Amgen

Health Care Biotechnology Thousand Oaks, California Last filing Feb 13, 2026 · FY2025

                    Revenue
                    FY2025
                
$36.8B
                    3y CAGR +11.8%
                    
                    P86
                    
                    +10.0%
                    
                    Net income
                    FY2025
                
$7.7B
                    Net margin +21.0%
                    
                    P78
                    
                    +88.5%
                    
                    Total assets
                    FY2025
                
$90.6B
                    ROA +8.5%
                    
                    P70
                    
                    -1.4%
                    
                    Operating cash flow
                    FY2025
                
$10.0B
                    FCF margin +22.0%
                    
                    P78
                    
                    -13.3%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

22 accounts · 5 years

Total assets $90.6B

Total liabilities ~$81.9B

Shareholders equity $8.7B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	24.8%	35.8%	38.8%	29.0%	30.8%
Accounts Receivable	26.0%	20.3%	25.8%	21.1%	18.8%
Inventory	16.9%	20.9%	33.8%	18.7%	15.7%
Other Current Assets	11.2%	9.8%	9.2%	9.1%	9.1%
Total Current Assets	79.1%	86.9%	107.6%	84.3%	74.6%
Property,Plant and Equipment	21.5%	19.6%	21.1%	20.6%	20.0%
Goodwill	50.8%	55.8%	66.1%	59.0%	57.3%
Intangible Assets	60.6%	82.9%	115.8%	61.1%	58.4%
Other Noncurrent Assets	34.4%	29.7%	34.1%	22.4%	25.1%
Total Assets	246.5%	274.8%	344.6%	247.4%	235.4%
Liabilities
Accounts Payable	6.4%	5.7%	5.6%	6.0%	5.3%
Accrued Liabilities	50.4%	52.8%	54.5%	47.6%	41.3%
Current Portion of Long Term Debt	12.5%	10.6%	5.1%	6.0%	0.3%
Total Current Liabilities	69.4%	69.1%	65.2%	59.6%	46.9%
Long Term Debt	136.1%	169.2%	224.1%	141.9%	127.9%
Deferred Tax Liabilities	3.7%	4.8%	8.4%	0.0%	—
Other Noncurrent Liabilities	13.8%	14.1%	24.9%	31.9%	34.9%
Equity
Common Stock	92.6%	100.3%	117.3%	123.5%	123.5%
Retained Earnings	-68.3%	-82.5%	-94.2%	-108.7%	-94.7%
Accumulated Other Comprehensive Income	-0.7%	-0.2%	-1.0%	-0.9%	-3.1%
Total Stockholders Equity	23.6%	17.6%	22.1%	13.9%	25.8%
Total Liabilitiesand Equity	246.5%	274.8%	344.6%	247.4%	235.4%

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $36.8B

Operating income $9.1B

Net income $7.7B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	32.8%	38.5%	30.0%	24.3%	24.8%
Expenses Research and Development	19.8%	17.8%	17.0%	16.8%	18.5%
Expenses Selling,General and Administrative	19.2%	21.2%	21.9%	20.6%	20.7%
Expenses Other Operating Expenses	3.6%	0.7%	3.1%	1.9%	6.5%
Other Income Expense Operating Income	24.7%	21.7%	28.0%	36.3%	29.4%
Other Income Expense Interest Expense	7.5%	9.4%	10.2%	5.3%	4.6%
Other Income Expense Other Income/expense	7.2%	1.5%	10.0%	-3.1%	1.0%
Other Income Expense Income Before Tax	24.4%	13.8%	27.9%	27.9%	25.8%
Income Tax Income Tax Expense	3.4%	1.6%	4.0%	3.0%	3.1%
net Income net Income	21.0%	12.2%	23.8%	24.9%	22.7%
net Income Comprehensive Income	20.5%	12.9%	23.6%	27.0%	23.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	1.5%	1.6%	1.9%	2.1%	2.2%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $10.0B

Investing cash flow $-1.9B

Financing cash flow $-10.9B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	21.0%	12.2%	23.8%	24.9%	22.7%
Operating Activities Depreciation and Amortization	14.1%	16.7%	14.4%	13.0%	13.1%
Operating Activities Stock Based Compensation	1.3%	1.6%	1.5%	1.5%	1.3%
Operating Activities Deferred Income Taxes	-2.0%	-3.7%	-4.5%	-4.6%	-1.7%
Operating Activities Changes In Operating Assets and Liabilities	-5.4%	7.1%	-1.7%	-2.8%	-4.6%
Operating Activities Other Non Cash Items	-1.9%	0.4%	-3.5%	1.5%	4.9%
Operating Activities net Cash From Operating Activities	27.1%	34.4%	30.0%	36.9%	35.6%
Investing Activities Capital Expenditures	-5.1%	-3.3%	-3.9%	-3.6%	-3.4%
Investing Activities Business Acquisitions	-0.1%	0.0%	-95.7%	-14.6%	-9.7%
Investing Activities Proceeds From Sale of Investments	0.0%	0.0%	5.9%	4.6%	50.9%
Investing Activities Other Investing Activities	-0.1%	0.1%	0.8%	0.4%	-0.7%
Investing Activities net Cash From Investing Activities	-5.3%	-3.1%	-93.0%	-23.0%	2.8%
Financing Activities Proceeds From Debt	0.0%	0.0%	98.5%	26.3%	19.0%
Financing Activities Repayment of Debt	-15.5%	-12.7%	-7.5%	-1.1%	-16.0%
Financing Activities Repurchase of Common Stock	0.0%	-0.6%	0.0%	-24.2%	-19.2%
Financing Activities Dividends Paid	-13.9%	-14.5%	-16.2%	-15.9%	-15.4%
Financing Activities Other Financing Activities	-0.1%	-0.4%	-0.3%	-0.4%	-0.3%
Financing Activities net Cash From Financing Activities	-29.5%	-28.2%	74.7%	-15.3%	-31.8%
Cash Reconciliation net Change In Cash	-7.7%	3.1%	11.8%	-1.4%	6.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+67.2%	+61.5%	+70.0%	+75.7%	+75.2%
Operating margin	+24.7%	+21.7%	+28.0%	+36.3%	+29.4%
Net margin	+21.0%	+12.2%	+23.8%	+24.9%	+22.7%
FCF margin	+22.0%	+31.1%	+26.1%	+33.4%	+32.3%
Growth
Revenue CAGR (3y)	+11.8%	+8.8%	+3.5%	+4.1%	+3.0%
Returns
ROE	+89.1%	+69.6%	+107.8%	+179.0%	+88.0%
ROA	+8.5%	+4.5%	+6.9%	+10.1%	+9.6%
ROIC	+14.4%	+11.9%	+11.3%	+24.4%	+21.0%
Liquidity
Current ratio	1.14x	1.26x	1.65x	1.41x	1.59x
Quick ratio	0.73x	0.81x	0.99x	0.84x	1.06x
Leverage
D/E	9.46x	14.63x	14.59x	16.79x	8.13x
Interest coverage	3.30x	2.30x	2.75x	6.80x	6.38x
Efficiency
Asset turnover	0.41x	0.36x	0.29x	0.40x	0.42x
Cash conversion cycle	+212d	+219d	+437d	+268d	+223d

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Amgen

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