AMGEN INCAMGN
AMGEN INC Financial Overview 2021–2025
Updated Jul 10, 2026In 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
FY2025
NI
$7.71B
FY2025
EPS
$14.33
FY2025
OCF
$9.96B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
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.
AMGEN INC 8-K Report, Executive Changes (Apr 22, 2026)
Amgen Inc. has announced a significant leadership transition with the upcoming retirement of Executive Vice President and Chief Technology Officer, David M. Reese, effective June 30, 2026. This departure marks the end of an era for Dr. Reese's tenure, during which he held a critical role in shaping the company's technological direction. In response to Dr. Reese's retirement, Amgen is redistributing the responsibilities of the CTO role to a triumvirate of executive leaders: James E. Bradner (EVP, Research and Development, Artificial Intelligence and Data), Murdo Gordon (EVP, Amgen Global Markets and Policy), and Peter H. Griffith (EVP and Chief Financial Officer). This strategic reallocation, effective June 1, 2026, aims to further integrate science, technology, and data across the organization, fostering stronger alignment between commercial, medical, and policy functions. Dr. Reese will continue to serve in an advisory capacity until his retirement.
AMGEN INC 8-K Report, Material Agreement (Feb 19, 2026)
Amgen Inc. (AMGN) has filed an 8-K report detailing a significant debt offering completed on February 17, 2026. The company successfully issued and sold a total of $4.0 billion in senior notes across four tranches with varying maturity dates and interest rates. This offering includes $1 billion of 4.200% Senior Notes due 2031, $1.75 billion of 4.850% Senior Notes due 2036, $500 million of 5.500% Senior Notes due 2046, and $750 million of 5.650% Senior Notes due 2056. The net proceeds from this offering are approximately $3.96 billion, which will be used by the company for its general corporate purposes. The issuance of these notes, registered under an effective Form S-3, represents a strategic move to secure long-term funding. Investors should note that these senior notes rank equally with other existing and future senior unsecured indebtedness of Amgen. The terms include a provision for a change in control triggering event, where noteholders can require Amgen to repurchase their notes at 101% of the principal amount plus accrued interest. This debt financing is a material event for Amgen, impacting its capital structure and future financial obligations.
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