Amgen and Iovance biotech stocks weighed as investors eye growth and stability

Amgen reported FY 2025 revenue of about $36.7 billion, a 9.9% increase year‑over‑year, with net income near $7.7 billion and a net margin of roughly 21%. The company’s debt‑to‑equity ratio stood at 6.3× and its free cash flow was about $8.1 billion. In contrast, Iovance Biotherapeutics generated $263.5 million in revenue, up 60.6%, but posted a net loss of $391 million, leaving a negative margin of –148.4% and a negative free cash flow of $336 million, while maintaining a low debt‑to‑equity ratio of 0.1×.

Separately, AbbVie announced a $10.9 billion acquisition of clinical‑stage biotech Apogee Therapeutics to expand its immunology pipeline, a move that lifted Apogee’s shares sharply. The deal underscored heightened investor focus on immunology platforms, creating volatility for smaller players such as Cue Biopharma, whose micro‑cap stock surged on news of its Immuno‑STAT T‑cell targeting platform before pulling back amid mixed trading.

These developments highlight the divergent financial profiles within the biotech sector, from large, cash‑rich manufacturers to early‑stage innovators, and illustrate how major M&A activity can ripple through related small‑cap equities.