AMGEN INCAMGN

AMGEN INC Financial Overview 2021–2025

Updated Jul 10, 2026

In FY2024, Amgen’s total revenue surged 19% to $33.42 billion, an unusually sharp acceleration for a mature biotech historically dragged down by patent expirations. This top-line inflection proves the company can successfully rebuild its growth engine through aggressive acquisitions and high-volume rare-disease franchises. Demonstrating this pivot, total product sales expanded from $24.3 billion in FY2021 to $35.1 billion in FY2025.

The $27.8 billion takeover of Horizon Therapeutics catalyzed this structural shift by injecting immediate scale. By FY2025, key internal assets also fired on all cylinders: sales of the cholesterol drug Repatha jumped 36% to $3.0 billion, while the asthma therapy TEZSPIRE soared 52%. To sustain this momentum, management heavily funded its clinical pipeline, ramping research and development spending by 22% to $7.3 billion in FY2025. These high-growth vectors successfully masked the steep erosion of legacy blockbusters like Prolia and XGEVA, which are actively bleeding market share to new biosimilars. The market rewarded this aggressive repositioning. At the close of FY2025, Amgen commanded a $176.4 billion market capitalization, trading at 23.0x earnings with a share price of $327.31 and $14.23 in earnings per share.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, Amgen sustained its momentum with total revenues growing 6% year-over-year to $8.62 billion, while net income increased 5% to $1.82 billion. Operating expenses dropped 15%, bolstering short-term profitability. The company is actively navigating major executive transitions, announcing the upcoming retirements of its Chief Financial Officer and Chief Technology Officer, while also executing a $3.96 billion debt offering to fortify its balance sheet.

Bulls emphasize the persistent volume strength across the growth portfolio, highlighted by a 34% surge in first-quarter Repatha sales. Conversely, bears warn of rapidly accelerating biosimilar erosion, with legacy mainstays Prolia and XGEVA tumbling 34% and 27%, respectively. Trading at 23.2x earnings as of May 1, 2026, the stock commands a premium valuation that leaves little room for error as these patent cliffs steepen.

What to watch: a looming decision on a major U.S. tax dispute in late 2026; market reception to incoming CFO Thomas Dittrich in Q3 2026

Rev

$36.75B

+10.0% YoY

FY2025

NI

$7.71B

+88.5% YoY

FY2025

EPS

$14.33

+88.1% YoY

FY2025

OCF

$9.96B

-13.3% YoY

FY2025

Revenue Trend
Beta

Year-over-year comparison from 10-K annual reports

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Data from SEC Company Facts

All AMGN Financial Metrics(58)

Recent SEC Filings

AMGEN INC 8-K Report, Financial Results (Aug 4, 2026)

Amgen Inc. (AMGN) has filed an 8-K to report its second quarter 2026 financial results, primarily through the release of its earnings press release (Exhibit 99.1). The filing emphasizes the company's use of non-GAAP financial measures, including non-GAAP earnings per share, operating income, operating margin, tax rate, and operating expenses, along with Free Cash Flow (FCF). Amgen utilizes these non-GAAP metrics to provide a more insightful view of ongoing business operations and to facilitate comparisons across periods, believing they enhance investor understanding of financial performance and future prospects. The press release details the specific items excluded from GAAP measures to arrive at these non-GAAP figures. These exclusions primarily consist of acquisition-related expenses (such as amortization and impairment of acquired intangible assets and inventory), costs associated with restructuring and cost-saving initiatives, and other non-recurring items like gains/losses on investments and legal settlements. The company asserts that these adjustments offer a more meaningful evaluation of current operating performance and comparability to historical results by treating internally developed and acquired assets similarly and excluding infrequent or non-operational events. Investors should review the full press release for detailed reconciliations and specific financial figures.

AMGEN INC 8-K Report, Cybersecurity Incident (Jul 31, 2026)

Amgen Inc. (AMGN) has disclosed a material cybersecurity incident identified in July 2026. The company detected unauthorized activity in its third-party cloud environments, which resulted in the exfiltration of various types of data, including proprietary information, patient protected health information, and other sensitive data. While Amgen has activated its response plan, engaged forensic experts, and is conducting an ongoing investigation, it has not yet identified any impact on its products, manufacturing operations, financial reporting, or its ability to serve patients. The company is actively assessing the full scope of the exfiltrated data and its potential implications. Despite the material nature of the incident, Amgen currently believes it is not reasonably likely to have a material impact on its financial condition or results of operations. Amgen is evaluating regulatory and legal notification requirements and will comply with all necessary disclosures, including to affected patients, as its investigation progresses.

AMGEN INC 8-K Report, Shareholder Vote Results (May 20, 2026)

Amgen Inc. (AMGN) has filed an 8-K Current Report detailing the outcomes of its recent annual meeting of stockholders held on May 19, 2026. The primary focus of the filing is the results of several key shareholder votes. Notably, all 12 director nominees were overwhelmingly elected to serve one-year terms, indicating strong shareholder confidence in the current board's leadership and governance. Furthermore, the company received shareholder approval for its executive compensation plan through an advisory vote, suggesting alignment between management's pay practices and investor expectations. The selection of Ernst & Young LLP as the independent registered public accountants for the fiscal year ending December 31, 2026, was also ratified, reinforcing the company's commitment to robust financial oversight. However, a shareholder proposal seeking to mandate an independent board chairman was not approved, indicating that the current structure of board leadership will remain in place.

AMGEN INC 8-K Report, Executive Changes (May 19, 2026)

Amgen Inc. has announced a significant leadership transition in its finance department. Peter H. Griffith, the current Executive Vice President and Chief Financial Officer (CFO), will retire from his executive role effective August 31, 2026. He will remain with the company in a non-executive officer capacity until January 31, 2027, to ensure a smooth handover and will receive his entitled retirement benefits. The company has appointed Thomas Dittrich, age 62, as the new Executive Vice President and CFO, effective September 1, 2026. Mr. Dittrich will initially join Amgen in a non-executive role from July 1, 2026, to August 31, 2026, based in Rotkreuz, Switzerland, before relocating to Thousand Oaks, California. Mr. Dittrich brings extensive financial leadership experience from his previous roles, including CFO at Galderma Group AG and Shire Pharmaceuticals, and notably, he previously worked at Amgen in senior finance positions.

AMGEN INC 8-K Report, Financial Results (Apr 30, 2026)

Amgen Inc. (AMGN) has filed an 8-K report on April 30, 2026, to announce its first-quarter 2026 financial results. The filing primarily furnishes the company's earnings press release, which details its unaudited operational results for the quarter ended March 31, 2026, and its financial position as of the same date. Investors should note that the press release includes a significant amount of non-GAAP financial measures, which Amgen uses to provide supplementary information and facilitate a more detailed analysis of its ongoing business operations. The non-GAAP measures include adjusted earnings per share, operating income, operating margin, tax rate, and operating expenses. These adjustments primarily exclude acquisition-related expenses, costs from restructuring and cost-saving initiatives, and other items such as gains/losses on investments and legal proceedings. Amgen asserts that these non-GAAP figures, along with Free Cash Flow (FCF), offer a clearer view of the company's operational performance and liquidity, aiding in comparisons across periods and internal evaluations. Investors are advised to review the reconciliations provided in the press release to understand the differences between GAAP and non-GAAP reporting.

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