Amgen Inc.
AMGNFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$8.6B
Q1 2026 · -1% YoY
TTM ROIC
16%
FY2025 · NOPAT / Invested Capital; NOPAT = Non-GAAP operating income × (1 - tax rate ~15%); Invested Capital = Total assets - non-interest-bearing current liabilities · WACC ~7.5% · Moat spread +8.5pp
Financial Snapshot
ticker: AMGN step: 04 generated: 2026-05-12 source: quick-research
Amgen Inc. (AMGN) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $28.2B | $33.4B | $36.8B | +10% |
| Product Sales | $26.9B | $32.3B | $35.6B | +10% (volume +13%, price -3%) |
| Adj. Gross Margin | 76% | 75% | 75% | flat |
| Adj. Operating Margin | 49% | 48% | 49% | +1pp |
| Adj. Net Income | $10.3B | $10.5B | $11.5B | +10% |
| Adj. EPS (diluted) | $18.65 | $19.50 | $21.40 | +10% |
| Free Cash Flow | $7.4B | $11.1B | $12.3B | +11% |
Q1 2026 Highlights
| Metric | Q1 2026 | YoY |
|---|---|---|
| Revenue | $8.6B | +6% |
| Product Sales | $8.4B | +5% |
| 6 Growth Drivers Combined | $5.6B | +24% |
| Prolia + XGEVA Combined | $1.1B | -32% (biosimilar) |
Top Products (FY2025)
| Product | Sales | YoY |
|---|---|---|
| Repatha | ~$3.3B | +34% |
| Enbrel | ~$3.0B | low single digit (Medicare price reset) |
| Prolia | ~$4.5B | flat (biosimilar entry late) |
| Otezla | ~$2.0B | flat (EU generic Jan 2026) |
| TEPEZZA | $1.9B | +mid teens |
| KRYSTEXXA | $1.2B | +20% |
| TEZSPIRE | $1.0B+ | +30% |
| BLINCYTO | $1.3B | +15% |
| EVENITY | ~$1.5B | +30% |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$14B |
| Capital Expenditures | ~$1.5B |
| Free Cash Flow | $12.3B |
| Cash & Investments | ~$10B |
| Total Debt | ~$60B (post-Horizon) |
| Net Debt/EBITDA | ~2.7x — elevated, deleveraging in progress |
Key Ratios (approximate, May 2026)
- P/E (forward): ~13x | EV/EBITDA: ~12x | Dividend Yield: ~3.3%
- ROIC: ~10% (pre-Horizon synergies)
- FCF Margin: ~33%
Growth Profile
FY25 revenue +10% to $36.8B; FY26 guidance raised to $37.1-38.5B (midpoint +3%) — sharp deceleration from +10% to +3% as biosimilar headwinds hit. Six growth drivers (Repatha, EVENITY, TEZSPIRE, TEPEZZA, KRYSTEXXA, BLINCYTO) growing 24% YoY collectively. Prolia + XGEVA combined -32%. The math: growth engines need to keep outpacing LOE drag, plus MariTide needs to launch successfully late 2027/2028.
Forward Estimates
- FY2026E Revenue: $37.1-38.5B (mgmt guide; +1-5%)
- FY2026E Adj EPS: $21.70-23.10 (mgmt guide; +1-8%)
- FY2027E EPS: ~$24 (assumes MariTide approval visibility)
- MariTide peak sales (bull): $10B+
- 2030 Bull Target: $450-550 if MariTide Phase 3 succeeds + Repatha primary prevention
Capital Return
- Dividend $9.96 annual = ~$5.4B paid
- 13+ consecutive years of dividend growth
- Buybacks moderated for Horizon debt paydown
- Total return: ~3.3% dividend + future buyback resumption
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $AMGN.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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