Amgen Inc.
AMGN Healthcare Drug Manufacturers General
Amgen Inc.’s revenue for fiscal 2025 (year ended December 2025) was $36.8 billion, up 9.95% from fiscal 2024. In the quarter to June 2026, revenue grew 9.53%, EPS grew 65.4%, free cash flow grew 82.6% and total debt rose 1.96%, each against the same quarter a year earlier. Member of the S&P 500, Nasdaq 100 and Dow Jones; dividend growth for ten consecutive years, revenue growth for five.
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Amgen Inc. (AMGN) Free cash flow margin
Amgen Inc.'s free cash flow margin over the twelve months to 30 June 2026 was 26.7%, up 4.7 percentage points from fiscal 2025 (22.0%). Over the past ten years it has ranged from 22.0% (fiscal 2025) to 46.0% (fiscal 2017) — the current reading is the lowest in ten years. That is above the Drug Manufacturers General industry median of 17.2% and above the Healthcare sector median of 0.00%.
Free cash flow margin, annual
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Annual newest first
| Period | Free cash flow margin | Change (points) |
|---|---|---|
| FY2025 | 22.0% | (9.06) |
| FY2024 | 31.1% | 4.99 |
| FY2023 | 26.1% | (7.26) |
| FY2022 | 33.4% | 1.11 |
| FY2021 | 32.3% | (6.64) |
| FY2020 | 38.9% | 2.38 |
| FY2019 | 36.5% | (7.94) |
| FY2018 | 44.5% | (1.55) |
| FY2017 | 46.0% | 4.18 |
| FY2016 | 41.8% | (1.61) |
Against its own ten years
Free cash flow margin against peers
| Company | Free cash flow margin |
|---|---|
| GILD Gilead Sciences, Inc. compare | 42.5% |
| ABBV AbbVie Inc. compare | 28.3% |
| NVS Novartis AG compare | 26.8% |
| AMGN Amgen Inc. | 26.7% |
| MRK Merck & Co., Inc. compare | 24.1% |
| BMY Bristol Myers Squibb Company compare | 23.3% |
| PFE Pfizer Inc. compare | 17.3% |
| NVO Novo Nordisk A/S compare | 14.8% |
| AZN AstraZeneca PLC compare | 10.2% |
| Drug Manufacturers General industry median | 17.2% |
| Healthcare sector median | 0.00% |
| Market median | 0.67% |
What Free cash flow margin is
Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.
(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue
More on AMGN
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
- The full statement