Amgen
AMGN Nasdaq· Biotechnology
Last close · Oct 26, 2026
$444.63
KIRA · Stoqly’s AI analyst, in plain words
- Amgen had $36.8B of revenue in fiscal 2025, up 10.0% on the year before. Over five years, revenue changed +7.7% a year on average.
- Its operating margin was 24.7%, up 3.0 pts: of every 100 in sales, about 25 is left after running the business.
- Amgen made $7.7B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 3.7% a year.
- Free cash flow was $8.1B in fiscal 2025, 22.0% of revenue.
- Amgen returned $5.1B to shareholders in fiscal 2025, 63% of free cash flow. The diluted share count rose 0.2%.
- Amgen owes $45.5B more than it holds in cash, about 3.2 years of operating profit.
Market cap
$241.9B
P/E
27.6x
Revenue
$36.8B
Net income
$7.7B
Free cash flow
$8.1B
Operating margin
24.7%
Amgen in 30 seconds · fiscal 2025
Are sales growing?
+10.0%
Yes. Sales grew 10.0% last year.
Does it make a profit?
21.0%
Yes. It keeps 21.0% of every sale as profit.
Does profit turn into cash?
22.0%
Yes. 22.0% of sales ends up as free cash.
Is debt under control?
3.2x
Heavy. Repaying its debt would take 3.2 years of operating profit.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
How is the share priced?
27.6x
One share costs 27.6 times its yearly profit per share. Typical for its sector: 28.4x.
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.
Biggest risks, in its own words
- Its sales depend on coverage and payment from government and commercial payers, and prices are under pressure.
- Competition from biosimilars and generics for its older medicines.
- Its patents may be challenged, invalidated or worked around.
- Litigation and government investigations.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 13, 2026
- Legal name
- Amgen Inc.
- CIK
- 0000318154
Amgen · AMGN
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $26.0B | $26.3B | $28.2B | $33.4B | $36.8B |
| Revenue growth | 2.2% | 1.3% | 7.1% | 18.6% | 10.0% |
| Gross margin | 75.2% | 75.7% | 70.0% | 61.5% | 67.3% |
| Operating margin | 29.4% | 36.3% | 28.0% | 21.7% | 24.7% |
| Net income | $5.9B | $6.6B | $6.7B | $4.1B | $7.7B |
| Net margin | 22.7% | 24.9% | 23.8% | 12.2% | 21.0% |
| Diluted EPS | $10.28 | $12.11 | $12.49 | $7.56 | $14.23 |
| Cash | |||||
| Cash from operations | $9.3B | $9.7B | $8.5B | $11.5B | $10.0B |
| Capital expenditure | $880M | $936M | $1.1B | $1.1B | $1.9B |
| Free cash flow | $8.4B | $8.8B | $7.4B | $10.4B | $8.1B |
| FCF margin | 32.3% | 33.4% | 26.1% | 31.1% | 22.0% |
| Dividends paid | $4.0B | $4.2B | $4.6B | $4.8B | $5.1B |
| Share buybacks | $5.0B | $6.4B | $0.0M | $200M | $0.0M |
| Share count change | −2.9% | −5.6% | −0.6% | 0.6% | 0.2% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $6.7B | $3.7B | $6.2B | $5.9B | $8.7B |
| Net debt / EBITDA | 2.3x | 2.3x | 4.5x | 3.8x | 3.2x |
| Current ratio | 1.6x | 1.4x | 1.7x | 1.3x | 1.1x |
| Interest coverage | 6.4x | 6.8x | 2.8x | 2.3x | 3.3x |
| Returns and quality | |||||
| Return on capital | 21.1% | 26.1% | 14.5% | 11.3% | 14.4% |
| Return on equity | 73.2% | 126.5% | 135.8% | 67.6% | 106.1% |
| Piotroski F-score | 5 | 7 | 6 | 4 | 7 |
| Altman Z'' | 0.4 | 0.3 | 0.5 | 0.1 | 0.1 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$29.3M
6 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Amgen · AMGN
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Amgen AMGN | $241.9B | 10.0% | 24.7% | 22.0% | 14.4% | 27.6x | 7 |
| Gilead Sciences GILD | $197.3B | 2.4% | 34.0% | 32.1% | 23.0% | — | 8 |
| AbbVie ABBV | $507.8B | 8.6% | 24.7% | 29.1% | 15.7% | 81.0x | 7 |
| Regeneron Pharmaceuticals REGN | $85.6B | 1.0% | 25.0% | 28.5% | 12.7% | 20.0x | 5 |
| Vertex Pharmaceuticals VRTX | $132.1B | 8.9% | 34.8% | 26.6% | 31.5% | 30.1x | 6 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $444.63 a share, the company is worth $241.9B: 27.6 times its earnings of the last four quarters.
Amgen grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 1 of 3.
Source: SEC EDGAR XBRL filings (CIK 0000318154). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.