteristics, capital preservation, and yield over high-growth potential. The diversified product base and growing biosimilars segment reduce concentration and patent cliff risks, supporting Amgen's stability as a portfolio anchor. Biosimilars face execution, pricing, and demand risks, but continued strong growth could offset upcoming revenue losses from key patent expirations.