Amgen (AMGN) Financials

$276.39 -6.34 (-2.24%)

Closing price 09/12/2025 04:00 PM Eastern

Extended Trading

$277.05 +0.66 (+0.24%)

As of 09/12/2025 07:57 PM Eastern

Annual Income Statements for Amgen

This table shows Amgen's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	5,158	6,939	7,722	1,979	8,394	7,842	7,264	5,893	6,552	6,717	4,090
Consolidated Net Income / (Loss)	5,158	6,939	7,722	1,979	8,394	7,842	7,264	5,893	6,552	6,717	4,090
Net Income / (Loss) Continuing Operations	5,158	6,939	7,722	1,979	8,394	7,842	7,264	5,893	6,552	6,717	4,090
Total Pre-Tax Income	5,585	7,978	9,163	9,597	9,545	9,138	8,133	6,701	7,346	7,855	4,609
Total Operating Income	6,191	8,470	9,794	9,973	10,263	9,674	9,139	7,639	9,566	7,897	7,258
Total Gross Profit	15,641	17,435	18,829	18,780	19,646	19,006	19,265	19,525	19,917	19,739	20,566
Total Revenue	20,063	21,662	22,991	22,849	23,747	23,362	25,424	25,979	26,323	28,190	33,424
Total Cost of Revenue	4,422	4,227	4,162	4,069	4,101	4,356	6,159	6,454	6,406	8,451	12,858
Operating Cost of Revenue	4,422	4,227	4,162	4,069	4,101	4,356	6,159	6,454	6,406	8,451	12,858
Total Operating Expenses	9,450	8,965	9,035	8,807	9,383	9,332	10,126	11,886	10,351	11,842	13,308
Selling, General & Admin Expense	5,153	4,895	5,195	5,245	5,646	5,216	5,919	5,562	5,917	7,058	7,344
Research & Development Expense	4,297	4,070	3,840	3,562	3,737	4,116	4,207	6,324	4,434	4,784	5,964
Total Other Income / (Expense), net	-606	-492	-631	-376	-718	-536	-1,006	-938	-2,220	-42	-2,649
Interest Expense	1,071	1,095	1,260	1,304	1,392	1,289	1,262	1,197	1,406	2,875	3,155
Other Income / (Expense), net	465	603	629	928	674	753	256	259	-814	2,833	506
Income Tax Expense	427	1,039	1,441	7,618	1,151	1,296	869	808	794	1,138	519
Basic Earnings per Share	$6.80	$9.15	$10.32	$2.71	$12.70	$12.96	$12.40	$10.34	$12.18	$12.56	$7.62
Weighted Average Basic Shares Outstanding	759M	758M	748M	731M	661M	605M	586M	570M	538M	535M	537M
Diluted Earnings per Share	$6.70	$9.06	$10.24	$2.69	$12.62	$12.88	$12.31	$10.28	$12.11	$12.49	$7.56
Weighted Average Diluted Shares Outstanding	770M	766M	754M	735M	665M	609M	590M	573M	541M	538M	541M
Weighted Average Basic & Diluted Shares Outstanding	758.50M	758.40M	748.30M	730.30M	660.90M	589.81M	577.57M	557.03M	533.98M	535.92M	537.20M
Cash Dividends to Common per Share	$2.44	$3.16	$4.00	$4.60	$5.28	$5.80	$6.40	$7.04	-	-	$9.13

This table shows Amgen's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,616	2,841	1,379	1,730	767	-113	746	2,830	627	1,730	1,432
Consolidated Net Income / (Loss)	1,616	2,841	1,379	1,730	767	-113	746	2,830	627	1,730	1,432
Net Income / (Loss) Continuing Operations	1,616	2,841	1,379	1,730	767	-113	746	2,830	627	1,730	1,432
Total Pre-Tax Income	1,748	3,442	1,614	1,947	852	-68	794	3,101	782	1,973	1,568
Total Operating Income	2,230	1,921	2,684	2,021	1,271	991	1,909	2,047	2,311	1,178	2,656
Total Gross Profit	5,092	4,385	5,173	5,097	5,084	4,247	5,152	5,193	5,974	5,181	6,168
Total Revenue	6,839	6,105	6,986	6,903	8,196	7,447	8,388	8,503	9,086	8,149	9,179
Total Cost of Revenue	1,747	1,720	1,813	1,806	3,112	3,200	3,236	3,310	3,112	2,968	3,011
Operating Cost of Revenue	1,747	1,720	1,813	1,806	3,112	3,200	3,236	3,310	3,112	2,968	3,011
Total Operating Expenses	2,862	2,464	2,489	3,076	3,813	3,256	3,243	3,146	3,663	4,003	3,512
Selling, General & Admin Expense	2,075	1,258	1,294	1,353	3,153	1,913	1,796	1,625	2,126	2,517	1,768
Research & Development Expense	1,324	1,058	1,113	1,079	1,534	1,343	1,447	1,450	1,724	1,486	1,744
Total Other Income / (Expense), net	-482	1,521	-1,070	-74	-419	-1,059	-1,115	1,054	-1,529	795	-1,088
Interest Expense	415	543	752	759	821	824	808	776	747	723	694
Other Income / (Expense), net	-67	2,064	-318	685	402	-235	-307	1,830	-782	1,518	-394
Income Tax Expense	132	601	235	217	85	45	48	271	155	243	136
Basic Earnings per Share	$3.02	$5.32	$2.58	$3.23	$1.43	($0.21)	$1.39	$5.27	$1.17	$3.22	$2.66
Weighted Average Basic Shares Outstanding	538M	534M	535M	535M	535M	536M	537M	537M	537M	538M	538M
Diluted Earnings per Share	$3.00	$5.28	$2.57	$3.22	$1.42	($0.21)	$1.38	$5.22	$1.17	$3.20	$2.65
Weighted Average Diluted Shares Outstanding	541M	538M	537M	538M	538M	536M	541M	542M	541M	541M	541M
Weighted Average Basic & Diluted Shares Outstanding	533.98M	534.33M	534.90M	535.18M	535.92M	536.43M	537.33M	537.53M	537.20M	537.71M	538.36M

This table details how cash moves in and out of Amgen's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-74	413	-903	559	3,145	-908	229	1,723	-360	3,315	1,029
Net Cash From Operating Activities	8,952	9,731	10,354	11,177	11,296	9,150	10,497	9,261	9,721	8,471	11,490
Net Cash From Continuing Operating Activities	8,952	9,731	10,354	10,509	11,296	8,842	10,497	9,261	9,721	8,471	11,490
Net Income / (Loss) Continuing Operations	5,158	6,939	7,722	1,979	8,394	7,842	7,264	5,893	6,552	6,717	4,090
Consolidated Net Income / (Loss)	5,158	6,939	7,722	1,979	8,394	7,842	7,264	5,893	6,552	6,717	4,090
Depreciation Expense	2,092	2,108	2,105	1,955	1,946	2,206	3,601	3,398	3,417	4,071	5,592
Non-Cash Adjustments To Reconcile Net Income	464	176	343	663	697	-186	135	1,617	1,683	-560	671
Changes in Operating Assets and Liabilities, net	1,238	508	184	6,580	259	-1,020	-503	-1,647	-1,931	-1,757	1,137
Net Cash From Investing Activities	-5,752	-5,547	-8,658	-4,024	14,339	5,709	-5,401	733	-6,044	-26,204	-1,046
Net Cash From Continuing Investing Activities	-5,752	-5,547	-8,658	-4,024	14,339	5,709	-5,401	733	-6,044	-26,204	-1,046
Purchase of Property, Plant & Equipment	-718	-594	-738	-664	-738	-618	-608	-880	-936	-1,112	-1,096
Acquisitions	-450	-359	0.00	-19	-40	-13,641	-3,219	-2,529	-3,839	-26,989	0.00
Purchase of Investments	-25,345	-25,977	-28,094	-33,607	-18,741	-9,394	-8,477	-8,900	-2,587	-1.00	0.00
Sale and/or Maturity of Investments	20,896	21,556	20,417	30,414	33,768	29,390	6,978	13,234	1,218	1,673	0.00
Other Investing Activities, net	-138	-447	-243	-148	-105	-28	-75	-192	100	225	50
Net Cash From Financing Activities	-3,274	-3,771	-2,599	-6,594	-22,490	-15,767	-4,867	-8,271	-4,037	21,048	-9,415
Net Cash From Continuing Financing Activities	-3,274	-3,771	-2,599	-6,594	-22,490	-15,767	-4,867	-8,271	-4,037	21,048	-9,415
Repayment of Debt	-5,630	-2,319	-	-4,405	-1,189	-4,556	-6,540	-4,228	-400	-2,173	-4,383
Repurchase of Common Equity	-138	-1,867	-	-3,160	-17,794	-7,702	-3,486	-4,975	-6,360	0.00	-200
Payment of Dividends	-1,851	-2,396	-	-3,365	-3,507	-3,509	-3,755	-4,013	-4,196	-4,556	-4,832
Issuance of Debt	4,476	3,465	-	4,527	0.00	0.00	8,914	4,945	6,919	27,777	0.00

This table details how cash moves in and out of Amgen's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-1,873	23,931	2,688	493	-23,797	-1,236	-407	-290	2,962	-3,163	-782
Net Cash From Operating Activities	2,649	1,064	4,109	2,760	538	689	2,459	3,571	4,771	1,391	2,280
Net Cash From Continuing Operating Activities	2,649	1,064	4,109	2,760	538	689	2,459	3,571	4,771	1,391	2,280
Net Income / (Loss) Continuing Operations	1,616	2,841	1,379	1,730	767	-113	746	2,830	627	1,730	1,432
Consolidated Net Income / (Loss)	1,616	2,841	1,379	1,730	767	-113	746	2,830	627	1,730	1,432
Depreciation Expense	911	900	896	895	1,380	1,399	1,400	1,396	1,397	1,387	1,341
Non-Cash Adjustments To Reconcile Net Income	169	-1,874	873	529	-88	496	574	-1,401	1,002	-460	688
Changes in Operating Assets and Liabilities, net	-47	-803	961	-394	-1,521	-1,093	-261	746	1,745	-1,266	-1,181
Net Cash From Investing Activities	-3,473	1,358	-211	-262	-27,089	-217	-217	-210	-402	-447	-389
Net Cash From Continuing Investing Activities	-3,473	1,358	-211	-262	-27,089	-217	-217	-210	-402	-447	-389
Purchase of Property, Plant & Equipment	-340	-344	-271	-248	-249	-230	-238	-257	-371	-411	-369
Other Investing Activities, net	159	28	59	-14	152	13	21	47	-31	-36	-20
Net Cash From Financing Activities	-1,049	21,509	-1,210	-2,005	2,754	-1,708	-2,649	-3,651	-1,407	-4,107	-2,673
Net Cash From Continuing Financing Activities	-1,049	21,509	-1,210	-2,005	2,754	-1,708	-2,649	-3,651	-1,407	-4,107	-2,673
Repayment of Debt	10	-1,152	-53	-866	-102	-500	-1,440	-2,441	-2.00	-2,828	-1,393
Payment of Dividends	-1,040	-1,137	-1,139	-1,140	-1,140	-1,208	-1,209	-1,210	-1,205	-1,279	-1,280

This table presents Amgen's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	69,009	71,449	77,626	79,954	66,416	59,707	62,948	61,165	65,121	97,154	91,839
Total Current Assets	34,713	38,515	46,010	49,476	37,618	18,440	21,144	19,385	22,186	30,332	29,030
Cash & Equivalents	3,731	4,144	3,241	3,800	6,945	6,037	6,266	7,989	7,629	10,944	11,973
Accounts Receivable	2,546	2,995	3,165	3,237	3,580	4,057	4,525	4,895	5,563	7,268	6,782
Inventories, net	2,647	2,435	2,745	2,834	2,940	3,584	3,893	4,086	4,930	9,518	6,998
Other Current Assets	2,494	1,703	2,015	1,727	1,794	1,888	2,079	2,367	2,388	2,602	3,277
Plant, Property, & Equipment, net	5,223	4,907	4,961	4,989	4,958	4,928	4,889	5,184	5,427	5,941	6,543
Total Noncurrent Assets	29,073	28,027	26,655	25,489	23,840	36,339	36,915	36,596	37,508	60,881	56,266
Goodwill	14,788	14,787	14,751	14,761	14,699	14,703	14,689	14,890	15,529	18,629	18,637
Intangible Assets	12,693	11,641	10,279	8,609	7,443	19,413	16,587	15,182	16,080	32,641	27,699
Other Noncurrent Operating Assets	1,592	1,599	1,625	2,119	1,698	2,223	5,639	6,524	5,899	9,611	9,930
Total Liabilities & Shareholders' Equity	69,009	71,449	77,626	79,954	66,416	59,707	62,948	61,165	65,121	97,154	91,839
Total Liabilities	43,231	43,366	47,751	54,713	53,916	50,034	53,539	54,465	61,460	90,922	85,962
Total Current Liabilities	7,008	8,664	11,204	9,020	13,488	12,835	11,653	12,184	15,687	18,392	23,099
Short-Term Debt	500	2,247	4,403	1,152	4,419	2,953	91	87	1,591	1,443	3,550
Accounts Payable	995	965	917	1,352	1,207	1,371	1,421	1,366	1,572	1,590	1,908
Accrued Expenses	5,513	5,452	5,884	6,516	7,862	8,511	10,141	10,731	12,524	15,359	17,641
Total Noncurrent Liabilities	36,223	34,702	36,547	45,693	40,428	37,199	41,886	42,281	45,773	72,530	62,863
Long-Term Debt	30,215	29,182	30,193	34,190	29,510	26,950	32,895	33,222	37,354	63,170	56,549
Noncurrent Deferred & Payable Income Tax Liabilities	3,461	4,212	4,855	10,265	9,634	8,037	6,968	6,594	5,768	7,034	3,965
Other Noncurrent Operating Liabilities	2,547	1,308	1,499	1,238	1,284	2,212	2,023	2,465	2,651	2,326	2,349
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	25,778	28,083	29,875	25,241	12,500	9,673	9,409	6,700	3,661	6,232	5,877
Total Preferred & Common Equity	25,778	28,083	29,875	25,241	12,500	9,673	9,409	6,700	3,661	6,232	5,877
Total Common Equity	25,778	28,083	29,875	25,241	12,500	9,673	9,409	6,700	3,661	6,232	5,877
Common Stock	30,410	30,649	30,784	30,992	31,246	31,531	31,802	32,096	32,514	33,070	33,533
Retained Earnings	-4,624	-2,086	-438	-5,072	-17,977	-21,330	-21,408	-24,600	-28,622	-26,549	-27,590
Accumulated Other Comprehensive Income / (Loss)	-8.00	-480	-471	-679	-769	-528	-985	-796	-231	-289	-66

This table presents Amgen's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	65,121	88,720	90,269	90,534	97,154	92,980	90,907	90,883	91,839	89,367	87,897
Total Current Assets	22,186	44,703	47,380	48,477	30,332	28,029	27,206	26,766	29,030	26,929	26,734
Cash & Equivalents	7,629	31,560	34,248	34,741	10,944	9,708	9,301	9,011	11,973	8,810	8,028
Accounts Receivable	5,563	5,736	5,830	6,145	7,268	6,776	6,934	7,317	6,782	8,132	8,701
Inventories, net	4,930	5,011	4,978	5,026	9,518	8,724	7,995	7,362	6,998	6,729	6,583
Other Current Assets	2,388	2,395	2,324	2,565	2,602	2,821	2,976	3,076	3,277	3,258	3,422
Plant, Property, & Equipment, net	5,427	5,460	5,532	5,563	5,941	6,002	6,097	6,156	6,543	6,681	6,855
Total Noncurrent Assets	37,508	38,557	37,357	36,494	60,881	58,949	57,604	57,961	56,266	55,757	54,308
Goodwill	15,529	15,531	15,531	15,509	18,629	18,570	18,616	18,658	18,637	18,645	18,674
Intangible Assets	16,080	15,393	14,633	13,150	32,641	31,372	30,172	28,920	27,699	25,724	24,614
Other Noncurrent Operating Assets	5,899	7,633	7,193	7,835	9,611	9,007	8,816	10,383	9,930	11,388	11,020
Total Liabilities & Shareholders' Equity	65,121	88,720	90,269	90,534	97,154	92,980	90,907	90,883	91,839	89,367	87,897
Total Liabilities	61,460	83,372	83,488	82,878	90,922	87,958	84,982	83,356	85,962	83,160	80,469
Total Current Liabilities	15,687	14,215	17,097	16,954	18,392	19,714	21,517	20,312	23,099	23,008	20,476
Short-Term Debt	1,591	834	2,167	1,428	1,443	3,959	5,528	3,544	3,550	3,368	2,444
Accounts Payable	1,572	1,320	1,212	1,358	1,590	1,628	2,267	2,147	1,908	2,406	3,010
Accrued Expenses	12,524	12,061	13,718	14,168	15,359	14,127	13,722	14,621	17,641	17,234	15,022
Total Noncurrent Liabilities	45,773	69,157	66,391	65,924	72,530	68,244	63,465	63,044	62,863	60,152	59,993
Long-Term Debt	37,354	60,761	59,377	59,040	63,170	60,061	57,117	56,854	56,549	54,013	53,760
Noncurrent Deferred & Payable Income Tax Liabilities	5,768	5,864	4,478	4,579	7,034	5,826	3,985	3,991	3,965	3,929	3,897
Other Noncurrent Operating Liabilities	2,651	2,532	2,536	2,305	2,326	2,357	2,363	2,199	2,349	2,210	2,336
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,661	5,348	6,781	7,656	6,232	5,022	5,925	7,527	5,877	6,207	7,428
Total Preferred & Common Equity	3,661	5,348	6,781	7,656	6,232	5,022	5,925	7,527	5,877	6,207	7,428
Total Common Equity	3,661	5,348	6,781	7,656	6,232	5,022	5,925	7,527	5,877	6,207	7,428
Common Stock	32,514	32,535	32,601	32,753	33,070	33,082	33,204	33,393	33,533	33,578	33,680
Retained Earnings	-28,622	-26,919	-25,540	-24,971	-26,549	-27,870	-27,124	-25,530	-27,590	-27,140	-25,708
Accumulated Other Comprehensive Income / (Loss)	-231	-268	-280	-126	-289	-190	-155	-336	-66	-231	-544

This table displays calculated financial ratios and metrics derived from Amgen's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.43%	7.97%	6.14%	-0.62%	3.93%	-1.62%	8.83%	2.18%	1.32%	7.09%	18.57%
EBITDA Growth	15.52%	27.81%	12.05%	2.62%	0.21%	-1.94%	2.87%	-13.08%	7.73%	21.63%	-9.76%
EBIT Growth	5.87%	36.31%	14.88%	4.59%	0.33%	-4.66%	-9.90%	-15.93%	10.81%	22.60%	-27.64%
NOPAT Growth	0.98%	28.84%	12.04%	-75.08%	338.87%	-8.02%	-1.68%	-17.70%	27.00%	-20.85%	-4.62%
Net Income Growth	1.52%	34.53%	11.28%	-74.37%	324.15%	-6.58%	-7.37%	-18.87%	11.18%	2.52%	-39.11%
EPS Growth	0.90%	35.22%	13.02%	-73.73%	369.15%	2.06%	-4.43%	-16.49%	17.80%	3.14%	-39.47%
Operating Cash Flow Growth	42.30%	8.70%	6.40%	7.95%	1.06%	-19.00%	14.72%	-11.77%	4.97%	-12.86%	35.64%
Free Cash Flow Firm Growth	281.51%	13.60%	14.87%	-4.60%	13.29%	-148.48%	235.16%	-8.27%	10.92%	-375.54%	162.17%
Invested Capital Growth	-6.19%	-4.54%	-6.20%	-28.35%	-9.42%	79.07%	3.53%	0.71%	4.16%	79.88%	-9.85%
Revenue Q/Q Growth	1.62%	0.96%	1.90%	-0.71%	1.84%	-0.14%	1.75%	0.82%	-0.03%	5.06%	2.74%
EBITDA Q/Q Growth	4.20%	6.34%	3.56%	-1.34%	0.25%	-0.32%	0.64%	2.26%	-1.97%	-0.14%	-0.94%
EBIT Q/Q Growth	4.26%	7.72%	4.14%	-0.59%	-0.08%	-2.37%	-0.94%	3.55%	-3.35%	-4.37%	-1.82%
NOPAT Q/Q Growth	5.06%	6.61%	2.40%	-76.20%	287.53%	-3.96%	-0.35%	5.16%	0.08%	-11.80%	14.58%
Net Income Q/Q Growth	5.59%	7.87%	1.78%	-75.80%	281.20%	-2.79%	-1.20%	5.06%	-4.14%	-11.22%	-3.31%
EPS Q/Q Growth	5.68%	8.11%	2.30%	-75.66%	230.37%	-1.30%	-0.81%	5.87%	-2.65%	-11.23%	-3.20%
Operating Cash Flow Q/Q Growth	12.67%	-7.32%	11.01%	-0.78%	1.64%	-6.92%	-3.32%	7.61%	-1.61%	-19.95%	58.33%
Free Cash Flow Firm Q/Q Growth	419.26%	2.02%	16.90%	-5.60%	6.69%	-168.61%	246.57%	1.47%	-31.54%	-485.17%	161.97%
Invested Capital Q/Q Growth	-2.52%	-1.67%	-6.15%	-29.07%	-9.18%	54.37%	-3.46%	-2.75%	7.84%	79.44%	-8.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	77.96%	80.49%	81.90%	82.19%	82.73%	81.35%	75.77%	75.16%	75.66%	70.02%	61.53%
EBITDA Margin	43.60%	51.62%	54.49%	56.27%	54.25%	54.08%	51.12%	43.48%	46.23%	52.50%	39.96%
Operating Margin	30.86%	39.10%	42.60%	43.65%	43.22%	41.41%	35.95%	29.40%	36.34%	28.01%	21.71%
EBIT Margin	33.18%	41.88%	45.34%	47.71%	46.06%	44.63%	36.95%	30.40%	33.25%	38.06%	23.23%
Profit (Net Income) Margin	25.71%	32.03%	33.59%	8.66%	35.35%	33.57%	28.57%	22.68%	24.89%	23.83%	12.24%
Tax Burden Percent	92.35%	86.98%	84.27%	20.62%	87.94%	85.82%	89.32%	87.94%	89.19%	85.51%	88.74%
Interest Burden Percent	83.91%	87.93%	87.91%	88.04%	87.27%	87.64%	86.57%	84.84%	83.94%	73.21%	59.36%
Effective Tax Rate	7.65%	13.02%	15.73%	79.38%	12.06%	14.18%	10.68%	12.06%	10.81%	14.49%	11.26%
Return on Invested Capital (ROIC)	18.78%	25.58%	30.28%	9.08%	50.10%	34.74%	26.16%	21.09%	26.14%	14.49%	11.31%
ROIC Less NNEP Spread (ROIC-NNEP)	10.18%	2.67%	61.18%	10.66%	123.91%	31.15%	22.01%	17.62%	18.93%	14.40%	6.69%
Return on Net Nonoperating Assets (RNNOA)	2.76%	0.19%	-3.63%	-1.90%	-5.62%	35.99%	49.98%	52.08%	100.33%	121.30%	56.24%
Return on Equity (ROE)	21.55%	25.77%	26.65%	7.18%	44.48%	70.73%	76.13%	73.16%	126.47%	135.79%	67.55%
Cash Return on Invested Capital (CROIC)	25.17%	30.22%	36.68%	42.12%	59.98%	-21.92%	22.69%	20.38%	22.07%	-42.59%	21.67%
Operating Return on Assets (OROA)	9.85%	12.92%	13.98%	13.84%	14.94%	16.53%	15.32%	12.73%	13.86%	13.22%	8.22%
Return on Assets (ROA)	7.63%	9.88%	10.36%	2.51%	11.47%	12.44%	11.84%	9.50%	10.38%	8.28%	4.33%
Return on Common Equity (ROCE)	21.55%	25.77%	26.65%	7.18%	44.48%	70.73%	76.13%	73.16%	126.47%	135.79%	67.55%
Return on Equity Simple (ROE_SIMPLE)	20.01%	24.71%	25.85%	7.84%	67.15%	81.07%	77.20%	87.96%	178.97%	107.78%	69.59%
Net Operating Profit after Tax (NOPAT)	5,718	7,367	8,254	2,057	9,025	8,302	8,163	6,718	8,532	6,753	6,441
NOPAT Margin	28.50%	34.01%	35.90%	9.00%	38.01%	35.54%	32.11%	25.86%	32.41%	23.96%	19.27%
Net Nonoperating Expense Percent (NNEP)	8.61%	22.91%	-30.90%	-1.58%	-73.81%	3.59%	4.15%	3.47%	7.21%	0.09%	4.62%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	20.03%	9.53%	9.76%
Cost of Revenue to Revenue	22.04%	19.51%	18.10%	17.81%	17.27%	18.65%	24.23%	24.84%	24.34%	29.98%	38.47%
SG&A Expenses to Revenue	25.68%	22.60%	22.60%	22.96%	23.78%	22.33%	23.28%	21.41%	22.48%	25.04%	21.97%
R&D to Revenue	21.42%	18.79%	16.70%	15.59%	15.74%	17.62%	16.55%	24.34%	16.84%	16.97%	17.84%
Operating Expenses to Revenue	47.10%	41.39%	39.30%	38.54%	39.51%	39.95%	39.83%	45.75%	39.32%	42.01%	39.82%
Earnings before Interest and Taxes (EBIT)	6,656	9,073	10,423	10,901	10,937	10,427	9,395	7,898	8,752	10,730	7,764
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8,748	11,181	12,528	12,856	12,883	12,633	12,996	11,296	12,169	14,801	13,356
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.54	3.35	2.87	4.05	8.27	12.72	12.55	17.34	35.62	23.82	23.65
Price to Tangible Book Value (P/TBV)	0.00	56.78	17.68	54.63	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.54	4.34	3.73	4.47	4.35	5.27	4.65	4.47	4.95	5.27	4.16
Price to Earnings (P/E)	17.67	13.54	11.09	51.65	12.32	15.69	16.26	19.71	19.91	22.10	33.98
Dividend Yield	2.04%	2.54%	3.47%	3.27%	3.25%	2.80%	3.15%	4.27%	3.17%	3.07%	3.48%
Earnings Yield	5.66%	7.38%	9.01%	1.94%	8.12%	6.37%	6.15%	5.07%	5.02%	4.53%	2.94%
Enterprise Value to Invested Capital (EV/IC)	3.22	3.34	3.11	5.07	6.31	4.70	4.42	4.42	4.81	3.37	3.46
Enterprise Value to Revenue (EV/Rev)	4.73	4.34	3.57	4.20	4.55	6.16	5.53	5.44	6.08	7.17	5.60
Enterprise Value to EBITDA (EV/EBITDA)	10.84	8.41	6.56	7.46	8.38	11.40	10.81	12.52	13.15	13.65	14.01
Enterprise Value to EBIT (EV/EBIT)	14.25	10.36	7.88	8.79	9.88	13.81	14.95	17.91	18.29	18.83	24.10
Enterprise Value to NOPAT (EV/NOPAT)	16.59	12.76	9.96	46.62	11.97	17.35	17.21	21.05	18.76	29.93	29.05
Enterprise Value to Operating Cash Flow (EV/OCF)	10.59	9.66	7.94	8.58	9.56	15.74	13.38	15.27	16.47	23.86	16.28
Enterprise Value to Free Cash Flow (EV/FCFF)	12.38	10.80	8.22	10.05	10.00	0.00	19.84	21.78	22.22	0.00	15.16
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.19	1.12	1.16	1.40	2.71	3.09	3.51	4.97	10.64	10.37	10.23
Long-Term Debt to Equity	1.17	1.04	1.01	1.35	2.36	2.79	3.50	4.96	10.20	10.14	9.62
Financial Leverage	0.27	0.07	-0.06	-0.18	-0.05	1.16	2.27	2.96	5.30	8.42	8.41
Leverage Ratio	2.82	2.61	2.57	2.86	3.88	5.69	6.43	7.70	12.19	16.40	15.61
Compound Leverage Factor	2.37	2.29	2.26	2.52	3.38	4.99	5.56	6.54	10.23	12.01	9.27
Debt to Total Capital	54.37%	52.81%	53.66%	58.34%	73.08%	75.56%	77.81%	83.25%	91.41%	91.20%	91.09%
Short-Term Debt to Total Capital	0.89%	3.78%	6.83%	1.90%	9.52%	7.46%	0.21%	0.22%	3.73%	2.04%	5.38%
Long-Term Debt to Total Capital	53.48%	49.04%	46.83%	56.44%	63.56%	68.10%	77.59%	83.04%	87.67%	89.17%	85.71%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	45.63%	47.19%	46.34%	41.66%	26.92%	24.44%	22.19%	16.75%	8.59%	8.80%	8.91%
Debt to EBITDA	3.51	2.81	2.76	2.75	2.63	2.37	2.54	2.95	3.20	4.37	4.50
Net Debt to EBITDA	0.42	0.00	-0.28	-0.49	0.36	1.66	1.72	2.24	2.44	3.63	3.60
Long-Term Debt to EBITDA	3.45	2.61	2.41	2.66	2.29	2.13	2.53	2.94	3.07	4.27	4.23
Debt to NOPAT	5.37	4.27	4.19	17.19	3.76	3.60	4.04	4.96	4.56	9.57	9.33
Net Debt to NOPAT	0.65	0.01	-0.42	-3.08	0.51	2.53	2.74	3.76	3.47	7.95	7.47
Long-Term Debt to NOPAT	5.28	3.96	3.66	16.63	3.27	3.25	4.03	4.95	4.38	9.35	8.78
Altman Z-Score	2.26	2.48	2.35	2.37	2.11	2.06	1.93	1.71	1.63	1.40	1.27
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.95	4.45	4.11	5.49	2.79	1.44	1.81	1.59	1.41	1.65	1.26
Quick Ratio	4.22	3.97	3.68	4.98	2.44	1.01	1.30	1.06	0.95	0.99	0.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	7,662	8,704	9,998	9,538	10,805	-5,238	7,080	6,494	7,203	-19,847	12,339
Operating Cash Flow to CapEx	1,252.03%	3,040.94%	1,402.98%	1,683.28%	1,530.62%	1,480.58%	1,726.48%	1,052.39%	1,038.57%	761.78%	1,048.36%
Free Cash Flow to Firm to Interest Expense	7.15	7.95	7.93	7.31	7.76	-4.06	5.61	5.43	5.12	-6.90	3.91
Operating Cash Flow to Interest Expense	8.36	8.89	8.22	8.57	8.11	7.10	8.32	7.74	6.91	2.95	3.64
Operating Cash Flow Less CapEx to Interest Expense	7.69	8.59	7.63	8.06	7.58	6.62	7.84	7.00	6.25	2.56	3.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.31	0.31	0.29	0.32	0.37	0.41	0.42	0.42	0.35	0.35
Accounts Receivable Turnover	7.65	7.82	7.46	7.14	6.97	6.12	5.93	5.52	5.03	4.39	4.76
Inventory Turnover	1.56	1.66	1.61	1.46	1.42	1.34	1.65	1.62	1.42	1.17	1.56
Fixed Asset Turnover	3.80	4.28	4.66	4.59	4.77	4.73	5.18	5.16	4.96	4.96	5.35
Accounts Payable Turnover	4.96	4.31	4.42	3.59	3.21	3.38	4.41	4.63	4.36	5.35	7.35
Days Sales Outstanding (DSO)	47.69	46.68	48.90	51.13	52.39	59.66	61.60	66.17	72.51	83.07	76.72
Days Inventory Outstanding (DIO)	233.84	219.41	227.14	250.23	256.95	273.33	221.55	225.62	256.86	312.01	234.42
Days Payable Outstanding (DPO)	73.54	84.62	82.52	101.77	113.88	108.01	82.73	78.81	83.70	68.28	49.65
Cash Conversion Cycle (CCC)	207.99	181.47	193.51	199.59	195.46	224.98	200.43	212.99	245.66	326.79	261.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	29,467	28,130	26,386	18,905	17,125	30,665	31,748	31,972	33,301	59,901	54,003
Invested Capital Turnover	0.66	0.75	0.84	1.01	1.32	0.98	0.81	0.82	0.81	0.60	0.59
Increase / (Decrease) in Invested Capital	-1,944	-1,337	-1,744	-7,481	-1,780	13,540	1,083	224	1,329	26,600	-5,898
Enterprise Value (EV)	94,839	94,013	82,179	95,872	108,013	144,006	140,468	141,435	160,059	202,091	187,106
Market Capitalization	91,150	93,966	85,668	102,208	103,388	123,014	118,129	116,163	130,419	148,422	138,980
Book Value per Share	$33.89	$37.23	$40.16	$34.77	$19.62	$16.28	$16.16	$11.89	$6.86	$11.64	$10.93
Tangible Book Value per Share	($2.24)	$2.19	$6.51	$2.58	($15.13)	($41.14)	($37.56)	($41.49)	($52.38)	($84.16)	($75.27)
Total Capital	56,493	59,512	64,471	60,583	46,429	39,576	42,395	40,009	42,606	70,845	65,976
Total Debt	30,715	31,429	34,596	35,342	33,929	29,903	32,986	33,309	38,945	64,613	60,099
Total Long-Term Debt	30,215	29,182	30,193	34,190	29,510	26,950	32,895	33,222	37,354	63,170	56,549
Net Debt	3,689	47	-3,489	-6,336	4,625	20,992	22,339	25,272	29,640	53,669	48,126
Capital Expenditures (CapEx)	715	320	738	664	738	618	608	880	936	1,112	1,096
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,179	716	1,124	-70	-755	-353	-1,065	-749	-1,215	2,439	-2,492
Debt-free Net Working Capital (DFNWC)	28,205	32,098	39,209	41,608	28,549	8,558	9,582	7,288	8,090	13,383	9,481
Net Working Capital (NWC)	27,705	29,851	34,806	40,456	24,130	5,605	9,491	7,201	6,499	11,940	5,931
Net Nonoperating Expense (NNE)	560	428	532	78	631	460	899	825	1,980	36	2,351
Net Nonoperating Obligations (NNO)	3,689	47	-3,489	-6,336	4,625	20,992	22,339	25,272	29,640	53,669	48,126
Total Depreciation and Amortization (D&A)	2,092	2,108	2,105	1,955	1,946	2,206	3,601	3,398	3,417	4,071	5,592
Debt-free, Cash-free Net Working Capital to Revenue	5.88%	3.31%	4.89%	-0.31%	-3.18%	-1.51%	-4.19%	-2.88%	-4.62%	8.65%	-7.46%
Debt-free Net Working Capital to Revenue	140.58%	148.18%	170.54%	182.10%	120.22%	36.63%	37.69%	28.05%	30.73%	47.47%	28.37%
Net Working Capital to Revenue	138.09%	137.80%	151.39%	177.06%	101.61%	23.99%	37.33%	27.72%	24.69%	42.36%	17.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.80	$9.15	$10.32	$2.71	$12.70	$12.96	$12.40	$10.34	$12.18	$12.56	$7.62
Adjusted Weighted Average Basic Shares Outstanding	759M	758M	748M	731M	661M	605M	586M	570M	538M	535M	537M
Adjusted Diluted Earnings per Share	$6.70	$9.06	$10.24	$2.69	$12.62	$12.88	$12.31	$10.28	$12.11	$12.49	$7.56
Adjusted Weighted Average Diluted Shares Outstanding	770M	766M	754M	735M	665M	609M	590M	573M	541M	538M	541M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	758.86M	752.09M	736.45M	720.56M	622.28M	589.81M	577.57M	557.03M	533.98M	535.92M	537.20M
Normalized Net Operating Profit after Tax (NOPAT)	5,718	7,367	8,254	6,981	9,025	8,302	8,163	6,718	8,532	6,753	6,441
Normalized NOPAT Margin	28.50%	34.01%	35.90%	30.55%	38.01%	35.54%	32.11%	25.86%	32.41%	23.96%	19.27%
Pre Tax Income Margin	27.84%	36.83%	39.85%	42.00%	40.19%	39.11%	31.99%	25.79%	27.91%	27.86%	13.79%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.21	8.29	8.27	8.36	7.86	8.09	7.44	6.60	6.22	3.73	2.46
NOPAT to Interest Expense	5.34	6.73	6.55	1.58	6.48	6.44	6.47	5.61	6.07	2.35	2.04
EBIT Less CapEx to Interest Expense	5.55	7.99	7.69	7.85	7.33	7.61	6.96	5.86	5.56	3.35	2.11
NOPAT Less CapEx to Interest Expense	4.67	6.44	5.96	1.07	5.95	5.96	5.99	4.88	5.40	1.96	1.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	35.89%	34.53%	0.00%	170.04%	41.78%	44.75%	51.69%	68.10%	64.04%	67.83%	118.14%
Augmented Payout Ratio	38.56%	61.44%	0.00%	329.71%	253.76%	142.96%	99.68%	152.52%	161.11%	67.83%	123.03%

This table displays calculated financial ratios and metrics derived from Amgen's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.10%	-2.13%	5.94%	3.77%	19.84%	21.98%	20.07%	23.18%	10.86%	9.43%	9.43%
EBITDA Growth	-7.35%	73.78%	21.40%	0.11%	-0.68%	-55.89%	-7.97%	46.43%	-4.16%	89.47%	20.02%
EBIT Growth	-12.29%	102.28%	27.27%	-1.96%	-22.65%	-81.03%	-32.29%	43.27%	-8.61%	256.61%	41.20%
NOPAT Growth	0.41%	-28.03%	22.51%	-24.65%	-44.50%	-56.25%	-21.79%	4.03%	61.94%	48.90%	35.24%
Net Income Growth	-14.90%	92.48%	4.71%	-19.27%	-52.54%	-103.98%	-45.90%	63.58%	-18.25%	1,630.97%	91.96%
EPS Growth	-9.91%	97.01%	4.90%	-19.10%	-52.67%	-103.98%	-46.30%	62.11%	-17.61%	1,623.81%	92.03%
Operating Cash Flow Growth	-5.66%	-50.83%	112.90%	-7.32%	-79.69%	-35.24%	-40.16%	29.38%	786.80%	101.89%	-7.28%
Free Cash Flow Firm Growth	-59.95%	-205.78%	-100.84%	-116.17%	-3,574.71%	-804.84%	-90,615.89%	-3,241.05%	130.45%	124.03%	126.03%
Invested Capital Growth	4.16%	13.31%	7.30%	8.11%	79.88%	67.70%	73.93%	76.48%	-9.85%	-7.68%	-6.18%
Revenue Q/Q Growth	2.81%	-10.73%	14.43%	-1.19%	18.73%	-9.14%	12.64%	1.37%	6.86%	-10.31%	12.64%
EBITDA Q/Q Growth	-14.54%	58.91%	-33.22%	10.39%	-15.22%	-29.41%	39.30%	75.65%	-44.51%	39.54%	-11.76%
EBIT Q/Q Growth	-21.63%	84.23%	-40.63%	14.37%	-38.17%	-54.81%	111.90%	142.01%	-60.56%	76.32%	-16.10%
NOPAT Q/Q Growth	-13.49%	-23.09%	44.63%	-21.69%	-36.28%	-39.37%	158.55%	4.15%	-0.81%	-44.26%	134.83%
Net Income Q/Q Growth	-24.59%	75.80%	-51.46%	25.45%	-55.66%	-114.73%	760.18%	279.36%	-77.84%	175.92%	-17.23%
EPS Q/Q Growth	-24.62%	76.00%	-51.33%	25.29%	-55.90%	-114.79%	757.14%	278.26%	-77.59%	173.50%	-17.19%
Operating Cash Flow Q/Q Growth	-11.05%	-59.83%	286.18%	-32.83%	-80.51%	28.07%	256.89%	45.22%	33.60%	-70.84%	63.91%
Free Cash Flow Firm Q/Q Growth	-83.27%	-450.86%	99.00%	-2,645.88%	-3,494.20%	8.63%	-0.60%	-1.13%	132.76%	-27.89%	8.98%
Invested Capital Q/Q Growth	7.84%	6.25%	-3.69%	-2.04%	79.44%	-0.95%	-0.11%	-0.60%	-8.34%	1.44%	1.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.46%	71.83%	74.05%	73.84%	62.03%	57.03%	61.42%	61.07%	65.75%	63.58%	67.20%
EBITDA Margin	44.95%	80.02%	46.69%	52.17%	37.25%	28.94%	35.79%	62.01%	32.20%	50.10%	39.25%
Operating Margin	32.61%	31.47%	38.42%	29.28%	15.51%	13.31%	22.76%	24.07%	25.43%	14.46%	28.94%
EBIT Margin	31.63%	65.27%	33.87%	39.20%	20.41%	10.15%	19.10%	45.60%	16.83%	33.08%	24.64%
Profit (Net Income) Margin	23.63%	46.54%	19.74%	25.06%	9.36%	-1.52%	8.89%	33.28%	6.90%	21.23%	15.60%
Tax Burden Percent	92.45%	82.54%	85.44%	88.85%	90.02%	166.18%	93.95%	91.26%	80.18%	87.68%	91.33%
Interest Burden Percent	80.81%	86.37%	68.22%	71.95%	50.93%	-8.99%	49.56%	79.98%	51.14%	73.18%	69.32%
Effective Tax Rate	7.55%	17.46%	14.56%	11.15%	9.98%	0.00%	6.05%	8.74%	19.82%	12.32%	8.67%
Return on Invested Capital (ROIC)	24.31%	20.42%	26.51%	21.72%	8.45%	5.81%	14.17%	15.49%	11.97%	7.58%	16.06%
ROIC Less NNEP Spread (ROIC-NNEP)	22.69%	24.58%	23.28%	21.48%	7.54%	3.90%	11.57%	17.98%	9.56%	8.94%	14.11%
Return on Net Nonoperating Assets (RNNOA)	120.26%	236.84%	143.31%	100.56%	63.49%	31.69%	73.46%	91.34%	80.37%	81.88%	107.26%
Return on Equity (ROE)	144.57%	257.26%	169.82%	122.29%	71.93%	37.50%	87.63%	106.82%	92.33%	89.46%	123.32%
Cash Return on Invested Capital (CROIC)	22.07%	10.96%	17.98%	16.04%	-42.59%	-37.84%	-42.20%	-43.14%	21.67%	19.63%	19.10%
Operating Return on Assets (OROA)	13.18%	23.12%	12.04%	13.64%	7.09%	3.30%	6.52%	16.35%	5.95%	12.38%	9.62%
Return on Assets (ROA)	9.85%	16.48%	7.02%	8.72%	3.25%	-0.49%	3.04%	11.94%	2.44%	7.95%	6.09%
Return on Common Equity (ROCE)	144.57%	257.26%	169.82%	122.29%	71.93%	37.50%	87.63%	106.82%	92.33%	89.46%	123.32%
Return on Equity Simple (ROE_SIMPLE)	0.00%	148.04%	117.67%	98.82%	0.00%	74.93%	52.83%	56.20%	0.00%	95.59%	0.00%
Net Operating Profit after Tax (NOPAT)	2,062	1,586	2,293	1,796	1,144	694	1,794	1,868	1,853	1,033	2,426
NOPAT Margin	30.14%	25.97%	32.83%	26.01%	13.96%	9.32%	21.38%	21.97%	20.39%	12.68%	26.43%
Net Nonoperating Expense Percent (NNEP)	1.62%	-4.16%	3.23%	0.25%	0.91%	1.91%	2.60%	-2.49%	2.41%	-1.36%	1.96%
Return On Investment Capital (ROIC_SIMPLE)	4.84%	-	-	-	1.62%	-	-	-	2.81%	1.62%	3.81%
Cost of Revenue to Revenue	25.54%	28.17%	25.95%	26.16%	37.97%	42.97%	38.58%	38.93%	34.25%	36.42%	32.80%
SG&A Expenses to Revenue	30.34%	20.61%	18.52%	19.60%	38.47%	24.28%	21.28%	19.11%	23.40%	30.89%	19.26%
R&D to Revenue	19.36%	17.33%	15.93%	15.63%	18.72%	18.03%	17.25%	17.05%	18.97%	18.24%	19.00%
Operating Expenses to Revenue	41.85%	40.36%	35.63%	44.56%	46.52%	43.72%	38.66%	37.00%	40.31%	49.12%	38.26%
Earnings before Interest and Taxes (EBIT)	2,163	3,985	2,366	2,706	1,673	756	1,602	3,877	1,529	2,696	2,262
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,074	4,885	3,262	3,601	3,053	2,155	3,002	5,273	2,926	4,083	3,603
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	35.62	23.03	16.85	18.23	23.82	29.88	28.09	23.00	23.65	26.96	20.21
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.95	4.70	4.30	5.20	5.27	5.08	5.38	5.32	4.16	4.90	4.30
Price to Earnings (P/E)	19.91	15.56	14.32	18.45	22.10	39.87	53.18	40.93	33.98	28.21	22.68
Dividend Yield	3.17%	3.45%	3.81%	3.19%	3.07%	3.08%	2.82%	2.76%	3.48%	2.93%	3.32%
Earnings Yield	5.02%	6.43%	6.98%	5.42%	4.53%	2.51%	1.88%	2.44%	2.94%	3.54%	4.41%
Enterprise Value to Invested Capital (EV/IC)	4.81	4.33	4.15	4.95	3.37	3.44	3.71	3.81	3.46	3.94	3.57
Enterprise Value to Revenue (EV/Rev)	6.08	5.85	5.32	6.16	7.17	6.92	7.11	6.90	5.60	6.33	5.68
Enterprise Value to EBITDA (EV/EBITDA)	13.15	10.76	9.55	11.15	13.65	16.93	18.61	16.65	14.01	14.13	12.48
Enterprise Value to EBIT (EV/EBIT)	18.29	14.23	12.55	14.73	18.83	27.24	32.62	28.39	24.10	22.25	19.13
Enterprise Value to NOPAT (EV/NOPAT)	18.76	19.62	17.18	21.59	29.93	33.87	39.98	39.94	29.05	32.51	27.15
Enterprise Value to Operating Cash Flow (EV/OCF)	16.47	17.77	13.11	15.62	23.86	25.24	34.10	30.94	16.28	17.71	16.51
Enterprise Value to Free Cash Flow (EV/FCFF)	22.22	41.95	23.91	32.08	0.00	0.00	0.00	0.00	15.16	19.28	18.08
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	10.64	11.52	9.08	7.90	10.37	12.75	10.57	8.02	10.23	9.24	7.57
Long-Term Debt to Equity	10.20	11.36	8.76	7.71	10.14	11.96	9.64	7.55	9.62	8.70	7.24
Financial Leverage	5.30	9.63	6.16	4.68	8.42	8.13	6.35	5.08	8.41	9.16	7.60
Leverage Ratio	12.19	23.61	16.26	13.64	16.40	17.52	14.26	11.95	15.61	16.24	13.39
Compound Leverage Factor	9.85	20.40	11.09	9.81	8.35	-1.58	7.07	9.56	7.98	11.88	9.28
Debt to Total Capital	91.41%	92.01%	90.08%	88.76%	91.20%	92.73%	91.36%	88.92%	91.09%	90.24%	88.33%
Short-Term Debt to Total Capital	3.73%	1.25%	3.17%	2.10%	2.04%	5.73%	8.06%	5.22%	5.38%	5.30%	3.84%
Long-Term Debt to Total Capital	87.67%	90.77%	86.90%	86.67%	89.17%	86.99%	83.30%	83.70%	85.71%	84.94%	84.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	8.59%	7.99%	9.92%	11.24%	8.80%	7.27%	8.64%	11.08%	8.91%	9.76%	11.67%
Debt to EBITDA	3.20	4.32	4.15	4.08	4.37	5.30	5.30	4.48	4.50	3.75	3.54
Net Debt to EBITDA	2.44	2.11	1.84	1.74	3.63	4.50	4.52	3.81	3.60	3.18	3.03
Long-Term Debt to EBITDA	3.07	4.27	4.01	3.98	4.27	4.98	4.84	4.22	4.23	3.53	3.38
Debt to NOPAT	4.56	7.89	7.47	7.90	9.57	10.61	11.39	10.74	9.33	8.64	7.70
Net Debt to NOPAT	3.47	3.85	3.31	3.36	7.95	9.00	9.70	9.14	7.47	7.31	6.60
Long-Term Debt to NOPAT	4.38	7.78	7.21	7.71	9.35	9.95	10.39	10.11	8.78	8.13	7.36
Altman Z-Score	1.29	1.32	1.21	1.44	1.09	1.06	1.23	1.44	1.05	1.32	1.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.41	3.14	2.77	2.86	1.65	1.42	1.26	1.32	1.26	1.17	1.31
Quick Ratio	0.95	2.62	2.34	2.41	0.99	0.84	0.75	0.80	0.81	0.74	0.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	733	-2,570	-26	-708	-25,456	-23,258	-23,398	-23,663	7,751	5,589	6,091
Operating Cash Flow to CapEx	779.12%	309.30%	1,516.24%	1,112.90%	216.06%	299.57%	1,033.19%	1,389.49%	1,285.98%	338.44%	617.89%
Free Cash Flow to Firm to Interest Expense	1.77	-4.73	-0.03	-0.93	-31.01	-28.23	-28.96	-30.49	10.38	7.73	8.78
Operating Cash Flow to Interest Expense	6.38	1.96	5.46	3.64	0.66	0.84	3.04	4.60	6.39	1.92	3.29
Operating Cash Flow Less CapEx to Interest Expense	5.56	1.33	5.10	3.31	0.35	0.56	2.75	4.27	5.89	1.36	2.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.35	0.36	0.35	0.35	0.33	0.34	0.36	0.35	0.37	0.39
Accounts Receivable Turnover	5.03	4.84	4.77	4.68	4.39	4.72	4.85	4.83	4.76	4.58	4.47
Inventory Turnover	1.42	1.39	1.44	1.45	1.17	1.45	1.75	2.08	1.56	1.63	1.70
Fixed Asset Turnover	4.96	4.94	4.97	4.99	4.96	5.15	5.32	5.55	5.35	5.38	5.39
Accounts Payable Turnover	4.36	4.82	5.57	5.53	5.35	6.74	6.53	7.34	7.35	6.26	4.70
Days Sales Outstanding (DSO)	72.51	75.35	76.60	78.02	83.07	77.32	75.30	75.52	76.72	79.73	81.72
Days Inventory Outstanding (DIO)	256.86	261.92	253.29	251.96	312.01	252.41	208.52	175.83	234.42	223.36	214.54
Days Payable Outstanding (DPO)	83.70	75.70	65.58	65.98	68.28	54.17	55.92	49.75	49.65	58.31	77.66
Cash Conversion Cycle (CCC)	245.66	261.57	264.31	263.99	326.79	275.55	227.91	201.60	261.49	244.78	218.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	33,301	35,382	34,077	33,383	59,901	59,334	59,269	58,914	54,003	54,778	55,604
Invested Capital Turnover	0.81	0.79	0.81	0.84	0.60	0.62	0.66	0.71	0.59	0.60	0.61
Increase / (Decrease) in Invested Capital	1,329	4,156	2,319	2,504	26,600	23,952	25,192	25,531	-5,898	-4,556	-3,665
Enterprise Value (EV)	160,059	153,184	141,538	165,289	202,091	204,356	219,794	224,520	187,106	215,937	198,309
Market Capitalization	130,419	123,150	114,242	139,562	148,422	150,044	166,450	173,133	138,980	167,366	150,133
Book Value per Share	$6.86	$10.02	$12.69	$14.31	$11.64	$9.37	$11.05	$14.01	$10.93	$11.55	$13.81
Tangible Book Value per Share	($52.38)	($47.90)	($43.76)	($39.27)	($84.16)	($83.81)	($79.90)	($74.54)	($75.27)	($71.04)	($66.69)
Total Capital	42,606	66,943	68,325	68,124	70,845	69,042	68,570	67,925	65,976	63,588	63,632
Total Debt	38,945	61,595	61,544	60,468	64,613	64,020	62,645	60,398	60,099	57,381	56,204
Total Long-Term Debt	37,354	60,761	59,377	59,040	63,170	60,061	57,117	56,854	56,549	54,013	53,760
Net Debt	29,640	30,034	27,296	25,727	53,669	54,312	53,344	51,387	48,126	48,571	48,176
Capital Expenditures (CapEx)	340	344	271	248	249	230	238	257	371	411	369
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,215	-239	-1,798	-1,790	2,439	2,566	1,916	987	-2,492	-1,521	674
Debt-free Net Working Capital (DFNWC)	8,090	31,322	32,450	32,951	13,383	12,274	11,217	9,998	9,481	7,289	8,702
Net Working Capital (NWC)	6,499	30,488	30,283	31,523	11,940	8,315	5,689	6,454	5,931	3,921	6,258
Net Nonoperating Expense (NNE)	446	-1,255	914	66	377	807	1,048	-962	1,226	-697	994
Net Nonoperating Obligations (NNO)	29,640	30,034	27,296	25,727	53,669	54,312	53,344	51,387	48,126	48,571	48,176
Total Depreciation and Amortization (D&A)	911	900	896	895	1,380	1,399	1,400	1,396	1,397	1,387	1,341
Debt-free, Cash-free Net Working Capital to Revenue	-4.62%	-0.91%	-6.76%	-6.67%	8.65%	8.69%	6.19%	3.03%	-7.46%	-4.46%	1.93%
Debt-free Net Working Capital to Revenue	30.73%	119.60%	122.08%	122.80%	47.47%	41.56%	36.26%	30.73%	28.37%	21.36%	24.92%
Net Working Capital to Revenue	24.69%	116.41%	113.92%	117.48%	42.36%	28.16%	18.39%	19.84%	17.74%	11.49%	17.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.02	$5.32	$2.58	$3.23	$1.43	($0.21)	$1.39	$5.27	$1.17	$3.22	$2.66
Adjusted Weighted Average Basic Shares Outstanding	538M	534M	535M	535M	535M	536M	537M	537M	537M	538M	538M
Adjusted Diluted Earnings per Share	$3.00	$5.28	$2.57	$3.22	$1.42	($0.21)	$1.38	$5.22	$1.17	$3.20	$2.65
Adjusted Weighted Average Diluted Shares Outstanding	541M	538M	537M	538M	538M	536M	541M	542M	541M	541M	541M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	533.98M	534.33M	534.90M	535.18M	535.92M	536.43M	537.33M	537.53M	537.20M	537.71M	538.36M
Normalized Net Operating Profit after Tax (NOPAT)	2,062	1,586	2,293	1,796	1,144	694	1,794	1,868	1,853	1,033	2,426
Normalized NOPAT Margin	30.14%	25.97%	32.83%	26.01%	13.96%	9.32%	21.38%	21.97%	20.39%	12.68%	26.43%
Pre Tax Income Margin	25.56%	56.38%	23.10%	28.21%	10.40%	-0.91%	9.47%	36.47%	8.61%	24.21%	17.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.21	7.34	3.15	3.57	2.04	0.92	1.98	5.00	2.05	3.73	3.26
NOPAT to Interest Expense	4.97	2.92	3.05	2.37	1.39	0.84	2.22	2.41	2.48	1.43	3.50
EBIT Less CapEx to Interest Expense	4.39	6.71	2.79	3.24	1.73	0.64	1.69	4.66	1.55	3.16	2.73
NOPAT Less CapEx to Interest Expense	4.15	2.29	2.69	2.04	1.09	0.56	1.93	2.08	1.98	0.86	2.96
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	64.04%	53.72%	54.57%	58.90%	67.83%	122.96%	150.06%	112.70%	118.14%	82.64%	75.15%
Augmented Payout Ratio	161.11%	53.72%	54.57%	58.90%	67.83%	122.96%	150.06%	112.70%	123.03%	82.64%	75.15%

Key Financial Trends

Amgen Inc. (NASDAQ: AMGN) has demonstrated a generally stable financial position over the last several years through Q2 2025, with some fluctuations in revenue, income, and cash flows. Below is a summary of key financial trends and points from the latest four years:

Revenue Growth: Amgen's quarterly total revenue showed consistent increases from around $6.1 billion in Q1 2023 to over $9.1 billion in Q2 2025, indicating steady top-line growth.
Net Income Recovery and Stability: Net income rebounded from a loss in Q1 2024 (-$113 million) to solid profitability, reaching $1.43 billion in Q2 2025. This shows operational recovery and improved profitability.
Strong Operating Cash Flows: Net cash from operating activities remained robust, with $2.28 billion in Q2 2025 and generally positive cash generation each quarter, supporting business operations and investments.
Investment in Property, Plant, & Equipment: Capex has been steady, with approximately $369 million spent in Q2 2025, reflecting ongoing investment in infrastructure and capacity to support growth.
Dividend Payout Consistency: Amgen pays steady dividends, with about $1.28 billion paid in Q2 2025 and regular dividend per share increases over recent quarters, indicating a shareholder-friendly approach.
Deleveraging Efforts: The company has been actively repaying debt, with $1.39 billion repaid in Q2 2025 and notable repayments in previous quarters, suggesting efforts to reduce leverage and interest costs.
Leverage Levels: Long-term debt remains substantial at around $53.76 billion in Q2 2025, which is a large liability but consistent with previous years. Monitoring debt trends is important for financial risk.
Goodwill and Intangibles: Amgen has significant goodwill and intangible assets (~$18.7 billion and $24.6 billion respectively) reflecting acquisitions. These are stable but represent a large portion of non-current assets and should be monitored for impairment risk.
Net Change in Cash & Equivalents: There was a consistent decrease in cash and equivalents in the latest quarter (negative $782 million in Q2 2025), largely driven by financing activities such as debt repayments and dividends, which might pressure liquidity if continued.
Increase in Accrued Expenses: Accrued expenses have increased substantially (~$15 billion in Q2 2025), which could indicate rising short-term liabilities and cash outflows to manage.

Summary: Amgen has displayed solid growth in revenues and profits over the past four years, accompanied by steady cash flow generation and ongoing investments in property and technology. The company is prioritizing debt repayment and dividend consistency, which is positive for investors. However, the high absolute level of debt and accrued expenses, alongside a recent reduction in cash reserves, are factors investors should watch carefully. Overall, Amgen's financial health appears sound with a focus on maintaining sustainable operations and shareholder returns.

09/13/25 11:08 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Amgen's Financials

When does Amgen's fiscal year end?

According to the most recent income statement we have on file, Amgen's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Amgen's net income changed over the last 10 years?

Amgen's net income were at $4.09 billion at the end of 2024, a 39.1% decrease from 2023, and a 20.7% decrease since 2014. View Amgen's forecast to see where analysts expect Amgen to go next.

What is Amgen's operating income?

Amgen's total operating income in 2024 was $7.26 billion, based on the following breakdown:

Total Gross Profit: $20.57 billion
Total Operating Expenses: $13.31 billion

How has Amgen's revenue changed over the last 10 years?

Over the last 10 years, Amgen's total revenue changed from $20.06 billion in 2014 to $33.42 billion in 2024, a change of 66.6%.

How much debt does Amgen have?

Amgen's total liabilities were at $85.96 billion at the end of 2024, a 5.5% decrease from 2023, and a 98.8% increase since 2014.

How much cash does Amgen have?

In the past 10 years, Amgen's cash and equivalents has ranged from $3.24 billion in 2016 to $11.97 billion in 2024, and is currently $11.97 billion as of their latest financial filing in 2024.

How has Amgen's book value per share changed over the last 10 years?

Over the last 10 years, Amgen's book value per share changed from 33.89 in 2014 to 10.93 in 2024, a change of -67.7%.

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This page (NASDAQ:AMGN) was last updated on 9/13/2025 by MarketBeat.com Staff

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Amgen (AMGN) Financials

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Amgen (AMGN) Financials

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