Amgen Inc. (AMGN) 10-Year Financial Performance & Capital Metrics

AMGN •

HealthcareLarge PharmaSpecialty and biologics-focused pharma

AboutAmgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta that reduces the chance of infection due a low white blood cell count in patients cancer; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Aranesp to treat a lower-than-normal number of red blood cells and anemia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; and Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization. It also markets Nplate, Vectibix, MVASI, Parsabiv, EPOGEN, KANJINTI, BLINCYTO, Aimovig, EVENITY, AMGEVITATM, Sensipar/Mimpara, NEUPOGEN, IMLYGIC, Corlanor, and AVSOLA. Amgen Inc. serves healthcare providers, including physicians or their clinics, dialysis centers, hospitals, and pharmacies. It distributes its products through pharmaceutical wholesale distributors, as well as direct-to-consumer channels. It has collaboration agreements with Novartis Pharma AG; UCB; Bayer HealthCare LLC; BeiGene, Ltd.; Eli Lilly and Company; Datos Health; and Verastem, Inc. to evaluate VS-6766 in combination with lumakrastm (Sotorasib) in patients with KRAS G12C-mutant non-small cell lung cancer. It has an agreement with Kyowa Kirin Co., Ltd. to jointly develop and commercialize KHK4083, a Phase 3-ready anti-OX40 fully human monoclonal antibody for the treatment of atopic dermatitis and other autoimmune diseases; and research and development collaboration with Neumora Therapeutics, Inc. and Plexium, Inc. Amgen Inc. was incorporated in 1980 and is headquartered in Thousand Oaks, California.Show more

Revenue $36.75B +10.0%
EBITDA $20.27B +57.8%
Net Income $7.71B +88.5%
EPS (Diluted) 14.23 +88.2%
Gross Margin 82.52% +34.1%
EBITDA Margin 55.16% +43.5%
Operating Margin 40.52% +86.6%
Net Margin 20.98% +71.5%
ROE 106.1% +57.1%
ROIC 20.66% +116.1%
Debt/Equity 6.31 -38.3%
Interest Coverage 5.41 +135.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 103.1%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 22.0% free cash flow margin
✓14 consecutive years of dividend growth
✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 6.3x
✗Expensive at 24.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.43%

5Y7.65%

3Y11.77%

TTM9.92%

Profit (Net Income) CAGR

10Y1.06%

5Y1.2%

3Y5.58%

TTM88.53%

EPS CAGR

10Y4.62%

5Y2.94%

3Y5.52%

TTM88.48%

ROCE

10Y Avg16.33%

5Y Avg15.82%

3Y Avg14.8%

Latest22.25%

Peer Comparison

Specialty and biologics-focused pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GILDGilead Sciences, Inc.	185.59B	148.95	391.97	6.04%	28.9%	37.62%	5.55%	1.39
ABBVAbbVie Inc.	410.09B	232.03	97.08	3.71%	4%	62.18%	4.35%	20.17
AMGNAmgen Inc.	209.22B	388.16	27.28	9.95%	20.99%	89.06%	3.87%	6.31
BIIBBiogen Inc.	28.15B	191.82	21.72	1.39%	13.18%	7.08%	7.28%	0.38
NVONovo Nordisk A/S	126.28B	37.45	10.30	2.34%	33.14%	50.76%	7.09%	0.67
SCLXScilex Holding Company	1.5B	8.21	-0.42	21.07%	-9.31%		1.29%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	22.99B	22.85B	23.75B	23.36B	25.42B	25.98B	26.32B	28.19B	33.42B	36.75B
Revenue Growth %	6.14%	-0.62%	3.93%	-1.62%	8.83%	2.18%	1.32%	7.09%	18.57%	9.95%
Cost of Goods Sold+	4.16B	4.07B	4.1B	4.36B	6.16B	6.45B	6.41B	8.41B	12.86B	6.42B
COGS % of Revenue	18.1%	17.81%	17.27%	18.65%	24.23%	24.84%	24.34%	29.85%	38.47%	17.48%
Gross Profit+	18.83B	18.78B	19.65B	19.01B	19.27B	19.52B	19.92B	19.77B	20.57B	30.33B
Gross Margin %	81.9%	82.19%	82.73%	81.35%	75.77%	75.16%	75.66%	70.15%	61.53%	82.52%
Gross Profit Growth %	8%	-0.26%	4.61%	-3.26%	1.36%	1.35%	2.01%	-0.71%	4%	47.47%
Operating Expenses+	9.04B	8.81B	9.38B	9.33B	10.13B	11.89B	10.35B	11.84B	13.31B	15.44B
OpEx % of Revenue	39.3%	38.54%	39.51%	39.95%	39.83%	45.75%	39.32%	42.01%	39.82%	42%
Selling, General & Admin	5.06B	4.87B	5.33B	5.15B	5.73B	5.37B	5.41B	6.18B	7.1B	7.05B
SG&A % of Revenue	22.02%	21.31%	22.45%	22.04%	22.54%	20.66%	20.57%	21.92%	21.23%	19.18%
Research & Development	3.84B	3.56B	3.74B	4.12B	4.21B	6.32B	4.43B	4.78B	5.96B	7.27B
R&D % of Revenue	16.7%	15.59%	15.74%	17.62%	16.55%	24.34%	16.84%	16.97%	17.84%	19.79%
Other Operating Expenses	133M	375M	314M	66M	189M	194M	503M	879M	248M	1.11B
Operating Income+	9.79B	9.97B	10.26B	9.67B	9.14B	7.64B	9.57B	7.9B	7.26B	14.89B
Operating Margin %	42.6%	43.65%	43.22%	41.41%	35.95%	29.4%	36.34%	28.01%	21.71%	40.52%
Operating Income Growth %	15.63%	1.83%	2.91%	-5.74%	-5.53%	-16.41%	25.23%	-17.45%	-8.09%	105.17%
EBITDA+	11.9B	11.93B	12.21B	11.88B	12.74B	11.04B	12.98B	11.97B	12.85B	20.27B
EBITDA Margin %	51.75%	52.2%	51.41%	50.85%	50.11%	42.48%	49.32%	42.45%	38.45%	55.16%
EBITDA Growth %	12.49%	0.24%	2.36%	-2.69%	7.24%	-13.37%	17.63%	-7.82%	7.37%	57.75%
D&A (Non-Cash Add-back)	2.1B	1.96B	1.95B	2.21B	3.6B	3.4B	3.42B	4.07B	5.59B	5.38B
EBIT	10.42B	10.9B	10.94B	10.43B	9.39B	7.9B	8.75B	10.73B	7.76B	11.75B
Net Interest Income+	-631M	-376M	-718M	-702M	-1.26B	-1.2B	-1.41B	-2.88B	-3.15B	-2.75B
Interest Income	629M	928M	674M	587M	0	0	0	0	0	0
Interest Expense	1.26B	1.3B	1.39B	1.29B	1.26B	1.2B	1.41B	2.88B	3.15B	2.75B
Other Income/Expense	-631M	-376M	-718M	-536M	-1.01B	-938M	-2.22B	-42M	-2.65B	-5.92B
Pretax Income+	9.16B	9.6B	9.54B	9.14B	8.13B	6.7B	7.35B	7.86B	4.61B	8.98B
Pretax Margin %	39.85%	42%	40.19%	39.11%	31.99%	25.79%	27.91%	27.86%	13.79%	24.42%
Income Tax+	1.44B	7.62B	1.15B	1.3B	869M	808M	794M	1.14B	519M	1.26B
Effective Tax Rate %	84.27%	20.62%	87.94%	85.82%	89.32%	87.94%	89.19%	85.51%	88.74%	85.91%
Net Income+	7.72B	1.98B	8.39B	7.84B	7.26B	5.89B	6.55B	6.72B	4.09B	7.71B
Net Margin %	33.59%	8.66%	35.35%	33.57%	28.57%	22.68%	24.89%	23.83%	12.24%	20.98%
Net Income Growth %	11.28%	-74.37%	324.15%	-6.58%	-7.37%	-18.87%	11.18%	2.52%	-39.11%	88.53%
Net Income (Continuing)	7.72B	1.98B	8.39B	7.84B	7.26B	5.89B	6.55B	6.72B	4.09B	7.71B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	10.24	2.69	12.62	12.88	12.31	10.28	12.11	12.49	7.56	14.23
EPS Growth %	13.02%	-73.73%	369.15%	2.06%	-4.43%	-16.49%	17.8%	3.14%	-39.47%	88.23%
EPS (Basic)	10.32	2.71	12.70	12.96	12.40	10.34	12.18	12.56	7.62	14.33
Diluted Shares Outstanding	754M	735M	665M	609M	590M	573M	541M	538M	541M	542M
Basic Shares Outstanding	748M	731M	661M	605M	586M	570M	538M	535M	541M	538M
Dividend Payout Ratio	38.82%	170.04%	41.78%	44.75%	51.69%	68.1%	64.04%	67.83%	118.14%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	46.01B	49.48B	37.62B	18.44B	21.14B	19.39B	22.19B	30.33B	29.03B	29.06B
Cash & Short-Term Investments	38.09B	41.68B	29.3B	8.91B	10.65B	8.04B	9.3B	10.94B	11.97B	9.13B
Cash Only	3.24B	3.8B	6.95B	6.04B	6.27B	7.99B	7.63B	10.94B	11.97B	9.13B
Short-Term Investments	34.84B	37.88B	22.36B	2.87B	4.38B	48M	1.68B	0	0	0
Accounts Receivable	3.17B	3.24B	3.58B	4.06B	4.53B	5.84B	6.39B	7.94B	7.5B	9.57B
Days Sales Outstanding	50.25	51.71	55.03	63.39	64.96	82.04	88.63	102.83	81.91	95.05
Inventory	2.75B	2.83B	2.94B	3.58B	3.89B	4.09B	4.93B	9.52B	7B	6.22B
Days Inventory Outstanding	240.73	254.22	261.67	300.31	230.71	231.08	280.9	412.84	198.65	353.75
Other Current Assets	2.02B	1.73B	1.79B	1.89B	2.08B	200M	355M	281M	419M	4.13B
Total Non-Current Assets+	31.62B	30.48B	28.8B	41.27B	41.8B	41.78B	42.94B	66.82B	62.81B	61.53B
Property, Plant & Equipment	4.96B	4.99B	4.96B	4.93B	4.89B	5.18B	5.43B	5.94B	6.54B	7.91B
Fixed Asset Turnover	4.63x	4.58x	4.79x	4.74x	5.20x	5.01x	4.85x	4.74x	5.11x	4.64x
Goodwill	14.75B	14.76B	14.7B	14.7B	14.69B	14.89B	15.53B	18.63B	18.64B	18.68B
Intangible Assets	10.28B	8.61B	7.44B	19.41B	16.59B	15.18B	16.08B	32.64B	27.7B	22.28B
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.63B	2.12B	1.7B	2.22B	5.64B	6.52B	5.9B	9.61B	9.93B	12.66B
Total Assets+	77.63B	79.95B	66.42B	59.71B	62.95B	61.16B	65.12B	97.15B	91.84B	90.59B
Asset Turnover	0.30x	0.29x	0.36x	0.39x	0.40x	0.42x	0.40x	0.29x	0.36x	0.41x
Asset Growth %	8.45%	3%	-16.93%	-10.1%	5.43%	-2.83%	6.47%	49.19%	-5.47%	-1.36%
Total Current Liabilities+	11.2B	9.02B	13.49B	12.84B	11.65B	12.18B	15.69B	18.39B	23.1B	25.49B
Accounts Payable	917M	1.35B	1.21B	1.37B	1.42B	1.37B	1.57B	1.59B	1.91B	20.89B
Days Payables Outstanding	80.42	121.28	107.43	114.88	84.21	77.25	89.57	68.97	54.16	1.19K
Short-Term Debt	4.4B	1.15B	4.42B	2.95B	91M	87M	1.59B	1.44B	3.55B	4.6B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.36B	1.27B	1.54B	1.54B	1.57B	1.62B	1.1B	1.38B	1.33B	0
Current Ratio	4.11x	5.49x	2.79x	1.44x	1.81x	1.59x	1.41x	1.65x	1.26x	1.14x
Quick Ratio	3.86x	5.17x	2.57x	1.16x	1.48x	1.26x	1.10x	1.13x	0.95x	0.90x
Cash Conversion Cycle	210.56	184.65	209.27	248.82	211.46	235.86	279.96	446.71	226.4	-738.32
Total Non-Current Liabilities+	36.55B	45.69B	40.43B	37.2B	41.89B	42.28B	45.77B	72.53B	62.86B	56.44B
Long-Term Debt	30.19B	34.19B	29.51B	26.95B	32.9B	33.22B	37.35B	63.17B	56.55B	50.01B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	2.44B	1.17B	864M	606M	0	0	11M	2.35B	1.62B	1.37B
Other Non-Current Liabilities	3.92B	10.34B	10.05B	9.64B	8.99B	9.06B	8.41B	7.01B	4.7B	5.07B
Total Liabilities	47.75B	54.71B	53.92B	50.03B	53.54B	54.47B	61.46B	90.92B	85.96B	81.93B
Total Debt+	34.6B	35.34B	33.93B	29.9B	32.99B	33.31B	38.95B	64.61B	60.1B	54.6B
Net Debt	31.36B	31.54B	26.98B	23.87B	26.72B	25.32B	31.32B	53.67B	48.13B	45.48B
Debt / Equity	1.16x	1.40x	2.71x	3.09x	3.51x	4.97x	10.64x	10.37x	10.23x	6.31x
Debt / EBITDA	2.91x	2.96x	2.78x	2.52x	2.59x	3.02x	3.00x	5.40x	4.68x	2.69x
Net Debt / EBITDA	2.64x	2.64x	2.21x	2.01x	2.10x	2.29x	2.41x	4.48x	3.75x	2.24x
Interest Coverage	7.77x	7.65x	7.37x	7.51x	7.24x	6.38x	6.80x	2.75x	2.30x	5.41x
Total Equity+	29.88B	25.24B	12.5B	9.67B	9.41B	6.7B	3.66B	6.23B	5.88B	8.66B
Equity Growth %	6.38%	-15.51%	-50.48%	-22.62%	-2.73%	-28.79%	-45.36%	70.23%	-5.7%	47.32%
Book Value per Share	39.62	34.34	18.80	15.88	15.95	11.69	6.77	11.58	10.86	15.97
Total Shareholders' Equity	29.88B	25.24B	12.5B	9.67B	9.41B	6.7B	3.66B	6.23B	5.88B	8.66B
Common Stock	30.78B	30.99B	31.25B	31.53B	31.8B	32.1B	32.51B	33.07B	33.53B	8.66B
Retained Earnings	-438M	-5.07B	-17.98B	-21.33B	-21.41B	-24.6B	-28.62B	-26.55B	-27.59B	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-471M	-679M	-769M	-528M	-985M	-796M	-231M	-289M	-66M	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	10.35B	11.18B	11.3B	9.15B	10.5B	9.26B	9.72B	8.47B	11.49B	9.96B
Operating CF Margin %	45.03%	48.92%	47.57%	39.17%	41.29%	35.65%	36.93%	30.05%	34.38%	27.1%
Operating CF Growth %	14.07%	7.95%	1.06%	-19%	14.72%	-11.77%	4.97%	-12.86%	35.64%	-13.33%
Net Income	7.72B	1.98B	8.39B	7.84B	7.26B	5.89B	6.55B	6.72B	4.09B	7.71B
Depreciation & Amortization	2.1B	1.96B	1.95B	2.21B	3.6B	3.4B	3.42B	4.07B	5.59B	0
Stock-Based Compensation	311M	329M	311M	308M	330M	341M	401M	431M	530M	0
Deferred Taxes	183M	-1.33B	-363M	-289M	-287M	-453M	-1.2B	-1.27B	-1.23B	0
Other Non-Cash Items	32M	334M	386M	-186M	-195M	1.28B	1.28B	-991M	141M	2.25B
Working Capital Changes	1M	7.91B	622M	-731M	-216M	-1.19B	-733M	-484M	2.37B	0
Change in Receivables	-214M	-58M	-378M	-504M	-427M	-429M	-746M	-1.01B	441M	0
Change in Inventory	-80M	133M	-3M	-66M	-215M	-165M	-742M	491M	2.53B	0
Change in Payables	-44M	424M	-143M	164M	45M	-69M	154M	-402M	312M	0
Cash from Investing+	-8.66B	-4.02B	14.34B	5.71B	-5.4B	733M	-6.04B	-26.2B	-1.05B	-1.94B
Capital Expenditures	-837M	-664M	-738M	-618M	-608M	-880M	-936M	-1.11B	-1.1B	-1.86B
CapEx % of Revenue	3.64%	2.91%	3.11%	2.65%	2.39%	3.39%	3.56%	3.94%	3.28%	5.06%
Acquisitions	-21M	-19M	195M	-13.62B	-3.22B	-2.69B	-3.73B	-26.99B	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-123M	-148M	-145M	-52M	-75M	-35M	-12M	225M	50M	-85M
Cash from Financing+	-2.6B	-6.59B	-22.49B	-15.77B	-4.87B	-8.27B	-4.04B	21.05B	-9.41B	-10.86B
Debt Issued (Net)	3.59B	71M	-1.12B	-4.51B	2.46B	795M	6.62B	25.68B	-4.26B	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	0	-1000K	0
Dividends Paid	-3B	-3.37B	-3.51B	-3.51B	-3.75B	-4.01B	-4.2B	-4.56B	-4.83B	0
Share Repurchases	-2.96B	-3.16B	-17.79B	-7.7B	-3.49B	-4.97B	-6.36B	0	-200M	0
Other Financing	-229M	-140M	-68M	-42M	-90M	-78M	-103M	-72M	-124M	-10.86B
Net Change in Cash	-903M	559M	3.15B	-908M	229M	1.72B	-360M	3.31B	1.03B	-2.84B
Free Cash Flow+	9.52B	10.51B	10.56B	8.53B	9.89B	8.38B	8.79B	7.36B	10.39B	8.1B
FCF Margin %	41.39%	46.01%	44.46%	36.52%	38.9%	32.26%	33.37%	26.11%	31.1%	22.04%
FCF Growth %	12.92%	10.47%	0.43%	-19.19%	15.9%	-15.25%	4.82%	-16.23%	41.24%	-22.07%
FCF per Share	12.62	14.30	15.88	14.01	16.76	14.63	16.24	13.68	19.21	14.94
FCF Conversion (FCF/Net Income)	1.34x	5.65x	1.35x	1.17x	1.45x	1.57x	1.48x	1.26x	2.81x	1.29x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	26.65%	7.18%	44.48%	70.73%	76.13%	73.16%	126.47%	135.79%	67.55%	106.1%
Return on Invested Capital (ROIC)	12.6%	12.68%	15.99%	19.87%	19.68%	16.81%	21.42%	12.48%	9.56%	20.66%
Gross Margin	81.9%	82.19%	82.73%	81.35%	75.77%	75.16%	75.66%	70.15%	61.53%	82.52%
Net Margin	33.59%	8.66%	35.35%	33.57%	28.57%	22.68%	24.89%	23.83%	12.24%	20.98%
Debt / Equity	1.16x	1.40x	2.71x	3.09x	3.51x	4.97x	10.64x	10.37x	10.23x	6.31x
Interest Coverage	7.77x	7.65x	7.37x	7.51x	7.24x	6.38x	6.80x	2.75x	2.30x	5.41x
FCF Conversion	1.34x	5.65x	1.35x	1.17x	1.45x	1.57x	1.48x	1.26x	2.81x	1.29x
Revenue Growth	6.14%	-0.62%	3.93%	-1.62%	8.83%	2.18%	1.32%	7.09%	18.57%	9.95%

US Stock Screener

...

Amgen Inc. (AMGN) 10-Year Financial Performance & Capital Metrics

AMGN •

HealthcareLarge PharmaSpecialty and biologics-focused pharma

Revenue $36.75B +10.0%
EBITDA $20.27B +57.8%
Net Income $7.71B +88.5%
EPS (Diluted) 14.23 +88.2%
Gross Margin 82.52% +34.1%
EBITDA Margin 55.16% +43.5%
Operating Margin 40.52% +86.6%
Net Margin 20.98% +71.5%
ROE 106.1% +57.1%
ROIC 20.66% +116.1%
Debt/Equity 6.31 -38.3%
Interest Coverage 5.41 +135.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 103.1%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 22.0% free cash flow margin
✓14 consecutive years of dividend growth
✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 6.3x
✗Expensive at 24.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.43%

5Y7.65%

3Y11.77%

TTM9.92%

Profit (Net Income) CAGR

10Y1.06%

5Y1.2%

3Y5.58%

TTM88.53%

EPS CAGR

10Y4.62%

5Y2.94%

3Y5.52%

TTM88.48%

ROCE

10Y Avg16.33%

5Y Avg15.82%

3Y Avg14.8%

Latest22.25%

Peer Comparison

Specialty and biologics-focused pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GILDGilead Sciences, Inc.	185.59B	148.95	391.97	6.04%	28.9%	37.62%	5.55%	1.39
ABBVAbbVie Inc.	410.09B	232.03	97.08	3.71%	4%	62.18%	4.35%	20.17
AMGNAmgen Inc.	209.22B	388.16	27.28	9.95%	20.99%	89.06%	3.87%	6.31
BIIBBiogen Inc.	28.15B	191.82	21.72	1.39%	13.18%	7.08%	7.28%	0.38
NVONovo Nordisk A/S	126.28B	37.45	10.30	2.34%	33.14%	50.76%	7.09%	0.67
SCLXScilex Holding Company	1.5B	8.21	-0.42	21.07%	-9.31%		1.29%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	22.99B	22.85B	23.75B	23.36B	25.42B	25.98B	26.32B	28.19B	33.42B	36.75B
Revenue Growth %	6.14%	-0.62%	3.93%	-1.62%	8.83%	2.18%	1.32%	7.09%	18.57%	9.95%
Cost of Goods Sold+	4.16B	4.07B	4.1B	4.36B	6.16B	6.45B	6.41B	8.41B	12.86B	6.42B
COGS % of Revenue	18.1%	17.81%	17.27%	18.65%	24.23%	24.84%	24.34%	29.85%	38.47%	17.48%
Gross Profit+	18.83B	18.78B	19.65B	19.01B	19.27B	19.52B	19.92B	19.77B	20.57B	30.33B
Gross Margin %	81.9%	82.19%	82.73%	81.35%	75.77%	75.16%	75.66%	70.15%	61.53%	82.52%
Gross Profit Growth %	8%	-0.26%	4.61%	-3.26%	1.36%	1.35%	2.01%	-0.71%	4%	47.47%
Operating Expenses+	9.04B	8.81B	9.38B	9.33B	10.13B	11.89B	10.35B	11.84B	13.31B	15.44B
OpEx % of Revenue	39.3%	38.54%	39.51%	39.95%	39.83%	45.75%	39.32%	42.01%	39.82%	42%
Selling, General & Admin	5.06B	4.87B	5.33B	5.15B	5.73B	5.37B	5.41B	6.18B	7.1B	7.05B
SG&A % of Revenue	22.02%	21.31%	22.45%	22.04%	22.54%	20.66%	20.57%	21.92%	21.23%	19.18%
Research & Development	3.84B	3.56B	3.74B	4.12B	4.21B	6.32B	4.43B	4.78B	5.96B	7.27B
R&D % of Revenue	16.7%	15.59%	15.74%	17.62%	16.55%	24.34%	16.84%	16.97%	17.84%	19.79%
Other Operating Expenses	133M	375M	314M	66M	189M	194M	503M	879M	248M	1.11B
Operating Income+	9.79B	9.97B	10.26B	9.67B	9.14B	7.64B	9.57B	7.9B	7.26B	14.89B
Operating Margin %	42.6%	43.65%	43.22%	41.41%	35.95%	29.4%	36.34%	28.01%	21.71%	40.52%
Operating Income Growth %	15.63%	1.83%	2.91%	-5.74%	-5.53%	-16.41%	25.23%	-17.45%	-8.09%	105.17%
EBITDA+	11.9B	11.93B	12.21B	11.88B	12.74B	11.04B	12.98B	11.97B	12.85B	20.27B
EBITDA Margin %	51.75%	52.2%	51.41%	50.85%	50.11%	42.48%	49.32%	42.45%	38.45%	55.16%
EBITDA Growth %	12.49%	0.24%	2.36%	-2.69%	7.24%	-13.37%	17.63%	-7.82%	7.37%	57.75%
D&A (Non-Cash Add-back)	2.1B	1.96B	1.95B	2.21B	3.6B	3.4B	3.42B	4.07B	5.59B	5.38B
EBIT	10.42B	10.9B	10.94B	10.43B	9.39B	7.9B	8.75B	10.73B	7.76B	11.75B
Net Interest Income+	-631M	-376M	-718M	-702M	-1.26B	-1.2B	-1.41B	-2.88B	-3.15B	-2.75B
Interest Income	629M	928M	674M	587M	0	0	0	0	0	0
Interest Expense	1.26B	1.3B	1.39B	1.29B	1.26B	1.2B	1.41B	2.88B	3.15B	2.75B
Other Income/Expense	-631M	-376M	-718M	-536M	-1.01B	-938M	-2.22B	-42M	-2.65B	-5.92B
Pretax Income+	9.16B	9.6B	9.54B	9.14B	8.13B	6.7B	7.35B	7.86B	4.61B	8.98B
Pretax Margin %	39.85%	42%	40.19%	39.11%	31.99%	25.79%	27.91%	27.86%	13.79%	24.42%
Income Tax+	1.44B	7.62B	1.15B	1.3B	869M	808M	794M	1.14B	519M	1.26B
Effective Tax Rate %	84.27%	20.62%	87.94%	85.82%	89.32%	87.94%	89.19%	85.51%	88.74%	85.91%
Net Income+	7.72B	1.98B	8.39B	7.84B	7.26B	5.89B	6.55B	6.72B	4.09B	7.71B
Net Margin %	33.59%	8.66%	35.35%	33.57%	28.57%	22.68%	24.89%	23.83%	12.24%	20.98%
Net Income Growth %	11.28%	-74.37%	324.15%	-6.58%	-7.37%	-18.87%	11.18%	2.52%	-39.11%	88.53%
Net Income (Continuing)	7.72B	1.98B	8.39B	7.84B	7.26B	5.89B	6.55B	6.72B	4.09B	7.71B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	10.24	2.69	12.62	12.88	12.31	10.28	12.11	12.49	7.56	14.23
EPS Growth %	13.02%	-73.73%	369.15%	2.06%	-4.43%	-16.49%	17.8%	3.14%	-39.47%	88.23%
EPS (Basic)	10.32	2.71	12.70	12.96	12.40	10.34	12.18	12.56	7.62	14.33
Diluted Shares Outstanding	754M	735M	665M	609M	590M	573M	541M	538M	541M	542M
Basic Shares Outstanding	748M	731M	661M	605M	586M	570M	538M	535M	541M	538M
Dividend Payout Ratio	38.82%	170.04%	41.78%	44.75%	51.69%	68.1%	64.04%	67.83%	118.14%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	46.01B	49.48B	37.62B	18.44B	21.14B	19.39B	22.19B	30.33B	29.03B	29.06B
Cash & Short-Term Investments	38.09B	41.68B	29.3B	8.91B	10.65B	8.04B	9.3B	10.94B	11.97B	9.13B
Cash Only	3.24B	3.8B	6.95B	6.04B	6.27B	7.99B	7.63B	10.94B	11.97B	9.13B
Short-Term Investments	34.84B	37.88B	22.36B	2.87B	4.38B	48M	1.68B	0	0	0
Accounts Receivable	3.17B	3.24B	3.58B	4.06B	4.53B	5.84B	6.39B	7.94B	7.5B	9.57B
Days Sales Outstanding	50.25	51.71	55.03	63.39	64.96	82.04	88.63	102.83	81.91	95.05
Inventory	2.75B	2.83B	2.94B	3.58B	3.89B	4.09B	4.93B	9.52B	7B	6.22B
Days Inventory Outstanding	240.73	254.22	261.67	300.31	230.71	231.08	280.9	412.84	198.65	353.75
Other Current Assets	2.02B	1.73B	1.79B	1.89B	2.08B	200M	355M	281M	419M	4.13B
Total Non-Current Assets+	31.62B	30.48B	28.8B	41.27B	41.8B	41.78B	42.94B	66.82B	62.81B	61.53B
Property, Plant & Equipment	4.96B	4.99B	4.96B	4.93B	4.89B	5.18B	5.43B	5.94B	6.54B	7.91B
Fixed Asset Turnover	4.63x	4.58x	4.79x	4.74x	5.20x	5.01x	4.85x	4.74x	5.11x	4.64x
Goodwill	14.75B	14.76B	14.7B	14.7B	14.69B	14.89B	15.53B	18.63B	18.64B	18.68B
Intangible Assets	10.28B	8.61B	7.44B	19.41B	16.59B	15.18B	16.08B	32.64B	27.7B	22.28B
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.63B	2.12B	1.7B	2.22B	5.64B	6.52B	5.9B	9.61B	9.93B	12.66B
Total Assets+	77.63B	79.95B	66.42B	59.71B	62.95B	61.16B	65.12B	97.15B	91.84B	90.59B
Asset Turnover	0.30x	0.29x	0.36x	0.39x	0.40x	0.42x	0.40x	0.29x	0.36x	0.41x
Asset Growth %	8.45%	3%	-16.93%	-10.1%	5.43%	-2.83%	6.47%	49.19%	-5.47%	-1.36%
Total Current Liabilities+	11.2B	9.02B	13.49B	12.84B	11.65B	12.18B	15.69B	18.39B	23.1B	25.49B
Accounts Payable	917M	1.35B	1.21B	1.37B	1.42B	1.37B	1.57B	1.59B	1.91B	20.89B
Days Payables Outstanding	80.42	121.28	107.43	114.88	84.21	77.25	89.57	68.97	54.16	1.19K
Short-Term Debt	4.4B	1.15B	4.42B	2.95B	91M	87M	1.59B	1.44B	3.55B	4.6B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.36B	1.27B	1.54B	1.54B	1.57B	1.62B	1.1B	1.38B	1.33B	0
Current Ratio	4.11x	5.49x	2.79x	1.44x	1.81x	1.59x	1.41x	1.65x	1.26x	1.14x
Quick Ratio	3.86x	5.17x	2.57x	1.16x	1.48x	1.26x	1.10x	1.13x	0.95x	0.90x
Cash Conversion Cycle	210.56	184.65	209.27	248.82	211.46	235.86	279.96	446.71	226.4	-738.32
Total Non-Current Liabilities+	36.55B	45.69B	40.43B	37.2B	41.89B	42.28B	45.77B	72.53B	62.86B	56.44B
Long-Term Debt	30.19B	34.19B	29.51B	26.95B	32.9B	33.22B	37.35B	63.17B	56.55B	50.01B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	2.44B	1.17B	864M	606M	0	0	11M	2.35B	1.62B	1.37B
Other Non-Current Liabilities	3.92B	10.34B	10.05B	9.64B	8.99B	9.06B	8.41B	7.01B	4.7B	5.07B
Total Liabilities	47.75B	54.71B	53.92B	50.03B	53.54B	54.47B	61.46B	90.92B	85.96B	81.93B
Total Debt+	34.6B	35.34B	33.93B	29.9B	32.99B	33.31B	38.95B	64.61B	60.1B	54.6B
Net Debt	31.36B	31.54B	26.98B	23.87B	26.72B	25.32B	31.32B	53.67B	48.13B	45.48B
Debt / Equity	1.16x	1.40x	2.71x	3.09x	3.51x	4.97x	10.64x	10.37x	10.23x	6.31x
Debt / EBITDA	2.91x	2.96x	2.78x	2.52x	2.59x	3.02x	3.00x	5.40x	4.68x	2.69x
Net Debt / EBITDA	2.64x	2.64x	2.21x	2.01x	2.10x	2.29x	2.41x	4.48x	3.75x	2.24x
Interest Coverage	7.77x	7.65x	7.37x	7.51x	7.24x	6.38x	6.80x	2.75x	2.30x	5.41x
Total Equity+	29.88B	25.24B	12.5B	9.67B	9.41B	6.7B	3.66B	6.23B	5.88B	8.66B
Equity Growth %	6.38%	-15.51%	-50.48%	-22.62%	-2.73%	-28.79%	-45.36%	70.23%	-5.7%	47.32%
Book Value per Share	39.62	34.34	18.80	15.88	15.95	11.69	6.77	11.58	10.86	15.97
Total Shareholders' Equity	29.88B	25.24B	12.5B	9.67B	9.41B	6.7B	3.66B	6.23B	5.88B	8.66B
Common Stock	30.78B	30.99B	31.25B	31.53B	31.8B	32.1B	32.51B	33.07B	33.53B	8.66B
Retained Earnings	-438M	-5.07B	-17.98B	-21.33B	-21.41B	-24.6B	-28.62B	-26.55B	-27.59B	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-471M	-679M	-769M	-528M	-985M	-796M	-231M	-289M	-66M	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	10.35B	11.18B	11.3B	9.15B	10.5B	9.26B	9.72B	8.47B	11.49B	9.96B
Operating CF Margin %	45.03%	48.92%	47.57%	39.17%	41.29%	35.65%	36.93%	30.05%	34.38%	27.1%
Operating CF Growth %	14.07%	7.95%	1.06%	-19%	14.72%	-11.77%	4.97%	-12.86%	35.64%	-13.33%
Net Income	7.72B	1.98B	8.39B	7.84B	7.26B	5.89B	6.55B	6.72B	4.09B	7.71B
Depreciation & Amortization	2.1B	1.96B	1.95B	2.21B	3.6B	3.4B	3.42B	4.07B	5.59B	0
Stock-Based Compensation	311M	329M	311M	308M	330M	341M	401M	431M	530M	0
Deferred Taxes	183M	-1.33B	-363M	-289M	-287M	-453M	-1.2B	-1.27B	-1.23B	0
Other Non-Cash Items	32M	334M	386M	-186M	-195M	1.28B	1.28B	-991M	141M	2.25B
Working Capital Changes	1M	7.91B	622M	-731M	-216M	-1.19B	-733M	-484M	2.37B	0
Change in Receivables	-214M	-58M	-378M	-504M	-427M	-429M	-746M	-1.01B	441M	0
Change in Inventory	-80M	133M	-3M	-66M	-215M	-165M	-742M	491M	2.53B	0
Change in Payables	-44M	424M	-143M	164M	45M	-69M	154M	-402M	312M	0
Cash from Investing+	-8.66B	-4.02B	14.34B	5.71B	-5.4B	733M	-6.04B	-26.2B	-1.05B	-1.94B
Capital Expenditures	-837M	-664M	-738M	-618M	-608M	-880M	-936M	-1.11B	-1.1B	-1.86B
CapEx % of Revenue	3.64%	2.91%	3.11%	2.65%	2.39%	3.39%	3.56%	3.94%	3.28%	5.06%
Acquisitions	-21M	-19M	195M	-13.62B	-3.22B	-2.69B	-3.73B	-26.99B	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-123M	-148M	-145M	-52M	-75M	-35M	-12M	225M	50M	-85M
Cash from Financing+	-2.6B	-6.59B	-22.49B	-15.77B	-4.87B	-8.27B	-4.04B	21.05B	-9.41B	-10.86B
Debt Issued (Net)	3.59B	71M	-1.12B	-4.51B	2.46B	795M	6.62B	25.68B	-4.26B	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	0	-1000K	0
Dividends Paid	-3B	-3.37B	-3.51B	-3.51B	-3.75B	-4.01B	-4.2B	-4.56B	-4.83B	0
Share Repurchases	-2.96B	-3.16B	-17.79B	-7.7B	-3.49B	-4.97B	-6.36B	0	-200M	0
Other Financing	-229M	-140M	-68M	-42M	-90M	-78M	-103M	-72M	-124M	-10.86B
Net Change in Cash	-903M	559M	3.15B	-908M	229M	1.72B	-360M	3.31B	1.03B	-2.84B
Free Cash Flow+	9.52B	10.51B	10.56B	8.53B	9.89B	8.38B	8.79B	7.36B	10.39B	8.1B
FCF Margin %	41.39%	46.01%	44.46%	36.52%	38.9%	32.26%	33.37%	26.11%	31.1%	22.04%
FCF Growth %	12.92%	10.47%	0.43%	-19.19%	15.9%	-15.25%	4.82%	-16.23%	41.24%	-22.07%
FCF per Share	12.62	14.30	15.88	14.01	16.76	14.63	16.24	13.68	19.21	14.94
FCF Conversion (FCF/Net Income)	1.34x	5.65x	1.35x	1.17x	1.45x	1.57x	1.48x	1.26x	2.81x	1.29x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	26.65%	7.18%	44.48%	70.73%	76.13%	73.16%	126.47%	135.79%	67.55%	106.1%
Return on Invested Capital (ROIC)	12.6%	12.68%	15.99%	19.87%	19.68%	16.81%	21.42%	12.48%	9.56%	20.66%
Gross Margin	81.9%	82.19%	82.73%	81.35%	75.77%	75.16%	75.66%	70.15%	61.53%	82.52%
Net Margin	33.59%	8.66%	35.35%	33.57%	28.57%	22.68%	24.89%	23.83%	12.24%	20.98%
Debt / Equity	1.16x	1.40x	2.71x	3.09x	3.51x	4.97x	10.64x	10.37x	10.23x	6.31x
Interest Coverage	7.77x	7.65x	7.37x	7.51x	7.24x	6.38x	6.80x	2.75x	2.30x	5.41x
FCF Conversion	1.34x	5.65x	1.35x	1.17x	1.45x	1.57x	1.48x	1.26x	2.81x	1.29x
Revenue Growth	6.14%	-0.62%	3.93%	-1.62%	8.83%	2.18%	1.32%	7.09%	18.57%	9.95%

Amgen Inc. (AMGN) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare AMGN vs Peers

vs ABBV

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Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Amgen Inc. (AMGN) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare AMGN vs Peers

vs ABBV

vs GILD

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios