Amgen Inc.
Financial Performance
Amgen Revenue & Financials
Revenue
$36.8B (FY2025)
Market Cap
$228.2B
Net Income
$7.7B
Employees
31,500
What is Amgen's revenue?
Amgen had $36.8B in revenue for fiscal year 2025, up 10% from 2024. Net income was $7.7B.
- Latest revenue
- $36.8B (FY2025)
- Year-over-year
- +10%
- Growth rate (CAGR)
- 5.4% over 9 years
- Peak revenue
- $36.8B (FY2025)
- Years of data
- 10
- Employees
- 31,500
Financial Analysis
Amgen is a cash-generative business with high product gross margins. In fiscal 2025 it reported US$36.8 billion of total revenues, US$7.7 billion of GAAP net income, a 25.8% GAAP operating margin, US$8.1 billion of free cash flow and US$5.1 billion of dividends paid. Its results used to depend on a few large franchises, first Epogen and Aranesp, then Enbrel. As those matured Amgen bought revenue instead: Onyx in 2013, Otezla in 2019 and Horizon Therapeutics for US$27.8 billion in 2023. That last deal is also the main reason for the balance sheet it now carries, with US$54.6 billion of debt outstanding at December 31, 2025, debt leverage of about 3.2 times EBITDA and US$2.8 billion of net interest expense in fiscal 2025. Amgen Inc. is one of the world's largest independent biotechnology companies, holding a massive market valuation often exceeding $150 billion.
Revenue Trend Analysis
YoY Change
+10%
9-Year CAGR
+5.4%
Peak Year
2025
Trend
Consistent Growth
Amgen Inc. has 10 full fiscal year figures on this page, compounding at +5.4% annually over 9 years. The most recent year saw a 10% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $36.8B. Of 9 comparable year-over-year steps, 7 showed growth and 2 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $36.8B | $9.1B | $7.7B | +10.0% | Amgen Inc. annual report (SEC EDGAR, filed 2026-02-13) Fiscal year ended 2025-12-31. |
| FY2024 | $33.4B | $7.3B | $4.1B | +18.6% | Amgen Inc. annual report (SEC EDGAR, filed 2026-02-13) Fiscal year ended 2024-12-31. |
| FY2023 | $28.2B | $7.9B | $6.7B | +7.1% | Amgen Inc. annual report (SEC EDGAR, filed 2026-02-13) Fiscal year ended 2023-12-31. |
| FY2022 | $26.3B | $9.6B | $6.6B | +1.3% | Amgen Inc. annual report (SEC EDGAR, filed 2025-02-14) Fiscal year ended 2022-12-31. |
| FY2021 | $26B | $7.6B | $5.9B | +2.2% | Amgen Inc. annual report (SEC EDGAR, filed 2024-02-14) Fiscal year ended 2021-12-31. |
| FY2020 | $25.4B | $9.1Bfiling | $7.3B | +8.8% | Amgen Inc. annual report (SEC EDGAR, filed 2021-02-09) Fiscal year ended 2020-12-31. |
| FY2019 | $23.4B | $9.7Bfiling | $7.8B | -1.6% | Amgen Inc. annual report (SEC EDGAR, filed 2021-02-09) Fiscal year ended 2019-12-31. |
| FY2018 | $23.7B | $10.3B | $8.4B | +3.9% | Amgen Inc. annual report (SEC EDGAR, filed 2021-02-09) Fiscal year ended 2018-12-31. |
| FY2017 | $22.8B | $10B | $2B | -0.6% | Amgen Inc. annual report (SEC EDGAR, filed 2020-02-12) Fiscal year ended 2017-12-31. |
| FY2016 | $23B | $9.8B | $7.7B | — | Amgen Inc. annual report (SEC EDGAR, filed 2019-02-13) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Amgen Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $10B | $1.9B | $90.6B | $8.7B | $8.1B | Form 10-K |
| FY2024ended Dec 31, 2024 | $11.5B | $1.1B | $91.8B | $5.9B | $10.4B | Form 10-K |
| FY2023ended Dec 31, 2023 | $8.5B | $1.1B | $97.2B | $6.2B | $7.4B | Form 10-K |
| FY2022ended Dec 31, 2022 | $9.7B | $936M | $65.1B | $3.7B | $8.8B | Form 10-K |
| FY2021ended Dec 31, 2021 | $9.3B | $880M | $61.2B | $6.7B | $8.4B | Form 10-K |
| FY2020ended Dec 31, 2020 | $10.5B | $608M | $62.9B | $9.4B | $9.9B | Form 10-K |
| FY2019ended Dec 31, 2019 | $9.2B | $618M | $59.7B | $9.7B | $8.5B | Form 10-K |
| FY2018ended Dec 31, 2018 | $11.3B | $738M | $66.4B | $12.5B | $10.6B | Form 10-K |
| FY2017ended Dec 31, 2017 | $11.2B | $664M | $80B | $25.2B | $10.5B | Form 10-K |
| FY2016ended Dec 31, 2016 | $10.4B | $738M | $77.6B | $29.9B | $9.6B | Form 10-K |
Keep researching Amgen
Amgen Revenue and Financial FAQ
What is Amgen's annual revenue scale and top-line growth rate?
Amgen Inc. reported revenue of $36.8 billion for fiscal year 2025, up from $33.4 billion in fiscal 2024.
What is Amgen's operating margin and profitability profile?
Amgen reported a 25.8% GAAP operating margin in fiscal 2025, up 3.1 percentage points, and a 46.1% non-GAAP operating margin, down 0.8 points from 46.9% in 2024. Product gross margins are high because biologic manufacturing costs are small relative to price.
How much capital does Amgen invest annually in Research and Development (R&D)?
Amgen spent US$7.3 billion on R&D in FY2025 (about 20% of total revenues), up 22% from US$6.0 billion in 2024, funding late-stage Phase 3 clinical trials across oncology, cardiovascular disease, rare conditions, and obesity.
What is Amgen's corporate debt profile following the Horizon Therapeutics acquisition?
Amgen had about US$54.6 billion of debt outstanding at December 31, 2025, after financing the US$27.8 billion Horizon acquisition with senior notes; it retired US$6.0 billion of debt during 2025.
What dividend policy does Amgen maintain for shareholders?
Amgen has increased its quarterly dividend every year since starting one in 2011. The fourth-quarter 2025 dividend was US$2.38 per share, 6% above the same quarter of 2024, and dividends paid during 2025 totaled US$5.1 billion.
What are Amgen's largest individual product revenue contributors?
In FY2025, Prolia generated US$4.4 billion, Repatha US$3.0 billion, Otezla US$2.3 billion, Enbrel US$2.2 billion, Evenity US$2.1 billion and XGEVA US$2.1 billion in global product sales.
What credit ratings do S&P and Moody's assign to Amgen's senior debt?
Amgen maintains solid investment-grade credit ratings of 'BBB+' from S&P Global Ratings and 'Baa1' from Moody's Ratings, underpinned by diversified cash flows from multiple billion-dollar commercial blockbusters.
How does patent expiration (loss of exclusivity) affect Amgen's product revenues?
When core patents expire (such as upcoming loss of exclusivity on Prolia/Xgeva and Enbrel in the late 2020s), Amgen mitigates revenue decline by launching new innovative pipeline therapies (MariTide, Imdelltra) and growing biosimilar volume.
Is Amgen a profitable company?
Amgen is incredibly profitable, generating massive free cash flow from blockbuster drugs like Enbrel, which it uses to fund a highly regarded, consistently growing dividend.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Amgen Revenue & Financials." CorpDigest, https://corpdigest.com/company/amgen/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Amgen reported $36.8B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/amgen/financials" target="_blank" rel="noopener">CorpDigest — Amgen financials</a></div>Related Financial Audits
Compare revenue, net income, and market cap scale
Explore Amgen
Core profile pages, founders and related research hubs for this company.