Amgen Inc.
Explore Amgen Inc.
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Amgen Inc.
Explore Amgen Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
Annual Revenue
FY2025 Revenue
$36.8B
▲ 10% vs FY2024 ($33.4B)
Source: Annual report / company filing
Amgen Inc. reported $36.8B in revenue for fiscal year 2025. This represents a growth of 10% compared to the 2024 figure of $33.4B.
The company generated $36.8B in revenue in FY2025, making it one of the largest independent biotechnology firms in the world. The $27.8 billion acquisition of Horizon Therapeutics in 2023 was the largest deal in Amgen's history. Revenue grew from $26.0 billion in 2021 to $36.8B in FY2025, accelerated by the Horizon integration. Net income of $3.8 billion against a market cap of approximately $153 billion reflects an industry that the market prices on pipeline probability rather than current earnings. Amgen paid $27.8 billion for Horizon Therapeutics in 2023 — and the FTC sued to block it on the grounds that Amgen's rebating practices could exclude competing drugs from insurance formularies. Revenue moved from $25.9 billion in 2021 to $36.8B in FY2025, partly organic and partly Horizon-driven. Net income of $3.8 billion reflects both the interest expense on acquisition debt and the R&D investment required to sustain a pipeline of over 40 clinical-stage molecules. The company spent approximately $3.24 billion on R&D in FY2024. Enbrel, the rheumatoid arthritis treatment that peaked at over $5 billion in US annual sales, faces biosimilar competition that has been slower to materialize in the US than in Europe, but the erosion is arriving. Market capitalization of approximately $153 billion against $33.4 billion in revenue is a multiple that reflects the pharmaceutical earnings model: current products have known trajectories, pipeline assets have probabilistic values, and which Phase III clinical trial results in the next three years will move both numbers meaningfully. George Rathmann, a veteran of Abbott Laboratories, and venture capitalist William Bowes assembled a scientific advisory board and secured $19 million in initial funding to create a company they named Applied Molecular Genetics — Amgen. It became the first biologic drug to exceed $1 billion in annual sales.
| Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $36.8B | — | +10.0% |
| FY2024 | $33.4B | $3.8B | +18.6% |
| FY2023 | $28.2B | — | +7.1% |
| FY2022 | $26.3B | — | +1.3% |
| FY2021 | $26.0B | — | +2.2% |
| FY2020 | $25.4B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.