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AMGN

Amgen Inc.

AMGN

Amgen Inc. • NASDAQ
$345.46 ▲ 0.26% (+0.89)
Market Cap $186.02 B
52w High $345.84
52w Low $253.30
Dividend Yield 9.52%
P/E 26.74
Volume 946.52K
Outstanding Shares 538.48M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.557B ▲ $3.949B ▲ $3.216B ▲ 33.651% ▲ $5.98 ▲ $5.913B ▲
Q2-2025 $9.167B ▲ $3.512B ▼ $1.432B ▼ 15.621% ▼ $2.66 ▼ $3.617B ▼
Q1-2025 $8.149B ▼ $4.003B ▲ $1.73B ▲ 21.23% ▲ $3.22 ▲ $4.083B ▲
Q4-2024 $9.086B ▲ $3.663B ▲ $627M ▼ 6.901% ▼ $1.17 ▼ $2.926B ▼
Q3-2024 $8.503B $3.146B $2.83B 33.282% $5.27 $5.273B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $9.445B ▲ $90.141B ▲ $80.522B ▲ $9.619B ▲
Q2-2025 $8.028B ▼ $87.897B ▼ $80.469B ▼ $7.428B ▲
Q1-2025 $8.81B ▼ $89.367B ▼ $83.16B ▼ $6.207B ▲
Q4-2024 $11.973B ▲ $91.839B ▲ $85.962B ▲ $5.877B ▼
Q3-2024 $9.011B $90.883B $83.356B $7.527B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.216B ▲ $4.684B ▲ $-414M ▼ $-2.853B ▼ $1.417B ▲ $4.248B ▲
Q2-2025 $1.432B ▼ $2.28B ▲ $-389M ▲ $-2.673B ▲ $-782M ▲ $1.911B ▲
Q1-2025 $1.73B ▲ $1.391B ▼ $-447M ▼ $-4.107B ▼ $-3.163B ▼ $980M ▼
Q4-2024 $627M ▼ $4.771B ▲ $-402M ▼ $-1.407B ▲ $2.962B ▲ $4.4B ▲
Q3-2024 $2.83B $3.571B $-210M $-3.651B $-290M $3.314B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Aranesp
Aranesp
 $310.00M ▲$340.00M ▲$360.00M ▲$360.00M ▲
BLINCYTO
BLINCYTO
 $380.00M ▲$370.00M ▼$380.00M ▲$390.00M ▲
ENBREL
ENBREL
 $1.01Bn ▲$510.00M ▼$600.00M ▲$580.00M ▼
EVENITY
EVENITY
 $430.00M ▲$440.00M ▲$520.00M ▲$540.00M ▲
KRYSTEXXA
KRYSTEXXA
 $350.00M ▲$240.00M ▼$350.00M ▲$320.00M ▼
Kyprolis
Kyprolis
 $370.00M ▲$320.00M ▼$380.00M ▲$360.00M ▼
Nplate
Nplate
 $340.00M ▲$310.00M ▼$370.00M ▲$460.00M ▲
Otezla
Otezla
 $620.00M ▲$440.00M ▼$620.00M ▲$580.00M ▼
Other Products
Other Products
 $4.27Bn ▲$1.65Bn ▼$1.69Bn ▲$1.85Bn ▲
Product and Service Other
Product and Service Other
 $1.05Bn ▲$280.00M ▼$410.00M ▲$420.00M ▲
Prolia
Prolia
 $1.17Bn ▲$1.10Bn ▼$1.12Bn ▲$1.14Bn ▲
Repatha evolocumab
Repatha evolocumab
 $610.00M ▲$660.00M ▲$700.00M ▲$790.00M ▲
TEPEZZA
TEPEZZA
 $460.00M ▲$380.00M ▼$510.00M ▲$560.00M ▲
TEZSPIRE
TEZSPIRE
 $300.00M ▲$280.00M ▼$340.00M ▲$380.00M ▲
Vectibix
Vectibix
 $250.00M ▲$270.00M ▲$300.00M ▲$280.00M ▼
XGEVA
XGEVA
 $560.00M ▲$570.00M ▲$530.00M ▼$540.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Amgen’s income statement shows a company growing its top line but facing some pressure on profitability. Revenue has trended upward over the past five years, with a notable step‑up recently, helped by new products and acquisitions. Gross profit remains strong, indicating that core drug economics are still attractive. However, operating profit and net income have been more uneven and recently weaker, suggesting higher costs from R&D, acquisitions, integration, and interest on a larger debt load. Earnings per share have come down from earlier peaks, so while the business is expanding, reported profitability is not rising in lockstep with sales. Overall, the picture is of a mature, cash‑generating business in an investment phase rather than one optimizing for near‑term earnings.

Balance Sheet

Balance Sheet The balance sheet reflects a large, asset‑heavy biotech with meaningful financial leverage. Total assets have climbed significantly, especially in recent years, driven by acquisitions and an expanded drug portfolio. Cash balances are solid, offering some flexibility. At the same time, debt has increased sharply and now represents a substantial portion of the capital structure, while equity remains relatively thin. This mix points to a strategy that leans heavily on borrowing to fund deals and growth. The upside is a scaled platform with more products and capabilities; the trade‑off is higher sensitivity to interest costs, refinancing conditions, and execution risk on acquired assets.

Cash Flow

Cash Flow Cash flow is a clear strength. Amgen consistently generates robust cash from operations, and that cash generation has improved recently despite the volatility in reported earnings. Capital spending needs are modest relative to cash inflows, so free cash flow remains strong and has generally trended upward over time. This provides ample internal funding for R&D, dividends, buybacks, and debt repayment. In essence, the underlying cash engine looks healthier than the recent net income line might suggest, which can help the company manage its heavier debt burden and continue investing in its pipeline.

Competitive Edge

Competitive Edge Amgen holds a strong competitive position built on several layers of advantage. It is a pioneer in biologic medicines, with deep expertise in complex manufacturing that is hard and costly for competitors to copy. A diversified portfolio of established drugs across oncology, inflammation, cardiovascular, bone health, and now rare diseases helps reduce dependence on any single product. Patents and intellectual property protect key therapies, while a global commercial and regulatory infrastructure supports launches and market access around the world. In addition, Amgen competes both in innovative biologics and in biosimilars, giving it multiple ways to benefit from industry trends. The main structural challenges are ongoing price pressure from payers, patent expirations over time, and intensifying competition in high‑value areas like obesity and oncology.

Innovation and R&D

Innovation and R&D Innovation and R&D are central to Amgen’s strategy and appear to be a major long‑term asset. The company is pushing forward in several cutting‑edge areas: advanced biologics manufacturing, bispecific T‑cell engagers for cancer, genetic‑driven target discovery via deCODE, and a growing portfolio of biosimilars. Its pipeline includes potential growth drivers in obesity (MariTide), cardiovascular disease (olpasiran), inflammatory conditions (rocatinlimab), oncology (bemarituzumab and BiTE programs), and rare diseases bolstered by the Horizon acquisition. Amgen is also using digital tools and data science to speed up discovery and development. As with all pharma pipelines, there is substantial uncertainty—clinical setbacks, safety issues, or regulatory delays can materially change the outlook—but the breadth and scientific depth of the R&D platform provide multiple shots on goal.

Summary

Amgen today looks like a large, diversified biotech in transition: revenue and cash flow are growing, helped by acquisitions and new products, while reported earnings are under pressure from higher costs and a much larger debt load. The company’s balance sheet is more leveraged than in the past, which increases financial risk but has also expanded its portfolio and capabilities, especially in rare diseases. Underneath, the cash‑generation profile remains strong, supporting ongoing investment in science and the ability to service debt. Competitively, Amgen benefits from a well‑defended position in biologics, a global commercial footprint, and a dual strategy in both innovative drugs and biosimilars. Its future will hinge on successful execution in its obesity and late‑stage pipeline programs, continued management of patent cycles and pricing pressure, and disciplined handling of its higher leverage. Overall, the story is one of a mature cash‑rich franchise reinvesting heavily to secure its next wave of growth amid typical biopharma risks and uncertainties.

NEWS

November 24, 2025 · 4:10 PM UTC

AMGEN TO PRESENT AT CITI'S 2025 GLOBAL HEALTHCARE CONFERENCE

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November 19, 2025 · 4:01 PM UTC

FDA GRANTS FULL APPROVAL TO AMGEN'S IMDELLTRA® IN EXTENSIVE STAGE SMALL CELL LUNG CANCER

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November 8, 2025 · 10:15 AM UTC

AMGEN'S REPATHA® CUTS RISK OF FIRST MAJOR ADVERSE CARDIOVASCULAR EVENTS BY 25% IN LANDMARK PHASE 3 VESALIUS-CV TRIAL

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November 4, 2025 · 4:01 PM UTC

AMGEN REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS

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October 31, 2025 · 4:01 PM UTC

AMGEN ANNOUNCES 2025 FOURTH QUARTER DIVIDEND

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