Skip to content
New: 100+ more US companies, including the big banks, plus insider trades from SEC filings

Health Care · NASDAQ: AMGN

Amgen: how the business works

Amgen develops, makes and sells prescription medicines, from the bone drug Prolia to the cholesterol drug Repatha, with revenue of $36.8 billion in FY2025.

By · Checked against filings: . Editorial policy. Corrections

Follow Amgen

Email me when Amgen's page is updated after earnings.

We'll send a confirmation email first. See our privacy policy.

Amgen Inc. · Thousand Oaks, California · Founded 1980

Updated for Q3 FY2026 · checked

Revenue, FY2025
$36.8B
Operating income, FY2025
$9.1B
Net income, FY2025
$7.7B
Staff, end of 2025
About 31,500
Founded
1980

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Amgen in 5 points

  1. 1 · What it sells

    Amgen sells prescription medicines, which brought in $35.1 billion of its $36.8 billion FY2025 revenue, and its largest, the bone drug Prolia, was 12.6% of product sales.

    More: what it sells

  2. 2 · Who pays it

    Amgen reports no revenue by final payer and sells mostly through three US wholesalers; by location, US product sales were 69.8% of FY2025 revenue, product sales elsewhere 25.8% and royalties and other revenues 4.4%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, Amgen kept $19.6 as net income, which includes $2.0 billion of gains on equity investments such as BeOne, while operating income was $24.7 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Amgen reports one business segment, human therapeutics, and no profit by product; its operating income was $9.1 billion in FY2025 and $3.7 billion in Q3 FY2026.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Prolia and XGEVA, whose US patents expired in February 2025, brought in $920 million together in Q3 FY2026, down from $1.68 billion in Q3 FY2025.

    More: the one thing to watch

Sources: From Amgen's FY2025 10-K, Q3 FY2026 10-Q and earnings releases · checked

See the full receipt and the management scorecard below

Sources (4)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Amgen's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Amgen · FY2025

Receipt for every $100

Where $100 of Amgen's money went in FY2025
Cost of sales (incl. amortization)$30.5
Research and development$18.5
Selling, general and administrative$17.9
Interest on debt$7.0
Other operating expenses (incl. Otezla write-down)$3.3
Income tax$3.2
Kept as net income$19.6
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus other income): each line = line ÷ $39.4 billion × 100. The $19.6 of net income includes $2.0 billion of net gains on equity investments, mainly BeOne; operating income was $24.7 per $100 of revenue.

Save this receipt as an image:

1080 × 1350 PNG for Instagram, LinkedIn1200 × 675 PNG for X

Embed this receipt

Paste this code into a blog or website to show the receipt, with a link back to this page:

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

Free, no tips, unsubscribe anytime.

We'll send a confirmation email. See our privacy policy.

02The business in one line

What does Amgen do?

Wholesalers and health systems pay Amgen for its medicines; most of the money goes on making them, research and selling, and what is left is profit.

  • US product sales were $25.7 billion in FY2025, 73% of product sales. Three US wholesalers together took 77% of worldwide gross revenues.
  • The largest drug, Prolia, was 12.6% of FY2025 product sales. Prolia and XGEVA now face copies, and fell 45% and 47% in Q3 FY2026.
Next: Who pays it

03Who pays it

Who pays Amgen?

  • US product sales

    70%

    of revenue

    69.8% of FY2025 revenue ($25.7 billion). Substantially all US sales go to wholesalers, which supply pharmacies, hospitals and clinics. Shares here are by location, because Amgen gives no revenue split by final payer.

  • Product sales outside the US

    26%

    of revenue

    25.8% of FY2025 revenue ($9.5 billion), sold to healthcare providers or wholesalers depending on the country.

  • Royalties and partners

    4%

    of revenue

    4.4% of FY2025 revenue ($1.6 billion): royalties, license fees, milestones and profit shares from collaborations.

  • US product sales70%
  • Product sales outside the US26%
  • Royalties and partners4%

How spread out the customers are

McKesson, Cencora and Cardinal Health each took more than 10% of Amgen's total revenues in 2025. Together they were 77% of worldwide gross revenues in 2025 and 2024, and 79% in 2023. They are distributors, not final payers.

Sources (1)
Next: Why it makes money

04Why it makes money

Why does Amgen make money?

Patented medicines sell for far more than they cost to make, but each patent ends, so Amgen must replace its older sellers in time.

Amgen's operating income was $24.7 per $100 of FY2025 revenue. ENBREL fell from $4.5 billion in FY2021 to $2.2 billion in FY2025, and Prolia and XGEVA now face copies. Repatha, EVENITY and the Horizon drugs grew over the same years.

Share of revenue from Prolia, XGEVA and ENBREL (Cityfort calculation from the FY2025 and FY2023 10-Ks)

37.5%23.7%

FY2021 to FY2025

  1. Amgen develops or buys a medicine
  2. Patents keep direct copies away for years
  3. Wholesalers buy it and doctors prescribe it
  4. Research took $7.3 billion in FY2025
  5. Cash pays for research, interest, deals and dividends
  6. Copies or set prices arrive, and newer drugs must take over

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025

Which businesses make up Amgen?

  • Prolia and XGEVA

    18%

    Two bone drugs with the same active ingredient, denosumab. Amgen reports one business segment, so it gives no profit figure for any product.

    Revenue $6.5B

  • Repatha

    8%

    Cholesterol-lowering injection.

    Revenue $3.0B

  • TEPEZZA and KRYSTEXXA

    9%

    Rare-disease drugs from Horizon, included from Oct 6, 2023.

    Revenue $3.2B

  • Otezla

    6%

    Pill for psoriasis and psoriatic arthritis.

    Revenue $2.3B

  • ENBREL

    6%

    Rheumatoid arthritis and psoriasis drug, sold in the US and Canada.

    Revenue $2.2B

  • EVENITY

    6%

    Osteoporosis drug.

    Revenue $2.1B

  • All other products

    43%

    Every other product, including BLINCYTO, Nplate, TEZSPIRE, KYPROLIS, Aranesp and Vectibix (Cityfort calculation: product sales minus the rows above).

    Revenue $15.8B

  • Royalties and other revenues

    4%

    Royalty income and partner revenues.

    Revenue $1.6B

How the mix changed

  • Prolia and XGEVA
  • Repatha
  • TEPEZZA and KRYSTEXXA
  • Otezla
  • ENBREL
  • EVENITY
  • All other products
  • Royalties and other revenues

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearProlia and XGEVARepathaTEPEZZA and KRYSTEXXAOtezlaENBRELEVENITYAll other productsRoyalties and other revenues
FY2021$5.3B$1.1B$0M$2.2B$4.5B$530M$10.7B$1.7B
FY2022$5.6B$1.3B$0M$2.3B$4.1B$787M$10.7B$1.5B
FY2023$6.2B$1.6B$720M$2.2B$3.7B$1.2B$11.4B$1.3B
FY2024$6.6B$2.2B$3.0B$2.1B$3.3B$1.6B$13.2B$1.4B
FY2025$6.5B$3.0B$3.2B$2.3B$2.2B$2.1B$15.8B$1.6B
Sources (2)
Next: How has it done

06The numbers · Consolidated · US$

How has Amgen done?

Revenue

$36.8BFY2025

Revenue grew every year from $26.0 billion in FY2021 to $36.8 billion in FY2025, and Q3 FY2026 revenue of $10.4 billion was 8.5% above a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$26.0B
FY2022$26.3B
FY2023$28.2B
FY2024$33.4B
FY2025$36.8B
Q4 FY2024$9.1B
Q1 FY2025$8.1B
Q2 FY2025$9.2B
Q3 FY2025$9.6B
Q4 FY2025$9.9B
Q1 FY2026$8.6B
Q2 FY2026$10.1B
Q3 FY2026$10.4B

Net profit

$7.7BFY2025

Net income also moves with the value of Amgen's equity stakes, mainly BeOne: it fell to $4.1 billion in FY2024, when Horizon costs rose and the stakes lost value, rose to $7.7 billion in FY2025 and reached $3.9 billion in Q3 FY2026 alone.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$5.9B$10.28
FY2022$6.6B$12.11
FY2023$6.7B$12.49
FY2024$4.1B$7.56
FY2025$7.7B$14.23
Q4 FY2024$627M$1.16
Q1 FY2025$1.7B$3.20
Q2 FY2025$1.4B$2.65
Q3 FY2025$3.2B$5.93
Q4 FY2025$1.3B$2.45
Q1 FY2026$1.8B$3.34
Q2 FY2026$2.4B$4.37
Q3 FY2026$3.9B$7.08

Profit kept per $100 of revenue

$21.0FY2025

Net income per $100 of revenue was $21.0 in FY2025, against $22.7 in FY2021; EBITDA here is a Cityfort calculation from the FY2025 and FY2023 10-Ks.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202122.7%42.5%
FY202224.9%49.3%
FY202323.8%42.5%
FY202412.2%38.4%
FY202521.0%38.8%

Free cash flow

$8.1BFY2025

Free cash flow, cash from operations minus capital spending, was $8.1 billion in FY2025, when Amgen paid $5.1 billion of dividends.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$9.3B$880M$8.4B
FY2022$9.7B$936M$8.8B
FY2023$8.5B$1.1B$7.4B
FY2024$11.5B$1.1B$10.4B
FY2025$10.0B$1.9B$8.1B
See all yearly numbers
Amgen annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$26.0B$11.0B$5.9B$10.28$9.3B$880M$8.4B
FY2022$26.3B$13.0B$6.6B$12.11$9.7B$936M$8.8B
FY2023$28.2B$12.0B$6.7B$12.49$8.5B$1.1B$7.4B
FY2024$33.4B$12.9B$4.1B$7.56$11.5B$1.1B$10.4B
FY2025$36.8B$14.2B$7.7B$14.23$10.0B$1.9B$8.1B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31). Net profit is the share belonging to the company's owners.

Download Amgen's yearly and quarterly numbers (CSV, with source ids)

Learn: Stock-based compensation and dilution: pay that becomes shares

Sources (12)
Next: What they said, and what happened

07Who runs it

Who runs Amgen, and did they deliver?

  • Robert A. Bradway

    Chairman, CEO and President · since 2012

    CEO since 2012 and chairman since 2013; joined Amgen in 2006. FY2025 total pay was $24,693,120, or 160 times the median employee's $154,123.

  • Thomas Dittrich

    Executive Vice President and Chief Financial Officer · since 2026

    CFO since Sep 1, 2026, after Peter H. Griffith retired from the role. Earlier CFO of Galderma and Shire, and in Amgen finance from 2006 to 2014.

  • Robert A. Eckert

    Lead Independent Director · since 2016

    Director since 2012. Leads the independent directors because one person is both chairman and CEO.

What they said, and what happened

1 delivered · 2 too early to tell

  1. Said on Feb 4, 2025

    Expected FY2025 total revenues of $34.3 billion to $35.7 billion.

    What happened

    FY2025 revenue was $36.8 billion, above the range. Amgen raised the range in August and again in November 2025.

    Delivered

  2. Said on Feb 3, 2026

    Expected FY2026 total revenues of $37.0 billion to $38.4 billion.

    What happened

    Revenue was $29.0 billion in the first nine months of 2026. On Nov 3, 2026 Amgen raised the range to $38.9 billion to $39.7 billion.

    Too early to tell

  3. Said on Nov 3, 2026

    Start two more Phase 3 studies of MariTide in type 2 diabetes in the fourth quarter of 2026.

    What happened

    The quarter has not ended yet.

    Too early to tell
Sources (10)
Next: What could go wrong

08What could go wrong

What could go wrong for Amgen?

  • Competition

    Copies of Prolia and XGEVA

    US patents on the two bone drugs expired in February 2025. They were 18.5% of FY2025 product sales, and together brought in $920 million in Q3 FY2026, down from $1.68 billion a year earlier.

    Watch Prolia and XGEVA sales each quarter; the 10-K expects the decline to accelerate as more competitors arrive.

  • Pricing

    Medicare price setting

    ENBREL's Medicare set price began in 2026, and its net selling price fell 14% in Q3 FY2026. Otezla's starts Jan 1, 2027; Amgen wrote down Otezla by $1.2 billion in 2025.

    Watch ENBREL and Otezla sales, and any further drugs selected for price setting.

  • Legal

    IRS tax dispute

    For 2010 to 2015 the IRS seeks about $8.7 billion of tax plus interest and about $2.0 billion of penalties, before offsets of up to about $3.1 billion. Amgen says the positions are without merit, and 2016 to 2018 proposals are pending.

    Watch The US Tax Court decision, which Amgen expects no earlier than late 2026 or early 2027.

  • Debt

    Debt from the Horizon deal

    Total debt was $54.0 billion at Sep 30, 2026, against cash of $13.2 billion and stockholders' equity of $14.4 billion. Interest on debt took $2.8 billion in FY2025.

    Watch Net debt and the notes due each year: $2.7 billion in 2027 and $5.0 billion in 2028.

  • Regulation

    TAVNEOS approval at risk

    The FDA's drug center proposed on Apr 27, 2026 to withdraw TAVNEOS's approval, after warning in March 2026 of serious liver injury cases. Amgen carries the drug's US rights at $2.2 billion; sales were $105 million in Q3 FY2026.

    Watch The FDA's decision after Amgen's hearing request.

  • Concentration

    Three wholesalers

    McKesson, Cencora and Cardinal Health together took 77% of worldwide gross revenues in 2025.

    Watch The wholesaler disclosure in each 10-K.

  • Technology

    Cybersecurity incident

    In July 2026 data, including patient health information, was taken from cloud systems run by third parties. Amgen said it is not reasonably likely to have a material financial impact; the investigation was ongoing.

    Watch Any follow-up 8-K or 10-Q disclosure on the incident.

  • Execution

    Research may not pay off

    Research took $7.3 billion in FY2025. In early 2026 Amgen dropped bemarituzumab in first-line gastric cancer and handed rocatinlimab back to Kyowa Kirin.

    Watch Phase 3 results for MariTide and olpasiran.

Sources (7)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue grew every year from $26.0 billion in FY2021 to $36.8 billion in FY2025, and Q3 FY2026 revenue was 8.5% above a year earlier.
  • Amgen's Q3 FY2026 release says 17 products grew at least 10%; UPLIZNA rose from $155 million to $451 million.
  • Repatha sales rose from $1.1 billion in FY2021 to $3.0 billion in FY2025.
  • Total debt fell from $64.6 billion at the end of FY2023 to $54.0 billion at Sep 30, 2026.
  • The quarterly dividend rose 6% to $2.52 in 2026.

What critics point to

  • Prolia fell 45% and XGEVA 47% in Q3 FY2026 as multiple biosimilars launched.
  • ENBREL's net selling price fell 14% in Q3 FY2026 under Medicare price setting, and Otezla's set price starts in 2027.
  • The IRS seeks about $8.7 billion of tax plus interest and about $2.0 billion of penalties for 2010 to 2015; Amgen disputes it.
  • Total debt of $54.0 billion at Sep 30, 2026 was 3.76 times stockholders' equity.
  • The FDA's drug center has proposed withdrawing TAVNEOS, which Amgen carries at $2.2 billion.
Next: What to watch next

10What to watch next

What should you watch next at Amgen?

Next event

Q4 FY2026 results

Date not announced yet.

  • Prolia and XGEVA

    Together they brought in $920 million in Q3 FY2026, down from $1.68 billion in Q3 FY2025, after their US patents expired in February 2025.

  • The IRS tax case

    Amgen expects a US Tax Court decision on 2010 to 2015 no earlier than late 2026 or early 2027. The IRS seeks about $8.7 billion of tax plus interest.

  • MariTide trials

    Several Phase 3 trials of the obesity drug are under way. Amgen said on Nov 3, 2026 that two more type 2 diabetes studies start in Q4 2026.

Next: Key dates

11Key dates

What are the key dates for Amgen?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Amgen
EventDateSource
Medicare set price begins for OtezlaUnder the Inflation Reduction Act's Medicare price setting. ENBREL's set price began in 2026.Form 10-K for fiscal year 2025 (ended Dec 31, 2025); Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
US patent on Otezla's compounds expiresPediatric exclusivity runs to Aug 16, 2028; a patent on extended-release forms runs to 2042.Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
US patent on the ENBREL fusion protein expiresFormulation patents run to 2037, and a patent on treatment methods using them to 2038.Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
US patent on the Repatha antibody expiresMethods-of-treatment patents run to May 10, 2032.Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
US Tax Court decision on 2010 to 2015 taxesAmgen expects it no earlier than late 2026 or early 2027.Not yet statedForm 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
Sources (2)
Next: Key facts

12Key facts

Key facts about Amgen

What does Amgen do?
Amgen discovers, develops, makes and sells prescription medicines from Thousand Oaks, California. Amgen's revenue was $36.8 billion in FY2025 (calendar 2025) and $10.4 billion in Q3 FY2026.
What is Amgen's business model and how does it make money?
Amgen makes money by selling patented medicines, mostly through wholesalers, for more than they cost to make, research and sell. In FY2025 Amgen's product sales were $35.1 billion, and royalties and other revenues added $1.6 billion. Research and development took $7.3 billion, 19.8% of revenue.
Is Amgen profitable?
Yes. Amgen reported operating income of $9.1 billion and net income of $7.7 billion in FY2025. In Q3 FY2026 Amgen's operating income was $3.7 billion and net income $3.9 billion, which included gains on equity investments.
What is Amgen's revenue by segment?
Amgen reports one business segment, human therapeutics. By product, Amgen's FY2025 sales were led by Prolia ($4.4 billion), Repatha ($3.0 billion), Otezla ($2.3 billion), ENBREL ($2.2 billion), EVENITY ($2.1 billion) and XGEVA ($2.1 billion).
Who are Amgen's customers?
Amgen's largest direct customers are three US wholesalers, McKesson, Cencora and Cardinal Health, which together took 77% of Amgen's worldwide gross revenues in 2025. The US was 73% of Amgen's FY2025 product sales. Amgen gives no revenue split by final payer.
Who owns Amgen?
Amgen is widely held, with one class of stock and one vote per share. BlackRock reported 7.6% in an April 2025 filing and Vanguard Capital Management 7.51% in an April 2026 filing. Amgen's directors and executive officers together held less than 1% on Mar 20, 2026.
How much does Amgen earn from Prolia and XGEVA?
Amgen's Prolia sales were $4.4 billion and XGEVA sales $2.1 billion in FY2025, together 18.5% of product sales. In Q3 FY2026 Amgen's Prolia sales were $632 million and XGEVA sales $288 million, down 45% and 47% from a year earlier.
How much does Amgen earn from Repatha?
Amgen's Repatha, a cholesterol-lowering injection, brought in $3.0 billion in FY2025, up from $1.1 billion in FY2021. Repatha sales were $1.09 billion in Q3 FY2026.
How much does Amgen earn from the drugs it bought with Horizon?
Amgen bought Horizon Therapeutics in October 2023. Its two main drugs, TEPEZZA for thyroid eye disease and KRYSTEXXA for chronic gout, brought Amgen $1.9 billion and $1.3 billion of sales in FY2025.
How much does Amgen earn from ENBREL and Otezla?
Amgen's ENBREL sales were $2.2 billion in FY2025, down from $4.5 billion in FY2021. Amgen's Otezla sales were $2.3 billion in FY2025, against $2.2 billion in FY2021.
Sources (5)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Amgen sell?

Amgen sells prescription medicines, many of them biologics: drugs made by living cells rather than mixed from chemicals. Doctors prescribe them, and wholesalers supply them. When patents end, copies called biosimilars arrive, so Amgen keeps developing or buying new drugs.

  • Bone health: Prolia, XGEVA, EVENITY ($8.6B in FY2025)

    Prolia ($4.4 billion) treats osteoporosis in people at high risk of fracture. XGEVA ($2.1 billion) has the same active ingredient and protects bones in cancer patients. EVENITY ($2.1 billion) is another osteoporosis drug.

  • Heart: Repatha ($3.0B in FY2025)

    An injection that lowers LDL ("bad") cholesterol and is approved to cut the risk of heart attacks and strokes in adults at higher risk.

  • Inflammation: Otezla, ENBREL, TEZSPIRE, UPLIZNA

    Otezla ($2.3 billion) is a pill for psoriasis and psoriatic arthritis. ENBREL ($2.2 billion), launched in 1998, treats rheumatoid arthritis. TEZSPIRE ($1.5 billion, US sales) treats severe asthma.

  • Rare diseases: TEPEZZA, KRYSTEXXA ($3.2B in FY2025)

    Bought with Horizon in October 2023. TEPEZZA ($1.9 billion) treats thyroid eye disease, and KRYSTEXXA ($1.3 billion) treats chronic gout that other drugs have not controlled.

  • Cancer and blood: BLINCYTO, Nplate, KYPROLIS, Aranesp, Vectibix, IMDELLTRA

    BLINCYTO ($1.6 billion) treats a blood cancer, Nplate ($1.5 billion) a low platelet count, KYPROLIS ($1.4 billion) multiple myeloma, Aranesp ($1.4 billion) anemia and Vectibix ($1.2 billion) colorectal cancer.

  • Royalties and partner revenue ($1.6B in FY2025)

    Royalties on other companies' sales of products Amgen licensed to them, plus license fees, milestones and its share of profits from collaborations.

What it does

  • Does: Researches, makes and sells its own medicines
  • Does: Buys companies with drugs on the market, such as Horizon Therapeutics in 2023
  • Does: Sells biosimilars, its own copies of other companies' biologics, such as PAVBLU

What it does not do

  • Does not: Does not report profit by drug: it has one business segment, human therapeutics
  • Does not: Does not sell TEZSPIRE outside North America itself: AstraZeneca leads sales there and the two share profits
  • Does not: Does not sell most of its US medicines straight to patients: substantially all US sales go to wholesalers
Sources (1)
14How the money flows

14How the money flows · FY2025

How does money flow through Amgen?

Money in

  • Total revenues (product sales plus royalties and other)$36.8B
  • Other income (mainly gains on equity investments such as BeOne)$2.7B

The company

Amgen

$39.4B came in

Money out

  • Cost of sales (incl. amortization of bought drug rights)$12.0B
  • Research and development$7.3B
  • Selling, general and administrative$7.1B
  • Other operating expenses (incl. $1.2 billion Otezla write-down)$1.3B
  • Interest on debt, net$2.8B
  • Income tax$1.3B
  • Net income$7.7B
  1. Customers paid Amgen $36.8 billion in FY2025, $25.7 billion of it for medicines sold in the US.
  2. Making the medicines took $12.0 billion, including $4.3 billion of amortization of drug rights Amgen bought.
  3. Research took $7.3 billion, and selling and administration $7.1 billion.
  4. Other income added $2.7 billion, mostly $2.0 billion of gains on equity investments such as BeOne; interest on debt took $2.8 billion.
  5. Tax took $1.3 billion, and $7.7 billion was left as net income.
Sources (2)
15What it needs to run

15What it needs to run

What does Amgen need to run?

  • Research

    Research and development cost $7.3 billion in FY2025, 19.8% of revenue, up from $4.8 billion in FY2021. Much of the 2026 increase went to MariTide, an obesity drug in late-stage trials.

  • Patents

    US patents on the Repatha antibody run to Aug 27, 2029, on the ENBREL fusion protein to Nov 22, 2028 and on Otezla's compounds to Feb 16, 2028. Prolia and XGEVA's expired in February 2025.

  • People

    About 31,500 staff in over 50 countries at Dec 31, 2025, about 13,000 of them outside the US.

  • Borrowing

    Amgen sold $4.0 billion of notes in February 2026, due 2031 to 2056. It had a $4.0 billion bank credit line, unused at Dec 31, 2025.

Sources (4)
16Where it sells

16Where it sells · FY2025

Where does Amgen sell?

  • United States (share of product sales)73%
  • Rest of the world (share of product sales)27%
Sources (1)
17Competitors and what protects it

17Competitors and what protects it

Who does Amgen compete with?

Amgen's 10-K lists competing drugs for each main product and says several biosimilar copies of Prolia and XGEVA are approved. It says TEPEZZA and KRYSTEXXA face no direct competitors in the US, Europe or Japan.

  • AbbVie (Skyrizi, Humira, Rinvoq)

    NYSE: ABBV

    Amgen's 10-K lists Skyrizi and Humira as competitors of Otezla, and Humira and Rinvoq as competitors of ENBREL in the US.

  • Novartis (Leqvio, Cosentyx, Promacta)

    The 10-K lists Leqvio against Repatha, Cosentyx against Otezla and ENBREL, and Promacta/Revolade against Nplate.

  • Regeneron and Sanofi (Praluent, Dupixent)

    The 10-K lists Praluent against Repatha, and Dupixent against TEZSPIRE in the US.

  • Johnson & Johnson (Tremfya, Darzalex)

    NYSE: JNJ

    The 10-K lists Tremfya against Otezla, Darzalex and Carvykti against KYPROLIS, and Procrit against Aranesp.

  • Eli Lilly (Taltz, Erbitux)

    NYSE: LLY

    The 10-K lists Taltz against Otezla, and Erbitux against Vectibix.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Range of products4 of 5

    Prolia, Amgen's largest product, was 12.6% of FY2025 product sales. Amgen's Q3 FY2026 release says 17 products were selling at an annual rate above $1 billion.

  • Patents3 of 5

    The main US patents on the Otezla compound, the ENBREL protein and the Repatha antibody end in 2028 and 2029; later patents cover forms or uses. TEZSPIRE's polypeptide patent runs to Feb 3, 2034 and IMDELLTRA's to Aug 12, 2036, and Prolia and XGEVA's patents ended in February 2025.

  • Research spending3 of 5

    Amgen spent $7.3 billion on research and development in FY2025, 19.8% of revenue.

  • Pricing power2 of 5

    ENBREL's net selling price fell 14% in Q3 FY2026 under Medicare price setting, and Otezla's set price starts Jan 1, 2027. Across products, net selling price fell 3% in FY2025.

Weak spot

Bone drugs losing protection

Prolia and XGEVA were 18.5% of FY2025 product sales. In Q3 FY2026 Prolia fell 45% and XGEVA 47% as multiple biosimilars launched.

Sources (2)
18Where growth could come from

18Where growth could come from

Where could Amgen's growth come from?

Amgen said in its Q3 FY2026 earnings release (Nov 3, 2026) that it expects FY2026 total revenues of $38.9 billion to $39.7 billion and GAAP EPS of $18.34 to $19.28. On Feb 3, 2026 it had said $37.0 billion to $38.4 billion and $15.45 to $16.94.
Management statement, Nov 3, 2026. Reported as a statement, not our forecast.

  • Repatha

    Working

    $1.09B in Q3 FY2026, up from $794M

    Yearly sales rose from $2.2 billion in FY2024 to $3.0 billion in FY2025. In August 2025 the FDA widened its use to adults at higher risk who had no heart disease diagnosis.

    Status: Working, on track against what the company said.

  • EVENITY

    Working

    $751M in Q3 FY2026, up from $541M

    Yearly sales rose from $530 million in FY2021 to $2.1 billion in FY2025.

    Status: Working, on track against what the company said.

  • UPLIZNA

    Working

    $451M in Q3 FY2026, up from $155M

    The FDA approved it for IgG4-related disease in April 2025 and for generalized myasthenia gravis in December 2025.

    Status: Working, on track against what the company said.

  • IMDELLTRA

    Working

    $406M in Q3 FY2026, up from $178M

    A lung cancer drug. The FDA gave it full approval in November 2025 for small cell lung cancer that grew after chemotherapy.

    Status: Working, on track against what the company said.

  • TEZSPIRE

    Working

    $538M in Q3 FY2026, up from $377M

    An asthma drug shared with AstraZeneca. The FDA approved it for nasal polyps in October 2025.

    Status: Working, on track against what the company said.

  • MariTide (obesity)

    Early

    Company-wide R&D $2.1B in Q3 FY2026, up from $1.9B

    A monthly or less frequent injection in Phase 3 trials for obesity and related diseases. Amgen says higher 2026 research spending went mainly to MariTide and early research.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (5)
19The company's own measures (non-GAAP)

19The company's own measures · FY2023 to FY2025 and Q3 FY2026

What do Amgen's own measures show?

Adjusted (non-GAAP) figures are Amgen's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Diluted EPS, FY2025

    $14.23

    Company's own measure: Non-GAAP diluted EPS, FY2025

    $21.84

    Amgen leaves out acquisition-related costs, mostly amortization of drug rights from Horizon and other deals, the $1.2 billion Otezla write-down, and $2.0 billion of net gains on equity investments.

  • Official (GAAP): Diluted EPS, FY2024

    $7.56

    Company's own measure: Non-GAAP diluted EPS, FY2024

    $19.84

    Same type of exclusions; FY2024 also had net losses on equity investments, which non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more EPS leaves out.

  • Official (GAAP): Diluted EPS, FY2023

    $12.49

    Company's own measure: Non-GAAP diluted EPS, FY2023

    $18.65

    Same type of exclusions.

  • Official (GAAP): Diluted EPS, Q3 FY2026

    $7.08

    Company's own measure: Non-GAAP diluted EPS, Q3 FY2026

    $6.45

    Lower than GAAP in this quarter because it leaves out $1.5 billion of net gains on equity investments, as well as acquisition-related amortization.

  • Official (GAAP): Operating income, FY2025

    $9.1B

    Company's own measure: Non-GAAP operating income, FY2025

    $16.2B

    Leaves out acquisition-related costs, mainly amortization, and the Otezla write-down.

  • Official (GAAP): Net income, FY2025

    $7.7B

    Company's own measure: EBITDA, FY2025 (Amgen's definition)

    $16.9B

    Amgen adds interest expense, income tax and depreciation and amortization to GAAP net income, so its EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. includes $2.0 billion of net gains on equity investments. The EBITDA in Cityfort's financials table is operating income plus depreciation and amortization: $14,247 million for FY2025.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (4)
20Financial strength and debt

20Financial strength · Sep 30, 2026

How much debt does Amgen have?

At Sep 30, 2026 Amgen's debt exceeded its cash by $40.8 billion, about 2.4 times EBITDA over the last four quarters (Cityfort calculation from the Q3 FY2026 10-Q, the Q4 FY2025 to Q3 FY2026 earnings releases and SEC XBRL data).
  • Total debt$54.0B
  • Cash and investments$13.2B
  • Net debt (debt minus cash)$40.8B
  • Net worth (shareholders' money)$14.4B
Debt to equity
3.76×
$ of debt for every $1 of shareholders' money
  • Debt is the current portion plus long-term debt at carrying value, as the balance sheet shows it; the principal owed was $55.8 billion. Net debt counts cash and cash equivalents only (Cityfort calculation from the Q3 FY2026 10-Q).
  • Total debt rose from $33.3 billion at the end of FY2021 to $64.6 billion at the end of FY2023, after $24.0 billion of notes helped pay for Horizon. It was $54.0 billion at Sep 30, 2026.
  • In 2026 Amgen issued $4.0 billion of notes and repaid $3.9 billion, including a $1.8 billion term loan.
  • Principal due, as of Dec 31, 2025: $2.7 billion in 2027, $5.0 billion in 2028, $2.9 billion in 2029 and $4.0 billion in 2030.
  • Stockholders' equity was $14.4 billion at Sep 30, 2026, up from $3.7 billion at the end of FY2022. Years of buybacks and dividends left an accumulated deficit of $25.1 billion at Dec 31, 2025.
  • Debt to equity of 3.76 is a Cityfort calculation from the Q3 FY2026 10-Q. Goodwill and intangible assets were $41.0 billion, 45.2% of total assets of $90.6 billion at Dec 31, 2025 (Cityfort calculation from the FY2025 10-K).
  • Amgen's own debt leverage ratio was about 3.2 times EBITDA at Dec 31, 2025: total debt of $54.6 billion against its FY2025 EBITDA of $16.9 billion, which includes equity-investment gains (Q4 FY2025 earnings release).
Sources (8)
21Who owns it

21Who owns it · ownership as of Mar 20, 2026

Who owns Amgen?

Amgen has one class of stock with one vote per share, and no holder controls it. Directors and executive officers held 2,730,297 shares on Mar 20, 2026, including 1,847,015 they could acquire within 60 days: under 1%, about 0.5% (Cityfort calculation from the 2026 proxy statement). Rows have different dates and are never added.
Officers and directors (as a group), shares
0.5%
Share classes
Amgen share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (540,911,490 shares on Oct 29, 2026 (Q3 FY2026 10-Q cover). Amgen has one class of common stock.)540.91–––Yes
Holders of 5% or more
Amgen holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
BlackRock, Inc.7.6%–Apr 17, 2025S13Proxy figure from a Schedule 13G/A filed Apr 17, 2025 (40,830,830 shares).
Vanguard Capital Management7.5%–Apr 29, 2026S23Schedule 13G, holding on Mar 31, 2026 (40,510,484 shares).
Capital World Investors5.5%–May 14, 2026S24Schedule 13G, holding on Mar 31, 2026 (29,596,119 shares).
State Street Corporation5.5%–Jan 30, 2024S13Proxy figure from a Schedule 13G/A filed Jan 30, 2024 (29,543,705 shares). This is older data.
The Vanguard Group0.0%–Mar 26, 2026S22Reported no shares in a Schedule 13G/A for Mar 13, 2026, after a Jan 12, 2026 internal realignment under which some Vanguard units report separately.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did Amgen's insiders report trading?

Amgen's insiders made 86 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported no purchases and 14 sales (78,049 shares) in the open market or privately (codes P and S).

None of the sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 111 other share transactions (F: 57, A: 42, M: 10, G: 2).

They also report 21 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
A
a grant, award or other acquisition from the company under Rule 16b-3
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
M
exercise or conversion of an option or other derivative, exempt under Rule 16b-3
G
a bona fide gift

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 125 transactions
Amgen's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
Khosla RachnaSVP, Business DevelopmentAug 13, 2026M1,252 A$162.607,656Not checkedForm 4, filed Aug 13, 2026
Khosla RachnaSVP, Business DevelopmentAug 13, 2026S1,252 D$416.42566,404Not checkedForm 4, filed Aug 13, 2026
Khosla RachnaSVP, Business DevelopmentAug 11, 2026S2,000 D$412.5676,404Not checkedForm 4, filed Aug 13, 2026
Busch Matthew C.VP, Finance & CAOAug 7, 2026A730 A$0.005,080Not checkedForm 4, filed Aug 12, 2026
Drake Michael VDirectorAug 7, 2026A63.8764 A$0.005,876.1633Not checkedForm 4, filed Aug 10, 2026
HOLLEY CHARLES MDirectorAug 7, 2026A103.4189 A$0.0012,990.452Not checkedForm 4, filed Aug 10, 2026
ISHRAK OMARDirectorAug 7, 2026A85.1685 A$0.007,485.9046Not checkedForm 4, filed Aug 10, 2026
Grygiel Nancy A.SVP & CCOAug 6, 2026M1,970 A$177.469,310Not checkedForm 4, filed Aug 7, 2026
Grygiel Nancy A.SVP & CCOAug 6, 2026S1,970 D$402.16017,340Not checkedForm 4, filed Aug 7, 2026
Grygiel Nancy A.SVP & CCOAug 6, 2026M1,000 A$177.318,340Not checkedForm 4, filed Aug 7, 2026
Grygiel Nancy A.SVP & CCOAug 6, 2026S1,000 D$402.16017,340Not checkedForm 4, filed Aug 7, 2026
Miller DerekSVP, Human ResourcesAug 6, 2026M2,069 A$162.6014,531Not checkedForm 4, filed Aug 7, 2026
Miller DerekSVP, Human ResourcesAug 6, 2026S2,069 D$402.544412,462Not checkedForm 4, filed Aug 7, 2026
Miller DerekSVP, Human ResourcesAug 6, 2026M1,821 A$177.4614,283Not checkedForm 4, filed Aug 7, 2026
Miller DerekSVP, Human ResourcesAug 6, 2026S1,821 D$402.544412,462Not checkedForm 4, filed Aug 7, 2026
Austin Wanda MDirectorMay 19, 2026A665 A$0.008,018Not checkedForm 4, filed May 21, 2026
Drake Michael VDirectorMay 19, 2026A665 A$0.005,774.2869Not checkedForm 4, filed May 21, 2026
Druker BrianDirectorMay 19, 2026A665 A$0.008,391Not checkedForm 4, filed May 21, 2026
ECKERT ROBERTDirectorMay 19, 2026A665 A$0.0026,251Not checkedForm 4, filed May 21, 2026
Garland Greg C.DirectorMay 19, 2026A665 A$0.0013,848Not checkedForm 4, filed May 21, 2026
HOLLEY CHARLES MDirectorMay 19, 2026A665 A$0.0012,799.0331Not checkedForm 4, filed May 21, 2026
ISHRAK OMARDirectorMay 19, 2026A665 A$0.007,358.7361Not checkedForm 4, filed May 21, 2026
Jacks TylerDirectorMay 19, 2026A665 A$0.0018,284Not checkedForm 4, filed May 21, 2026
Klotman Mary E.DirectorMay 19, 2026A665 A$0.002,211Not checkedForm 4, filed May 21, 2026
Kullman Ellen JamisonDirectorMay 19, 2026A665 A$0.0014,535.9807Not checkedForm 4, filed May 21, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Amgen's Form 4 filings on EDGAR.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (6)
22What it does with profit

22What it does with profit

What does Amgen do with its profit?

Dividends per share are the four quarterly dividends paid in each year; payout is cash dividends paid ÷ net income (Cityfort calculation from the FY2025 and FY2023 10-Ks). Amgen paid $5.1 billion of dividends in FY2025. The quarterly dividend rose 6% to $2.52 in 2026.

Dividend per share

$9.52FY2025

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2023$8.5267.8%
FY2024$9.00118.1%
FY2025$9.5266.5%

  • Buyback · Dec 31, 2021

    Bought back $5.0 billion of its own shares in 2021.

    $5.0B

  • Buyback · Dec 31, 2022

    Bought back $6.4 billion of shares in 2022.

    $6.4B

  • Buyback · Dec 31, 2024

    Bought back $200 million of shares in 2024, after none in 2023.

    $200M

  • Buyback · Sep 30, 2026

    No buybacks in 2025 or the first nine months of 2026; $6.8 billion of authorization remained at Sep 30, 2026.

    $0M

  • Money raised · Mar 2, 2023

    Issued $24.0 billion of senior notes to help pay for Horizon Therapeutics.

    $24.0B

  • Money raised · Feb 19, 2026

    Issued $4.0 billion of senior notes in four series, due 2031 to 2056.

    $4.0B

Sources (4)
23Governance signals

23Governance signals

What do Amgen's governance filings show?

Auditor
Ernst & Young LLP, since 1980
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy reports one related-person matter: the son-in-law of executive officer Nancy A. Grygiel works at Amgen as a business performance director. His 2025 pay was a $240,000 salary, a $78,810 cash bonus and stock awards valued at $54,000.
Credit rating
Moody's / S&P / Fitch (expected ratings for Amgen's February 2026 notes, as stated in its bond term sheet) Baa1 / BBB+ / BBB+ ("stable", printed once after all three ratings), Feb 17, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • other · May 20, 2026

    Chairman and CEO are one person

    Robert A. Bradway holds both roles, and Robert A. Eckert is lead independent director. A stockholder proposal for an independent chair failed on May 19, 2026, with 72,902,413 votes for and 338,465,655 against.

  • other · Nov 4, 2026

    Tax dispute with the IRS

    The IRS seeks about $8.7 billion of additional federal tax plus interest, and about $2.0 billion of penalties, for 2010 to 2015. It relates to how profit was allocated to Amgen's Puerto Rico operations. Amgen says the IRS positions are "without merit".

  • regulatory · Apr 27, 2026

    FDA proposal to withdraw TAVNEOS

    On Apr 27, 2026 the FDA's drug center proposed to withdraw approval of TAVNEOS, a vasculitis drug from the ChemoCentryx deal. The proposal alleges a lack of substantial evidence of effectiveness and untrue statements in ChemoCentryx's application. Amgen requested a hearing.

  • other · Jul 31, 2026

    Material cybersecurity incident

    Amgen reported in an 8-K on Jul 31, 2026 that data, including patient health information, was taken from cloud systems run by third parties. It said the incident is not reasonably likely to materially affect its finances.

  • other · Oct 27, 2026

    Officer and board changes in 2026

    The chief technology officer, David M. Reese, retired on Jun 30, 2026, and a new CFO started Sep 1, 2026. David W. Gibbs joined the board on Oct 26, 2026, making 13 directors, 12 of them independent.

  • other

    Insider share rules

    Amgen's insider trading policy bars hedging its stock, buying it on margin and using it as collateral for a loan.

Sources (9)
24What the market paid

24What the market paid · price as of Nov 5, 2026

What did the market pay for Amgen on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Amgen closed at $460.28 on Nasdaq, where its shares are listed (Nasdaq historical price table). The market value of about $249.0 billion (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q) uses the 540.9 million shares on the 10-Q cover (Oct 29, 2026). P/E is price ÷ earnings per share: 32.3 on FY2025 diluted EPS of $14.23, and 26.7 on $17.24 for the four quarters to Q3 FY2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases). Both use GAAP EPS, which moves with gains and losses on the BeOne stake.

Share price
$460.28
Market value (market cap)
$249.0B
P/E
32.3×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 540.91 million ($460.28 × 540.91 million shares ≈ $249.0B). Source: Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025)

Source: Nasdaq historical quotes for AMGN (closing price Nov 5, 2026); Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025) and 4 more

Sources (8)
25How it got here

25How it got here

How did Amgen get here?

  1. 1980

    Milestone

    Founded

    Amgen was incorporated in California in 1980 and became a Delaware corporation in 1987.

  2. 2010

    Milestone

    Prolia and XGEVA launch

    The two denosumab bone drugs launched in 2010 and became Amgen's largest pair, at $6.6 billion in FY2024.

  3. 2019

    Business-model change

    Otezla bought

    Amgen acquired Otezla, a psoriasis pill, from Bristol Myers Squibb in November 2019.

  4. 2020

    Milestone

    Stake in BeOne (then BeiGene)

    Amgen paid about $2.8 billion for a stake in the drug maker, which sells some Amgen cancer drugs in China. Changes in its value now swing Amgen's net income.

  5. 2022

    Milestone

    ChemoCentryx bought

    Amgen paid $3.9 billion for ChemoCentryx in October 2022, adding the vasculitis drug TAVNEOS.

  6. 2023

    Business-model change

    Horizon Therapeutics bought

    Amgen completed the roughly $27.8 billion deal on Oct 6, 2023, adding TEPEZZA and KRYSTEXXA. It issued $24.0 billion of notes to help pay.

  7. 2025

    Crisis

    Bone drug patents expire

    US patents on Prolia and XGEVA expired in February 2025, and biosimilar copies followed. After Otezla was selected for Medicare price setting, Amgen wrote it down by $1.2 billion.

  8. 2026

    Crisis

    TAVNEOS and a cyber incident

    The FDA's drug center proposed withdrawing TAVNEOS's approval in April 2026. In July Amgen reported a material cybersecurity incident.

Sources (4)

26Sources and changes

Where every number on this page comes from

Sources (26 documents)
  1. S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 13, 2026
  2. S2Form 10-K for fiscal year 2023 (ended Dec 31, 2023) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 14, 2024
  3. S3Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
  4. S4Form 10-Q for Q2 2026 (quarter ended Jun 30, 2026) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
  5. S5Q3 2026 earnings release (Form 8-K Exhibit 99.1) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
  6. S6Q2 2026 earnings release (Form 8-K Exhibit 99.1) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2026
  7. S7Q1 2026 earnings release (Form 8-K Exhibit 99.1) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  8. S8Q4 and full-year 2025 earnings release (Form 8-K Exhibit 99.1) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2026
  9. S9Q3 2025 earnings release (Form 8-K Exhibit 99.1) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2025
  10. S10Q2 2025 earnings release (Form 8-K Exhibit 99.1) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2025
  11. S11Q1 2025 earnings release (Form 8-K Exhibit 99.1) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2025
  12. S12Q4 and full-year 2024 earnings release (Form 8-K Exhibit 99.1) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2025
  13. S132026 proxy statement (DEF 14A) · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 7, 2026
  14. S14Form 8-K (Item 5.07) filed May 20, 2026: 2026 annual meeting vote results · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 20, 2026
  15. S15Free writing prospectus (pricing term sheet) for senior notes, Feb 17, 2026 · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 17, 2026
  16. S16Form 8-K (Item 1.01) filed Feb 19, 2026: $4.0 billion of senior notes issued · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 19, 2026
  17. S17Form 8-K (Item 1.05) filed Jul 31, 2026: material cybersecurity incident · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2026
  18. S18Form 8-K (Item 5.02) filed May 19, 2026: CFO retirement and appointment of Thomas Dittrich · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 19, 2026
  19. S19Form 8-K (Item 5.02) filed Apr 22, 2026: Chief Technology Officer retirement · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 22, 2026
  20. S20Form 8-K (Item 5.02) filed Oct 27, 2026: David W. Gibbs appointed director · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2026
  21. S21Form 8-K (Item 1.02) filed Jan 30, 2026: Kyowa Kirin collaboration termination · Amgen Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2026
  22. S22Schedule 13G/A, The Vanguard Group, event Mar 13, 2026 · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
  23. S23Schedule 13G, Vanguard Capital Management, event Mar 31, 2026 · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  24. S24Schedule 13G, Capital World Investors, event Mar 31, 2026 · Capital World Investors (SEC EDGAR) · Tier 1: company or exchange filing · May 14, 2026
  25. S25SEC XBRL company facts for CIK 0000318154 · SEC EDGAR · Tier 1: company or exchange filing · Nov 7, 2026
  26. S27Nasdaq historical quotes for AMGN (closing price Nov 5, 2026) · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

Disclaimer

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.

Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.

Read the positions policy
Read the full disclaimer

Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.