Amgen (AMGN) FY2019 results: revenue $23.4 billion, down 1.6% on the year
Amgen Inc. (AMGN) reported revenue of $23.4 billion for fiscal 2019, the year ended 31 December 2019, down 1.6% on the year before. Net income was $7.8 billion, down 6.6%, and diluted earnings per share $12.88. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2020.
Revenue
$23.4 billion
-1.6% on the year
FY2012FY2019
Operating margin
41.4%
43.2% a year earlier
FY2012FY2019
Net income
$7.8 billion
-6.6% on the year
FY2012FY2019
Diluted EPS
$12.88
+2.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
23,362
23,747
22,849
-1.6%
Cost of revenue
4,356
4,101
4,069
+6.2%
Gross profit
19,006
19,646
18,780
-3.3%
Gross margin
81.4%
82.7%
82.2%
Research and development
4,116
3,737
3,562
+10.1%
Selling, general and administrative
5,150
5,332
4,870
-3.4%
Operating income
9,674
10,263
9,973
-5.7%
Operating margin
41.4%
43.2%
43.6%
Interest expense
1,289
1,392
1,304
-7.4%
Pre-tax income
9,138
9,545
9,597
-4.3%
Income tax
1,296
1,151
7,618
+12.6%
Effective tax rate
14.2%
12.1%
79.4%
Net income
7,842
8,394
1,979
-6.6%
Net margin
33.6%
35.3%
8.7%
Diluted EPS
$12.88
$12.62
$2.69
+2.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
9,150
11,296
11,177
-19.0%
Capital expenditure
618
738
664
-16.3%
Free cash flow
8,532
10,558
10,513
-19.2%
Free cash flow margin
36.5%
44.5%
46.0%
Cash from investing
5,709
14,339
-4,024
-60.2%
Cash from financing
-15,767
-22,490
-6,594
Depreciation and amortisation
2,206
1,946
1,955
+13.4%
Share-based compensation
308
311
329
-1.0%
Buybacks
7,702
17,794
3,160
-56.7%
Dividends paid
3,509
3,507
3,365
+0.1%
Dividend per share
$5.95
$5.41
$4.77
+10.0%
Diluted shares, weighted
609m
665m
735m
-8.4%
Shares outstanding at period end
591m
630m
722m
-6.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
9,673
12,500
25,241
-22.6%
Debt
29,903
33,929
35,342
-11.9%
Operating lease liabilities
388
n/a
n/a
Other liabilities
19,743
19,987
19,371
-1.2%
Total liabilities and equity
59,707
66,416
79,954
-10.1%
Fixed assets
4,928
4,958
4,989
-0.6%
Goodwill
14,703
14,699
14,761
+0.0%
Intangible assets
19,413
7,443
8,609
+160.8%
Investments
2,874
22,359
37,878
-87.1%
Cash and equivalents
6,037
6,945
3,800
-13.1%
Receivables
4,057
3,580
3,237
+13.3%
Inventory
3,584
2,940
2,834
+21.9%
Other assets
4,111
3,492
3,846
+17.7%
Total assets
59,707
66,416
79,954
-10.1%
10-K for the year ended 31 December 2019, filed 12 February 2020: the filing.