Amgen Inc. has quietly turned into one of 2025’s standout large‑cap healthcare winners. The biotech heavyweight is trading just below fresh 52‑week highs, powered by a clean sweep of earnings beats, a deepening obesity‑drug story around its MariTide program, and full FDA approval for its lung‑cancer therapy Imdelltra. At the same time, investors are grappling with tax and patent overhangs, looming drug price pressure and an increasingly crowded obesity market.