Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Amgen delivered a strong FY2025 with revenue rising 10.0% to $36.8B and net income nearly doubling (+88.5%) to $7.7B, driven by improved cost efficiency and operating leverage, while long-term debt declined meaningfully to $54.6B.
Revenue
$36.75B
+9.95% YoY
EPS (Diluted)
$14.23
+88.23% YoY
Operating Income
$9.08B
+25.10% YoY
Source: SEC XBRL
Amgen (AMGN) reported FY2025 revenue of $36.75B, up 10.0% year over year. Operating margin was 24.7%, up 3.0 points from 21.7% a year earlier. Operating cash flow was $9.96B, down 13.3% year over year.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 6.29 | 5.73 | Beat +9.8% |
| Mar 2026 | 5.15 | 4.85 | Beat +6.1% |
| Dec 2025This filing | 5.29 | 4.83 | Beat +9.6% |
| Sep 2025 | 5.64 | 5.11 | Beat +10.3% |
Reported EPS of $5.29 versus the $4.83 analyst consensus — a +9.6% beat for Dec 2025.
Compiled by AI from this SEC filing
Total revenue grew 10.0% year-over-year from $33.4B to $36.8B in FY2025, reflecting continued demand across Amgen's broad biologic portfolio including established products and newer launches such as those from the Horizon Therapeutics acquisition.
Source: 10-K Income Statement, Financial Data
Operating income surged 25.1% to $9.1B, with operating margin expanding approximately 300 basis points to 24.7%, as cost of revenue fell 6.4% to $12.0B despite higher revenues, indicating meaningful manufacturing and supply chain efficiencies.
Source: 10-K Income Statement, Financial Data
Net income jumped 88.5% to $7.7B (from $4.1B in the prior year), with diluted EPS rising 88.2% to $14.23, reflecting both operating improvements and potentially favorable below-the-line items such as reduced interest expense or tax benefits.
Source: 10-K Income Statement, Financial Data
Long-term debt declined 9.1% from $60.1B to $54.6B, demonstrating Amgen's commitment to deleveraging following the large-scale Horizon Therapeutics acquisition, though the balance remains elevated relative to equity of $8.7B.
Source: 10-K Balance Sheet, Financial Data
Operating cash flow fell 13.3% to $10.0B from $11.5B in the prior year, a divergence from net income growth that may reflect working capital changes or cash taxes, while cash and equivalents decreased 23.8% to $9.1B.
Source: 10-K Cash Flow Statement, Financial Data
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
Amgen carries $54.6B in long-term debt, a legacy of its $27.8B acquisition of Horizon Therapeutics. While debt declined 9.1% year-over-year, the leverage ratio remains high relative to stockholders' equity of $8.7B, creating significant interest expense obligations and limiting financial flexibility. A deterioration in operating performance or rising interest rates could strain debt service capacity.
Source: 10-K Balance Sheet, Financial Data
Cash and equivalents fell 23.8% to $9.1B in FY2025, while operating cash flow declined 13.3% despite strong net income growth, suggesting working capital headwinds or elevated cash taxes. With financing cash outflows of $10.9B and investing outflows of $1.9B, liquidity management will be critical going forward.
Source: 10-K Cash Flow Statement, Financial Data
Amgen's legacy blockbuster products face ongoing and increasing biosimilar competition, which can rapidly erode revenue and pricing power. The company's ability to offset these headwinds with newer products and pipeline launches is central to sustaining revenue growth beyond FY2025.
Source: 10-K Financial Data (Revenue trends)
Current liabilities rose 10.3% to $25.5B while current assets were essentially flat at $29.1B, resulting in a current ratio of only 1.14. This narrow liquidity cushion leaves limited room for unexpected short-term cash demands or refinancing pressures.
Source: 10-K Balance Sheet, Financial Data
Amgen's cost structure is heavily tied to complex biologic manufacturing. While cost of revenue declined 6.4% in FY2025, any disruption to manufacturing facilities, supply chain issues, or regulatory actions on manufacturing quality could materially increase costs and impact product availability.
Source: 10-K Income Statement, Financial Data
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 36.75 $B | 33.42 $B | +9.95% |
Cost of Revenue $B | 12.04 $B | 12.86 $B | -6.39% |
Operating Income $B | 9.08 $B | 7.26 $B | +25.10% |
Net Income $B | 7.71 $B | 4.09 $B | +88.53% |
EPS (Basic) $ | 14.33 $ | 7.62 $ | +88.06% |
EPS (Diluted) $ | 14.23 $ | 7.56 $ | +88.23% |
SG&A Expense $B | 7.05 $B | 7.10 $B | -0.65% |
Answers draw on this SEC filing and the data on this page
Amgen's Q2 FY2026 revenue grew 10% to $10.1B and net income surged 66% to $2.4B, driven by volume and lower amortization, while biosimilar and IRA headwinds intensified on mature brands.
Amgen delivered a strong Q1 2026 with revenue up 5.8% YoY to $8.62B, while operating income more than doubled (+126.3%) to $2.67B driven by lower cost of revenue and reduced SG&A, though net income grew more modestly at 5.1% to $1.82B.
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