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Stocks · Health care · Biological Products, (No Diagnostic Substances)

Amgen

AMGN Clue Score50
United States Fiscal year ends December CIK 0000318154
$414.87 +1.82% Close, 9 Oct 2026
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Price $414.87 +100.71% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue22.99Operating income9.79Net income7.72EPS, diluted10.24Fiscal year 2017Revenue22.85 −0.6%Operating income9.97Net income1.98 −74.4%EPS, diluted2.69 −73.7%Fiscal year 2018Revenue23.75 +3.9%Operating income10.26Net income8.39 +324.2%EPS, diluted12.62 +369.1%Fiscal year 2019Revenue23.36 −1.6%Operating income9.67Net income7.84 −6.6%EPS, diluted12.88 +2.1%Fiscal year 2020Revenue25.42 +8.8%Operating income9.14Net income7.26 −7.4%EPS, diluted12.31 −4.4%Fiscal year 2021Revenue25.98 +2.2%Operating income7.64Net income5.89 −18.9%EPS, diluted10.28 −16.5%Fiscal year 2022Revenue26.32 +1.3%Operating income9.57Net income6.55 +11.2%EPS, diluted12.11 +17.8%Fiscal year 2023Revenue28.19 +7.1%Operating income7.90Net income6.72 +2.5%EPS, diluted12.49 +3.1%Fiscal year 2024Revenue33.42 +18.6%Operating income7.26Net income4.09 −39.1%EPS, diluted7.56 −39.5%Fiscal year 2025Revenue36.75 +10.0%Operating income9.08Net income7.71 +88.5%EPS, diluted14.23 +88.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 22.99 22.85 23.75 23.36 25.42 25.98 26.32 28.19 33.42 36.75
Growth −0.6% +3.9% −1.6% +8.8% +2.2% +1.3% +7.1% +18.6% +10.0%
Operating income 9.79 9.97 10.26 9.67 9.14 7.64 9.57 7.90 7.26 9.08
Net income 7.72 1.98 8.39 7.84 7.26 5.89 6.55 6.72 4.09 7.71
Growth −74.4% +324.2% −6.6% −7.4% −18.9% +11.2% +2.5% −39.1% +88.5%
EPS, diluted 10.24 2.69 12.62 12.88 12.31 10.28 12.11 12.49 7.56 14.23
Growth −73.7% +369.1% +2.1% −4.4% −16.5% +17.8% +3.1% −39.5% +88.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin42.6%Net margin33.6%Free cash flow margin41.8%Fiscal year 2017Operating margin43.6%Net margin8.7%Free cash flow margin46.0%Fiscal year 2018Operating margin43.2%Net margin35.3%Free cash flow margin44.5%Fiscal year 2019Operating margin41.4%Net margin33.6%Free cash flow margin36.5%Fiscal year 2020Operating margin35.9%Net margin28.6%Free cash flow margin38.9%Fiscal year 2021Operating margin29.4%Net margin22.7%Free cash flow margin32.3%Fiscal year 2022Operating margin36.3%Net margin24.9%Free cash flow margin33.4%Fiscal year 2023Operating margin28.0%Net margin23.8%Free cash flow margin26.1%Fiscal year 2024Operating margin21.7%Net margin12.2%Free cash flow margin31.1%Fiscal year 2025Operating margin24.7%Net margin21.0%Free cash flow margin22.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 42.6% 43.6% 43.2% 41.4% 35.9% 29.4% 36.3% 28.0% 21.7% 24.7%
Net margin 33.6% 8.7% 35.3% 33.6% 28.6% 22.7% 24.9% 23.8% 12.2% 21.0%
Free cash flow margin 41.8% 46.0% 44.5% 36.5% 38.9% 32.3% 33.4% 26.1% 31.1% 22.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow10.35Capital expenditure−0.74Free cash flow9.62Buybacks−2.97Dividends paid−3.00Fiscal year 2017Operating cash flow11.18Capital expenditure−0.66Free cash flow10.51 +9.3%Buybacks−3.16Dividends paid−3.37Fiscal year 2018Operating cash flow11.30Capital expenditure−0.74Free cash flow10.56 +0.4%Buybacks−17.79Dividends paid−3.51Fiscal year 2019Operating cash flow9.15Capital expenditure−0.62Free cash flow8.53 −19.2%Buybacks−7.70Dividends paid−3.51Fiscal year 2020Operating cash flow10.50Capital expenditure−0.61Free cash flow9.89 +15.9%Buybacks−3.49Dividends paid−3.76Fiscal year 2021Operating cash flow9.26Capital expenditure−0.88Free cash flow8.38 −15.2%Buybacks−4.98Dividends paid−4.01Fiscal year 2022Operating cash flow9.72Capital expenditure−0.94Free cash flow8.79 +4.8%Buybacks−6.36Dividends paid−4.20Fiscal year 2023Operating cash flow8.47Capital expenditure−1.11Free cash flow7.36 −16.2%Buybacks0.00Dividends paid−4.56Fiscal year 2024Operating cash flow11.49Capital expenditure−1.10Free cash flow10.39 +41.2%Buybacks−0.20Dividends paid−4.83Fiscal year 2025Operating cash flow9.96Capital expenditure−1.86Free cash flow8.10 −22.1%Buybacks0.00Dividends paid−5.12
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 10.35 11.18 11.30 9.15 10.50 9.26 9.72 8.47 11.49 9.96
Capital expenditure −0.74 −0.66 −0.74 −0.62 −0.61 −0.88 −0.94 −1.11 −1.10 −1.86
Free cash flow 9.62 10.51 10.56 8.53 9.89 8.38 8.79 7.36 10.39 8.10
Growth +9.3% +0.4% −19.2% +15.9% −15.2% +4.8% −16.2% +41.2% −22.1%
Buybacks −2.97 −3.16 −17.79 −7.70 −3.49 −4.98 −6.36 0.00 −0.20 0.00
Dividends paid −3.00 −3.37 −3.51 −3.51 −3.76 −4.01 −4.20 −4.56 −4.83 −5.12

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash3.24Total debt34.60Net cash (debt)−31.36Shareholders’ equity29.88Debt to equity1.16Fiscal year 2017Cash3.80Total debt35.34Net cash (debt)−31.54Shareholders’ equity25.24Debt to equity1.40Fiscal year 2018Cash6.95Total debt33.93Net cash (debt)−26.98Shareholders’ equity12.50Debt to equity2.71Fiscal year 2019Cash6.04Total debt29.90Net cash (debt)−23.87Shareholders’ equity9.67Debt to equity3.09Fiscal year 2020Cash6.27Total debt32.99Net cash (debt)−26.72Shareholders’ equity9.41Debt to equity3.51Fiscal year 2021Cash7.99Total debt33.31Net cash (debt)−25.32Shareholders’ equity6.70Debt to equity4.97Fiscal year 2022Cash7.63Total debt38.95Net cash (debt)−31.32Shareholders’ equity3.66Debt to equity10.64Fiscal year 2023Cash10.94Total debt64.61Net cash (debt)−53.67Shareholders’ equity6.23Debt to equity10.37Fiscal year 2024Cash11.97Total debt60.10Net cash (debt)−48.13Shareholders’ equity5.88Debt to equity10.23Fiscal year 2025Cash9.13Total debt54.60Net cash (debt)−45.48Shareholders’ equity8.66Debt to equity6.31
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 3.24 3.80 6.95 6.04 6.27 7.99 7.63 10.94 11.97 9.13
Total debt 34.60 35.34 33.93 29.90 32.99 33.31 38.95 64.61 60.10 54.60
Net cash (debt) −31.36 −31.54 −26.98 −23.87 −26.72 −25.32 −31.32 −53.67 −48.13 −45.48
Shareholders’ equity 29.88 25.24 12.50 9.67 9.41 6.70 3.66 6.23 5.88 8.66
Debt to equity 1.16 1.40 2.71 3.09 3.51 4.97 10.64 10.37 10.23 6.31

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
22.99 22.85 23.75 23.36 25.42 25.98 26.32 28.19 33.42 36.75
Growth −0.6% +3.9% −1.6% +8.8% +2.2% +1.3% +7.1% +18.6% +10.0%
4.16 4.07 4.10 4.36 6.16 6.45 6.41 8.45 12.86 12.04
5.06 4.87 5.33 5.15 5.73 5.37 5.41 6.18 7.10 7.05
9.79 9.97 10.26 9.67 9.14 7.64 9.57 7.90 7.26 9.08
Growth +1.8% +2.9% −5.7% −5.5% −16.4% +25.2% −17.4% −8.1% +25.1%
9.16 9.60 9.55 9.14 8.13 6.70 7.35 7.86 4.61 8.98
1.44 7.62 1.15 1.30 0.87 0.81 0.79 1.14 0.52 1.27
7.72 1.98 8.39 7.84 7.26 5.89 6.55 6.72 4.09 7.71
Growth −74.4% +324.2% −6.6% −7.4% −18.9% +11.2% +2.5% −39.1% +88.5%
Per share
10.32 2.71 12.70 12.96 12.40 10.34 12.18 12.56 7.62 14.33
10.24 2.69 12.62 12.88 12.31 10.28 12.11 12.49 7.56 14.23
Growth −73.7% +369.1% +2.1% −4.4% −16.5% +17.8% +3.1% −39.5% +88.2%
748.0 731.0 661.0 605.0 586.0 570.0 538.0 535.0 537.0 538.0
754.0 735.0 665.0 609.0 590.0 573.0 541.0 538.0 541.0 542.0
Growth −2.5% −9.5% −8.4% −3.1% −2.9% −5.6% −0.6% +0.6% +0.2%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 7.6% a year over five years, and earnings per share grew 2.9% a year.
  • The diluted share count fell 8.1% in five years, so buybacks did some of the work per share.
  • Operating margin is down 11.2 points on five years ago, at 24.7%.
  • Profitable in every one of the 10 years on file.