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AMGEN INCAMGN

Sector
Healthcare
Industry
Biological Products, (No Diagnostic Substances)
Exchange
Nasdaq

Stock Price $AMGN

Latest filings

You are here#7 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1210-Q328-K125

AMGN filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 125 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jul ’18Jul ’18
  2. Deal closed8-K · Apr ’21Apr ’21
  3. Material agreement8-K · Jan ’23Jan ’23
  4. FY2024 annual report10-K · Feb ’25Feb ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

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

  19. $36.75B
YoY changeLargest recent move+18.6%in FY24Latest +10.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All AMGN Financial Metrics58 metrics

Income Statement15

Balance Sheet24

Cash Flow14

Per Share5

02—Overview

AMGEN INC Financial Overview 2021–2025

Updated Jul 10, 2026

In FY2024, Amgen’s total revenue surged 19% to $33.42 billiona, 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 billionb 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 billionc, 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

03—Filings

Recent SEC Filings

  1. 8-KAMGEN INC 8-K Report, Financial Results (Aug 4, 2026)Amgen reported second-quarter 2026 results that beat on the top and bottom lines against the prior-year period. Total revenues rose 10% to $10.1 billion, with product sales up 9% to $9.5 billion driven mainly by volume. GAAP diluted EPS more than doubled... rising 65% to $4.37, largely because of lower acquisition-related amortization and a much smaller prior-year equity investment loss. Non-GAAP diluted EPS grew 4% to $6.29, held back by higher R&D (up 10%, led by MariTide Phase 3 spending), higher cost of sales from profit share and manufacturing, and a higher tax rate. Free cash flow was $3.5 billion versus $1.9 billion a year earlier, though the comparison is flattered by the final repatriation tax payment in Q2 2025. Growth is concentrated in newer products. Six key growth drivers rose 26% and represent nearly 70% of product sales, with strong gains from Repatha (+37%), EVENITY (+38%), TEZSPIRE (+42%), UPLIZNA (+90%), PAVBLU (+121%) and IMDELLTRA (+115%). Legacy franchises are under pressure from biosimilar and IRA-related pricing erosion: Prolia fell 32%, XGEVA fell 34%, Otezla fell 21%, and Enbrel fell 4% with net selling price down 22%. The company also faces a regulatory overhang on TAVNEOS, where the FDA has requested voluntary withdrawal and Amgen has requested a hearing, and it paused enrollment in two subcutaneous blinatumomab studies after an FDA partial clinical hold. Guidance was not changed in the excerpt provided: full-year 2026 non-GAAP EPS is $22.30 to $23.50, GAAP EPS is $15.80 to $17.08, and total revenues are expected at $38.2 to $39.4 billion. Balance sheet leverage increased, with debt rising to $57.3 billion from $54.6 billion at year-end 2025, and no share repurchases were made in the quarter. Investors will likely focus on the durability of the growth franchises, MariTide's Phase 3 progress, and the TAVNEOS regulatory outcome.
  2. 8-KAMGEN 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.
  3. 8-KAMGEN 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.
  4. 8-KAMGEN INC 8-K Report, Executive Changes (May 19, 2026)Amgen (AMGN) announced in an 8-K filed May 19, 2026 that CFO Peter H. Griffith will retire from his Executive Vice President and Chief Financial Officer role effective August 31, 2026, after serving in the role since 2020. He will remain employed as a non-executive Executive Vice President through January 31, 2027 to support a transition, and he is retirement-eligible under company plans, so he will receive standard retirement benefits upon departure. Thomas Dittrich, 62, has been named his successor. He joins as a non-executive Executive Vice President on July 1, 2026 and becomes Executive Vice President and CFO effective September 1, 2026, reporting to Chairman and CEO Robert A. Bradway. He previously held senior finance roles at Amgen (including VP Finance and Chief Accounting Officer) and most recently served as CFO of Galderma Group AG, with prior CFO roles at Shire and Sulzer. His service at Galderma is expected to end June 30, 2026. Investors should note that the disclosed compensation package is substantial and front-loaded with make-whole awards designed to offset forfeited equity at his current employer. The transition appears planned and overlapping, with a two-month handover period and a retiring CFO available through January 2027, which reduces near-term execution risk. The filing does not indicate any change to Amgen's financial guidance, operations, or pipeline. The main items to monitor are Dittrich's relocation from Switzerland to California, the retention clawback terms, and whether the new CFO sets different capital allocation or reporting priorities.
  5. 8-KAMGEN INC 8-K Report, Financial Results (Apr 30, 2026)Amgen reported first quarter 2026 results that beat the prior-year period on the bottom line, with total revenues up 6% to $8.6 billion, GAAP EPS up 4% to $3.34, and non-GAAP EPS up 5% to $5.15. Product sales grew 4% to $8.2 billion, driven by 9% volume growth partially offset by 2% lower net selling price and 2% lower inventory. Sixteen products grew at least double digits, led by volume gains in Repatha, Uplizna, Imdelltra, Tepezza, and Tezspire. Profitability was strong: GAAP operating margin rose 17.4 points to 32.4%, largely because of lower acquisition-related amortization and a prior-year $800 million Otezla impairment, while non-GAAP operating margin edged down 0.4 points to 45.3%. Free cash flow rose to $1.5 billion from $1.0 billion, and debt climbed to $57.3 billion as cash reached $12.0 billion. The main risks are concentrated in legacy franchises and one regulatory matter. Prolia (down 34%), XGEVA (down 27%), and Enbrel (down 37%) face accelerating erosion from biosimilar competition and Medicare Part D price setting under the Inflation Reduction Act. The FDA has proposed withdrawing approval of TAVNEOS, citing questions about the evidence of effectiveness and the accuracy of ChemoCentryx's original application, and it also issued a Drug Safety Communication on fatal liver injury cases. Amgen says TAVNEOS will remain on the market during the review and that it intends to contest the proposal. Full-year 2026 guidance was reiterated with non-GAAP EPS of $21.70 to $23.10 and revenue of $37.1 billion to $38.5 billion, and the company is advancing a late-stage pipeline including MariTide Phase 3 obesity studies. For investors, the quarter shows underlying volume momentum in newer launches offsetting pricing and biosimilar pressure on the legacy base. The TAVNEOS regulatory process is the key near-term event to monitor, along with the pace of erosion in Prolia and XGEVA and execution on the MariTide program. No share repurchases were made in the quarter, and the dividend rose 6% to $2.52 per share.
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04—See also

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