Amgen Inc.'s Stock Analysis

Amgen Issues $4.0 Billion in Senior Notes with Various Maturities

Amgen Inc. has issued a total of $4.0 billion in senior notes, which include $1 billion in 4.200% notes due 2031, $1.75 billion in 4.850% notes due 2036, $500 million in 5.500% notes due 2046, and $750 million in 5.650% notes due 2056. The company registered these notes under an effective Registration Statement and expects to receive net proceeds of approximately $3.96 billion after expenses.

The interest on these notes will be payable semi-annually starting August 19, 2026, with maturity dates ranging from 2031 to 2056. In the event of a change in control, noteholders can require Amgen to purchase their notes at a price of 101% of the principal amount plus any accrued interest. The notes will rank equally with other senior unsecured debts and will be subordinated to the company's secured obligations and its subsidiaries' obligations.

Feb 19, 2026 16:27:56

Amgen Reports 2025 Financial Results with Revenue Growth and EPS Increase

Amgen announced its financial results for the fourth quarter and full year of 2025, reporting total revenues of $9.9 billion for Q4, a 9% increase compared to the same period in 2024, and $36.8 billion for the full year, reflecting a 10% growth. Product sales also saw a 10% increase, driven by a 13% growth in volume. The company achieved record sales for 18 products and reported that 14 products exceeded $1 billion in annual sales. GAAP earnings per share (EPS) rose significantly, with an increase of 111% for Q4 and 88% for the full year, attributed to higher revenues and net unrealized gains on equity investments, despite some higher operating expenses, including a notable impairment charge related to Otezla® due to Medicare pricing changes under the Inflation Reduction Act.

For the full year, Amgen generated $8.1 billion in free cash flow, a decrease from $10.4 billion in 2024, influenced by working capital timing and increased capital expenditures. Non-GAAP EPS saw a 10% increase for the year, while operating income also improved. The company's operating expenses increased, with research and development costs notably rising by 24% in Q4, reflecting higher investment in late-stage clinical programs. Amgen's diverse portfolio continues to show growth potential, although certain products are facing competitive pressures, particularly in the inflammation and oncology segments.

Feb 03, 2026 16:03:07

Amgen Terminates Collaboration Agreement with Kyowa Kirin

Amgen Inc. has entered into a Termination Agreement with Kyowa Kirin Co., Ltd. to end their License and Collaboration Agreement that was established on June 1, 2021. The termination will take effect once regulatory approval is obtained.

This decision reflects a significant change in Amgen's strategic partnerships, which may impact its future business operations and collaborations. The details of the Termination Agreement are documented in Exhibit 10.1, which is referenced in the filing.

Jan 30, 2026 08:00:41

Amgen Reports Third Quarter 2025 Financial Results and Guidance

Amgen announced its financial results for the third quarter of 2025, reporting total revenues of $9.6 billion, a 12% increase from the same period in 2024. Product sales also grew by 12%, bolstered by a 14% increase in volume, although offset by a 4% decrease in net selling prices. The company's GAAP earnings per share rose 14% to $5.93, while non-GAAP earnings per share increased 1% to $5.64. Free cash flow for the quarter was reported at $4.2 billion, up from $3.3 billion year-over-year, reflecting favorable working capital timing and lower interest payments despite higher capital expenditures.

Amgen provided guidance for the full year 2025, projecting total revenues between $35.8 billion and $36.6 billion. The company anticipates GAAP earnings per share in the range of $13.76 to $14.60 and non-GAAP earnings per share between $20.60 and $21.40. Additionally, Amgen plans capital expenditures of $2.2 billion to $2.3 billion and share repurchases not to exceed $500 million. The company also noted ongoing Phase 3 studies for its product MariTide, which focuses on chronic weight management and cardiovascular outcomes.

Nov 04, 2025 16:04:18

Amgen Reports Second Quarter 2025 Financial Performance Details

Amgen announced its financial results for the second quarter of 2025, reporting total revenues of $9.2 billion, a 9% increase from the same period in 2024. Product sales also grew by 9%, with notable increases in sales for several key products, including Repatha and EVENITY, which saw double-digit growth. GAAP earnings per share rose significantly by 92% to $2.65, while non-GAAP earnings per share increased 21% to $6.02. The company generated $1.9 billion in free cash flow during the quarter, a decrease from $2.2 billion in the previous year due to deferred tax payments and higher capital expenditures.

In terms of operating expenses, Amgen reported an increase of 1% year-over-year for total operating expenses on a GAAP basis, while non-GAAP operating expenses rose by 8%. The company’s operating margin improved on both GAAP and non-GAAP bases, reaching 30.3% and 48.9%, respectively. As of June 30, 2025, Amgen had cash and cash equivalents of $8.0 billion and outstanding debt of $56.2 billion. The company has also outlined its guidance for the full year, expecting total revenues between $35.0 billion and $36.0 billion, along with projected earnings per share ranges for both GAAP and non-GAAP measures.

Aug 05, 2025 16:03:34

Amgen Reports 9% Revenue Growth and Positive Earnings in Q1 2025

Amgen announced its financial results for the first quarter of 2025, reporting total revenues of $8.1 billion, a 9% increase from the same period in 2024. Product sales rose by 11%, with U.S. sales growing 14%. Notable contributors to sales growth included Repatha, BLINCYTO, and TEZSPIRE, among others. The company also launched IMDELLTRA, which generated $81 million in sales during the quarter. GAAP earnings per share were $3.20, a significant recovery from a loss of $0.21 in the previous year, driven by an unrealized gain on an equity investment, despite an $800 million impairment charge related to Otezla. Non-GAAP EPS increased 24% to $4.90, reflecting higher revenues and increased operating expenses. The company generated $1.0 billion in free cash flow, up from $0.5 billion a year earlier, and declared a quarterly dividend of $2.38, a 6% increase from 2024.

Operating expenses rose 8% year-over-year, while the operating margin improved to 15.0%. The tax rate increased significantly due to changes in earnings mix. Amgen reduced its outstanding debt by $2.8 billion during the quarter and reported cash and cash equivalents of $8.8 billion. For the full year 2025, the company projects total revenues between $34.3 billion and $35.7 billion, with GAAP EPS guidance of $12.21 to $13.46 and non-GAAP EPS of $20.00 to $21.20. The company continues to progress on various product developments and pipeline studies, including multiple Phase 3 trials across its therapeutic areas.

May 01, 2025 16:04:20

Amgen Reports $33.4 Billion Revenue for Full Year 2024

Amgen reported a revenue increase of 19% for the full year 2024, reaching $33.4 billion, primarily due to a 23% growth in product sales driven by volume. The fourth quarter also saw a notable 11% revenue increase to $9.1 billion, with ten products achieving double-digit sales growth. Additionally, the company generated $10.4 billion in free cash flow for the year, up from $7.4 billion in 2023, indicating strong operational performance despite challenges in pricing and market dynamics.

However, the company's GAAP earnings per share (EPS) decreased significantly, down 39% for the full year to $7.56, largely due to increased operating expenses and mark-to-market losses on equity investments. For the fourth quarter, GAAP EPS fell 18% to $1.16. Operating income also reflected a decline for the full year, decreasing from $7.9 billion to $7.3 billion, contributing to a decrease in GAAP operating margin. The increase in total operating expenses, which rose 29% year-over-year, further impacted overall profitability.

Feb 04, 2025 16:05:22

Amgen Third Quarter 2024 Financial Results Overview

Amgen reported a 23% increase in total revenues for the third quarter of 2024, reaching $8.5 billion, largely driven by a 24% growth in product sales. Notable contributors to this growth included ten products with double-digit sales increases, particularly in the rare disease and oncology sectors. The company generated $3.3 billion in free cash flow, an increase from the previous year, and declared a dividend of $2.25 per share, reflecting a 6% rise from 2023. The performance was supported by significant sales from new products acquired through the Horizon Therapeutics acquisition.

On the downside, although GAAP earnings per share surged by 62% to $5.22, this was influenced by one-time gains related to equity investments, and GAAP operating margin saw a decline of 5.8 percentage points to 25.1%. Operating expenses rose sharply, with a 32% overall increase year-over-year, attributed to higher costs associated with the Horizon acquisition and R&D investments. Additionally, several established products faced sales declines, particularly Enbrel, which dropped 20% compared to the previous year, indicating challenges in maintaining revenue from older therapies.

Oct 30, 2024 16:06:04

Amgen Reports Strong Revenue Growth Despite EPS Decline

Amgen's second quarter 2024 results show a 20% revenue increase to $8.4 billion, driven by strong product sales. Twelve products experienced double-digit growth, particularly in rare diseases. However, GAAP earnings per share fell 46% due to higher expenses from their Horizon acquisition. Non-GAAP EPS decreased slightly by 1%. Free cash flow also dropped to $2.2 billion, influenced by tax payment timing. Overall, while revenues are up, rising costs and lower earnings raise concerns.

Aug 06, 2024 16:05:06

Amgen Q1 2024 Financial Results Overview

Amgen reports a 22% increase in total revenues, driven by strong product sales growth, including key products like Repatha and TEZSPIRE. However, the company experienced a GAAP loss per share due to higher expenses, including from the Horizon acquisition. Non-GAAP EPS decreased slightly, with non-GAAP operating income rising. Free cash flow decreased, impacted by a tax deposit. Sales performance highlights include growth in oncology and inflammation products, while rare disease product sales were notable, especially TAVNEOS® with a 122% increase in sales year-over-year.

May 02, 2024 16:03:58