AMGN
SP100NasdaqGSAmgen Inc.
Healthcare · Drug Manufacturers - General · United States
Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel for the treatment of rheumatoid arthritis, plaque psoriasis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout. It also markets other products, including PROLIA, REPATHA, OTEZLA, ENBREL, EVENITY, XGEVA, TEPEZZA, BLINCYTO, NPLATE, TEZSPIRE, KYPROLIS, ARANESP, KRYSTEXXA AND VECTIBIX, MVASI, PAVBLU, UPLIZNA, IMDELLTRA/IMDYLLTRA, AMJEVITA/AMGEVITA, TAVNEOS, NEULASTA, LUMAKRAS/LUMYKRAS, RAVICTI, PARSABIV, AIMOVIG, WEZLANA/WEZENLA, AND PROCYSBI. The company serves healthcare providers, including physicians or their clinics, dialysis centers, hospitals, and pharmacies. It distributes its products through pharmaceutical wholesale distributors. The company has collaboration agreements with AstraZeneca plc for the development and commercialization of TEZSPIRE; BEONE MEDICINES LTD. to develop and commercialize Aimovig; UCB for the development and commercialization of EVENITY; Kyowa Kirin Co., Ltd. for rocatinlimab development and commercialization; and BeiGene, Ltd. for oncology products expansion and development. The company was incorporated in 1980 and is headquartered in Thousand Oaks, California.
www.amgen.com ↗Shares trade at a premium 26.0× trailing earnings, easing to 15.9× on forward estimates. Profitability shows a net margin of 21.0% and return on equity of 101.3%. Leverage is elevated at 2.7× net debt/EBITDA. Revenue grew 5.8% year-on-year. It yields 2.7% in dividends. The mean analyst target of USD354.76 sits 5.2% below the current price (Buy, 29 analysts).
business model
Amgen is a biotechnology company that discovers, develops, manufactures, and sells biologic and small-molecule therapies, primarily branded prescription drugs sold to wholesalers, pharmacies, and providers. Revenue is driven by patent-protected medicines, increasingly supplemented by biosimilars.
revenue segments
Product revenue spans general medicine/cardiovascular (Repatha, Prolia/Evenity), inflammation (Enbrel, Tezspire, Otezla), oncology/hematology (Blincyto, Kyprolis, Xgeva, Lumakras), rare disease (from the Horizon Therapeutics acquisition, including Tepezza and Krystexxa), and a growing biosimilars portfolio. The US is the dominant market with meaningful international sales.
key dependencies
Depends on patent protection, R&D pipeline productivity, FDA/EMA approvals, specialized biologics manufacturing, and reimbursement from payers. US pricing policy (including IRA Medicare negotiation, which affects Enbrel) is a significant dependency, and the obesity drug MariTide is a key pipeline watch item.
competitors
Competes with large pharma and biotech including AbbVie, Pfizer, Merck, Bristol-Myers Squibb, Novartis, Roche, Regeneron, Eli Lilly, and biosimilar manufacturers.
moat
Moat derives from patents, complex biologics manufacturing expertise, regulatory barriers, established brands, and scale; its own biosimilar capability provides an additional growth avenue as competitors' patents expire.
risks
Risks include patent expirations and biosimilar competition on legacy drugs (Enbrel, Prolia), Medicare price negotiation, pipeline setbacks, high debt from the Horizon acquisition, and pricing/reimbursement pressure.
Financials & metrics
as of 27 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $36.75B | $33.42B | $28.19B | $26.32B | — |
| Cost of revenue | $12.04B | $12.86B | $8.45B | $6.41B | — |
| Gross profit | $24.71B | $20.57B | $19.74B | $19.92B | — |
| Operating expense | $15.63B | $13.31B | $11.84B | $10.35B | — |
| R&D | $7.27B | $5.96B | $4.78B | $4.43B | — |
| Operating income | $9.08B | $7.26B | $7.90B | $9.57B | — |
| Interest expense | $2.75B | $3.15B | $2.88B | $1.41B | — |
| Pretax income | $8.98B | $4.61B | $7.86B | $7.35B | — |
| Tax provision | $1.26B | $519.00M | $1.14B | $794.00M | — |
| Net income | $7.71B | $4.09B | $6.72B | $6.55B | — |
| EBITDA | $16.90B | $13.36B | $14.80B | $12.17B | — |
| Diluted EPS | $14.23 | $7.56 | $12.49 | $12.11 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $90.59B | $91.84B | $97.15B | $65.12B | — |
| Current assets | $29.06B | $29.03B | $30.33B | $22.19B | — |
| Cash & equivalents | $9.13B | $11.97B | $10.94B | $7.63B | — |
| Inventory | $6.22B | $7.00B | $9.52B | $4.93B | — |
| Total liabilities | $81.93B | $85.96B | $90.92B | $61.46B | — |
| Current liabilities | $25.49B | $23.10B | $18.39B | $15.69B | — |
| Total debt | $54.60B | $60.10B | $64.61B | $38.95B | — |
| Long-term debt | $50.01B | $56.55B | $63.17B | $37.35B | — |
| Shareholders' equity | $8.66B | $5.88B | $6.23B | $3.66B | — |
| Retained earnings | -$25.11B | -$27.59B | -$26.55B | -$28.62B | — |
| Working capital | $3.57B | $5.93B | $11.94B | $6.50B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $9.96B | $11.49B | $8.47B | $9.72B | — |
| Investing cash flow | -$1.94B | -$1.05B | -$26.20B | -$6.04B | — |
| Financing cash flow | -$10.86B | -$9.41B | $21.05B | -$4.04B | — |
| Capital expenditure | -$1.86B | -$1.10B | -$1.11B | -$936.00M | — |
| Free cash flow | $8.10B | $10.39B | $7.36B | $8.79B | — |
| Dividends paid | -$5.12B | -$4.83B | -$4.56B | -$4.20B | — |
| Share buybacks | $0.00 | -$200.00M | $0.00 | -$6.36B | — |
| End cash position | $9.13B | $11.97B | $10.94B | $7.63B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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