# Amgen Inc. (AMGN) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/AMGN/thesis · /stocks/AMGN/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/AMGN/fundamental

## Navigation

- Overview: /stocks/AMGN
- Financials (this page): /stocks/AMGN/financials
- Thesis: /stocks/AMGN/thesis
- Investment Memo: /stocks/AMGN/memo
- Coverage universe: /stocks