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Amgen (AMGN) FY2025 results: revenue $36.8 billion, up 10.0% on the year

Amgen Inc. (AMGN) reported revenue of $36.8 billion for fiscal 2025, the year ended 31 December 2025, up 10.0% on the year before. Net income was $7.7 billion, up 88.5%, and diluted earnings per share $14.23. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue
$36.8 billion
+10.0% on the year
FY2018FY2025
Operating margin
24.7%
21.7% a year earlier
FY2018FY2025
Net income
$7.7 billion
+88.5% on the year
FY2018FY2025
Diluted EPS
$14.23
+88.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 8 new.

  • Full-year revenue rose 10%: Total revenues reached $36.8 billion for 2025, up 10%. Product sales rose 10% on 13% volume growth, partly offset by 3% lower net selling price.
  • GAAP EPS rose on equity investment gains: GAAP diluted EPS rose 88% to $14.23 for 2025, helped by unrealized gains on the BeOne equity stake and partly offset by higher operating expenses and the Otezla impairment.
  • Non-GAAP EPS rose 10% for the year: Non-GAAP diluted EPS rose 10% to $21.84 for 2025 from $19.84. Fourth-quarter non-GAAP EPS was $5.29, against $5.31 a year earlier.
  • Non-GAAP margin fell on profit share: Non-GAAP operating margin on product sales fell 3.5 points to 42.8% in the fourth quarter and 0.8 points to 46.1% for 2025, on higher profit share expense and sales mix.
  • Free cash flow fell to $8.1 billion: Free cash flow was $8.1 billion for 2025, down from $10.4 billion, on working capital timing, mainly collections, and higher capital expenditures. Fourth-quarter free cash flow was $1.0 billion.
Read the Q4 FY2025 earnings call summary

From this 10-K

Amgen discovers, develops, manufactures and delivers medicines, and it operates in one segment, human therapeutics, with a presence in approximately 100 countries. It was incorporated in California in 1980 and became a Delaware corporation in 1987. The filing says the company helped launch the biotechnology industry more than 45 years ago. Product sales in 2025 split 73 percent to the United States and 27 percent to the rest of the world, the same split as 2024.

Amgen Inc., the 10-K for 2025

Amgen discovers, develops, manufactures and delivers medicines, and it operates in one segment, human therapeutics, with a presence in approximately 100 countries. It was incorporated in California in 1980 and became a Delaware corporation in 1987. The filing says the company helped launch the biotechnology industry more than 45 years ago. Product sales in 2025 split 73 percent to the United States and 27 percent to the rest of the world, the same split as 2024.

The main medicines

Prolia, launched in the United States and Europe in 2010, is used mainly for osteoporosis in postmenopausal women at high risk of fracture and to increase bone mass in men with osteoporosis at high risk of fracture. XGEVA contains the same active ingredient but is approved for different indications, patient populations, dose and frequency of administration. Repatha, a PCSK9 inhibitor launched in 2015, reduces the risk of major adverse cardiovascular events in adults at increased risk of them, and lowers LDL cholesterol in adults with primary hyperlipidemia. In August 2025 the FDA broadened Repatha's approved use to adults at increased cardiovascular risk from uncontrolled LDL cholesterol, removing the requirement for a prior cardiovascular disease diagnosis, and in November 2025 the company reported Phase 3 VESALIUS-CV results showing a 25 percent relative reduction in a composite of coronary heart disease death, heart attack or ischemic stroke in high-risk adults without a prior heart attack or stroke. Otezla, acquired from Bristol Myers Squibb in November 2019, is an oral small molecule that inhibits PDE4, approved for plaque psoriasis, active psoriatic arthritis, oral ulcers associated with Behçet's disease, and paediatric plaque psoriasis. ENBREL is a tumour necrosis factor blocker. Other marketed products include EVENITY, BLINCYTO, TEZSPIRE, KYPROLIS, KRYSTEXXA, TEPEZZA, UPLIZNA and IMDELLTRA. The filing states that UPLIZNA, approved by the FDA in April 2025 for Immunoglobulin G4-related disease, is the first and only approved treatment for adults living with that disease.

Patents running out, and biosimilars both ways

Several patents on the principal products have expired and the company faces competition from biosimilars and generics. Versions of EPOGEN, NEUPOGEN, Neulasta and ENBREL in Canada have launched, and United States ENBREL biosimilars are approved but not launched. The RANKL antibody patents behind Prolia and XGEVA expired in February 2025 in the United States and in November 2025 in select countries in Europe, and the company states that it expects accelerated sales erosion as multiple biosimilars have launched. It sells biosimilars of its own too: eight launched since 2018, including WEZLANA, a biosimilar to STELARA, and BKEMV, a biosimilar to SOLIRIS, both in the United States in 2025.

How the medicines reach patients

The largest concentration of sales and marketing people is in the United States and Europe, with other territories covered through the company's own affiliates, acquired businesses or product rights, and collaborations. In the Asia Pacific region it sells in partnership with Astellas Pharma, BeOne, Mitsubishi Tanabe Pharma, Takeda and Kyowa Kirin. Products are marketed to healthcare providers including physicians and their clinics, dialysis centres, hospitals and pharmacies, and some are marketed direct to patients through print, television and online media. In the United States substantially all sales go to pharmaceutical wholesale distributors. Three of those distributors, McKesson, Cencora and Cardinal Health, each individually accounted for more than a tenth of total revenues in 2025, 2024 and 2023, and together they were 77 percent of worldwide gross revenues in 2025.

Manufacturing

The products are both biologics and small molecule drugs, with the majority being biologics produced in living cells, which the filing describes as inherently complex because of naturally occurring molecular variations. The filing also states that the company believes it is a leader in the manufacture of biologics and that this represents a competitive advantage. Newer biomanufacturing facilities in North Carolina and Ohio were built at lower cost and with greater speed than traditional facilities, the North Carolina site using portable and smaller equipment so that different medicines can be made simultaneously, and both sites carry on-site photovoltaic renewable generation. In 2025 the company announced expansions of its manufacturing network in New Albany, Ohio and in Puerto Rico, and broke ground on a research and development facility in Thousand Oaks, California.

From Amgen's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue36,75133,42428,190+10.0%
Cost of revenue12,03712,8588,451-6.4%
Gross profit24,71420,56619,739+20.2%
Gross margin67.2%61.5%70.0%
Research and development7,2725,9644,784+21.9%
Selling, general and administrative7,0507,0966,179-0.6%
Operating income9,0807,2587,897+25.1%
Operating margin24.7%21.7%28.0%
Interest expense2,7553,1552,875-12.7%
Pre-tax income8,9764,6097,855+94.7%
Income tax1,2655191,138+143.7%
Effective tax rate14.1%11.3%14.5%
Net income7,7114,0906,717+88.5%
Net margin21.0%12.2%23.8%
Diluted EPS$14.23$7.56$12.49+88.2%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow9,95811,4908,471-13.3%
Capital expenditure1,8581,0961,112+69.5%
Free cash flow8,10010,3947,359-22.1%
Free cash flow margin22.0%31.1%26.1%
Cash from investing-1,943-1,046-26,204
Cash from financing-10,859-9,41521,048
Depreciation and amortisation5,1675,5924,071-7.6%
Share-based compensation494530431-6.8%
Buybacks0.02000.0
Dividends paid5,1244,8324,556+6.0%
Dividend per share$9.66$9.13$8.64+5.8%
Diluted shares, weighted542m541m538m+0.2%
Shares outstanding at period end539m537m535m+0.4%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity8,6585,8776,232+47.3%
Debt54,60460,09964,613-9.1%
Operating lease liabilities696673691+3.4%
Other liabilities26,62825,19025,618+5.7%
Total liabilities and equity90,58691,83997,154-1.4%
Fixed assets7,9136,5435,941+20.9%
Goodwill18,68018,63718,629+0.2%
Intangible assets22,27627,69932,641-19.6%
Investmentsn/an/a0.0
Securities held for sale or to maturity8,52511,486n/a-25.8%
Cash and equivalents9,12911,97310,944-23.8%
Receivables9,5706,7827,268+41.1%
Inventory6,2256,9989,518-11.0%
Other assets8,2681,72112,213+380.4%
Total assets90,58691,83997,154-1.4%

10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.