WSJ·Jun 26, 2026
European Regulator Calls for Amgen's Tavneos to Have Authorization RevokedThe committee is recommending that no new patients start treatment with Tavneos and that existing patients be switched to suitable alternatives.
Amgen Inc.(AMGN)Earnings, Financials & Key Ratios
AMGN•NASDAQ
$368.10
25.9× P/E·Price updated Jul 7, 2026
AboutAmgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta that reduces the chance of infection due a low white blood cell count in patients cancer; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Aranesp to treat a lower-than-normal number of red blood cells and anemia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; and Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization. It also markets Nplate, Vectibix, MVASI, Parsabiv, EPOGEN, KANJINTI, BLINCYTO, Aimovig, EVENITY, AMGEVITATM, Sensipar/Mimpara, NEUPOGEN, IMLYGIC, Corlanor, and AVSOLA. Amgen Inc. serves healthcare providers, including physicians or their clinics, dialysis centers, hospitals, and pharmacies. It distributes its products through pharmaceutical wholesale distributors, as well as direct-to-consumer channels. It has collaboration agreements with Novartis Pharma AG; UCB; Bayer HealthCare LLC; BeiGene, Ltd.; Eli Lilly and Company; Datos Health; and Verastem, Inc. to evaluate VS-6766 in combination with lumakrastm (Sotorasib) in patients with KRAS G12C-mutant non-small cell lung cancer. It has an agreement with Kyowa Kirin Co., Ltd. to jointly develop and commercialize KHK4083, a Phase 3-ready anti-OX40 fully human monoclonal antibody for the treatment of atopic dermatitis and other autoimmune diseases; and research and development collaboration with Neumora Therapeutics, Inc. and Plexium, Inc. Amgen Inc. was incorporated in 1980 and is headquartered in Thousand Oaks, California.Show more
- Revenue$36.74B+9.9%
- EBITDA$15.84B+23.3%
- Net Income$7.71B+88.5%
- EPS (Diluted)14.23+88.2%
- Gross Margin70.8%+15.1%
- EBITDA Margin43.12%+12.2%
- Operating Margin29.06%+33.8%
- Net Margin20.99%+71.5%
- ROE106.1%+57.1%
AMGN Price & Volume
Amgen Inc. (AMGN) stock price & volume — 10-year historical chart
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Acquisition Integration Strains Amgen Financial Flexibility
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Strained
Cash Flow:Mixed
Primary Risk:IRA pricing negotiation exposure
Key Thesis Takeaways
- Amgen is currently navigating a complex transition period characterized by the integration of large-scale acquisitions, which has resulted in significant volatility in both earnings and cash flow.
- While the company is attempting to deleverage from a peak debt-to-equity ratio of 12.75 in 2024Q1, the persistent $18.7 billion goodwill balance and elevated capital expenditure requirements of 8.3% of revenue in 2026Q1 suggest ongoing pressure on long-term capital allocation.
- Investors should monitor the company's ability to stabilize operating margins, which have fluctuated between 13.3% and 30.9% over the last ten quarters, as it manages the lifecycle decay of legacy assets against new therapeutic growth.
Verdict Logic
while the forward P/E of 16.00 appears attractive, the company's high debt-to-equity ratio of 6.24 and the ongoing integration risks associated with its $18.7 billion goodwill position warrant a cautious approach.
AMGN Growth Metrics
Amgen Inc. (AMGN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years5.43%
5 Years7.64%
3 Years11.76%
TTM9.12%
Profit CAGR
10 Years1.06%
5 Years1.2%
3 Years5.58%
TTM31.47%
EPS CAGR
10 Years4.62%
5 Years2.94%
3 Years5.52%
TTM31.11%
Return on Capital
10 Years15.7%
5 Years14.56%
3 Years12.71%
Last Year15.95%
AMGN Recent Earnings
Amgen Inc. (AMGN) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
Apr 30, 2026Metric
Actual
Est
EPS
$5.15+8.0%
$4.77
Rev
$8.6B+0.5%
$8.6B
Q1 2026
Feb 3, 2026Metric
Actual
Est
EPS
$5.29+11.8%
$4.73
Rev
$9.9B+4.1%
$9.5B
Q4 2025
Nov 4, 2025Metric
Actual
Est
EPS
$5.64+12.4%
$5.02
Rev
$9.6B+6.6%
$9.0B
Q3 2025
Aug 5, 2025Metric
Actual
Est
EPS
$6.02+14.0%
$5.28
Rev
$9.2B+2.6%
$8.9B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $5.15vs $4.77+8.0% | $8.6Bvs $8.6B+0.5% |
| Q1 2026 | Feb 3, 2026 | $5.29vs $4.73+11.8% | $9.9Bvs $9.5B+4.1% |
| Q4 2025 | Nov 4, 2025 | $5.64vs $5.02+12.4% | $9.6Bvs $9.0B+6.6% |
| Q3 2025 | Aug 5, 2025 | $6.02vs $5.28+14.0% | $9.2Bvs $8.9B+2.6% |
Based on last 12 quarters of dataView full earnings history →
Latest AMGN News
Recent stock market news and headlines for Amgen Inc. (AMGN)
Reuters·Jun 26, 2026
EMA recommends revoking marketing authorisation for Amgen's rare-disease drugThe European Medicines Agency on Friday recommended revoking the marketing authorisation for Amgen's rare autoimmune disease drug, Tavneos, citing a lack of benefits that outweigh its risks.
Zacks Investment Research·Jun 24, 2026
Amgen (AMGN) Increases Despite Market Slip: Here's What You Need to KnowIn the most recent trading session, Amgen (AMGN) closed at $351.93, indicating a +1.42% shift from the previous trading day.
The Motley Fool·Jun 23, 2026
Amgen vs. Iovance Biotherapeutics: Which Healthcare Stock Is a Better Buy in 2026?Amgen provides a stable, diversified revenue base of nearly $36.7 billion with significant net income. Iovance Biotherapeutics offers high growth potential through its innovative cell therapies for advanced cancers.
Zacks Investment Research·Jun 23, 2026
Are Biosimilars Becoming a Key Pillar of Amgen's Growth Story?AMGN's biosimilars business is driving growth, with new launches and a deep pipeline helping offset patent losses in key branded drugs.
Peers Comparison
Key metrics vs top competitors for Amgen Inc. (AMGN)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $368.10 | $198.66B | 25.87 | 9.92% | 20.99% | 106.1% | 2.57% | |
| $136.36 | $169.3B | 20.11 | 2.39% | 30.99% | 42.33% | — | |
| $205.70 | $30.37B | 23.30 | 1.39% | 13.92% | 7.55% | — | |
| $676.23 | $70.26B | 16.30 | 0.99% | 29.65% | 14.32% | — | |
| $522.25 | $132.84B | 34.09 | 9.57% | 35.4% | 23.93% | — | |
| $57.97 | $118.36B | 16.80 | -0.22% | 15.01% | 38.96% | — |
Compare AMGN vs Peers
Amgen Inc. (AMGN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
AMGN SEC Filings & Documents
Amgen Inc. (AMGN) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
Apr 30, 2026·SEC
Material company update
Apr 22, 2026·SEC
Material company update
Feb 19, 2026·SEC
10-K Annual Reports
210-Q Quarterly Reports
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AMGN Frequently Asked Questions
Amgen Inc. (AMGN) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Amgen Inc.'s revenue?
Amgen Inc. (AMGN) reported $37.24B in revenue for fiscal year 2025. This represents a 1594% increase from $2.20B in 1996.
How fast is Amgen Inc. growing?
Amgen Inc. (AMGN) grew revenue by 9.9% over the past year. This is steady growth.
Is AMGN profitable?
Yes, Amgen Inc. (AMGN) is profitable, generating $7.80B in net income for fiscal year 2025 (21.0% net margin).
Dividend & Returns
Does AMGN pay dividends?
Yes, Amgen Inc. (AMGN) pays a dividend with a yield of 2.57%. This makes it attractive for income-focused investors.
What is AMGN's return on equity?
Amgen Inc. (AMGN) has a return on equity (ROE) of 106.1%. This is excellent, indicating efficient use of shareholder capital.
What is Amgen Inc.'s free cash flow?
Amgen Inc. (AMGN) generated $8.60B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.