(As of December 12, 2025 | Post Q3 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $538 billion (based on ~$289.63/share and 1.857 billion shares outstanding)
Introduction
Amgen Inc. (NASDAQ: AMGN), founded in 1980 and headquartered in Thousand Oaks, California, is a leading biotechnology company focused on innovative human therapeutics for serious illnesses, including oncology (e.g., Keytruda, Blincyto), inflammation, and cardiovascular diseases. Public since 1983, it operates with a single-class share structure (one vote per share), ensuring broad governance. Ownership is institutionally concentrated (~84% total), with insiders ~0.21%, and retail ~16%. No single entity holds majority control, reflecting diversified biotech exposure. The table below details the top 10 from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes insider sales totaling $1.59M on November 20, 2025 (6 transactions by one officer: 2 sales and 4 conversions), and no major buybacks (focus on R&D at ~$5.5B annually).
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($538B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 10.01% | $53.9 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~53.88M shares. Passive with ~$9.3T AUM; increased ~1.5% YoY; core S&P 500 weighting (~6%). No direct control; focuses on oncology pipeline. |
| 2 | BlackRock Inc. | 8.55% | $46.0 billion | Holds ~46.03M shares through iShares ETFs (e.g., IVV); passive/active mix. Increased ~0.5% in Q3 2025; board observer on governance/ESG. Key in biotech funds; AMGN ~0.3% of portfolio. |
| 3 | State Street Corporation | 5.44% | $29.3 billion | Owns ~29.3M shares via SPDRs (e.g., SPY); fully passive. Stable QoQ; votes proxies on exec comp and drug pricing ethics. ~4% of health holdings; supports $10B+ cash reserves. |
| 4 | Capital International Investors | 3.56% | $19.2 billion | ~19.19M shares in growth strategies; active manager. Added ~18% in Q3; focuses on inflammation therapies (up 10% Q3 YoY). |
| 5 | Capital World Investors | 3.49% | $18.8 billion | ~18.8M shares; active with minor Q3 additions. Emphasizes cardiovascular (e.g., Repatha up 40% Q3); ~3% of portfolio. |
| 6 | Morgan Stanley | 2.95% | $15.9 billion | ~15.91M shares via wealth/ETFs; index/active blend. Up ~1% in 2025; advisory on M&A (e.g., Horizon Therapeutics integration). |
| 7 | Charles Schwab Investment Management Inc. | 2.52% | $13.6 billion | ~13.55M shares; passive via ETFs. Increased ~0.5% in Q3; focuses on dividend yield (3.0%). |
| 8 | Geode Capital Management, LLC | 2.46% | $13.3 billion | Fidelity affiliate with ~13.27M shares in index trackers; passive. Grew ~0.3% in Q3; tracks S&P 500; minimal voting power. |
| 9 | Primecap Management Company | 1.80% | $9.7 billion | ~9.71M shares; value-oriented. Trimmed ~2% in Q3 on valuation; long-term biotech conviction. |
| 10 | JPMorgan Chase & Co. | 1.57% | $8.5 billion | ~8.46M shares in asset management; index/active blend. Stable QoQ; banking partner for AMGN's $10B+ cash reserves. |
Total Top 10 = ~51.35% | Remaining: Other Institutions (~33%), Other Insiders (~0.21%, e.g., Robert A. Bradway CEO at ~0.05%), Retail (~16%) | Grand Total = 100%
Conclusion
As of December 2025, Amgen's ownership is institutionally dominated (~84% total) by passive leaders like Vanguard and BlackRock, providing stability for its $35.8-36.6B FY2025 revenue guidance (up ~5% YoY, driven by Repatha 40% Q3 growth) and $10.5B+ net income (up ~10% YoY est.), with a robust pipeline offsetting Keytruda patent risks. Insiders (~0.21% combined) like Bradway ensure execution amid expansions (e.g., 80+ Phase III trials), while retail's ~16% stake reflects biotech appeal. With $538B market cap (up ~15% YoY) and no major buybacks (R&D focus at $5.5B), expect minor share reductions from grants, institutional rebalancing in Q4 13Fs (due Feb 2026), and sustained dividends ($5.60 annual, 1.9% yield). This structure supports therapeutic innovation. For filings, visit SEC EDGAR or Amgen's investor relations.