Amgen is a Thousand Oaks, California based biotechnology company that, in its 10-K's words, discovers, develops, manufactures and delivers innovative medicines. It reports one segment, human therapeutics. Its principal products include Prolia, Repatha, Otezla, ENBREL, EVENITY, XGEVA and TEPEZZA, and it has a presence in approximately 100 countries.

How much revenue did Amgen make in 2025?

Total revenues were $36,751 million in 2025, against $33,424 million in 2024 and $28,190 million in 2023, according to the Consolidated Statements of Income in its 10-K for 2025. Its 10-Ks for 2022 and 2021 report total revenues of $26,323 million and $25,979 million.

Was Amgen profitable in 2025?

Yes. Its 10-K reports net income of $7,711 million in 2025, or $14.23 per diluted share, against $4,090 million, or $7.56 per diluted share, in 2024. Operating income was $9,080 million in 2025 and $7,258 million in 2024.

What are Amgen's biggest products?

By 2025 product sales in the 10-K, in millions: Prolia $4,414, Repatha $3,016, Otezla $2,265, ENBREL $2,226, EVENITY $2,100 and XGEVA $2,084. ENBREL sales were $3,316 million in 2024 and XGEVA sales were $2,225 million in 2024 (10-K, Item 7).

What were Amgen's latest quarterly results?

For the quarter ended June 30, 2026, its 10-Q (unaudited) reports total revenues of $10,054 million, against $9,179 million a year earlier, and net income of $2,375 million, or $4.37 per diluted share, against $1,432 million, or $2.65. The August 4, 2026 release reports non-GAAP net income of $3,423 million and non-GAAP diluted EPS of $6.29, against $3,258 million and $6.02, non-GAAP measures that exclude certain items related to acquisitions, restructuring and certain other items.

What is Amgen's guidance for 2026?

In its August 4, 2026 release Amgen said it expects, for the full year 2026, total revenues in the range of $38.2 billion to $39.4 billion; on a GAAP basis, EPS in the range of $15.80 to $17.08 and a tax rate in the range of 14.5% to 16.0%; on a non-GAAP basis, EPS in the range of $22.30 to $23.50 and a tax rate in the range of 15.0% to 16.5%; capital expenditures of approximately $2.6 billion; and share repurchases not to exceed $3.0 billion. Amgen computes its non-GAAP measures by excluding certain items related to acquisitions, restructuring and certain other items, and says its GAAP EPS guidance does not include the effect of GAAP adjustments triggered by later events such as acquisitions, asset impairments, litigation and changes in fair value of contingent consideration obligations and equity investments. These are the company's own projections, not reported results.

Does Amgen pay a dividend?

Yes. The 10-K says Amgen increased its quarterly cash dividend by 6% to $2.38 per share for 2025 and that in December 2025 the board declared $2.52 per share for the first quarter of 2026. Dividends paid were $5,124 million in 2025 (10-K cash flow statement).

Robert A. Bradway, Chairman of the Board, Chief Executive Officer and President, and Peter H. Griffith, Executive Vice President and Chief Financial Officer, certified Amgen's 10-Q for the quarter ended June 30, 2026. A Form 8-K filed May 19, 2026 said Mr. Griffith would retire from the CFO role effective August 31, 2026 and that Thomas Dittrich would serve as Executive Vice President and Chief Financial Officer effective September 1, 2026.

DalsnaFinance Account

Amgen $AMGN

Health Care · Biotechnology · NASDAQ

Profile updated Oct 15, 2026 Figures as of Oct 14, 2026

S&P 500 Nasdaq-100 Dow Jones Russell 1000 California

Create a scorecard

$436.87

-2.07 (-0.47%)

As of Oct 21, 2026, 11:10 AM EDT

Price history

Loading chart…

Today's analyst average Analyst average over timeIndividual analyst targets Analyst history starts May 18, 2026, the first target we tracked for AMGN.

Key facts

52-week range (closes): $291.16 – $444.12 Lowest close Oct 27, 2025, highest Sep 3, 2026; 251 daily closes to Oct 13, 2026 from Dalsna Finance's price archive
Next earnings: Nov 3, 2026, after the close · EPS forecast $5.72 Nasdaq earnings calendar, as of Oct 21, 2026
Fiscal year ends: December Fiscal 2025 ended Dec 31, 2025, from SEC filings
In the S&P 500 since: Jan 2, 1992 · All S&P 500 changes
In the Nasdaq-100 since: before 2007 · All Nasdaq-100 changes
In the Dow since: Aug 31, 2020, replacing ExxonMobil (XOM), Pfizer (PFE) and Raytheon Technologies (RTX) · Prompted by Apple's 4-for-1 stock split, which cut technology's weight in the price-weighted index. · All Dow changes
Analyst coverage: 37 open price targets from 19 firms: BMO Capital Markets, Cantor Fitzgerald, Scotiabank, UBS, Wells Fargo, Barclays, RBC Capital Markets, Truist Securities, Argus Research, Bank of America, Canaccord Genuity, Guggenheim, HSBC, Jefferies, Mizuho, Morgan Stanley, Oppenheimer, Piper Sandler, TD Cowen Approved targets tracked here; see the analyst section below

Amgen (AMGN) is trading down at $436.87 (-0.47%) on NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Health Care sector.

Analyst price targets on AMGN

Current price targets from 19 firms average $412, median $425, ranging from $312 to $500 — the average is 6% below the current $437. Each is tracked to its date and scored the same way a member's call is.

Cantor Fitzgerald $432 → $440 by Oct 2027 neutral Oct 18, 2026 via MarketBeat · Cantor Fitzgerald's track record
Wells Fargo $432 → $430 by Oct 2027 equal weight Oct 18, 2026 via MarketBeat · Wells Fargo's track record
Scotiabank $432 → $500 by Oct 2027 outperform Oct 18, 2026 via MarketBeat · Scotiabank's track record
BMO Capital Markets $432 → $415 by Oct 2027 market perform Oct 18, 2026 via MarketBeat · BMO Capital Markets's track record
BMO Capital Markets $418 → $415 by Oct 2027 Oct 12, 2026 via GuruFocus · BMO Capital Markets's track record
Wells Fargo $415 → $430 by Oct 2027 Equal-Weight Oct 12, 2026 via GuruFocus · Wells Fargo's track record
UBS $415 → $470 by Oct 2027 Buy Oct 10, 2026 via MarketBeat · UBS's track record
Morgan Stanley $415 → $359 by Oct 2027 Equal Weight Oct 10, 2026 via MarketBeat · Morgan Stanley's track record
RBC Capital Markets $406 → $430 by Oct 2027 Oct 8, 2026 via Pluang · RBC Capital Markets's track record
Cantor Fitzgerald $406 → $440 by Oct 2027 Oct 8, 2026 via AD HOC NEWS · Cantor Fitzgerald's track record
Truist Securities $413 → $380 by Oct 2027 Hold Oct 7, 2026 via Investing.com Canada · Truist Securities's track record
Cantor Fitzgerald $403 → $400 by Oct 2027 Neutral Oct 5, 2026 via Investing.com · Cantor Fitzgerald's track record

Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.

Amgen revenue & net income history (FY2016–FY2025)

RevenueNet incomeNet margin (right axis, %)

Amgen annual financial statements
	FY2016Dec 2016	FY2017Dec 2017	FY2018Dec 2018	FY2019Dec 2019	FY2020Dec 2020	FY2021Dec 2021	FY2022Dec 2022	FY2023Dec 2023	FY2024Dec 2024	FY2025Dec 2025
Income statement
Revenue	$23.0B	$22.8B	$23.7B	$23.4B	$25.4B	$26.0B	$26.3B	$28.2B	$33.4B	$36.8B
Growth (year over year)	+6.1%	−0.6%	+3.9%	−1.6%	+8.8%	+2.2%	+1.3%	+7.1%	+18.6%	+10.0%
Gross profit	$18.8B	$18.8B	$19.6B	$19.0B	$19.3B	$19.5B	$19.9B	$19.7B	$20.6B	$24.7B
Gross margin	81.9%	82.2%	82.7%	81.4%	75.8%	75.2%	75.7%	70.0%	61.5%	67.2%
Operating income	$9.79B	$9.97B	$10.3B	$9.67B	$9.14B	$7.64B	$9.57B	$7.90B	$7.26B	$9.08B
Operating margin	42.6%	43.6%	43.2%	41.4%	35.9%	29.4%	36.3%	28.0%	21.7%	24.7%
Net income	$7.72B	$1.98B	$8.39B	$7.84B	$7.26B	$5.89B	$6.55B	$6.72B	$4.09B	$7.71B
Net margin	33.6%	8.7%	35.3%	33.6%	28.6%	22.7%	24.9%	23.8%	12.2%	21.0%
EPS (diluted)	$10.24	$2.69	$12.62	$12.88	$12.31	$10.28	$12.11	$12.49	$7.56	$14.23
Balance sheet
Cash and equivalents	$3.24B	$3.80B	$6.95B	$6.04B	$6.27B	$7.99B	$7.63B	$10.9B	$12.0B	$9.13B
Total assets	$77.6B	$80.0B	$66.4B	$59.7B	$62.9B	$61.2B	$65.1B	$97.2B	$91.8B	$90.6B
Total liabilities	$47.8B	$54.7B	$53.9B	$50.0B	$53.5B	$54.5B	$61.5B	$90.9B	$86.0B	$81.9B
Long-term debt	$30.2B	$34.2B	$29.5B	$26.9B	$32.9B	$33.2B	$37.4B	$63.2B	$56.5B	$50.0B
Shareholders' equity	$29.9B	$25.2B	$12.5B	$9.67B	$9.41B	$6.70B	$3.66B	$6.23B	$5.88B	$8.66B
Cash flow
Operating cash flow	$10.4B	$11.2B	$11.3B	$9.15B	$10.5B	$9.26B	$9.72B	$8.47B	$11.5B	$9.96B
Capital expenditure	$738.0M	$664.0M	$738.0M	$618.0M	$608.0M	$880.0M	$936.0M	$1.11B	$1.10B	$1.86B
Free cash flow	$9.62B	$10.5B	$10.6B	$8.53B	$9.89B	$8.38B	$8.79B	$7.36B	$10.4B	$8.10B
Dividends paid	$3.00B	$3.37B	$3.51B	$3.51B	$3.75B	$4.01B	$4.20B	$4.56B	$4.83B	$5.12B
Share buybacks	$2.96B	$3.16B	$17.8B	$7.70B	$3.49B	$4.97B	$6.36B	$0	$200.0M	$0

RevenueNet incomeNet margin (right axis, %)

Amgen quarterly financial statements
	Q3 FY24Sep 2024	Q4 FY24^†Dec 2024	Q1 FY25Mar 2025	Q2 FY25Jun 2025	Q3 FY25Sep 2025	Q4 FY25^†Dec 2025	Q1 FY26Mar 2026	Q2 FY26Jun 2026
Income statement
Revenue	$8.50B	$9.09B	$8.15B	$9.18B	$9.56B	$9.87B	$8.62B	$10.1B
Growth (year over year)	+23.2%	+10.9%	+9.4%	+9.4%	+12.4%	+8.6%	+5.8%	+9.5%
Gross profit	$5.19B	$5.97B	$5.18B	$6.17B	$6.47B	$6.89B	$5.87B	$7.24B
Gross margin	61.1%	65.7%	63.6%	67.2%	67.8%	69.8%	68.2%	72.0%
Operating income	$2.05B	$2.31B	$1.18B	$2.66B	$2.53B	$2.72B	$2.67B	$3.51B
Operating margin	24.1%	25.4%	14.5%	28.9%	26.4%	27.6%	30.9%	35.0%
Net income	$2.83B	$627.0M	$1.73B	$1.43B	$3.22B	$1.33B	$1.82B	$2.38B
Net margin	33.3%	6.9%	21.2%	15.6%	33.7%	13.5%	21.1%	23.6%
EPS (diluted)	$5.22	$1.17	$3.20	$2.65	$5.93	$2.45	$3.34	$4.37
Balance sheet
Cash and equivalents	$9.01B	$12.0B	$8.81B	$8.03B	$9.45B	$9.13B	$12.0B	$14.0B
Total assets	$90.9B	$91.8B	$89.4B	$87.9B	$90.1B	$90.6B	$92.5B	$95.6B
Total liabilities	$83.4B	$86.0B	$83.2B	$80.5B	$80.5B	$81.9B	$83.3B	$84.0B
Long-term debt	$56.9B	$56.5B	$54.0B	$53.8B	$52.4B	$50.0B	$51.9B	$51.9B
Shareholders' equity	$7.53B	$5.88B	$6.21B	$7.43B	$9.62B	$8.66B	$9.19B	$11.7B
Cash flow
Operating cash flow	$3.57B	$4.77B	$1.39B	$2.28B	$4.68B	$1.60B	$2.19B	$4.00B
Capital expenditure	$257.0M	$371.0M	$411.0M	$369.0M	$436.0M	$642.0M	$712.0M	$513.0M
Free cash flow	$3.31B	$4.40B	$980.0M	$1.91B	$4.25B	$961.0M	$1.48B	$3.49B
Dividends paid	$1.21B	$1.21B	$1.28B	$1.28B	$1.28B	$1.28B	$1.36B	$1.36B

From Amgen's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →

Amgen vs the Health Care sector and the S&P 500

Amgen's latest reported figures next to the median of the other 59 S&P 500 Health Care companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.

Amgen compared with the median Health Care company and the median S&P 500 company
Measure	Amgen	Health Care (59 other S&P 500 companies)	S&P 500 (502 other companies)
Revenue growth, latest fiscal year	+10.0%	+7.1%	+7.0%
Net margin, latest fiscal year	21.0%	12.9%	12.9%
Dividend per share, latest fiscal year	$9.66	$2.43	$2.40
Share price change, 1 year	+45.0%	+20.2%	+6.8%

Amgen: fiscal year ended December 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 21, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, Amgen included, were fetched between 10:06 and 10:15 ET on October 21, 2026; the 1-year change compares that price with each company's last close on or before October 21, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 59/496, net margin 59/496, dividend per share 32/349, 1-year price change 59/490; the reasons below can overlap. 12 are left out of the price figure because our archive holds no comparable close for them; dividend medians are among the 32 sector and 349 S&P 500 companies reporting a per-share dividend. The S&P 500 price figure is the middle company's change, not the index's return.

About Amgen

Amgen Inc. is an American multinational biopharmaceutical company headquartered in Thousand Oaks, California. The company is ranked 18th on the list of largest biomedical companies by revenue. The name "AMGen" is a portmanteau of the company's original name, Applied Molecular Genetics.

Source: Wikipedia — Amgen

Headquarters: Thousand Oaks, California From SEC filings, Oct 2026

Company profile

Amgen Inc., a Delaware corporation headquartered at One Amgen Center Drive in Thousand Oaks, California, says in its 10-K that it discovers, develops, manufactures and delivers innovative medicines to fight some of the world's toughest diseases, and that it has a presence in approximately 100 countries. It was incorporated in California in 1980, became a Delaware corporation in 1987 and operates in one operating segment, human therapeutics. Its fiscal year ends December 31 and its common stock, $0.0001 par value, trades on Nasdaq as AMGN; 539,067,675 shares were outstanding on February 10, 2026 (10-K cover) and 540,632,005 on July 30, 2026 (10-Q cover). The 10-K reports approximately 31,500 staff members in over 50 countries at December 31, 2025, including approximately 13,000 outside the United States, and names its principal products as Prolia, Repatha, Otezla, ENBREL, EVENITY, XGEVA, TEPEZZA, BLINCYTO, Nplate, TEZSPIRE, KYPROLIS, Aranesp, KRYSTEXXA and Vectibix. TEPEZZA and KRYSTEXXA came from the Horizon acquisition on October 6, 2023 (10-K, Item 7).

The 10-K's Consolidated Statements of Income report total revenues of $36,751 million for 2025, against $33,424 million for 2024 and $28,190 million for 2023; earlier 10-Ks report $26,323 million for 2022 and $25,979 million for 2021. Net income was $7,711 million in 2025, or $14.23 per diluted share, against $4,090 million, or $7.56, in 2024. In its MD&A Amgen says total product sales increased 10% in 2025, driven by volume growth of 13%, partially offset by declines in net selling price of 3%. ENBREL sales decreased 33% in 2025, primarily driven by lower net selling price of 36% resulting from the impact of increased 340B Program mix, U.S. Medicare Part D redesign and higher commercial discounts, partially offset by volume growth of 4%; XGEVA sales decreased 6%, driven by lower volume; and KYPROLIS sales decreased 6%, primarily driven by lower volume due to increased competition. Operating expenses increased 6% for 2025, primarily driven by investments in Later-Stage Clinical Programs and Otezla intangible asset impairment charges, partially offset by lower amortization expense from acquisition-related assets, including the fair value step-up of inventory acquired from Horizon (10-K, Item 7).

According to its 10-Q for the quarter ended June 30, 2026 (unaudited), total revenues were $10,054 million for the second quarter, against $9,179 million a year earlier, and net income was $2,375 million, or $4.37 per diluted share, against $1,432 million, or $2.65. In its August 4, 2026 release Amgen said Prolia sales decreased 32% year-over-year to $759 million in the quarter, driven by 20% lower volume and 12% lower net selling price as multiple biosimilars have launched globally with more biosimilars expected, while Repatha sales increased 37% to $953 million, driven by volume growth. A Form 8-K filed July 31, 2026 reports a material cybersecurity incident in which some of its data, including proprietary data, patient protected health information and other information, was exfiltrated from cloud environments hosted by third-party providers. Robert A. Bradway certified the 10-Q as Chairman of the Board, Chief Executive Officer and President, and Peter H. Griffith as Executive Vice President and Chief Financial Officer (10-Q, Exhibit 31); a Form 8-K filed May 19, 2026 said Mr. Griffith would retire from that role effective August 31, 2026 and that Thomas Dittrich would serve as Executive Vice President and Chief Financial Officer effective September 1, 2026.

Summary sources:¹²³⁴⁵⁶⁷⁸⁹¹⁰¹¹¹²¹³¹⁴

$36,751 million¹

Total revenues, 2025 (year ended December 31, 2025)

$35,148 million¹

Product sales, 2025

$1,603 million¹

Other revenues, 2025

$7,272 million¹

Research and development, 2025

$9,080 million¹

Operating income, 2025

$7,258 million¹

Operating income, 2024

$7,711 million¹

Net income, 2025

$14.23⁷

Earnings per share, diluted, 2025

$25,656 million¹⁵

Product sales, U.S., 2025

$9,492 million¹⁵

Product sales, ROW, 2025

$9,958 million¹⁶

Net cash provided by operating activities, 2025

$1,858 million¹⁶

Purchases of property, plant and equipment, 2025

$1,200 million¹⁶

Impairment of intangible assets, 2025

$5,000 million¹⁶

Repayment of debt, 2025

$5,124 million¹⁶

Dividends paid, 2025

$9,129 million¹⁷

Cash and cash equivalents, December 31, 2025

$90,586 million¹⁷

Total assets, December 31, 2025

$50,005 million¹⁷

Long-term debt, December 31, 2025

$8,658 million¹⁷

Total stockholders' equity, December 31, 2025

31,500¹

Staff members, December 31, 2025 (approximate)

540,632,005⁹

Common shares outstanding, July 30, 2026

$10,054 million¹⁰

Total revenues, quarter ended June 30, 2026 (unaudited)

$18,672 million¹⁰

Total revenues, six months ended June 30, 2026 (unaudited)

$2,375 million¹⁰

Net income, quarter ended June 30, 2026 (unaudited)

$4.37¹⁰

Earnings per share, diluted, quarter ended June 30, 2026 (unaudited)

$3,423 million¹¹

Non-GAAP net income, quarter ended June 30, 2026 (non-GAAP, as reported by Amgen)

$6.29¹¹

Non-GAAP diluted EPS, quarter ended June 30, 2026 (non-GAAP, as reported by Amgen)

$3,489 million¹¹

Free cash flow, quarter ended June 30, 2026 (non-GAAP, operating cash flow less capital expenditures, as reported by Amgen)

$6,191 million¹⁸

Net cash provided by operating activities, six months ended June 30, 2026 (unaudited)

$13,989 million¹⁹

Cash and cash equivalents, June 30, 2026 (unaudited)

$51,859 million¹⁹

Long-term debt, June 30, 2026 (unaudited)

$38.2 billion to $39.4 billion¹¹

Total revenues, 2026 (company guidance, August 4, 2026)

$15.80 to $17.08¹¹

EPS, 2026, GAAP basis (company guidance, August 4, 2026)

$22.30 to $23.50¹¹

EPS, 2026, non-GAAP basis (company guidance, August 4, 2026)

Revenue by fiscal year, as reported in 10-K

Fiscal year	Revenue (as reported in 10-K)	Reported as	Filed
2021	$25,979 million³	Form 10-K for fiscal year 2021 (year ended December 31, 2021), total revenues, in millions as filed	Feb 16, 2022
2022	$26,323 million⁴	Form 10-K for fiscal year 2022 (year ended December 31, 2022), total revenues, in millions as filed	Feb 9, 2023
2023	$28,190 million⁵	Form 10-K for fiscal year 2023 (year ended December 31, 2023), total revenues, in millions as filed	Feb 14, 2024
2024	$33,424 million⁶	Form 10-K for fiscal year 2024 (year ended December 31, 2024), total revenues, in millions as filed	Feb 14, 2025
2025	$36,751 million¹	Form 10-K for fiscal year 2025 (year ended December 31, 2025), total revenues, in millions as filed	Feb 13, 2026

Products

Principal products

Name	Released	What it is
Prolia	—	Launched in the U.S. and Europe in 2010; used in the U.S. primarily in indications including postmenopausal women with osteoporosis at high risk of fracture. Its RANKL antibody patents expired in the U.S. in February 2025. 2025 product sales: $4,414 million (10-K, Items 1 and 7).¹
Repatha	—	A PCSK9 inhibitor launched in 2015, indicated to reduce the risk of major adverse cardiovascular events in adults at increased risk and to reduce LDL-C in adults with primary hyperlipidemia. 2025 product sales: $3,016 million (10-K, Items 1 and 7).¹
Otezla	—	An oral small molecule that inhibits PDE4, acquired in November 2019 and approved for indications including plaque psoriasis, active psoriatic arthritis and oral ulcers associated with Behçet's disease. 2025 product sales: $2,265 million (10-K, Items 1 and 7).¹
ENBREL	—	A tumor necrosis factor blocker marketed in the United States and Canada, launched in 1998 and used primarily for rheumatoid arthritis, plaque psoriasis and psoriatic arthritis. 2025 product sales: $2,226 million (10-K, Items 1 and 7).¹
EVENITY	—	Marketed with collaboration partners; launched in the U.S. and Japan in 2019 and used in the U.S. for indications including osteoporosis in postmenopausal women at high risk for fracture. 2025 product sales: $2,100 million (10-K, Items 1 and 7).¹
XGEVA	—	Same active ingredient as Prolia; launched in 2010 and used primarily for prevention of skeletal-related events in patients with bone metastases from solid tumors and multiple myeloma. 2025 product sales: $2,084 million (10-K, Items 1 and 7).¹
TEPEZZA	—	Acquired through the Horizon acquisition in October 2023; the 10-K calls it the first and only approved medicine for the treatment of thyroid eye disease (TED). 2025 product sales: $1,903 million (10-K, Items 1 and 7).¹
BLINCYTO	—	Launched in 2014 for CD19-positive B-cell acute lymphoblastic leukemia (B-ALL), including frontline consolidation and relapsed or refractory disease. 2025 product sales: $1,559 million (10-K, Items 1 and 7).¹
Nplate	—	Launched in 2008 to treat thrombocytopenia in patients with immune thrombocytopenia (ITP) who have had an insufficient response to corticosteroids, immunoglobulins or splenectomy. 2025 product sales: $1,524 million (10-K, Items 1 and 7).¹
TEZSPIRE	—	A first-in-class human monoclonal antibody approved for severe uncontrolled asthma and for CRSwNP; marketed by collaborator AstraZeneca outside the United States. 2025 product sales: $1,478 million (10-K, Items 1 and 7).¹
KYPROLIS	—	Launched in 2012 for patients with relapsed or refractory multiple myeloma, alone or in combination regimens. 2025 product sales: $1,412 million (10-K, Items 1 and 7).¹
Aranesp	—	Launched in 2001 to treat anemia caused by chronic kidney disease in patients on and not on dialysis, and anemia in certain patients with non-myeloid malignancies receiving chemotherapy. 2025 product sales: $1,389 million (10-K, Items 1 and 7).¹
KRYSTEXXA	—	Acquired through the Horizon acquisition in October 2023 and marketed in the United States; the 10-K calls it the first and only FDA-approved medicine for chronic refractory gout. 2025 product sales: $1,340 million (10-K, Items 1 and 7).¹
Vectibix	—	Launched in 2006 for wild-type RAS metastatic colorectal cancer and, in the U.S., with LUMAKRAS for KRAS G12C-mutated mCRC after prior chemotherapy. 2025 product sales: $1,175 million (10-K, Items 1 and 7).¹

Other marketed products

Name	Released	What it is
UPLIZNA	—	The FDA approved it for Immunoglobulin G4-related disease (IgG4-RD) in adults in April 2025 and for generalized myasthenia gravis in certain antibody-positive adults in December 2025 (10-K, Item 1).¹
IMDELLTRA/IMDYLLTRA	—	In November 2025 the FDA granted IMDELLTRA full approval for adults with extensive stage small cell lung cancer (ES-SCLC) progressing on or after platinum-based chemotherapy, converting its prior accelerated approval (10-K, Item 1).¹
TAVNEOS	—	Approved by the FDA in October 2021 for ANCA-associated vasculitis and acquired with ChemoCentryx in October 2022. The FDA requested its voluntary U.S. withdrawal on January 16, 2026; on January 28, 2026 Amgen informed the FDA it did not intend to withdraw it (10-K, Item 1).¹
PAVBLU	—	A biosimilar to EYLEA. Amgen's August 4, 2026 release reports second-quarter 2026 sales of $287 million and calls it the only commercially available biosimilar to EYLEA in the U.S. during this period.¹¹

Product candidate

Name	Released	What it is
MariTide (maridebart cafraglutide)	—	An antibody-peptide conjugate that activates the GLP-1 receptor and antagonizes GIPR, studied in indications including chronic weight management; the 10-K reports the initiation of six global Phase 3 clinical studies in 2025 (10-K, Items 1 and 7).¹

Segments and products

Human therapeutics: In the 10-K's words, Amgen operates its business in one operating segment, which also represents one reportable segment: human therapeutics, engaged in the discovery, development, manufacturing and delivery of innovative medicines. Its Chief Executive Officer is the chief operating decision maker, who manages and allocates resources on a consolidated basis; the measure of segment performance is net income, as reflected in the Consolidated Statements of Income, and the measure of segment assets is total assets (10-K, segment note).⁸
Revenues by geography (not a segment): As filed in the 10-K's revenue details, in millions. Product sales: U.S. $25,656 in 2025, $23,301 in 2024 and $19,272 in 2023; ROW $9,492, $8,725 and $7,638. Other revenues: U.S. $763, $562 and $534; ROW $840, $836 and $746.¹⁵

Risks

Drug pricing and reimbursement: Among its risk factors the 10-K says pricing and reimbursement pressures have affected, and are likely to continue to affect, its profitability. In its MD&A Amgen says provisions of the IRA and expanded utilization of the 340B Program have negatively affected, and are likely to continue to negatively affect, its business; that CMS has selected ENBREL and Otezla for Medicare price setting beginning in 2026 and 2027, respectively; and that in December 2025 it announced actions that satisfy the components of the July MFN Letter, with the ultimate effects remaining uncertain (10-K, Items 1A and 7).¹
Biosimilars and competition: Amgen's patents for RANKL antibodies for Prolia and XGEVA expired in February 2025 in the United States and in November 2025 in select countries in Europe, and for 2026 it expects accelerated sales erosion for both products driven by increased competition, as multiple biosimilars have launched in the United States and ROW. The 10-K lists competition from biosimilars and generics as a risk factor and attributes the 2025 KYPROLIS sales decrease primarily to lower volume due to increased competition (10-K, Items 1A and 7).¹
IRS tax dispute: Amgen is contesting IRS Statutory Notices of Deficiency in the U.S. Tax Court over the allocation of profits between certain of its entities in the United States and the U.S. territory of Puerto Rico. The notices would result in additional federal tax of approximately $3.6 billion plus interest for 2010–2012 and approximately $5.1 billion plus interest for 2013–2015, and the 2013–2015 notice also asserts penalties of approximately $2.0 billion; any additional tax would be reduced by up to approximately $900 million and $2.2 billion of repatriation tax previously accrued and paid. Amgen says it firmly believes the IRS positions are without merit and expects a decision no earlier than late 2026 or early 2027. It also received a draft notice of proposed adjustment (NOPA) for 2016–2018 in April 2026; Amgen says it disagrees with the NOPA and intends to contest it, and that if sustained in full, the adjustments set forth in the NOPA could have a material impact on its financial statements (10-Q, income taxes note, unaudited).²⁰
Cybersecurity incident: In a Form 8-K filed July 31, 2026, Amgen says it identified unauthorized activity in July 2026 involving data stored in cloud environments hosted by third-party cloud service providers, that some of its data, including proprietary data, patient protected health information and other information, was exfiltrated, and that on July 29, 2026 it determined the incident is material. It says that, to date, it has not identified any impact to its products, manufacturing operations or financial reporting systems, or to its ability to meet patient needs, that the investigation remains ongoing, and that as of the filing date it believes the incident is not reasonably likely to have a material impact on its financial condition or results of operations.¹²
Manufacturing and customer concentration: The 10-K says Amgen performs a substantial majority of its commercial manufacturing at its facility in the U.S. territory of Puerto Rico and a substantial majority of its clinical manufacturing in Thousand Oaks, California, and that significant disruptions there could impair supply. Three wholesalers, McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., together accounted for 77% of worldwide gross revenues in 2025 (10-K, Items 1 and 1A).¹

Frequently asked questions

What does Amgen do?: Amgen is a Thousand Oaks, California based biotechnology company that, in its 10-K's words, discovers, develops, manufactures and delivers innovative medicines. It reports one segment, human therapeutics. Its principal products include Prolia, Repatha, Otezla, ENBREL, EVENITY, XGEVA and TEPEZZA, and it has a presence in approximately 100 countries.
How much revenue did Amgen make in 2025?: Total revenues were $36,751 million in 2025, against $33,424 million in 2024 and $28,190 million in 2023, according to the Consolidated Statements of Income in its 10-K for 2025. Its 10-Ks for 2022 and 2021 report total revenues of $26,323 million and $25,979 million.
Was Amgen profitable in 2025?: Yes. Its 10-K reports net income of $7,711 million in 2025, or $14.23 per diluted share, against $4,090 million, or $7.56 per diluted share, in 2024. Operating income was $9,080 million in 2025 and $7,258 million in 2024.
What are Amgen's biggest products?: By 2025 product sales in the 10-K, in millions: Prolia $4,414, Repatha $3,016, Otezla $2,265, ENBREL $2,226, EVENITY $2,100 and XGEVA $2,084. ENBREL sales were $3,316 million in 2024 and XGEVA sales were $2,225 million in 2024 (10-K, Item 7).
What were Amgen's latest quarterly results?: For the quarter ended June 30, 2026, its 10-Q (unaudited) reports total revenues of $10,054 million, against $9,179 million a year earlier, and net income of $2,375 million, or $4.37 per diluted share, against $1,432 million, or $2.65. The August 4, 2026 release reports non-GAAP net income of $3,423 million and non-GAAP diluted EPS of $6.29, against $3,258 million and $6.02, non-GAAP measures that exclude certain items related to acquisitions, restructuring and certain other items.
What is Amgen's guidance for 2026?: In its August 4, 2026 release Amgen said it expects, for the full year 2026, total revenues in the range of $38.2 billion to $39.4 billion; on a GAAP basis, EPS in the range of $15.80 to $17.08 and a tax rate in the range of 14.5% to 16.0%; on a non-GAAP basis, EPS in the range of $22.30 to $23.50 and a tax rate in the range of 15.0% to 16.5%; capital expenditures of approximately $2.6 billion; and share repurchases not to exceed $3.0 billion. Amgen computes its non-GAAP measures by excluding certain items related to acquisitions, restructuring and certain other items, and says its GAAP EPS guidance does not include the effect of GAAP adjustments triggered by later events such as acquisitions, asset impairments, litigation and changes in fair value of contingent consideration obligations and equity investments. These are the company's own projections, not reported results.
Does Amgen pay a dividend?: Yes. The 10-K says Amgen increased its quarterly cash dividend by 6% to $2.38 per share for 2025 and that in December 2025 the board declared $2.52 per share for the first quarter of 2026. Dividends paid were $5,124 million in 2025 (10-K cash flow statement).
Who runs Amgen?: Robert A. Bradway, Chairman of the Board, Chief Executive Officer and President, and Peter H. Griffith, Executive Vice President and Chief Financial Officer, certified Amgen's 10-Q for the quarter ended June 30, 2026. A Form 8-K filed May 19, 2026 said Mr. Griffith would retire from the CFO role effective August 31, 2026 and that Thomas Dittrich would serve as Executive Vice President and Chief Financial Officer effective September 1, 2026.