Amgen Inc. (AMGN) financials
NASDAQ · Healthcare · Drug Manufacturers - General · 31,500 employees · CEO Robert A. Bradway
- Price
- $466.01 +1.15%
- Market cap
- $252B
- Enterprise value
- $295B
- Last report
- Q2 '26 filed 2026-08-05
- Next report
- 2026-11-03 EPS est. $5.79
Revenue (TTM)$38.1B+9.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)33.2%+9.7 pp vs a year agoOperating income $12.6B
Net income (TTM)$8.74B+32.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$10.2B-4.1% vs a year agoCapex $2.3B
Diluted EPS (TTM)$16.09+31.6% vs a year agoSum of the last 4 quarters
Net cash-$43.3B+10.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $252B EV $295B
- Revenue
- $38.1B Trailing 12 months
- Revenue growth
- +6% FY2026 consensus
- Profit margin
- 22.9% Net income / revenue, TTM
- P/E
- 28.7× Forward 20.2× (FY2026)
- P/S
- 6.6× Price / sales, TTM
- EV / EBITDA
- 16.8× TTM
- Free cash flow
- $10.2B Trailing 12 months
- Net income
- $8.74B Trailing 12 months
- Revenue estimate
- $39B FY2026 consensus
- Earnings
- 2026-11-03 Revenue est. $10.1B
- Dividend
- $9.94 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-04): revenue beat by 6.7%, EPS beat by 11.9%Revenue $10.1B vs $9.43B expected (+6.7%); EPS $6.29 vs $5.62 (+11.9%).
- Revenue growth steady: 9.7% year on yearQ2 '26 revenue $10.1B, against an average of 9.1% over the four quarters before.
- Operating margin 33.2% (TTM), +9.7 pp on a year agoOperating income grew 54.6% while revenue grew 9.2%.
- 23.0% of pre-tax profit is eaten by non-operating lossesPre-tax income $10.3B vs operating income $12.6B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 6.0% of revenue (a year ago 4.0%)$2.3B invested in the last 4 quarters (+63.6% on a year earlier). Free cash flow $10.2B = 116.4% of net income.
- Returned $5.29B to shareholders = 51.9% of free cash flowBuybacks $0 (a year earlier $200M), dividends $5.29B, stock-based pay $492M (TTM).
- Diluted share count up 0.6% in a year544M diluted shares in Q2 '26, 541M a year earlier.
- Net debt $43.3BCash + short-term investments $14B, debt incl. leases $57.3B; a year ago net debt $48.2B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $10.1B | $9.17B | +9.7% |
| Gross margin | 72.0% | 67.2% | +4.9 pp |
| Operating income | $3.51B | $2.64B | +32.9% |
| Operating margin | 35.0% | 28.8% | +6.1 pp |
| Net income | $2.38B | $1.43B | +65.9% |
| Diluted EPS | $4.37 | $2.65 | +64.9% |
| Operating cash flow | $4B | $2.28B | +75.5% |
| Capex | $513M | $369M | +39.0% |
| Free cash flow | $3.49B | $1.91B | +82.6% |
| R&D | $1.87B | $1.74B | +7.1% |
| Stock-based compensation | $165M | $157M | +5.1% |
Reported vs consensus
2026-08-04| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $10.1B | $9.43B | +6.7% |
| EPS (as estimated) | $6.29 | $5.62 | +11.9% |
From the report of 2026-08-04 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Other Products | – | – | – | – | – | |
| Other products | $1.7B | – | 16.9% | – | – | |
| Prolia | $759M | -32.4% | 7.5% | – | – | |
| ENBREL | $580M | -4.0% | 5.8% | – | – | |
| Product and Service, Other | – | – | – | – | – | |
| Repatha | $953M | – | 9.5% | – | – | |
| Repatha (evolocumab) | – | – | – | – | – | |
| EVENITY | $714M | +37.8% | 7.1% | – | – | |
| Otezla | $491M | -20.6% | 4.9% | – | – | |
| TEPEZZA | $576M | +14.1% | 5.7% | – | – | |
| XGEVA | $352M | -33.8% | 3.5% | – | – | |
| Other revenues | $517M | – | 5.1% | – | – | |
| TEZSPIRE | $486M | +42.1% | 4.8% | – | – | |
| BLINCYTO | $472M | +22.9% | 4.7% | – | – | |
| Nplate | $430M | +16.5% | 4.3% | – | – | |
| KRYSTEXXA | $400M | +14.6% | 4.0% | – | – | |
| Kyprolis | – | – | – | – | – | |
| Aranesp | $352M | -1.9% | 3.5% | – | – | |
| Vectibix | $338M | +10.8% | 3.4% | – | – | |
| UPLIZNA | $335M | – | 3.3% | – | – | |
| KYPROLIS | $314M | – | 3.1% | – | – | |
| IMDELLTRA/IMDYLLTRA | $288M | – | 2.9% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $6.99B | +10.5% | 73.3% | – | – | |
| Non-US | $2.55B | +4.1% | 26.7% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $12.5B
- Capex
- -$2.3B
- Buybacks
- $0
- Dividends
- -$5.29B
- Acquisitions
- -$53M
- Net debt issued
- $1.32B
- Stock-based compensation
- $492M
- Free cash flow
- $10.2B
- Returned to shareholders / FCF
- 51.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 28.7× | 24.7× | 21.6× – 34.2× |
| EV / EBITDA | 16.8× | 13.8× | 13.1× – 14.2× |
| EV / Sales | 7.7× | 6.3× | 5.7× – 7.4× |
| Price / FCF | 24.8× | 17.5× | 13.6× – 21.7× |
| Price / Book | 21.5× | 25.4× | 19.1× – 38.6× |
| FCF yield | 4.0% | 5.9% | 4.6% – 7.4% |
| Return on invested capital | 14.2% | 12.2% | 8.4% – 16.7% |
| Return on equity | 89.3% | 106.7% | 69.6% – 179.0% |
Analysts
Consensus target $403.79 (-13.4%)
range $230.00 – $500.00 · rating Buy
Strong buy0
Buy22
Hold16
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $39B | +6.1% | $23.06 | +62.0% | 20.2× | 19 |
| FY2027 | $40.5B | +3.8% | $24.51 | +6.3% | 19.0× | 19 |
| FY2028 | $41.9B | +3.4% | $25.94 | +5.8% | 18.0× | 11 |
| FY2029 | $43.5B | +4.0% | $27.75 | +7.0% | 16.8× | 4 |
| FY2030 | $45.5B | +4.5% | $29.74 | +7.2% | 15.7× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 237 figures Amgen Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $2.87B | $3.01B | -4.8% | $2.37B | $1.91B | +24.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $10.2B | $8.7B | +17.5% | $9.57B | $6.78B | +41.1% |
| Accrued Income Taxes, Current | $379M2025-12-31 | $2.58B | -85.3% | $379M | $2.58B | -85.3% |
| Accrued Liabilities, Current | $17.2B | $15B | +14.4% | $18.5B | $17.6B | +5.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $9.4B | $10.8B | -13.0% | $11.1B | $10.4B | +7.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$119M | -$544M | +78.1% | -$258M | -$66M | -290.9% |
| Advertising Expense | – | – | – | $963M | $987M | -2.4% |
| Amortization of Intangible Assets | $890M | $1.1B | -19.1% | $4.3B | $4.8B | -10.4% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $165M | $157M | +5.1% | $494M | $530M | -6.8% |
| Assets | $95.6B | $87.9B | +8.8% | $90.6B | $91.8B | -1.4% |
| Assets, Current | $35B | $26.7B | +30.8% | $29.1B | $29B | +0.1% |
| Assets, Fair Value Disclosure | $19.6B | $12.5B | +56.8% | $14.9B | $16.1B | -7.3% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | – | – | – | -$6M | $18M | -133.3% |
| Business Combination, Contingent Consideration, Liability | $171M | $90M | +90.0% | $161M | $106M | +51.9% |
| Capitalized Contract Cost, Net | $272M2025-12-31 | $227M | +19.8% | $272M | $227M | +19.8% |
| Cash | $574M | $542M | +5.9% | $604M | $487M | +24.0% |
| Cash and Cash Equivalents, at Carrying Value | $14B | $8.03B | +74.3% | $9.13B | $12B | -23.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $14B | $8.03B | +74.3% | $9.13B | $12B | -23.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.95B | -$782M | +349.5% | -$2.84B | $1.03B | -376.4% |
| Commercial Paper | $02025-12-31 | $0 | – | $0 | $0 | – |
| Common Stock, Dividends, Per Share, Declared | $0.00 | $2.38 | -100.0% | $9.66 | $9.13 | +5.8% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 2.75B | 2.75B | 0.0% | 2.75B | 2.75B | 0.0% |
| Common Stock, Shares, Outstanding | 541M | 538M | +0.4% | 539M | 537M | +0.4% |
| Common Stocks, Including Additional Paid in Capital | $34.1B | $33.7B | +1.2% | $34B | $33.5B | +1.5% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.45B | $1.12B | +118.6% | $7.52B | $4.31B | +74.3% |
| Cost of Goods and Services Sold | $2.81B | $3.01B | -6.6% | $12B | $12.9B | -6.4% |
| Costs and Expenses | $6.54B | $6.52B | +0.3% | $27.7B | $26.2B | +5.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $959M | $965M | -0.6% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $971M | $759M | +27.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.97B | $1.76B | +11.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $35M | $33M | +6.1% |
| Debt Instrument, Face Amount | $4B2026-03-31 | – | – | $4.5B2017-12-31 | $6.7B | -32.8% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $1.32B | $1.33B | -1.1% | $1.31B | $1.36B | -4.0% |
| Debt Securities, Available-for-sale | $13.4B | $7.49B | +79.2% | $8.53B | $11.5B | -25.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Amortized Cost | $13.4B | $7.49B | +79.2% | $8.53B | $11.5B | -25.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$465M | -$860M | +45.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$242M | -$360M | +32.8% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$700M | -$1.24B | +43.5% |
| Deferred Income Tax Liabilities, Net | $1.3B | $1.39B | -6.1% | $1.37B | $1.62B | -15.5% |
| Deferred Income Taxes and Tax Credits | -$291M | -$422M | +31.0% | -$721M | -$1.23B | +41.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $7M | -$18M | +138.9% |
| Deferred Tax Assets, Equity Method Investments | $02025-12-31 | $1M | -100.0% | $0 | $1M | -100.0% |
| Deferred Tax Assets, Gross | $6.92B2025-12-31 | $6B | +15.5% | $6.92B | $6B | +15.5% |
| Deferred Tax Assets, Net | $2.39B2025-12-31 | $1.64B | +45.7% | $2.39B | $1.64B | +45.7% |
| Deferred Tax Assets, Net of Valuation Allowance | $5.62B2025-12-31 | $4.98B | +13.0% | $5.62B | $4.98B | +13.0% |
| Deferred Tax Assets, Other | $349M2025-12-31 | $361M | -3.3% | $349M | $361M | -3.3% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $138M2025-12-31 | $130M | +6.2% | $138M | $130M | +6.2% |
| Deferred Tax Assets, Tax Deferred Expense, Other | $218M2025-12-31 | $200M | +9.0% | $218M | $200M | +9.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $890M2025-12-31 | $693M | +28.4% | $890M | $693M | +28.4% |
| Deferred Tax Assets, Valuation Allowance | $1.3B2025-12-31 | $1.02B | +27.5% | $1.3B | $1.02B | +27.5% |
| Deferred Tax Liabilities, Financing Arrangements | $260M2025-12-31 | $264M | -1.5% | $260M | $264M | -1.5% |
| Deferred Tax Liabilities, Gross | $3.24B2025-12-31 | $3.34B | -3.0% | $3.24B | $3.34B | -3.0% |
| Deferred Tax Liabilities, Intangible Assets | $2.07B2025-12-31 | $2.57B | -19.7% | $2.07B | $2.57B | -19.7% |
| Deferred Tax Liabilities, Inventory | $28M2025-12-31 | $114M | -75.4% | $28M | $114M | -75.4% |
| Deferred Tax Liabilities, Investments | $422M2025-12-31 | $0 | – | $422M | $0 | – |
| Deferred Tax Liabilities, Other | $271M2025-12-31 | $244M | +11.1% | $271M | $244M | +11.1% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $192M2025-12-31 | $143M | +34.3% | $192M | $143M | +34.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01