Company file · AMGN
Amgen
Amgen's revenue rose in 2025 as Repatha and EVENITY grew and Enbrel shrank
Total revenues rose 10.0% to $36.8B, and net income rose 88.5% to $7.7B. Repatha sales grew 35.7% and Enbrel sales fell 32.9%.
Key facts
Amgen (Nasdaq: AMGN) reported total revenues of $36.8B for fiscal 2025, the year ended Dec 31, 2025, up 10.0% from fiscal 2024. Net income was $7.7B, up 88.5%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $10.1B, up 9.5% from the same quarter a year earlier, and net income was $2.4B. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026).
Source: 10-K FY2025, filed Feb 13, 2026
Source: 10-Q filed May 1, 2026 · 10-Q filed Aug 5, 2026
How it makes money
Prolia was its largest product in 2025 at $4.4B, 12% of total revenues. The United States was 72% of revenues.
Largest products, FY2025
Share is of FY2025 total revenues; the items listed don't cover all of it. The last column is the change from FY2024.
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: Amgen 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026
Largest products
Source: Amgen 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026
The bull case and the bear case
The bull case
- Total revenues rose 10.0% in 2025 to $36.8B, and net income rose 88.5% to $7.7B. 10-K, FY2025
- Repatha sales grew 35.7% in 2025 to $3.0B, and EVENITY grew 34.4%. 10-K, FY2025
- Revenues in the quarter ended Jun 30, 2026 were $10.1B, up 9.5% on a year earlier. 10-Q, quarter ended Jun 30, 2026
- Total debt fell 9.1% in 2025 to $54.6B. 10-K, FY2025
The bear case
- Enbrel sales fell 32.9% in 2025 to $2.2B. 10-K, FY2025
- XGEVA sales fell 6.3% in 2025. 10-K, FY2025
- Operating cash flow fell 13.3% in 2025 to $10.0B. 10-K, FY2025
- The 10-K lists drug pricing pressure, competition from biosimilars and generics, and product development risk among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Amgen develops, makes and sells medicines, many of them biologics, for bone health, cardiovascular disease, inflammation, cancer and rare diseases.
Its products include Prolia and EVENITY for osteoporosis, Repatha for cholesterol, Otezla and Enbrel for inflammatory diseases, XGEVA for bone problems in cancer, and TEPEZZA, a rare-disease medicine from its Horizon acquisition. It also sells biosimilars, which are lower-cost versions of other companies' biologics.
The United States is its largest market. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Amgen's latest 10-K. Read the original for the full list.
- PricingGovernment and insurer pressure on drug prices, including US price negotiation, can reduce revenue.
- CompetitionBiosimilars and new drugs compete with its products as patents expire.
- ResearchDrugs in development may fail or be delayed.
- ManufacturingMaking biologics is complex, and supply problems can disrupt sales.
- RegulationProducts need approvals and must meet safety rules.
- Debt and acquisitionsIt carries significant debt, much of it from acquisitions.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total revenues | $28.2B | $33.4B | $36.8B |
| Net income | $6.7B | $4.1B | $7.7B |
| Operating cash flow | $8.5B | $11.5B | $10.0B |
| Cash & equivalents (year end) | $10.9B | $12.0B | $9.1B |
| Total debt (year end) | $64.6B | $60.1B | $54.6B |
| Diluted shares | 538M | 541M | 542M |
- Total revenues: Product sales of its medicines, plus other revenue such as royalties and collaboration income.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Current and long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Product figures are product sales for the largest products; the chart shows only these, so it doesn't add up to total revenues.
Recent filings
Latest filings
No new 8-K, Form 4 or 13D/13G filings from Amgen in the last 30 days.
Common questions about Amgen
How does Amgen make money?
Amgen's total revenues were $36.8B in fiscal 2025. Prolia was its largest product in 2025 at $4.4B, 12% of total revenues. The United States was 72% of revenues. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
What was Amgen's revenue in fiscal 2025?
$36.8B of total revenues for the fiscal year ended Dec 31, 2025, up 10.0% from $33.4B in fiscal 2024. Fiscal 2023 was $28.2B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
Is Amgen profitable?
Amgen reported net income of $7.7B for fiscal 2025, up 88.5% from $4.1B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $2.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
What did Amgen report in its latest quarterly filing?
Revenue was $10.1B in the quarter ended Jun 30, 2026, up 9.5% from $9.2B a year earlier. Net income was $2.4B, up 65.9% from $1.4B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026.
How much cash and debt does Amgen have?
Amgen had $14.0B in cash and cash equivalents and $57.3B of total debt on Jun 30, 2026. Total debt here is current and long-term debt, at carrying value. Source: 10-Q filed Aug 5, 2026.
What are the main risks Amgen lists?
Amgen's 10-K for fiscal 2025, filed Feb 13, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Pricing; competition; research; manufacturing; regulation; debt and acquisitions. The first: Government and insurer pressure on drug prices, including US price negotiation, can reduce revenue. Source: 10-K, Item 1A Risk Factors.
Where do these Amgen numbers come from?
From Amgen's own SEC filings: the 10-K for fiscal 2025 (filed Feb 13, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in AMGN
- The editor holds no position in Amgen (AMGN). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell AMGN from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold AMGN, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| AmgenAMGN | FY2025 | $36.8B | +10.0% | $7.7B |
| GileadGILD | FY2025 | $29.4B | +2.4% | $8.5B |
| AbbVieABBV | FY2025 | $61.2B | +8.6% | $4.2B |
| Eli LillyLLY | FY2025 | $65.2B | +44.7% | $20.6B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.