Revenue growth has decelerated to 5.8% as of 2026Q1, while gross margins remain volatile, swinging from a low of 57.0% in 2024Q1 to a peak of 81.9% in 2025Q4.
| 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 | 37.24B | 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 % | 9.12% | 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 | 10.63B | 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 | 26.61B | 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 % | 71.46% | 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 | 14.83B | 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 | 6.95B | 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 | 7.51B | 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 | 11.78B | 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 % | 31.63% | 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 | 15.63B | 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 % | 41.98% | 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 % | 20.02% | 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) | 3.78B | 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 | 13.56B | 10.68B | 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 | -2.7B | -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 | 2.7B | 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 | -2.69B | -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 | 9.09B | 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 % | 24.4% | 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 | 1.29B | 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 % | 14.16% | 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 | 7.8B | 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 % | 20.95% | 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 % | 31.47% | 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) | 7.8B | 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) | 14.34 | 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 % | 31.11% | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
IRA pricing negotiation exposure
As reported in recent financial filings, Amgen's revenue growth has decelerated from a peak of 23.2% in 2024Q3 to 5.8% by 2026Q1, reflecting the inherent volatility of integrating large-scale acquisitions while managing the natural lifecycle decay of legacy immunology assets like Enbrel.
The transition from high double-digit growth to mid-single digits suggests that the initial inorganic boost from the Horizon acquisition is normalizing. Investors should monitor whether the company can sustain organic volume growth in its core therapeutic pillars to offset the anticipated revenue erosion from Medicare price negotiations.
Based on the provided income statement data, Amgen's gross margin has fluctuated significantly, ranging from a low of 57.0% in 2024Q1 to a high of 81.9% in 2025Q4, indicating that product mix shifts and integration costs continue to exert pressure on core profitability.
The wide variance in gross margins suggests that the company's manufacturing efficiency is highly sensitive to the specific therapeutic mix sold in any given quarter. This volatility warrants further investigation into whether the recent margin expansion is sustainable or merely a temporary byproduct of accounting adjustments related to recent M&A activity.
According to the quarterly income statement, operating margins have remained largely range-bound between 13.3% and 30.9% over the last ten quarters, suggesting that Amgen has yet to achieve significant operating leverage despite its aggressive expansion into the rare disease and oncology segments.
The persistent level of SG&A spending relative to revenue indicates that the company is prioritizing market share defense and commercialization efforts over immediate margin expansion. This strategy appears to be a necessary trade-off to maintain competitiveness in crowded therapeutic categories, though it limits the potential for rapid earnings growth.
As evidenced by the dramatic swings in quarterly net income, which shifted from a $113 million loss in 2024Q1 to a $3.2 billion profit in 2025Q3, Amgen's bottom line is heavily influenced by non-operating items and the amortization of intangible assets from recent acquisitions.
The inconsistency in EPS, which saw a 111.2% increase in 2025Q4 followed by a 4.4% increase in 2026Q1, suggests that GAAP earnings may not accurately reflect the underlying cash-generating capability of the business. Analysts should focus on adjusted metrics that strip out the noise of acquisition-related charges to gauge true operational performance.
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.