AMGN

AMGEN INC

NASDAQ · HEALTH CARE · BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES)

437.17

−1.77 −0.40%

USD · close Oct 21

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MKT CAP $236.3BP/E 27.2DIV YIELD 1.70%FCF YIELD 4.31%REV TTM $38.1B +9.1%NET INCOME $8.7B +32.1%NET DEBT $43.3B52W 291.16 – 444.12SEC XBRL · TTM TO Invalid Date

How AMGN rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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As of February 10, 2026, there were approximately 3,824 holders of record of our common stock.
Performance graph The following graph shows the value of an investment of $100 on December 31, 2020, in each of Amgen common stock, the Amex Biotech Index, the Amex Pharmaceutical Index and Standard & Poor’s 500 Index.
The historical stock price performance of the Company’s common stock shown in the performance graph is not necessarily indicative of future stock price performance. 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Amgen (AMGN) $100.00 $100.87 $121.54 $137.97 $128.71 $166.88 Amex Biotech (BTK) $100.00 $96.48 $92.61 $95.27 $101.21 $126.28 Amex Pharmaceutical (DRG) $100.00 $123.37 $132.94 $143.21 $150.48 $186.40 Standard & Poor’s 500 (SPX) $100.00 $128.68 $105.29 $133.03 $165.98 $195.62 The material in the above performance graph is not soliciting material, is not deemed filed with the SEC and is not incorporated by reference in any filing of the Company under the Securities Act or the Exchange Act, whether made on, before or after the date of this filing and irrespective of any general incorporation language in such filing.
Stock repurchase program During the year ended December 31, 2025, we had one outstanding stock repurchase program, under which repurchase activity was as follows: Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced program Maximum dollar value that may yet be purchased under the program October 1–October 31 — $ — — $ 6,779,253,902 November 1–November 30 — $ — — $ 6,779,253,902 December 1–December 31 — $ — — $ 6,779,253,902 — — January 1–December 31 (1) — $ — — ____________ (1) During the year ended December 31, 2025, the Company purchased 1,700 shares at an average price paid of $284.67 per share from staff members to satisfy federal law compliance obligations.
Dividends For the years ended December 31, 2025 and 2024, we paid quarterly dividends.
We helped launch the biotechnology industry more than 45 years ago and have grown to be one of the world’s leading independent biotechnology companies.
Our principal products are Prolia, Repatha, Otezla, ENBREL, EVENITY, XGEVA, TEPEZZA, BLINCYTO, Nplate, TEZSPIRE, KYPROLIS, Aranesp, KRYSTEXXA and Vectibix.
We also market a number of other products, including but not limited to MVASI, PAVBLU, UPLIZNA, IMDELLTRA/IMDYLLTRA, AMJEVITA/AMGEVITA, TAVNEOS, Neulasta, LUMAKRAS/LUMYKRAS, RAVICTI, Parsabiv, Aimovig, WEZLANA/WEZENLA and PROCYSBI.
In 2025, we generated strong sales growth across our product portfolio and regions; advanced our innovative pipeline; and continued to expand and enhance our world-class manufacturing network.
We accomplished these objectives while maintaining a strategic and disciplined approach to capital allocation, including retiring $6.0 billion of debt.
In 2025, we achieved several significant regulatory, clinical and operational milestones.
We obtained multiple regulatory approvals, including new indications for UPLIZNA and TEZSPIRE; a broadened FDA approval for Repatha; and full FDA approval for IMDELLTRA for the treatment of ES-SCLC.
We also advanced our innovative pipeline, including the initiation of six global Phase 3 clinical studies for MariTide and the reporting of Phase 3 data across several programs.
In addition, we continued to invest in expanding and enhancing our manufacturing capacity, including facilities in Ohio, North Carolina and the U.S. territory of Puerto Rico.
Furthermore, in 2025 we also broke ground on a new state-of-the-art R&D facility in Thousand Oaks, California, to further enhance collaboration and innovation across R&D and process development activities.
For additional information on our pipeline and clinical development updates, see Part I, Item 1.
For additional information on our manufacturing operations, see Part I, Item 1.
Total product sales increased 10% in 2025, driven by volume growth of 13%, partially offset by declines in net selling price of 3%.
Cash flows from operating activities in 2025 totaled $10.0 billion, which supported investment in our business, including capital expenditures of $1.9 billion to enhance and expand our manufacturing network, and allowed us to both reduce our debt and return capital to shareholders through the payment of cash dividends.
For 2025, we retired $6.0 billion of debt and increased our quarterly cash dividend by 6% to $2.38 per share of common stock.
In December 2025, the Board of Directors declared a cash dividend of $2.52 per share of common stock for the first quarter of 2026, an increase of 6% over the same period in the prior year, to be paid in March 2026.
Amgen’s approach to human capital management focuses on attracting, developing and retaining a highly skilled global workforce to support the discovery, development and commercialization of innovative medicines.
Our compensation, benefits and development programs are designed to promote performance, accountability, adherence to Company values and alignment with shareholder interests.
We believe our culture supports innovation, collaboration and productivity as we execute on our mission to serve patients.
For additional information, see Part I, Item 1.
As part of our environmental sustainability efforts, we have established long-term targets to meet by 2027, including achieving carbon neutrality, reducing water consumption by 40% and reducing waste disposed by 75%. 2,3 Our long-term success depends, to a great extent, on our ability to continue to discover, develop and commercialize innovative products and acquire or collaborate on therapies currently in development by other companies.
For example, our patents for RANKL antibodies, including sequences, for Prolia and XGEVA expired in February 2025 in the United States and in November 2025 in select countries in Europe.
Tariffs and trade protection measures Recent and ongoing changes in U.S. trade and tariff policies, including the imposition, modification, suspension and threatened expansion of tariffs on imported goods, as well as retaliatory measures by foreign governments, have increased uncertainty in the overall business and operating environment.
Numerous tariffs and trade protection measures have been proposed, and in a number of cases, implemented by the United States and other countries, including the April 2025 Tariff EO, which imposed a universal 10% tariff on goods imported into the United States, with certain exceptions including pharmaceuticals.
Further, there were previous proposals for sector-specific tariffs on our industry, and in December 2025, in recognition of our capital investments in U.S. manufacturing, we received relief from Section 232 tariffs, pending final determination under such section of the Trade Expansion Act of 1962, for approximately the next three years.
Tariffs and trade protection measures may adversely affect our business and results of operations.
For additional discussion of these and other risks, see Part I, Item 1A.
Risk Factors, of this Annual Report on Form 10-K.
Macroeconomic and other challenges Uncertain macroeconomic conditions, including the risk of inflation, fluctuating interest rates and instability in the financial system, as well as rising healthcare costs, continue to pose challenges to our business.
Uncertainty around tariffs and trade protection measures in the United States and other countries, including the imposition, modification, suspension and threatened expansion of tariffs on imported goods, along with ongoing geopolitical conflicts and rising geopolitical tensions, continue to create additional uncertainty in global macroeconomic conditions.
Moreover, provisions of the IRA, as well as the expanded utilization of the 340B Program, have negatively affected, and are likely to continue to negatively affect, our business.
For example, CMS has selected ENBREL and Otezla for Medicare price setting beginning in 2026 and 2027, respectively.
In addition to the IRA, other recent and proposed U.S. policy actions focus on drug pricing, including the Most-Favored-Nations Prescription Drug Pricing Executive Order (MFN EO) and the July MFN Letter that was delivered to a number of pharmaceutical companies, including Amgen.
In December 2025, we announced 2 Represents reductions against established baselines, taking into account only verified reduction projects and does not take into account changes associated with contraction or expansion of the Company. 3 Carbon neutrality goal refers to Scopes 1 and 2. that we are taking actions that satisfy the components outlined in the July MFN Letter, including the Administration’s MFN pricing requests.
We also announced the expansion of our direct-to-patient program.

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Gone since FY2024

As of February 11, 2025, there were approximately 4,047 holders of record of our common stock.
Performance graph The following graph shows the value of an investment of $100 on December 31, 2019, in each of Amgen common stock, the Amex Biotech Index, the Amex Pharmaceutical Index and Standard & Poor’s 500 Index.
The historical stock price performance of the Company’s common stock shown in the performance graph is not necessarily indicative of future stock price performance. 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Amgen (AMGN) $100.00 $98.00 $98.86 $119.11 $135.21 $126.14 Amex Biotech (BTK) $100.00 $113.57 $109.57 $105.18 $108.20 $114.95 Amex Pharmaceutical (DRG) $100.00 $108.73 $134.15 $144.55 $155.72 $163.62 Standard & Poor’s 500 (SPX) $100.00 $118.39 $152.34 $124.66 $157.49 $196.50 The material in the above performance graph is not soliciting material, is not deemed filed with the SEC and is not incorporated by reference in any filing of the Company under the Securities Act or the Exchange Act, whether made on, before or after the date of this filing and irrespective of any general incorporation language in such filing.
Stock repurchase program During the year ended December 31, 2024, we had one outstanding stock repurchase program, under which repurchase activity was as follows: Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced program Maximum dollar value that may yet be purchased under the program October 1–October 31 — — $ 6,979,263,848 November 1–November 30 — — $ 6,979,263,848 December 1–December 31 718,799 $ 278.26 718,799 $ 6,779,253,902 718,799 718,799 January 1–December 31 (1) 718,799 $ 278.26 718,799 ____________ (1) During the year ended December 31, 2024, the Company purchased an additional 1,225 shares at an average price paid of $323.34 per share from staff members to satisfy federal law compliance obligations.
Dividends For the years ended December 31, 2024 and 2023, we paid quarterly dividends.
We helped launch the biotechnology industry more than 40 years ago and have grown to be one of the world’s leading independent biotechnology companies.
Our principal products are Prolia, ENBREL, XGEVA, Repatha, Otezla, TEPEZZA, EVENITY, KYPROLIS, Nplate, Aranesp, BLINCYTO, KRYSTEXXA, Vectibix and TEZSPIRE.
We also market a number of other products, including but not limited to AMJEVITA/AMGEVITA, MVASI, Neulasta, RAVICTI, UPLIZNA, Parsabiv, LUMAKRAS/LUMYKRAS, Aimovig, TAVNEOS, PROCYSBI, EPOGEN and IMDELLTRA.
In 2024, we advanced our innovative pipeline; generated strong sales growth across our product portfolio and regions; and expanded our world-class manufacturing network.
We accomplished these objectives while maintaining a strategic and disciplined approach to capital allocation.
We received regulatory approvals for BLINCYTO in CD19-positive Philadelphia chromosome-negative B-ALL and IMDELLTRA in extensive-stage small cell lung cancer (ES-SCLC) and reported five Phase 3 data readouts, including for BLINCYTO, UPLIZNA, rocatinlimab and TEZSPIRE, as well as MariTide Phase 2 top-line results.
For more information on our pipeline and clinical development updates, see Part I, Item 1.
Total product sales increased in 2024, primarily driven by volume growth of 23%, partially offset by declines in net selling price of 2%.
Product sales from acquired Horizon products contributed $4.2 billion in 2024 compared to $954 million in 2023, with volume growth from our other brands of 11%.
Cash flows from operating activities in 2024 totaled $11.5 billion, which supported investment in our business, including capital expenditures of $1.1 billion to enhance and expand our manufacturing network, and allowed us to both reduce our debt outstanding and return capital to shareholders through the payment of cash dividends.
For 2024, we increased our quarterly cash dividend by 6% to $2.25 per share of common stock.
In December 2024, the Board of Directors declared a cash dividend of $2.38 per share of common stock for the first quarter of 2025, an increase of 6% over the same period in the prior year, to be paid in March 2025.
Amgen’s approach to and investment in human capital resource management is directed at attracting, motivating, developing and retaining talent to tackle the challenges of running an enterprise focused on the discovery, development and commercialization of innovative medicines.
Our compensation, benefits and development programs are designed to encourage performance, promote accountability and adherence to Company values, and align with the interests of the Company’s shareholders.
In our effort to attract and retain the best talent, we seek out and support talent across the globe.
Further, we believe that an inclusive culture helps attract and retain a strong and engaged workforce informed by the varied backgrounds and experiences represented, which fosters innovation, collaboration and productivity as we execute on our mission to serve patients.
For further information on these and other efforts, see Part I, Item 1.
To continue on our path to greater environmental sustainability, in January 2021 we announced a new set of long-term environmental targets to achieve by 2027, including achieving carbon neutrality, reducing water consumption by 40% and reducing waste disposed by 75%. 2,3 Our long-term success depends, to a great extent, on our ability to continue to discover, develop and commercialize innovative products and acquire or collaborate on therapies currently in development by other companies.
For example, our patents for RANKL antibodies, including sequences, for Prolia and XGEVA expire in February 2025 in the United States and in November 2025 in select countries in Europe.
Macroeconomic and other challenges Uncertain macroeconomic conditions, including the risk of inflation, tariffs or trade protection measures, higher interest rates and instability in the financial system, as well as rising healthcare costs, continue to pose challenges to our business.
Further, ongoing geopolitical conflicts continue to create additional uncertainty in global macroeconomic conditions.
Moreover, provisions of the IRA, as well as the 340B Program, have affected, and are likely to continue to affect, our business.
For example, ENBREL and Otezla have been selected by CMS for Medicare price setting beginning in 2026 and 2027, respectively.
Risk Factors for further discussion of certain factors that could impact our future product sales. 2 Represents reductions against established baselines, taking into account only verified reduction projects and does not take into account changes associated with contraction or expansion of the Company. 3 Carbon neutrality goal refers to Scopes 1 and 2.
Selected Financial Information The following is an overview of our results of operations (in millions, except percentages and per-share data): Year ended December 31, 2024 Change Year ended December 31, 2023 Product sales: U.S. $ 23,301 21 % $ 19,272 ROW 8,725 14 % 7,638 Total product sales 32,026 19 % 26,910 Other revenues 1,398 9 % 1,280 Total revenues $ 33,424 19 % $ 28,190 Operating expenses $ 26,166 29 % $ 20,293 Operating income $ 7,258 (8) % $ 7,897 Net income $ 4,090 (39) % $ 6,717 Diluted EPS $ 7.56 (39) % $ 12.49 Diluted shares 541 1 % 538 In the following discussion of changes in product sales, any reference to volume growth or decline refers to changes in the purchases of our products by healthcare providers (such as physicians or their clinics), dialysis centers, hospitals and pharmacies.
Total product sales increased 19% in 2024, primarily driven by volume growth of 23%, partially offset by declines in net selling price of 2%.
U.S. volume grew 26% and ROW volume grew 17%.
Product sales from acquired Horizon products contributed $4.2 billion in 2024 compared to $954 million in 2023, with volume growth of 11% from our other brands, including Repatha, TEZSPIRE, EVENITY, BLINCYTO and Prolia.
For 2025, we expect volume growth from certain brands to be partially offset by net selling price declines.
Further, the first quarter of a year historically represents the lowest product sales quarter for the year, in part due to plan changes, insurance reverifications and higher co-pay expenses as U.S. patients work through deductibles, particularly for products acquired through pharmacy benefit programs.
Uncertain macroeconomic conditions, changes in the healthcare ecosystem and geopolitical conflicts have the potential to introduce variability into product sales.
Furthermore, product sales continue to be impacted by actions from governments and other entities to curb high inflation, provisions of the IRA, inappropriate expanded utilization of the 340B Program and growth in numbers of Medicaid enrollees and uninsured individuals.
See Risk Factors in Part I, Item 1A. of this Form 10-K.
Other revenues increased for 2024, primarily driven by higher corporate partner revenue from licensed products and royalty income.
Operating expenses increased for 2024, driven by higher amortization expense from Horizon acquisition-related assets, higher R&D and SG&A expenses, including expenses from the acquired Horizon business, and higher profit share and royalty expense.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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