Compiled 2026-09-26Data through 2025-12-312 min read
Dated source-based research · No live market data

Research summary

A two-period review of AMGN revenue, profitability and cash conversion; reported revenue growth was 9.95%.

Period comparison

FY2025 ended 2025-12-31; the prior observation ended 2024-12-31. Revenue moved from USD 33.424 billion to USD 36.751 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 4.090 billion to USD 7.711 billion. Operating income moved from USD 7.258 billion to USD 9.080 billion. Net margin moved from 12.24% to 20.98%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 11.490 billion in the earlier period and USD 9.958 billion in the later period. Selected free cash flow was USD 10.394 billion and USD 8.100 billion, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

An earnings comparison provides a historical denominator, not a price target. A dated market price is deliberately absent from this static release.

What to monitor

Product concentration, research investment, utilization, reimbursement and cash generation.

Risks and uncertainties

Patent expiry, trial outcomes, reimbursement changes, litigation and acquisition integration.

Sources & dates