COVERAGE / AMGN / Healthcare

AMGEN INC

Biological Products, (No Diagnostic Substances)

COVERAGE STATUSACTIVE

DATA THROUGH2025-12-31

RESEARCH REPORTS1

SELECTED FILINGS1

Fundamental matrix

Latest / 2025-12-31 · Prior / 2024-12-31 · USD · Annual periods

Revenue

$36.75bn

Prior / $33.42bn

Change / +9.95%

SOURCE / 2026-02-13

Operating income

$9.08bn

Prior / $7.26bn

Change / +25.10%

SOURCE / 2026-02-13

Net income

$7.71bn

Prior / $4.09bn

Change / +88.53%

SOURCE / 2026-02-13

Diluted EPS

$14.23

Prior / $7.56

Change / +88.23%

SOURCE / 2026-02-13

Free cash flow

$8.1bn

Prior / $10.39bn

Change / -22.07%

SOURCE / 2026-02-13

Gross margin

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Operating margin

24.71%

Prior / 21.71%

Change / +2.99 pp

SOURCE / 2026-02-13

Return on avg. equity

106.10%

Prior / 67.55%

Change / +38.55 pp

SOURCE / 2026-02-13

Debt / equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

ROE uses net income divided by average opening/closing equity. FCF = operating cash flow − selected capital expenditure. Debt/equity is unavailable because a verified interest-bearing-debt series is absent; total liabilities are not substituted for debt.

Inspect source tags, dates and accession numbers

{
  "revenue": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 36751000000,
    "accn": "0000318154-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-13",
    "frame": "CY2025",
    "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
    "unit": "USD"
  },
  "netIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 7711000000,
    "accn": "0000318154-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-13",
    "tag": "us-gaap:NetIncomeLoss",
    "unit": "USD"
  },
  "operatingIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 9080000000,
    "accn": "0000318154-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-13",
    "frame": "CY2025",
    "tag": "us-gaap:OperatingIncomeLoss",
    "unit": "USD"
  },
  "eps": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 14.23,
    "accn": "0000318154-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-13",
    "frame": "CY2025",
    "tag": "us-gaap:EarningsPerShareDiluted",
    "unit": "USD/shares"
  },
  "operatingCashFlow": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 9958000000,
    "accn": "0000318154-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-13",
    "frame": "CY2025",
    "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities",
    "unit": "USD"
  },
  "capex": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 1858000000,
    "accn": "0000318154-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-13",
    "frame": "CY2025",
    "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment",
    "unit": "USD"
  },
  "totalAssets": {
    "end": "2025-12-31",
    "val": 90586000000,
    "accn": "0000318154-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-13",
    "tag": "us-gaap:Assets",
    "unit": "USD"
  },
  "shareholdersEquity": {
    "end": "2025-12-31",
    "val": 8658000000,
    "accn": "0000318154-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-13",
    "tag": "us-gaap:StockholdersEquity",
    "unit": "USD"
  },
  "currentAssets": {
    "end": "2025-12-31",
    "val": 29057000000,
    "accn": "0000318154-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-13",
    "tag": "us-gaap:AssetsCurrent",
    "unit": "USD"
  },
  "currentLiabilities": {
    "end": "2025-12-31",
    "val": 25489000000,
    "accn": "0000318154-26-000010",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-13",
    "tag": "us-gaap:LiabilitiesCurrent",
    "unit": "USD"
  }
}

Financial trend system

Annual financial trends are summarized in the accessible table below.

Annual figures / accessible table

Period end	Revenue	Net income	Free cash flow	EPS
2025-12-31	$36.75bn	$7.71bn	$8.1bn	$14.23
2024-12-31	$33.42bn	$4.09bn	$10.39bn	$7.56
2023-12-31	$28.19bn	$6.72bn	$7.36bn	$12.49
2022-12-31	$26.32bn	$6.55bn	$8.79bn	$12.11

Valuation context

Historical snapshot / 2026-09-17. Annual accounting period / 2025-12-31. Not current, TTM or forward valuation.

Dated ratios / eligible same-method sector sample
Measure	Snapshot value	Historical median	Sector median	Peer count
P/E	26.69x	Unavailable	27.08x	10
P/S	5.59x	Unavailable	6.63x	10
P/B	23.71x	Unavailable	7.31x	8
EV / EBITDA	Unavailable	Unavailable	Unavailable	0
FCF yield	3.94%	Unavailable	3.88%	8

Annual denominators, not TTM or forward. Capitalization-based measures use estimated market capitalization from the dated quote snapshot. ADR/share-basis uncertainty is excluded. No comparable historical-multiple series or EV/EBITDA is available. Sector samples are equal-weight medians of this publication’s eligible covered companies; fiscal periods differ. No fair value or price target is implied.

Source: Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-30 DAILY-BAR SOURCE ↗

Retained price snapshot and capitalization estimate

{
  "currentPrice": 379.78,
  "tradingDate": "2026-09-17",
  "marketCap": 205321222858.9,
  "source": "Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-30"
}

Company & operating context

AMGEN INC is an SEC-reporting issuer listed on NASDAQ under AMGN. Its SEC industry description is Biological Products, (No Diagnostic Substances). This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications.

Drug developers, device manufacturers and care providers depend on distinct clinical, reimbursement and operating economics.

Segment-level revenue is not included in this standardized dataset. Consult the business and segment notes in the linked annual filing for the issuer’s actual reporting segments.

Filing timeline

10-KFILED / 2026-02-13PERIOD / 2025-12-31

AMGN filed this 10-K on 2026-02-13 for the reported period 2025-12-31. Reading focus: Product concentration, research investment, utilization, reimbursement and cash generation. This is a metadata-based reading guide; it does not assert that a particular event or risk change occurred in the document.

ORIGINAL SEC DISCLOSURE ↗

Research archive

HR-0011AMGNCompany Research

AMGN: reading the FY2025 financial structure ↗

AMGEN INC

Research abstract

Annual revenue of USD 36.751 billion and net income of USD 7.711 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

Sector context & risk factors

Patent expiry, trial outcomes, reimbursement changes, litigation and acquisition integration.

Product concentration, research investment, utilization, reimbursement and cash generation.

HEALTHCARE SYSTEM ↗

Sources & dates

SEC annual filing · 2025-12-31 ↗Source date 2026-02-13
SEC annual filing · 2024-12-31 ↗Source date 2026-02-13
SEC annual filing · 2023-12-31 ↗Source date 2026-02-13
SEC annual filing · 2022-12-31 ↗Source date 2025-02-14
SEC issuer record ↗Source date 2026-09-18