Revenue growth accelerated to 9.7% YoY in Q2 2026 with gross margin expanding to 72.0% from 67.2% a year earlier, driving EPS up 64.9% YoY.
Amgen Inc. (AMGN) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 38.13B | 36.74B | 33.42B | 28.19B | 26.32B | 25.98B | 25.42B | 23.36B | 23.75B | 22.85B | 22.99B | 21.66B | 20.06B | 18.68B | 17.27B | 15.58B | 15.05B | 14.64B | 15B | 14.77B | 14.27B | 12.43B | 10.55B | 8.36B | 5.52B | 4.02B | 3.45B | 3.2B | 2.64B | 2.35B | 2.2B |
| Revenue Growth % | 9.22% | 9.92% | 18.57% | 7.09% | 1.32% | 2.18% | 8.83% | -1.62% | 3.93% | -0.62% | 6.14% | 7.97% | 7.43% | 8.17% | 10.8% | 3.51% | 2.81% | -2.41% | 1.57% | 3.53% | 14.79% | 17.82% | 26.26% | 51.29% | 37.54% | 16.45% | 7.62% | 21.27% | 12.64% | 6.71% | 15.46% |
| Cost of Goods Sold | 10.43B | 10.73B | 12.86B | 8.41B | 6.41B | 6.45B | 6.16B | 4.36B | 4.1B | 4.07B | 4.16B | 4.23B | 4.42B | 3.35B | 2.92B | 2.43B | 2.22B | 2.09B | 2.3B | 2.55B | 2.1B | 2.08B | 1.73B | 1.34B | 735.7M | 443M | 196.6M | 225.3M | 201.4M | 183.7M | 182.9M |
| COGS % of Revenue | - | 29.2% | 38.47% | 29.85% | 24.34% | 24.84% | 24.23% | 18.65% | 17.27% | 17.81% | 18.1% | 19.51% | 22.04% | 17.92% | 16.9% | 15.58% | 14.75% | 14.28% | 15.3% | 17.25% | 14.68% | 16.75% | 16.41% | 16.04% | 13.32% | 11.03% | 5.7% | 7.03% | 7.62% | 7.83% | 8.32% |
| Gross Profit | 27.7B | 26.01B | 20.57B | 19.77B | 19.92B | 19.52B | 19.27B | 19.01B | 19.65B | 18.78B | 18.83B | 17.43B | 15.64B | 15.33B | 14.35B | 13.15B | 12.83B | 12.55B | 12.71B | 12.22B | 12.17B | 10.35B | 8.82B | 7.02B | 4.79B | 3.57B | 3.25B | 2.98B | 2.44B | 2.16B | 2.02B |
| Gross Margin % | 72.65% | 70.8% | 61.53% | 70.15% | 75.66% | 75.16% | 75.77% | 81.35% | 82.73% | 82.19% | 81.9% | 80.49% | 77.96% | 82.08% | 83.1% | 84.42% | 85.25% | 85.72% | 84.7% | 82.75% | 85.32% | 83.25% | 83.59% | 83.96% | 86.68% | 88.97% | 94.3% | 92.97% | 92.38% | 92.17% | 91.68% |
| Gross Profit Growth % | - | 26.48% | 4% | -0.71% | 2.01% | 1.35% | 1.36% | -3.26% | 4.61% | -0.26% | 8% | 11.47% | 2.03% | 6.85% | 9.06% | 2.51% | 2.25% | -1.23% | 3.96% | 0.41% | 17.64% | 17.34% | 25.71% | 46.54% | 34% | 9.87% | 9.16% | 22.04% | 12.9% | 7.28% | 17.5% |
| Operating Expenses | 15.05B | 15.34B | 13.31B | 11.84B | 10.35B | 11.89B | 10.13B | 9.33B | 9.38B | 8.81B | 9.04B | 8.96B | 9.45B | 9.46B | 8.49B | 8.56B | 7.29B | 7.04B | 7.49B | 8.24B | 8.33B | 5.5B | 5.47B | 3.92B | 5.57B | 2.04B | 1.88B | 1.65B | 1.32B | 1.23B | 1.1B |
| OpEx % of Revenue | - | 41.74% | 39.82% | 42.01% | 39.32% | 45.75% | 39.83% | 39.95% | 39.51% | 38.54% | 39.3% | 41.39% | 47.1% | 50.67% | 49.17% | 54.95% | 48.42% | 48.12% | 49.94% | 55.81% | 58.4% | 44.25% | 51.86% | 46.96% | 100.89% | 50.84% | 54.63% | 51.62% | 50.05% | 52.51% | 50.01% |
| Selling, General & Admin | 7B | 7.05B | 7.1B | 6.18B | 5.41B | 5.37B | 5.73B | 5.15B | 5.33B | 4.87B | 5.06B | 4.85B | 4.7B | 5.18B | 4.81B | 4.5B | 3.98B | 3.82B | 3.79B | 3.36B | 3.37B | 2.79B | 2.56B | 1.96B | 1.45B | 970.7M | 826.9M | 654.3M | 515.4M | 483.8M | 470.6M |
| SG&A % of Revenue | - | 19.19% | 21.23% | 21.92% | 20.57% | 20.66% | 22.54% | 22.04% | 22.45% | 21.31% | 22.02% | 22.37% | 23.42% | 27.76% | 27.88% | 28.87% | 26.46% | 26.09% | 25.25% | 22.75% | 23.59% | 22.45% | 24.23% | 23.42% | 26.24% | 24.17% | 23.98% | 20.42% | 19.51% | 20.63% | 21.41% |
| Research & Development | 7.64B | 6.97B | 5.96B | 4.78B | 4.43B | 6.32B | 4.21B | 4.12B | 3.74B | 3.56B | 3.84B | 4.07B | 4.3B | 4.08B | 3.38B | 3.17B | 2.89B | 2.86B | 3.03B | 3.27B | 3.37B | 2.31B | 2.03B | 1.66B | 1.12B | 865M | 845M | 822.8M | 663.3M | 630.8M | 528.3M |
| R&D % of Revenue | - | 18.98% | 17.84% | 16.97% | 16.84% | 24.34% | 16.55% | 17.62% | 15.74% | 15.59% | 16.7% | 18.79% | 21.42% | 21.86% | 19.58% | 20.32% | 19.23% | 19.56% | 20.2% | 22.11% | 23.59% | 18.62% | 19.22% | 19.81% | 20.22% | 21.54% | 24.5% | 25.68% | 25.1% | 26.89% | 24.03% |
| Other Operating Expenses | 2M | 1.31B | 248M | 879M | 503M | 194M | 189M | 66M | 314M | 375M | 133M | 49M | 454M | 196M | 295M | 896M | 411M | 361M | 674M | 1.62B | 1.6B | 396M | 887M | 312M | 3.01B | 205.8M | 211.8M | 176.8M | 143.8M | 117.1M | 100.3M |
| Operating Income | 12.65B | 10.68B | 7.26B | 7.9B | 9.57B | 7.64B | 9.14B | 9.67B | 10.26B | 9.97B | 9.79B | 8.47B | 6.19B | 5.87B | 5.58B | 4.31B | 5.54B | 5.51B | 5.21B | 3.98B | 3.84B | 4.85B | 3.35B | 3.09B | -785M | 1.53B | 1.37B | 1.32B | 1.12B | 930.3M | 916M |
| Operating Margin % | 33.18% | 29.06% | 21.71% | 28.01% | 36.34% | 29.4% | 35.95% | 41.41% | 43.22% | 43.65% | 42.6% | 39.1% | 30.86% | 31.41% | 32.3% | 27.67% | 36.84% | 37.6% | 34.75% | 26.94% | 26.91% | 39% | 31.73% | 36.99% | -14.21% | 38.13% | 39.67% | 41.35% | 42.33% | 39.66% | 41.67% |
| Operating Income Growth % | - | 47.09% | -8.09% | -17.45% | 25.23% | -16.41% | -5.53% | -5.74% | 2.91% | 1.83% | 15.63% | 36.81% | 5.52% | 5.2% | 29.34% | -22.24% | 0.71% | 5.6% | 31% | 3.65% | -20.79% | 44.8% | 8.31% | 493.76% | -151.27% | 11.92% | 3.25% | 18.47% | 20.22% | 1.56% | 20.4% |
| EBITDA | 16.13B | 15.84B | 12.85B | 11.97B | 12.98B | 11.04B | 12.74B | 11.88B | 12.21B | 11.93B | 11.9B | 10.58B | 8.28B | 7.15B | 6.67B | 5.37B | 6.56B | 6.55B | 6.29B | 5.18B | 4.8B | 5.69B | 4.08B | 3.78B | -338M | 1.8B | 1.58B | 1.5B | 1.26B | 1.05B | 1.02B |
| EBITDA Margin % | 42.31% | 43.12% | 38.45% | 42.45% | 49.32% | 42.48% | 50.11% | 50.85% | 51.41% | 52.2% | 51.75% | 48.83% | 41.28% | 38.3% | 38.6% | 34.48% | 43.59% | 44.77% | 41.91% | 35.08% | 33.66% | 45.77% | 38.69% | 45.21% | -6.12% | 44.75% | 45.82% | 46.87% | 47.77% | 44.65% | 46.24% |
| EBITDA Growth % | 17.73% | 23.29% | 7.37% | -7.82% | 17.63% | -13.37% | 7.24% | -2.69% | 2.36% | 0.24% | 12.49% | 27.71% | 15.8% | 7.32% | 24.07% | -18.13% | 0.11% | 4.26% | 21.32% | 7.89% | -15.57% | 39.37% | 8.05% | 1217.75% | -118.81% | 13.75% | 5.2% | 18.98% | 20.51% | 3.06% | 20.27% |
| D&A (Non-Cash Add-back) | 3.56B | 5.17B | 5.59B | 4.07B | 3.42B | 3.4B | 3.6B | 2.21B | 1.95B | 1.96B | 2.1B | 2.11B | 2.09B | 1.29B | 1.09B | 1.06B | 1.02B | 1.05B | 1.07B | 1.2B | 963M | 841M | 734M | 687M | 447M | 265.9M | 211.8M | 176.8M | 143.8M | 117.1M | 100.3M |
| EBIT | 12.96B | 11.73B | 7.76B | 10.73B | 8.75B | 7.9B | 9.39B | 10.43B | 10.94B | 10.9B | 10.42B | 9.07B | 6.66B | 6.29B | 6.06B | 4.76B | 5.92B | 5.78B | 5.57B | 4.78B | 5.07B | 4.85B | 3.9B | 3.09B | 2.21B | 1.53B | 1.37B | 1.32B | 1.12B | 930.3M | 916M |
| Net Interest Income | -2.67B | -2.75B | -3.15B | -2.88B | -1.41B | -1.2B | -1.26B | -702M | -718M | -376M | -631M | -492M | -606M | -602M | -568M | -162M | -228M | -302M | -199M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 587M | 674M | 928M | 629M | 603M | 465M | 420M | 485M | 448M | 376M | 276M | 352M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.67B | 2.75B | 3.15B | 2.88B | 1.41B | 1.2B | 1.26B | 1.29B | 1.39B | 1.3B | 1.26B | 1.09B | 1.07B | 1.02B | 1.05B | 610M | 604M | 578M | 551M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.36B | -1.7B | -2.65B | -42M | -2.22B | -938M | -1.01B | -536M | -718M | -376M | -631M | -492M | -606M | -602M | -568M | -162M | -228M | -302M | -199M | -19M | 180M | 20M | 47M | 82M | 100M | 155.1M | 306.2M | 241.2M | 106M | -68.9M | 46.3M |
| Pretax Income | 10.29B | 8.98B | 4.61B | 7.86B | 7.35B | 6.7B | 8.13B | 9.14B | 9.54B | 9.6B | 9.16B | 7.98B | 5.58B | 5.26B | 5.01B | 4.15B | 5.32B | 5.2B | 5.25B | 3.96B | 4.02B | 4.87B | 3.4B | 3.17B | -684.5M | 1.69B | 1.67B | 1.57B | 1.22B | 861.4M | 962.3M |
| Pretax Margin % | 26.98% | 24.43% | 13.79% | 27.86% | 27.91% | 25.79% | 31.99% | 39.11% | 40.19% | 42% | 39.85% | 36.83% | 27.84% | 28.19% | 29.01% | 26.63% | 35.32% | 35.54% | 34.99% | 26.82% | 28.17% | 39.16% | 32.18% | 37.97% | -12.39% | 41.99% | 48.55% | 48.88% | 46.34% | 36.72% | 43.78% |
| Income Tax | 1.54B | 1.26B | 519M | 1.14B | 794M | 808M | 869M | 1.3B | 1.15B | 7.62B | 1.44B | 1.04B | 427M | 184M | 664M | 467M | 690M | 599M | 1.05B | 795M | 1.07B | 1.19B | 1.03B | 913.6M | 707.4M | 566.6M | 535.8M | 469.8M | 361.2M | 217.1M | 282.5M |
| Effective Tax Rate % | 15.01% | 14.09% | 11.26% | 14.49% | 10.81% | 12.06% | 10.68% | 14.18% | 12.06% | 79.38% | 15.73% | 13.02% | 7.65% | 3.49% | 13.26% | 11.25% | 12.98% | 11.51% | 20.08% | 20.07% | 26.62% | 24.53% | 30.4% | 28.79% | -103.35% | 33.6% | 32% | 30% | 29.5% | 25.2% | 29.36% |
| Net Income | 8.74B | 7.71B | 4.09B | 6.72B | 6.55B | 5.89B | 7.26B | 7.84B | 8.39B | 1.98B | 7.72B | 6.94B | 5.16B | 5.08B | 4.34B | 3.68B | 4.63B | 4.61B | 4.2B | 3.17B | 2.95B | 3.67B | 2.36B | 2.26B | -1.39B | 1.12B | 1.14B | 1.1B | 863.2M | 644.3M | 679.8M |
| Net Margin % | 22.93% | 20.99% | 12.24% | 23.83% | 24.89% | 22.68% | 28.57% | 33.57% | 35.35% | 8.66% | 33.59% | 32.03% | 25.71% | 27.21% | 25.17% | 23.64% | 30.74% | 31.45% | 27.97% | 21.43% | 20.68% | 29.56% | 22.4% | 27.04% | -25.2% | 27.88% | 33.02% | 34.22% | 32.67% | 27.47% | 30.93% |
| Net Income Growth % | 32.09% | 88.53% | -39.11% | 2.52% | 11.18% | -18.87% | -7.37% | -6.58% | 324.15% | -74.37% | 11.28% | 34.53% | 1.52% | 16.94% | 17.97% | -20.4% | 0.48% | 9.75% | 32.53% | 7.32% | -19.71% | 55.48% | 4.58% | 262.33% | -224.31% | -1.65% | 3.84% | 27.02% | 33.97% | -5.22% | 26.43% |
| Net Income (Continuing) | 8.74B | 7.71B | 4.09B | 6.72B | 6.55B | 5.89B | 7.26B | 7.84B | 8.39B | 1.98B | 7.72B | 6.94B | 5.16B | 5.08B | 4.34B | 3.68B | 4.63B | 4.61B | 4.05B | 3.17B | 2.95B | 3.67B | 2.36B | 2.26B | -1.39B | 1.12B | 1.14B | 1.1B | 863.2M | 644.3M | 679.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 16.07 | 14.23 | 7.56 | 12.49 | 12.11 | 10.28 | 12.31 | 12.88 | 12.62 | 2.69 | 10.24 | 9.06 | 6.70 | 6.64 | 5.52 | 4.04 | 4.79 | 4.51 | 3.77 | 2.82 | 2.48 | 2.93 | 1.81 | 1.69 | -1.21 | 1.03 | 1.05 | 1.02 | 0.82 | 0.59 | 0.61 |
| EPS Growth % | 31.56% | 88.23% | -39.47% | 3.14% | 17.8% | -16.49% | -4.43% | 2.06% | 369.15% | -73.73% | 13.02% | 35.22% | 0.9% | 20.29% | 36.63% | -15.66% | 6.21% | 19.63% | 33.69% | 13.71% | -15.36% | 61.88% | 7.1% | 239.67% | -217.48% | -1.9% | 2.94% | 24.39% | 38.98% | -3.28% | 29.79% |
| EPS (Basic) | - | 14.33 | 7.62 | 12.56 | 12.18 | 10.34 | 12.40 | 12.96 | 12.70 | 2.71 | 10.32 | 9.15 | 6.80 | 6.75 | 5.61 | 4.07 | 4.82 | 4.53 | 3.79 | 2.83 | 2.51 | 2.97 | 1.86 | 1.75 | -1.21 | 1.07 | 1.11 | 1.07 | 0.85 | 0.61 | 0.61 |
| Diluted Shares Outstanding | 544M | 542M | 541M | 538M | 541M | 573M | 590M | 609M | 665M | 735M | 754M | 766M | 770M | 765M | 787M | 912M | 965M | 1.02B | 1.07B | 1.12B | 1.19B | 1.26B | 1.32B | 1.35B | 1.15B | 1.08B | 1.08B | 1.08B | 1.06B | 1.1B | 1.12B |
| Basic Shares Outstanding | 540M | 538M | 541M | 535M | 538M | 570M | 586M | 605M | 661M | 731M | 748M | 758M | 759M | 753M | 775M | 905M | 960M | 1.02B | 1.07B | 1.12B | 1.18B | 1.24B | 1.27B | 1.29B | 1.15B | 1.05B | 1.03B | 1.02B | 1.02B | 1.06B | 1.12B |
| Dividend Payout Ratio | - | 66.45% | 118.14% | 67.83% | 64.04% | 68.1% | 51.69% | 44.75% | 41.78% | 170.04% | 38.82% | 34.53% | 35.89% | 27.85% | 25.73% | 13.58% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AMGN stock.
For fiscal year 2025, Amgen Inc. (AMGN) reported total revenue of $36.74B. This represents a 1571.5% increase compared to $2.20B in 1996.
Amgen Inc. (AMGN) is profitable, generating $7.71B in net income for the fiscal year ending 2025 with a net profit margin of 21.0%.
Amgen Inc. (AMGN) reported an operating income of $10.68B, resulting in an operating profit margin of 29.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Amgen Inc. (AMGN) generated $26.01B in gross profit for the year, representing a gross profit margin of 70.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High leverage and IRA exposure
Metrics are mathematically derived from official filings.
Growth Accelerates on Diversified Drivers
Amgen's revenue growth accelerated to 9.7% in Q2 2026, up from 5.8% in Q1, with six key growth drivers up 26% YoY, per recent earnings reports.
The sequential acceleration in revenue growth, from 5.8% to 9.7%, suggests that the portfolio shift toward high-growth assets is gaining traction. Management's commentary that six key growth drivers now contribute nearly 70% of product sales indicates a broadening revenue base, reducing reliance on legacy products like Enbrel. This trend appears durable if the growth drivers maintain momentum, though investors should monitor the sustainability of volume versus price contributions.
Gross Margin Expansion Signals Mix Shift
Gross margin improved to 72.0% in Q2 2026 from 67.2% a year earlier, as reported in financial statements, suggesting a favorable product mix shift.
The 480 basis point year-over-year gross margin expansion likely reflects a higher proportion of rare disease and newer biologic products, which carry premium pricing. This improvement contrasts with the structurally lower margins of biosimilars and primary care products, indicating that the Horizon integration is beginning to yield margin benefits. However, the gross margin remains below peers like Regeneron (85.4%) and Vertex (85.0%), suggesting room for further optimization if the pipeline shifts toward rare diseases.
Operating Leverage Drives EPS Beat
Operating margin surged to 35.0% in Q2 2026 from 28.8% in Q2 2025, with EPS up 64.9% YoY, per SEC filings, reflecting strong operating leverage.
The 620 basis point expansion in operating margin, coupled with a 64.9% EPS growth, indicates that revenue growth is translating into disproportionate bottom-line gains. This suggests that SG&A and R&D expenses are growing slower than revenue, likely due to disciplined cost management and scale benefits from the Horizon acquisition. The Q2 2026 EPS beat of $6.29 versus $4.77 estimate underscores the operational leverage, but investors should assess whether this is sustainable as integration costs subside.
Earnings Quality Tempered by One-Time Items
Net income swung from a loss in Q1 2024 to $2.4B in Q2 2026, but quarterly volatility suggests non-operating items distort underlying profitability, per reported data.
The wide swings in net income, from -$113M in Q1 2024 to $3.2B in Q3 2025, indicate that GAAP earnings are heavily influenced by one-time items such as acquisition-related charges and tax benefits. For instance, Q3 2025 net margin of 33.7% appears inflated relative to operating margin of 26.4%, suggesting a favorable tax item. Investors should adjust for these non-recurring items to assess true earnings power, especially given the high debt load from the Horizon deal.
R&D and SG&A Efficiency Improves
R&D as a percentage of revenue declined to 18.8% in Q2 2026 from 20.7% in Q2 2025, while SG&A remained flat at 16.8%, based on financial statements.
The reduction in R&D intensity, despite a growing pipeline, suggests that Amgen is achieving better scale in its research operations, possibly due to synergies from the Horizon integration. SG&A stability indicates that the company is not increasing promotional spending proportionally, which may reflect strong brand loyalty in its core therapeutic areas. However, the absolute R&D spend of $1.9B remains substantial, and any increase in clinical trial costs for MariTide could pressure margins.
Leverage and IRA Pose Risks to Narrative
Despite strong Q2 2026 results, Amgen's debt-to-equity of 6.31 and Enbrel's inclusion in IRA negotiations could pressure future margins, as per financial data.
The high leverage from the Horizon acquisition makes Amgen sensitive to interest rate changes, and rising rates could increase financing costs, offsetting operational gains. Additionally, the IRA's drug price negotiation on Enbrel may force price concessions starting in 2026, potentially eroding the inflammation franchise's contribution. While the revenue mix is shifting toward growth drivers, the legacy portfolio's decline could accelerate, and the market may be underestimating the impact of these headwinds on long-term profitability.