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AMGNAmgen

Health care · Biotechnology · Nasdaq
AMGN quote by TradingView
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FY2025 at a glance

Sales up 10.0%, free cash flow down to $8.1B

XBRL, from each 10-K
RevenueStatements ↓
$36.8B
from $33.4B in FY2024
FY2016FY2025
Net incomeStatements ↓
$7.7B
from $4.1B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$8.1B
from $10.4B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$14.23
from $7.56 in FY2024
FY2016FY2025
Operating marginStatements ↓
24.7%
from 21.7% in FY2024
FY2016FY2025
Total debtStatements ↓
$54.6B
from $60.1B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)17.25Sales (ttm)38.9BNet income (ttm)9.4BSales growth+10.0%EPS growth+88.2%Sales Q/Q+8.5%
Free cash flow9.6BGross margin70.9%Oper. margin32.4%Net margin24.1%FCF margin24.6%ROE65.4%
ROA9.8%R&D / sales19.8%Dividend9.66Debt/Eq3.76Curr. ratio1.48Cash13.2B
Op. cash flow (ttm)12.0BEBITDA14.2BEBITDA margin38.8%Net debt40.8BQuick ratio1.21Interest cover3.30
ROIC11.4%Payout ratio67.9%Tax rate14.1%Stock pay / sales1.3%Shares out.540.9MShares Y/Y+0.2%
Book / share26.53Cash / share24.38Sales / share71.92Asset turnover0.41Inventory turns1.93Days sales out.95
Sales 3Y CAGR+11.8%Sales 5Y CAGR+7.6%EPS 3Y CAGR+5.5%EPS 5Y CAGR+2.9%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth slowed to +10.0%+18.6% → +10.0% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 24.7%21.7% → 24.7% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

AMGN against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
AMGNPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+10.0%19th of 60 · median +7.1%
Net margin
24.1%9th of 60 · median 9.6%
Return on equity
65.4%4th of 54 · median 13.1%
Free cash flow margin
24.6%8th of 56 · median 15.5%
Debt / equity (less is better)
3.7648th of 49 · median 0.66
AMGN and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
AMGN Amgen$38.9B +10.0%70.9%24.1%65.4%24.6%3.76
BMY Bristol Myers Squibb$50.0B -0.2%69.2%18.5%39.5%18.6%1.86
ABT Abbott Laboratories$48.2B +5.7%56.9%9.7%9.2%14.0%0.61
TMO Thermo Fisher Scientific$47.4B +3.9%-14.9%12.9%16.0%0.79
MDT Medtronic$37.5B +8.4%65.0%13.9%10.4%16.3%0.56
GILD Gilead Sciences$31.0B +2.4%79.9%-12.5%-29.6%44.5%2.01
Where each dollar goes

From $26.0B of sales to $5.9B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $19.5BRevenue to Cost of revenue: $6.5BGross profit to Operating profit: $7.6BGross profit to Operating expenses: $11.9BOperating profit to Net profit: $5.9BOperating profit to Tax & other: $1.7BOperating expenses to R&D: $4.8BOperating expenses to Sales, admin & other: $7.1B Revenue: $26.0B Revenue$26.0B +2% Y/Y Gross profit: $19.5B · 75% margin Gross profit$19.5B75% margin Cost of revenue: $6.5B · 25% of revenue Cost of revenue$6.5B25% of revenue Operating profit: $7.6B · 29% margin Operating profit$7.6B29% margin −16% Y/Y Operating expenses: $11.9B · 46% of revenue Operating expenses$11.9B46% of revenue Net profit: $5.9B · 23% margin Net profit$5.9B23% margin −19% Y/Y Tax & other: $1.7B · 7% of revenue Tax & other$1.7B7% of revenue R&D: $4.8B · 19% of revenue R&D$4.8B19% of revenue Sales, admin & other: $7.1B · 27% of revenue Sales, admin & other$7.1B27% of revenue

Swipe sideways for the whole flow →

From $26.3B of sales to $6.6B of profit

FY2022, from the 10-K income statement and revenue by region
U.S. to Revenue: $18.6BROW to Revenue: $7.7BRevenue to Gross profit: $19.9BRevenue to Cost of revenue: $6.4BGross profit to Operating profit: $9.6BGross profit to Operating expenses: $10.4BOperating profit to Net profit: $6.6BOperating profit to Tax & other: $3.0BOperating expenses to R&D: $4.4BOperating expenses to Sales, admin & other: $5.9B U.S.: $18.6B · 71% U.S.$18.6B71% ROW: $7.7B · 29% ROW$7.7B29% Revenue: $26.3B Revenue$26.3B +1% Y/Y Gross profit: $19.9B · 76% margin Gross profit$19.9B76% margin Cost of revenue: $6.4B · 24% of revenue Cost of revenue$6.4B24% of revenue Operating profit: $9.6B · 36% margin Operating profit$9.6B36% margin +25% Y/Y Operating expenses: $10.4B · 39% of revenue Operating expenses$10.4B39% of revenue Net profit: $6.6B · 25% margin Net profit$6.6B25% margin +11% Y/Y Tax & other: $3.0B · 11% of revenue Tax & other$3.0B11% of revenue R&D: $4.4B · 17% of revenue R&D$4.4B17% of revenue Sales, admin & other: $5.9B · 22% of revenue Sales, admin & other$5.9B22% of revenue

Swipe sideways for the whole flow →

From $28.2B of sales to $6.7B of profit

FY2023, from the 10-K income statement and revenue by region
U.S. to Revenue: $19.8BROW to Revenue: $8.4BRevenue to Gross profit: $19.7BRevenue to Cost of revenue: $8.5BGross profit to Operating profit: $7.9BGross profit to Operating expenses: $11.8BOperating profit to Net profit: $6.7BOperating profit to Tax & other: $1.2BOperating expenses to R&D: $4.8BOperating expenses to Sales, admin & other: $7.1B U.S.: $19.8B · 70% U.S.$19.8B70% ROW: $8.4B · 30% ROW$8.4B30% Revenue: $28.2B Revenue$28.2B +7% Y/Y Gross profit: $19.7B · 70% margin Gross profit$19.7B70% margin Cost of revenue: $8.5B · 30% of revenue Cost of revenue$8.5B30% of revenue Operating profit: $7.9B · 28% margin Operating profit$7.9B28% margin −17% Y/Y Operating expenses: $11.8B · 42% of revenue Operating expenses$11.8B42% of revenue Net profit: $6.7B · 24% margin Net profit$6.7B24% margin +3% Y/Y Tax & other: $1.2B · 4% of revenue Tax & other$1.2B4% of revenue R&D: $4.8B · 17% of revenue R&D$4.8B17% of revenue Sales, admin & other: $7.1B · 25% of revenue Sales, admin & other$7.1B25% of revenue

Swipe sideways for the whole flow →

From $33.4B of sales to $4.1B of profit

FY2024, from the 10-K income statement and revenue by region
U.S. to Revenue: $23.9BROW to Revenue: $9.6BRevenue to Gross profit: $20.6BRevenue to Cost of revenue: $12.9BGross profit to Operating profit: $7.3BGross profit to Operating expenses: $13.3BOperating profit to Net profit: $4.1BOperating profit to Tax & other: $3.2BOperating expenses to R&D: $6.0BOperating expenses to Sales, admin & other: $7.3B U.S.: $23.9B · 71% U.S.$23.9B71% ROW: $9.6B · 29% ROW$9.6B29% Revenue: $33.4B Revenue$33.4B +19% Y/Y Gross profit: $20.6B · 62% margin Gross profit$20.6B62% margin Cost of revenue: $12.9B · 38% of revenue Cost of revenue$12.9B38% of revenue Operating profit: $7.3B · 22% margin Operating profit$7.3B22% margin −8% Y/Y Operating expenses: $13.3B · 40% of revenue Operating expenses$13.3B40% of revenue Net profit: $4.1B · 12% margin Net profit$4.1B12% margin −39% Y/Y Tax & other: $3.2B · 9% of revenue Tax & other$3.2B9% of revenue R&D: $6.0B · 18% of revenue R&D$6.0B18% of revenue Sales, admin & other: $7.3B · 22% of revenue Sales, admin & other$7.3B22% of revenue

Swipe sideways for the whole flow →

From $36.8B of sales to $7.7B of profit

FY2025, from the 10-K income statement and revenue by region
U.S. to Revenue: $26.4BROW to Revenue: $10.3BRevenue to Gross profit: $24.7BRevenue to Cost of revenue: $12.0BGross profit to Operating profit: $9.1BGross profit to Operating expenses: $15.6BOperating profit to Net profit: $7.7BOperating profit to Tax & other: $1.4BOperating expenses to R&D: $7.3BOperating expenses to Sales, admin & other: $8.4B U.S.: $26.4B · 72% U.S.$26.4B72% ROW: $10.3B · 28% ROW$10.3B28% Revenue: $36.8B Revenue$36.8B +10% Y/Y Gross profit: $24.7B · 67% margin Gross profit$24.7B67% margin Cost of revenue: $12.0B · 33% of revenue Cost of revenue$12.0B33% of revenue Operating profit: $9.1B · 25% margin Operating profit$9.1B25% margin +25% Y/Y Operating expenses: $15.6B · 43% of revenue Operating expenses$15.6B43% of revenue Net profit: $7.7B · 21% margin Net profit$7.7B21% margin +89% Y/Y Tax & other: $1.4B · 4% of revenue Tax & other$1.4B4% of revenue R&D: $7.3B · 20% of revenue R&D$7.3B20% of revenue Sales, admin & other: $8.4B · 23% of revenue Sales, admin & other$8.4B23% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 3
  • ✓
    Net margin above the peer median24.1% vs 9.6%
  • ✓
    Return on equity above 15%65.4%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 33.6% → 21.0%

Balance sheet

1 of 4
  • !
    Interest covered less than 5 timesOperating income is 3.3× interest expense
  • !
    Debt larger than equityDebt / equity 3.76 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.48
  • !
    Net debt over 3 years of free cash flow$40.8B net debt, 4.3 years
Debt / equity at each year end, FY2016 to FY2025: 1.16 → 6.31
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$8.1B last year
  • ✓
    Share count down over 5 years−8.1%
  • ✓
    Dividend per share up over 5 years$6.56 → $9.66
  • ✓
    Cash from operations above net income$10.0B vs $7.7B
Free cash flow, FY2016 to FY2025: 9.6B → 8.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$56.0B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 36.8B Net income 7.7B
FY2016 revenue 23.0B · Revenues, 0000318154-19-000008 FY2016 net income 7.7B · NetIncomeLoss, 0000318154-19-000008 23.0B FY2016 FY2017 revenue 22.8B · Revenues, 0000318154-20-000017 FY2017 net income 2.0B · NetIncomeLoss, 0000318154-20-000017 22.8B FY2017 FY2018 revenue 23.7B · Revenues, 0000318154-21-000010 FY2018 net income 8.4B · NetIncomeLoss, 0000318154-21-000010 23.7B FY2018 FY2019 revenue 23.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000318154-22-000010 FY2019 net income 7.8B · NetIncomeLoss, 0000318154-22-000010 23.4B FY2019 FY2020 revenue 25.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000318154-23-000017 FY2020 net income 7.3B · NetIncomeLoss, 0000318154-23-000017 25.4B FY2020 FY2021 revenue 26.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000318154-24-000011 FY2021 net income 5.9B · NetIncomeLoss, 0000318154-24-000011 26.0B FY2021 FY2022 revenue 26.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000318154-25-000010 FY2022 net income 6.6B · NetIncomeLoss, 0000318154-25-000010 26.3B FY2022 FY2023 revenue 28.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000318154-26-000010 FY2023 net income 6.7B · NetIncomeLoss, 0000318154-26-000010 28.2B FY2023 FY2024 revenue 33.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000318154-26-000010 FY2024 net income 4.1B · NetIncomeLoss, 0000318154-26-000010 33.4B FY2024 FY2025 revenue 36.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000318154-26-000010 FY2025 net income 7.7B · NetIncomeLoss, 0000318154-26-000010 36.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

AMGN's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue36.8B
FY2016: 23.0BFY2017: 22.8BFY2018: 23.7BFY2019: 23.4BFY2020: 25.4BFY2021: 26.0BFY2022: 26.3BFY2023: 28.2BFY2024: 33.4BFY2025: 36.8B FY2017FY2019FY2021FY2023FY2025
Net income7.7B
FY2016: 7.7BFY2017: 2.0BFY2018: 8.4BFY2019: 7.8BFY2020: 7.3BFY2021: 5.9BFY2022: 6.6BFY2023: 6.7BFY2024: 4.1BFY2025: 7.7B FY2017FY2019FY2021FY2023FY2025
Free cash flow8.1B
FY2016: 9.6BFY2017: 10.5BFY2018: 10.6BFY2019: 8.5BFY2020: 9.9BFY2021: 8.4BFY2022: 8.8BFY2023: 7.4BFY2024: 10.4BFY2025: 8.1B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)14.23
FY2016: 10.24FY2017: 2.69FY2018: 12.62FY2019: 12.88FY2020: 12.31FY2021: 10.28FY2022: 12.11FY2023: 12.49FY2024: 7.56FY2025: 14.23 FY2017FY2019FY2021FY2023FY2025
Dividend per share9.66
FY2016: 4.15FY2017: 4.77FY2018: 5.41FY2019: 5.95FY2020: 6.56FY2021: 7.22FY2022: 7.95FY2023: 8.64FY2024: 9.13FY2025: 9.66 FY2017FY2019FY2021FY2023FY2025
Diluted shares542.0M
FY2016: 754.0MFY2017: 735.0MFY2018: 665.0MFY2019: 609.0MFY2020: 590.0MFY2021: 573.0MFY2022: 541.0MFY2023: 538.0MFY2024: 541.0MFY2025: 542.0M FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Other products 7.3B19.8% +29.0%
Prolia 4.4B12.0% +0.9%
Repatha 3.0B8.2% +35.7%
Otezla 2.3B6.2% +6.5%
ENBREL 2.2B6.1% -32.9%
EVENITY 2.1B5.7% +34.4%
XGEVA 2.1B5.7% -6.3%
TEPEZZA 1.9B5.2% +2.8%
Other revenues 1.6B4.4% +14.7%
BLINCYTO 1.6B4.2% +28.2%
Nplate 1.5B4.1% +4.7%
TEZSPIRE 1.5B4.0% +52.1%
KYPROLIS 1.4B3.8% -6.1%
Aranesp 1.4B3.8% +3.5%
KRYSTEXXA 1.3B3.6% +13.1%
Vectibix 1.2B3.2% +12.4%

10-K 0000318154-26-000010, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
U.S. 26.4B71.9% +10.7%
ROW 10.3B28.1% +8.1%

10-K 0000318154-26-000010, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue23.0B22.8B23.7B23.4B25.4B26.0B26.3B28.2B33.4B36.8B
Cost of revenue4.2B4.1B4.1B4.4B6.2B6.5B6.4B8.5B12.9B12.0B
R&D3.8B3.6B3.7B4.1B4.2B4.8B4.4B4.8B6.0B7.3B
SG&A5.1B4.9B5.3B5.2B5.7B5.4B5.4B6.2B7.1B7.0B
Operating income9.8B10.0B10.3B9.7B9.1B7.6B9.6B7.9B7.3B9.1B
Interest expense1.3B1.3B1.4B1.3B1.3B1.2B1.4B2.9B3.2B2.8B
Pretax income9.2B9.6B9.5B9.1B8.1B6.7B7.3B7.9B4.6B9.0B
Income tax1.4B7.6B1.2B1.3B869.0M808.0M794.0M1.1B519.0M1.3B
Net income7.7B2.0B8.4B7.8B7.3B5.9B6.6B6.7B4.1B7.7B
EPS (diluted)10.242.6912.6212.8812.3110.2812.1112.497.5614.23
Diluted shares754.0M735.0M665.0M609.0M590.0M573.0M541.0M538.0M541.0M542.0M
Depreciation & amortization2.1B2.0B1.9B2.2B3.6B3.4B3.4B4.1B5.6B5.2B
EBITDA11.9B11.9B12.2B11.9B12.7B11.0B13.0B12.0B12.8B14.2B
Operating margin42.6%43.6%43.2%41.4%35.9%29.4%36.3%28.0%21.7%24.7%
Net margin33.6%8.7%35.3%33.6%28.6%22.7%24.9%23.8%12.2%21.0%
Revenue growth--0.6%+3.9%-1.6%+8.8%+2.2%+1.3%+7.1%+18.6%+10.0%
EPS growth--73.7%+369%+2.1%-4.4%-16.5%+17.8%+3.1%-39.5%+88.2%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash3.2B3.8B6.9B6.0B6.3B8.0B7.6B10.9B12.0B9.1B
Short-term investments-37.9B22.4B2.9B4.4B48.0M1.7B0--
Receivables3.2B3.2B3.6B4.1B4.5B4.9B5.6B7.3B6.8B9.6B
Inventory2.7B2.8B2.9B3.6B3.9B4.1B4.9B9.5B7.0B6.2B
Current assets46.0B49.5B37.6B18.4B21.1B19.4B22.2B30.3B29.0B29.1B
Property & equipment5.0B5.0B5.0B4.9B4.9B5.2B5.4B5.9B6.5B7.9B
Goodwill14.8B14.8B14.7B14.7B14.7B14.9B15.5B18.6B18.6B18.7B
Total assets77.6B80.0B66.4B59.7B62.9B61.2B65.1B97.2B91.8B90.6B
Accounts payable917.0M1.4B1.2B1.4B1.4B1.4B1.6B1.6B1.9B2.4B
Current liabilities11.2B9.0B13.5B12.8B11.7B12.2B15.7B18.4B23.1B25.5B
Total debt34.6B35.3B33.9B29.9B33.0B33.3B38.9B64.6B60.1B54.6B
Shareholders' equity29.9B25.2B12.5B9.7B9.4B6.7B3.7B6.2B5.9B8.7B
Retained earnings-438.0M-5.1B-18.0B-21.3B-21.4B-24.6B-28.6B-26.5B-27.6B-25.1B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow10.4B11.2B11.3B9.2B10.5B9.3B9.7B8.5B11.5B10.0B
Capital spending738.0M664.0M738.0M618.0M608.0M880.0M936.0M1.1B1.1B1.9B
Free cash flow9.6B10.5B10.6B8.5B9.9B8.4B8.8B7.4B10.4B8.1B
Stock-based pay (added back)311.0M329.0M311.0M308.0M330.0M341.0M401.0M431.0M530.0M494.0M
Dividends paid3.0B3.4B3.5B3.5B3.8B4.0B4.2B4.6B4.8B5.1B
Buybacks3.0B3.2B17.8B7.7B3.5B5.0B6.4B0200.0M0
Acquisitions019.0M-195.0M13.6B02.5B3.8B27.0B053.0M
Debt raised7.3B4.5B008.9B4.9B6.9B27.8B00
Debt repaid3.7B4.4B1.1B4.5B6.5B4.2B01.5B3.6B5.0B
Investing cash flow-8.7B-4.0B14.3B5.7B-5.4B733.0M-6.0B-26.2B-1.0B-1.9B
Financing cash flow-2.6B-6.6B-22.5B-15.8B-4.9B-8.3B-4.0B21.0B-9.4B-10.9B
Dividend per share4.154.775.415.956.567.227.958.649.139.66

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)311.0M329.0M311.0M308.0M330.0M341.0M401.0M431.0M530.0M494.0M
Stock-based pay / revenue1.4%1.4%1.3%1.3%1.3%1.3%1.5%1.5%1.6%1.3%
Operating lease cost---204.0M223.0M237.0M218.0M208.0M219.0M265.0M
Operating lease cash paid---148.0M177.0M190.0M171.0M182.0M156.0M157.0M
Right-of-use assets---469.0M408.0M566.0M579.0M651.0M557.0M602.0M
Operating lease liabilities---528.0M459.0M670.0M695.0M810.0M780.0M831.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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