NASDAQ : AMGN
Amgen Inc. — Financial statements
Healthcare · Drug Manufacturers - General · United States
Last price 466.01 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 251.94B
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Financial statements
Amgen Inc. (AMGN) reported revenue of 38.09B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 36.26B | 35.15B | 32.03B | 26.91B | 24.80B | 24.30B |
| Other Revenue | 1.84B | 1.60B | 1.40B | 1.28B | 1.52B | 1.68B |
| Revenue | 38.09B | 36.75B | 33.42B | 28.19B | 26.32B | 25.98B |
| Cost of Revenue | 10.71B | 10.74B | 10.46B | 7.79B | 6.38B | 6.45B |
| Gross Profit | 27.39B | 26.01B | 22.97B | 20.39B | 19.95B | 19.52B |
| Selling, General & Admin | 7.02B | 7.05B | 7.10B | 5.69B | 5.41B | 5.37B |
| Research & Development | 7.63B | 7.27B | 5.96B | 4.78B | 4.43B | 4.82B |
| Other Operating Expenses | 14.00M | 118.00M | 230.00M | 96.00M | 1.00M | 187.00M |
| Operating Expenses | 14.66B | 14.44B | 13.29B | 10.57B | 9.85B | 10.37B |
| Operating Income | 12.72B | 11.57B | 9.68B | 9.82B | 10.10B | 9.15B |
| Interest Expense | -3.08B | -3.16B | -3.67B | -4.10B | -1.53B | -1.21B |
| Interest & Investment Income | 408.00M | 408.00M | 510.00M | 1.23B | 127.00M | 11.00M |
| Currency Exchange Gain (Loss) | -102.00M | 221.00M | -75.00M | 42.00M | -233.00M | -245.00M |
| Other Non Operating Income (Expenses) | 639.00M | 178.00M | 512.00M | 1.13B | -180.00M | 978.00M |
| EBT Excluding Unusual Items | 10.59B | 9.22B | 6.96B | 8.12B | 8.28B | 8.69B |
| Merger & Restructuring Charges | -905.00M | -1.30B | -2.40B | -1.14B | -30.00M | |
| Gain (Loss) on Sale of Investments | 866.00M | 1.99B | -146.00M | 1.44B | -479.00M | -474.00M |
| Gain (Loss) on Sale of Assets | -567.00M | |||||
| Asset Writedown | -400.00M | -1.20B | -783.00M | |||
| Other Unusual Items | 132.00M | 270.00M | 197.00M | 225.00M | 143.00M | -7.00M |
| Pretax Income | 10.29B | 8.98B | 4.61B | 7.86B | 7.35B | 6.70B |
| Income Tax Expense | 1.54B | 1.26B | 519.00M | 1.14B | 794.00M | 808.00M |
| Net Income | 8.74B | 7.71B | 4.09B | 6.72B | 6.55B | 5.89B |
| Net Income to Common | 8.74B | 7.71B | 4.09B | 6.72B | 6.55B | 5.89B |
| Shares Outstanding (Basic) | 539.00M | 538.00M | 537.00M | 535.00M | 538.00M | 570.00M |
| Shares Outstanding (Diluted) | 543.50M | 542.00M | 541.00M | 538.00M | 541.00M | 573.00M |
| EPS (Basic) | 16.22 | 14.33 | 7.62 | 12.56 | 12.18 | 10.34 |
| EPS (Diluted) | 16.09 | 14.23 | 7.56 | 12.49 | 12.11 | 10.28 |
| Free Cash Flow | 10.18B | 8.10B | 10.39B | 7.36B | 8.79B | 8.38B |
| Free Cash Flow Per Share | 18.72 | 14.95 | 19.21 | 13.68 | 16.24 | 14.63 |
| Dividend Per Share | 9.80 | 9.52 | 9.00 | 8.52 | 7.76 | 7.04 |
| Gross Margin | 71.89% | 70.78% | 68.71% | 72.35% | 75.78% | 75.16% |
| Operating Margin | 33.40% | 31.49% | 28.95% | 34.85% | 38.36% | 35.23% |
| Profit Margin | 22.95% | 20.98% | 12.24% | 23.83% | 24.89% | 22.68% |
| Free Cash Flow Margin | 26.71% | 22.04% | 31.10% | 26.11% | 33.37% | 32.26% |
| EBITDA | 17.27B | 16.62B | 15.16B | 13.76B | 13.36B | 12.55B |
| EBITDA Margin | 45.33% | 45.21% | 45.35% | 48.79% | 50.75% | 48.30% |
| D&A For EBITDA | 4.54B | 5.04B | 5.48B | 3.93B | 3.26B | 3.40B |
| EBIT | 12.72B | 11.57B | 9.68B | 9.82B | 10.10B | 9.15B |
| EBIT Margin | 33.40% | 31.49% | 28.95% | 34.85% | 38.36% | 35.23% |
| Effective Tax Rate | 15.01% | 14.09% | 11.26% | 14.49% | 10.81% | 12.06% |
| Revenue as Reported | 38.09B | 36.75B | 33.42B | 28.19B | 26.32B | 25.98B |
| Advertising Expenses | 963.00M | 987.00M | 647.00M | 841.00M | 843.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 13.99B | 9.13B | 11.97B | 10.94B | 7.63B | 7.99B |
| Short-Term Investments | 1.68B | 48.00M | ||||
| Cash & Short-Term Investments | 13.99B | 9.13B | 11.97B | 10.94B | 9.30B | 8.04B |
| Accounts Receivable | 10.23B | 9.57B | 6.78B | 7.27B | 5.56B | 4.89B |
| Other Receivables | 674.00M | 829.00M | 944.00M | |||
| Receivables | 10.23B | 9.57B | 6.78B | 7.94B | 6.39B | 5.84B |
| Inventory | 6.22B | 6.22B | 7.00B | 9.52B | 4.93B | 4.09B |
| Prepaid Expenses | 2.94B | 2.14B | 1.65B | 1.20B | 1.22B | |
| Other Current Assets | 4.53B | 1.19B | 1.14B | 281.00M | 355.00M | 200.00M |
| Total Current Assets | 34.96B | 29.06B | 29.03B | 30.33B | 22.19B | 19.39B |
| Property, Plant & Equipment | 8.55B | 8.52B | 7.10B | 6.59B | 6.01B | 5.75B |
| Long-Term Investments | 6.50B | 6.80B | 4.77B | 5.06B | 3.16B | 4.50B |
| Goodwill | 18.67B | 18.68B | 18.64B | 18.63B | 15.53B | 14.89B |
| Other Intangible Assets | 20.49B | 22.28B | 27.70B | 32.64B | 16.08B | 15.18B |
| Other Long-Term Assets | 6.47B | 5.25B | 4.60B | 3.90B | 2.16B | 1.46B |
| Total Assets | 95.64B | 90.59B | 91.84B | 97.15B | 65.12B | 61.16B |
| Accounts Payable | 2.87B | 2.37B | 1.91B | 1.59B | 1.57B | 1.37B |
| Accrued Expenses | 17.19B | 6.04B | 5.27B | 5.10B | 4.05B | 8.26B |
| Current Portion of Long-Term Debt | 5.45B | 4.60B | 3.55B | 1.44B | 1.59B | 87.00M |
| Current Portion of Leases | 135.00M | 107.00M | 119.00M | 156.00M | 145.00M | |
| Current Income Taxes Payable | 379.00M | 2.58B | 1.66B | 1.20B | 701.00M | |
| Other Current Liabilities | 1.00M | 11.96B | 9.68B | 8.48B | 7.12B | 1.62B |
| Total Current Liabilities | 25.50B | 25.49B | 23.10B | 18.39B | 15.69B | 12.18B |
| Long-Term Debt | 51.86B | 50.01B | 56.55B | 63.17B | 37.35B | 33.22B |
| Long-Term Leases | 696.00M | 673.00M | 691.00M | 539.00M | 525.00M | |
| Long-Term Deferred Tax Liabilities | 1.30B | 1.37B | 1.62B | 2.35B | 11.00M | |
| Other Long-Term Liabilities | 5.29B | 4.37B | 4.03B | 6.32B | 7.87B | 8.53B |
| Total Liabilities | 83.95B | 81.93B | 85.96B | 90.92B | 61.46B | 54.47B |
| Common Stock | 34.08B | 34.02B | 33.53B | 33.07B | 32.51B | 32.10B |
| Retained Earnings | -22.27B | -25.11B | -27.59B | -26.55B | -28.62B | -24.60B |
| Comprehensive Income & Other | -119.00M | -258.00M | -66.00M | -289.00M | -231.00M | -796.00M |
| Shareholders' Equity | 11.69B | 8.66B | 5.88B | 6.23B | 3.66B | 6.70B |
| Total Liabilities & Equity | 95.64B | 90.59B | 91.84B | 97.15B | 65.12B | 61.16B |
| Total Debt | 57.30B | 55.44B | 60.88B | 65.42B | 39.64B | 33.98B |
| Net Cash (Debt) | -43.31B | -46.31B | -48.91B | -54.48B | -30.34B | -25.94B |
| Net Cash Per Share | -79.70 | -85.44 | -90.40 | -101.26 | -56.07 | -45.27 |
| Filing Date Shares Outstanding | 540.63M | 539.07M | 537.20M | 535.92M | 533.98M | 557.03M |
| Total Common Shares Outstanding | 540.60M | 538.80M | 536.90M | 535.40M | 534.00M | 558.30M |
| Working Capital | 9.46B | 3.57B | 5.93B | 11.94B | 6.50B | 7.20B |
| Book Value Per Share | 21.62 | 16.07 | 10.95 | 11.64 | 6.86 | 12.00 |
| Tangible Book Value | -27.47B | -32.30B | -40.46B | -45.04B | -27.95B | -23.37B |
| Tangible Book Value Per Share | -50.81 | -59.94 | -75.36 | -84.12 | -52.34 | -41.86 |
| Land | 348.00M | 346.00M | 339.00M | 292.00M | 279.00M | |
| Buildings | 4.93B | 4.80B | 4.51B | 4.20B | 4.03B | |
| Machinery | 7.70B | 7.23B | 7.09B | 6.86B | 6.67B | |
| Construction In Progress | 3.39B | 2.05B | 1.55B | 1.21B | 987.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 8.74B | 7.71B | 4.09B | 6.72B | 6.55B | 5.89B |
| Depreciation & Amortization | 4.67B | 5.17B | 5.59B | 4.07B | 3.42B | 3.40B |
| Loss (Gain) From Sale of Assets | 567.00M | |||||
| Asset Writedown & Restructuring Costs | 400.00M | 1.20B | 159.00M | 851.00M | 1.50B | |
| Loss (Gain) From Sale of Investments | -1.02B | -2.06B | 159.00M | -1.56B | 1.02B | 33.00M |
| Stock-Based Compensation | 492.00M | 494.00M | 530.00M | 431.00M | 401.00M | 341.00M |
| Other Operating Activities | -286.00M | -572.00M | -1.41B | -1.55B | -1.50B | -715.00M |
| Change in Accounts Receivable | -1.53B | -2.68B | 441.00M | -1.01B | -746.00M | -429.00M |
| Change in Inventory | 346.00M | 886.00M | 2.53B | 491.00M | -742.00M | -165.00M |
| Change in Accounts Payable | -157.00M | 428.00M | 312.00M | -402.00M | 154.00M | -69.00M |
| Change in Income Taxes | 482.00M | -1.76B | -1.50B | -660.00M | -418.00M | -650.00M |
| Change in Other Net Operating Assets | 346.00M | 1.14B | 583.00M | 1.10B | 1.02B | 119.00M |
| Operating Cash Flow | 12.48B | 9.96B | 11.49B | 8.47B | 9.72B | 9.26B |
| Capital Expenditures | -2.30B | -1.86B | -1.10B | -1.11B | -936.00M | -880.00M |
| Cash Acquisitions | -53.00M | -53.00M | -26.99B | -3.84B | -2.53B | |
| Investment in Securities | 1.67B | -1.37B | 4.33B | |||
| Other Investing Activities | -36.00M | -32.00M | 50.00M | 224.00M | 100.00M | -192.00M |
| Investing Cash Flow | -2.39B | -1.94B | -1.05B | -26.20B | -6.04B | 733.00M |
| Long-Term Debt Issued | 27.78B | 6.92B | 4.95B | |||
| Long-Term Debt Repaid | -5.68B | -4.26B | -2.10B | -297.00M | -4.15B | |
| Net Debt Issued (Repaid) | 1.32B | -5.68B | -4.26B | 25.68B | 6.62B | 795.00M |
| Repurchase of Common Stock | -200.00M | -6.36B | -4.97B | |||
| Common Dividends Paid | -5.29B | -5.12B | -4.83B | -4.56B | -4.20B | -4.01B |
| Other Financing Activities | -157.00M | -52.00M | -124.00M | -72.00M | -103.00M | -78.00M |
| Financing Cash Flow | -4.12B | -10.86B | -9.41B | 21.05B | -4.04B | -8.27B |
| Net Cash Flow | 5.96B | -2.84B | 1.03B | 3.31B | -360.00M | 1.72B |
| Free Cash Flow | 10.18B | 8.10B | 10.39B | 7.36B | 8.79B | 8.38B |
| Free Cash Flow Margin | 26.71% | 22.04% | 31.10% | 26.11% | 33.37% | 32.26% |
| Free Cash Flow Per Share | 18.72 | 14.95 | 19.21 | 13.68 | 16.24 | 14.63 |
| Levered Free Cash Flow | 8.65B | 7.50B | 13.73B | 3.39B | 8.69B | 7.52B |
| Unlevered Free Cash Flow | 10.57B | 9.48B | 16.02B | 5.95B | 9.65B | 8.27B |
| Cash Interest Paid | 2.90B | 2.90B | 3.30B | 2.40B | 1.20B | 1.20B |
| Cash Income Tax Paid | 4.30B | 4.30B | 2.90B | 3.40B | 2.40B | 1.90B |
| Change in Working Capital | -516.00M | -1.98B | 2.37B | -484.00M | -733.00M | -1.19B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 251.94B | 176.25B | 140.10B | 154.14B | 140.14B | 126.72B |
| Enterprise Value | 295.25B | 221.39B | 191.49B | 179.87B | 167.37B | 151.38B |
| Last Close Price | 466.01 | 320.75 | 247.36 | 265.33 | 233.84 | 194.17 |
| PE Ratio | 28.95 | 22.86 | 34.26 | 22.95 | 21.39 | 21.50 |
| Forward PE | 19.76 | 15.46 | 12.59 | 14.95 | 14.40 | 13.06 |
| PS Ratio | 6.61 | 4.80 | 4.19 | 5.47 | 5.32 | 4.88 |
| PB Ratio | 21.55 | 20.36 | 23.84 | 24.73 | 38.28 | 18.91 |
| P/FCF Ratio | 24.76 | 21.76 | 13.48 | 20.95 | 15.95 | 15.12 |
| P/OCF Ratio | 20.19 | 17.70 | 12.19 | 18.20 | 14.42 | 13.68 |
| PEG Ratio | 4.01 | 3.20 | 2.52 | 2.61 | 2.38 | 1.99 |
| EV/Sales Ratio | 7.75 | 6.02 | 5.73 | 6.38 | 6.36 | 5.83 |
| EV/EBITDA Ratio | 17.10 | 13.32 | 12.63 | 13.08 | 12.53 | 12.06 |
| EV/EBIT Ratio | 23.20 | 19.13 | 19.79 | 18.31 | 16.57 | 16.54 |
| EV/FCF Ratio | 29.02 | 27.33 | 18.42 | 24.44 | 19.05 | 18.06 |
| Debt / Equity Ratio | 4.90 | 6.40 | 10.36 | 10.50 | 10.83 | 5.07 |
| Debt / EBITDA Ratio | 3.27 | 3.29 | 3.96 | 4.69 | 2.93 | 2.67 |
| Debt / FCF Ratio | 5.63 | 6.84 | 5.86 | 8.89 | 4.51 | 4.05 |
| Net Debt / Equity Ratio | 3.71 | 5.35 | 8.32 | 8.74 | 8.29 | 3.87 |
| Net Debt / EBITDA Ratio | 2.51 | 2.79 | 3.23 | 3.96 | 2.27 | 2.07 |
| Net Debt / FCF Ratio | 4.26 | 5.72 | 4.71 | 7.40 | 3.45 | 3.10 |
| Asset Turnover | 0.41 | 0.40 | 0.35 | 0.35 | 0.42 | 0.42 |
| Inventory Turnover | 1.67 | 1.62 | 1.27 | 1.08 | 1.41 | 1.62 |
| Quick Ratio | 0.95 | 0.73 | 0.81 | 1.03 | 1.00 | 1.14 |
| Current Ratio | 1.37 | 1.14 | 1.26 | 1.65 | 1.41 | 1.59 |
| Return on Equity (ROE) | 91.47% | 106.10% | 67.55% | 135.79% | 126.47% | 73.16% |
| Return on Assets (ROA) | 8.67% | 7.93% | 6.40% | 7.57% | 9.99% | 9.22% |
| Return on Invested Capital (ROIC) | 19.76% | 18.12% | 14.87% | 17.74% | 27.03% | 24.82% |
| Return on Capital Employed (ROCE) | 18.10% | 17.80% | 14.10% | 12.50% | 20.40% | 18.70% |
| Earnings Yield | 3.45% | 4.38% | 2.92% | 4.36% | 4.67% | 4.65% |
| FCF Yield | 4.04% | 4.60% | 7.42% | 4.77% | 6.27% | 6.61% |
| Dividend Yield | 2.16% | 2.91% | 3.45% | 2.96% | 2.96% | 3.10% |
| Payout Ratio | 62.63% | 66.45% | 118.14% | 67.83% | 64.04% | 68.10% |
| Buyback Yield / Dilution | -0.46% | -0.18% | -0.56% | 0.56% | 5.58% | 2.88% |
| Total Shareholder Return | 1.70% | 2.73% | 2.89% | 3.51% | 8.54% | 5.98% |