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Amgen

AMGN Nasdaq Biotechnology Financials FY2016–FY2025

Amgen's revenue rose 9.9% to $36.8 billion in fiscal 2025. Its operating margin was 24.7%, up from 21.7% a year earlier. Free cash flow was $8.1 billion, down 22.1%. It paid out $5.1 billion in dividends and buybacks, 63% of free cash flow. The diluted share count rose 0.2%.

Last close · Oct 23, 2026

$439.26

1.8%
Value it Compare
Revenue Total sales reported in the income statement.
$36.8B
10.0% vs prior year
Operating margin Operating income as a share of revenue.
24.7%
3.0 pts
Net income Profit after all expenses, interest and tax.
$7.7B
88.5%
Free cash flow Cash from operations minus capital spending.
$8.1B
22.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
14.4%
3.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$239.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
27.3x
On $16.10 EPS (TTM)

What Amgen does

Amgen is a biotechnology company that discovers, develops, makes and sells medicines for serious diseases. It was incorporated in 1980 and has a presence in approximately 100 countries. It reports one operating segment, human therapeutics.

Its products include Repatha for cholesterol and cardiovascular risk, Uplizna for rare immune conditions, Imdelltra for small cell lung cancer, Tezspire for asthma and nasal polyps, which it markets with a partner, and Tepezza for thyroid eye disease. It is testing MariTide, a chronic weight management candidate, in Phase 3 studies. Its drugs go mainly through wholesalers: in the United States, substantially all of its sales are to pharmaceutical wholesale distributors. Three of them, McKesson, Cencora and Cardinal Health, each accounted for more than 10% of revenue and together for 77% of worldwide gross revenue in 2025.

The United States is its largest market, and it sells outside the U.S. through its own affiliates and through partners such as Astellas, BeOne, Takeda and Kyowa Kirin in Asia. It also promotes some products directly to patients through print, television and online media.

Legal name
Amgen Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 13, 2026
Accession · CIK
0000318154-26-000010
0000318154

Revenue and margins

Amgen had $36.8B of revenue in fiscal 2025, up 10.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 3.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $8.1B in fiscal 2025, 22.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Amgen returned $5.1B to shareholders in fiscal 2025, 63% of free cash flow. The diluted share count rose 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Amgen yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$45.5B and divides by 542.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 27.3x · peers 30.5x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Amgen can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $8.0B$9.3B$10.9B$12.0B$9.1B
Debt incl. finance leases $33.3B$38.9B$64.6B$60.1B$54.6B
Net debt / EBITDA 2.3x2.3x4.5x3.8x3.2x
Debt / equity 5.0x10.6x10.4x10.2x6.3x
Interest coverage 6.4x6.8x2.8x2.3x3.3x
Current ratio 1.6x1.4x1.7x1.3x1.1x
Quick ratio 1.3x1.1x1.1x1.0x0.9x
Total assets $61.2B$65.1B$97.2B$91.8B$90.6B
Total liabilities $54.5B$61.5B$90.9B$86.0B$81.9B
Shareholders' equity $6.7B$3.7B$6.2B$5.9B$8.7B
Net debt (− = net cash) $25.3B$29.6B$53.7B$48.1B$45.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$29.3M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 13, 2026 Rachna KhoslaSVP, Business Development Sold 1,252 $416.43 $0.5M Form 4
Aug 11, 2026 Rachna KhoslaSVP, Business Development Sold 2,000 $412.57 $0.8M Form 4
Aug 6, 2026 Derek MillerSVP, Human Resources Sold 3,890 $402.54 $1.6M Form 4
Aug 6, 2026 Nancy A. GrygielSVP & CCO Sold 2,970 $402.16 $1.2M Form 4
May 4, 2026 Nancy A. GrygielSVP & CCO Sold 1,237 $323.73 $0.4M Form 4
Feb 26, 2026 Esteban SantosEVP, Operations Sold 54,792 $379.12 $20.8M Form 4
Feb 19, 2026 Matthew C. BuschVP, Finance & CAO Sold 1,000 $375.79 $0.4M Form 4
Nov 20, 2025 Nancy A. GrygielSVP & CCO Sold 3,139 $337.26 $1.1M Form 4
Nov 12, 2025 Murdo GordonEVP, Global Commercial Ops Sold 6,879 $336.83 $2.3M Form 4
Nov 12, 2025 Rachna KhoslaSVP, Business Development Sold 890 $336.24 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✕ ✕
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 6 / 94 / 97 / 9
Accruals ratio −2.2%−7.8%−2.5%
Altman Z'' 0.530.050.14

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Amgen AMGN $239.0B 10.0% 24.7% 22.0% 14.4% 27.3x 7
Gilead Sciences GILD $194.0B 2.4% 34.0% 32.1% 23.0% — 8 Compare →
AbbVie ABBV $505.9B 8.6% 24.7% 29.1% 15.7% 80.7x 7 Compare →
Regeneron Pharmaceuticals REGN $85.3B 1.0% 25.0% 28.5% 12.7% 19.9x 5 Compare →
Vertex Pharmaceuticals VRTX $133.7B 8.9% 34.8% 26.6% 31.5% 30.5x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $23.0B $22.8B $23.7B $23.4B $25.4B $26.0B $26.3B $28.2B $33.4B $36.8B
Gross profit $18.8B $18.8B $19.6B $19.0B $19.3B $19.5B $19.9B $19.7B $20.6B $24.7B
Research and development $3.8B $3.6B $3.7B $4.1B $4.2B $4.8B $4.4B $4.8B $6.0B $7.3B
Operating income $9.8B $10.0B $10.3B $9.7B $9.1B $7.6B $9.6B $7.9B $7.3B $9.1B
Interest expense $1.3B $1.3B $1.4B $1.3B $1.3B $1.2B $1.4B $2.9B $3.2B $2.8B
Pretax income $9.2B $9.6B $9.5B $9.1B $8.1B $6.7B $7.3B $7.9B $4.6B $9.0B
Income tax $1.4B $7.6B $1.2B $1.3B $869M $808M $794M $1.1B $519M $1.3B
Net income $7.7B $2.0B $8.4B $7.8B $7.3B $5.9B $6.6B $6.7B $4.1B $7.7B
Diluted EPS $10.24 $2.69 $12.62 $12.88 $12.31 $10.28 $12.11 $12.49 $7.56 $14.23
Diluted shares 0.75B 0.74B 0.67B 0.61B 0.59B 0.57B 0.54B 0.54B 0.54B 0.54B
Cash flow
Cash from operations $10.4B $11.2B $11.3B $9.2B $10.5B $9.3B $9.7B $8.5B $11.5B $10.0B
Capital expenditure $738M $664M $738M $618M $608M $880M $936M $1.1B $1.1B $1.9B
Free cash flow $9.6B $10.5B $10.6B $8.5B $9.9B $8.4B $8.8B $7.4B $10.4B $8.1B
Depreciation and amortization $2.1B $2.0B $1.9B $2.2B $3.6B $3.4B $3.4B $4.1B $5.6B $5.2B
Stock-based compensation $311M $329M $311M $308M $330M $341M $401M $431M $530M $494M
Acquisitions $0.0M $19.0M $195M $13.6B $0.0M $2.5B $3.8B $27.0B $0.0M $53.0M
Share buybacks $3.0B $3.2B $17.8B $7.7B $3.5B $5.0B $6.4B $0.0M $200M $0.0M
Dividends paid $3.0B $3.4B $3.5B $3.5B $3.8B $4.0B $4.2B $4.6B $4.8B $5.1B
Dividends and buybacks $6.0B $6.5B $21.3B $11.2B $7.2B $9.0B $10.6B $4.6B $5.0B $5.1B
Balance sheet
Cash and short-term investments $3.2B $41.7B $29.3B $8.9B $10.6B $8.0B $9.3B $10.9B $12.0B $9.1B
Total debt $34.6B $35.3B $33.9B $29.9B $33.0B $33.3B $38.9B $64.6B $60.1B $54.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $46.0B $49.5B $37.6B $18.4B $21.1B $19.4B $22.2B $30.3B $29.0B $29.1B
Current liabilities $11.2B $9.0B $13.5B $12.8B $11.7B $12.2B $15.7B $18.4B $23.1B $25.5B
Inventory $2.7B $2.8B $2.9B $3.6B $3.9B $4.1B $4.9B $9.5B $7.0B $6.2B
Property and equipment, net $5.0B $5.0B $5.0B $4.9B $4.9B $5.2B $5.4B $5.9B $6.5B $7.9B
Total assets $77.6B $80.0B $66.4B $59.7B $62.9B $61.2B $65.1B $97.2B $91.8B $90.6B
Total liabilities $47.8B $54.7B $53.9B $50.0B $53.5B $54.5B $61.5B $90.9B $86.0B $81.9B
Shareholders' equity $29.9B $25.2B $12.5B $9.7B $9.4B $6.7B $3.7B $6.2B $5.9B $8.7B
Margins
Gross margin 81.9% 82.2% 82.7% 81.4% 75.8% 75.2% 75.7% 70.0% 61.5% 67.3%
Operating margin 42.6% 43.7% 43.2% 41.4% 36.0% 29.4% 36.3% 28.0% 21.7% 24.7%
EBITDA margin 51.8% 52.2% 51.4% 50.9% 50.1% 42.5% 49.3% 42.5% 38.5% 38.8%
Net margin 33.6% 8.7% 35.4% 33.6% 28.6% 22.7% 24.9% 23.8% 12.2% 21.0%
FCF margin 41.8% 46.0% 44.5% 36.5% 38.9% 32.3% 33.4% 26.1% 31.1% 22.0%
Returns
Return on capital 14.2% 12.5% 50.1% 34.7% 26.2% 21.1% 26.1% 14.5% 11.3% 14.4%
Return on capital employed 15.2% 14.5% 16.6% 19.4% 18.6% 15.2% 19.4% 12.3% 9.8% 13.6%
Return on equity 26.7% 7.2% 44.5% 70.7% 76.1% 73.2% 126.5% 135.8% 67.6% 106.1%
Return on assets 10.4% 2.5% 11.5% 12.4% 11.8% 9.5% 10.4% 8.3% 4.3% 8.5%
Growth
Revenue growth 6.1% −0.6% 3.9% −1.6% 8.8% 2.2% 1.3% 7.1% 18.6% 10.0%
Net income growth 11.3% −74.4% 324.2% −6.6% −7.4% −18.9% 11.2% 2.5% −39.1% 88.5%
EPS growth 13.0% −73.7% 369.1% 2.1% −4.4% −16.5% 17.8% 3.1% −39.5% 88.2%
FCF growth 5.2% 9.3% 0.4% −19.2% 15.9% −15.3% 4.8% −16.2% 41.2% −22.1%
Share count change −1.6% −2.5% −9.5% −8.4% −3.1% −2.9% −5.6% −0.6% 0.6% 0.2%
Financial health
Net debt / EBITDA 2.6x −0.5x 0.4x 1.8x 1.8x 2.3x 2.3x 4.5x 3.8x 3.2x
Debt / equity 1.2x 1.4x 2.7x 3.1x 3.5x 5.0x 10.6x 10.4x 10.2x 6.3x
Interest coverage 7.8x 7.7x 7.4x 7.5x 7.2x 6.4x 6.8x 2.8x 2.3x 3.3x
Current ratio 4.1x 5.5x 2.8x 1.4x 1.8x 1.6x 1.4x 1.7x 1.3x 1.1x
Quick ratio 3.9x 5.2x 2.6x 1.2x 1.5x 1.3x 1.1x 1.1x 1.0x 0.9x
Capital allocation
Capex / revenue 3.2% 2.9% 3.1% 2.7% 2.4% 3.4% 3.6% 3.9% 3.3% 5.1%
Stock comp / revenue 1.4% 1.4% 1.3% 1.3% 1.3% 1.3% 1.5% 1.5% 1.6% 1.3%
Payouts / FCF 62.0% 62.1% 201.8% 131.4% 73.2% 107.2% 120.2% 61.9% 48.4% 63.3%
Quality scores
Piotroski F-score 7.0 7.0 7.0 6.0 7.0 5.0 7.0 6.0 4.0 7.0
Altman Z'' 4.4 4.4 2.8 0.7 1.0 0.4 0.3 0.5 0.1 0.1
Accruals ratio −3.5% −11.7% −4.0% −2.1% −5.3% −5.4% −5.0% −2.2% −7.8% −2.5%

Source: SEC EDGAR XBRL filings (CIK 0000318154). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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