Amgen (AMGN) FY2020 results: revenue $25.4 billion, up 8.8% on the year
Amgen Inc. (AMGN) reported revenue of $25.4 billion for fiscal 2020, the year ended 31 December 2020, up 8.8% on the year before. Net income was $7.3 billion, down 7.4%, and diluted earnings per share $12.31. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2021.
Revenue
$25.4 billion
+8.8% on the year
FY2013FY2020
Operating margin
35.9%
41.4% a year earlier
FY2013FY2020
Net income
$7.3 billion
-7.4% on the year
FY2013FY2020
Diluted EPS
$12.31
-4.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
25,424
23,362
23,747
+8.8%
Cost of revenue
6,159
4,356
4,101
+41.4%
Gross profit
19,265
19,006
19,646
+1.4%
Gross margin
75.8%
81.4%
82.7%
Research and development
4,207
4,116
3,737
+2.2%
Selling, general and administrative
5,730
5,150
5,332
+11.3%
Operating income
9,139
9,674
10,263
-5.5%
Operating margin
35.9%
41.4%
43.2%
Interest expense
1,262
1,289
1,392
-2.1%
Pre-tax income
8,133
9,138
9,545
-11.0%
Income tax
869
1,296
1,151
-32.9%
Effective tax rate
10.7%
14.2%
12.1%
Net income
7,264
7,842
8,394
-7.4%
Net margin
28.6%
33.6%
35.3%
Diluted EPS
$12.31
$12.88
$12.62
-4.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
10,497
9,150
11,296
+14.7%
Capital expenditure
608
618
738
-1.6%
Free cash flow
9,889
8,532
10,558
+15.9%
Free cash flow margin
38.9%
36.5%
44.5%
Cash from investing
-5,401
5,709
14,339
Cash from financing
-4,867
-15,767
-22,490
Depreciation and amortisation
3,601
2,206
1,946
+63.2%
Share-based compensation
330
308
311
+7.1%
Buybacks
3,486
7,702
17,794
-54.7%
Dividends paid
3,755
3,509
3,507
+7.0%
Dividend per share
$6.56
$5.95
$5.41
+10.3%
Diluted shares, weighted
590m
609m
665m
-3.1%
Shares outstanding at period end
578m
591m
630m
-2.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
9,409
9,673
12,500
-2.7%
Debt
32,986
29,903
33,929
+10.3%
Operating lease liabilities
306
388
n/a
-21.1%
Other liabilities
20,247
19,743
19,987
+2.6%
Total liabilities and equity
62,948
59,707
66,416
+5.4%
Fixed assets
4,889
4,928
4,958
-0.8%
Goodwill
14,689
14,703
14,699
-0.1%
Intangible assets
16,587
19,413
7,443
-14.6%
Investments
4,381
2,874
22,359
+52.4%
Cash and equivalents
6,266
6,037
6,945
+3.8%
Receivables
4,525
4,057
3,580
+11.5%
Inventory
3,893
3,584
2,940
+8.6%
Other assets
7,718
4,111
3,492
+87.7%
Total assets
62,948
59,707
66,416
+5.4%
10-K for the year ended 31 December 2020, filed 9 February 2021: the filing.