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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $36.8B | $16.9B | $7.7B | $8.1B | 89.1% | 10.0% | 88.5% |
| 2024 | $33.4B | $13.4B | $4.1B | $10.4B | 69.6% | 18.6% | -39.1% |
| 2023 | $28.2B | $14.8B | $6.7B | $7.4B | 107.8% | 7.1% | 2.5% |
| 2022 | $26.3B | $12.2B | $6.6B | $8.8B | 179.0% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 26,323 | 28,190 | 33,424 | 36,751 |
| Operating Revenue | - | 24,801 | 26,910 | 32,026 | 35,148 |
| Cost Of Revenue | - | 6,406 | 8,451 | 12,858 | 12,037 |
| Gross Profit | - | 19,917 | 19,739 | 20,566 | 24,714 |
| Operating Expense | - | 10,351 | 11,842 | 13,308 | 15,634 |
| Research And Development | - | 4,434 | 4,784 | 5,964 | 7,272 |
| Selling General And Administration | - | 5,414 | 6,179 | 7,096 | 7,050 |
| Total Expenses | - | 16,757 | 20,293 | 26,166 | 27,671 |
| Operating Income | - | 9,566 | 7,897 | 7,258 | 9,080 |
| Total Operating Income As Reported | - | 9,566 | 7,897 | 7,258 | 9,080 |
| EBITDA | - | 12,169 | 14,801 | 13,356 | 16,898 |
| Normalized EBITDA | - | 12,169 | 14,801 | 13,356 | 16,898 |
| EBIT | - | 8,752 | 10,730 | 7,764 | 11,731 |
| Interest Expense | - | 1,406 | 2,875 | 3,155 | 2,755 |
| Net Interest Income | - | -1,406 | -2,875 | -3,155 | -2,755 |
| Other Non Operating Income Expenses | - | -814 | 2,833 | 506 | 2,651 |
| Other Income Expense | - | -814 | 2,833 | 506 | 2,651 |
| Interest Expense Non Operating | - | 1,406 | 2,875 | 3,155 | 2,755 |
| Net Non Operating Interest Income Expense | - | -1,406 | -2,875 | -3,155 | -2,755 |
| Pretax Income | - | 7,346 | 7,855 | 4,609 | 8,976 |
| Tax Provision | - | 794 | 1,138 | 519 | 1,265 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 6,552 | 6,717 | 4,090 | 7,711 |
| Net Income From Continuing And Discontinued Operation | - | 6,552 | 6,717 | 4,090 | 7,711 |
| Net Income From Continuing Operation Net Minority Interest | - | 6,552 | 6,717 | 4,090 | 7,711 |
| Net Income | - | 6,552 | 6,717 | 4,090 | 7,711 |
| Net Income Common Stockholders | - | 6,552 | 6,717 | 4,090 | 7,711 |
| Net Income Including Noncontrolling Interests | - | 6,552 | 6,717 | 4,090 | 7,711 |
| Normalized Income | - | 6,552 | 6,717 | 4,090 | 7,711 |
| Diluted NI Availto Com Stockholders | - | 6,552 | 6,717 | 4,090 | 7,711 |
| Basic Average Shares | - | 538 | 535 | 537 | 538 |
| Diluted Average Shares | - | 541 | 538 | 541 | 542 |
| Reconciled Depreciation | - | 3,417 | 4,071 | 5,592 | 5,167 |
| Reconciled Cost Of Revenue | - | 6,406 | 8,451 | 12,858 | 12,037 |
| Total Unusual Items | -1,505 | 0 | 0 | - | - |
| Total Unusual Items Excluding Goodwill | -1,505 | 0 | 0 | - | - |
| Special Income Charges | -1,505 | 0 | 0 | - | - |
| Other Special Charges | 1,505 | - | - | - | - |
| Other Operating Expenses | - | 503 | 879 | 248 | 1,312 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Amgen Inc.this co. | AMGN | $186.5B | 24.19 | 21.54 | 89.1% | 13.73 |
| Thermo Fisher Scientific Inc. | TMO | $179.1B | 26.72 | 3.35 | 12.6% | 18.11 |
| Gilead Sciences, Inc. | GILD | $160.4B | 18.85 | 7.06 | 37.5% | 12.94 |
| Abbott Laboratories | ABT | $158.1B | 24.24 | 3.03 | 12.5% | 13.54 |
| Intuitive Surgical, Inc. | ISRG | $148.3B | 51.94 |
| - |
| - |
| - |
| - |
| 8.32 |
| 16.0% |
| 39.33 |
| Pfizer Inc. | PFE | $146.4B | 18.84 | 1.69 | 9.0% | 12.47 |
| Danaher Corporation | DHR | $132.1B | 36.55 | 2.51 | 6.9% | 21.19 |
| CVS Health Corporation | CVS | $121.0B | 68.43 | 1.61 | 2.4% | 19.52 |
| Bristol-Myers Squibb Company | BMY | $115.6B | 16.39 | 6.26 | 38.2% | 10.01 |
| Peer Median | - | 25.48 | 3.19 | 12.5% | 15.82 | |