AmgenAMGN

AmgenAMGN

Revenue: is the business selling more than it used to?

$36.8B+10% YoYFY 2025

→Revenue reached $36.8B in 2025, compounding +12% a year since 2022 and the pace is picking up. The trailing twelve months are already running at $38.1B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

Net income: how much of that revenue becomes profit?

$7.7B+89% YoYFY 2025

→Net income was $7.7B in 2025, compounding +6% a year over three years. Earnings per share moved +32% over the last twelve months. Trailing twelve-month profit stands at $8.7B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

How fast is it growing, year by year?

+10.0%revenue growth, FY 2025

→Revenue grew +10% in 2025 against a five-year average of +8%. Earnings grew faster (+89%), so each new dollar of sales is arriving more profitably. 2018's +324% earnings rebound off a collapsed base sits off the axis.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

Revenue per share: is your slice growing as fast as the company?

$67.81revenue per share, FY 2025

→Revenue per share reached $67.81 in 2025, compounding +12% a year - in line with AMGN's own +12%, so the share count is not distorting your slice. Free cash flow per share stands at $14.94.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

Free cash flow: what is left in real cash after everything?

$8.1B−22% YoYFY 2025

→Free cash flow was $8.1B in 2025, compounding -3% a year since 2022. The trailing twelve months stand at $10.2B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

How much of every sales dollar ends up as free cash?

→22 cents of every sales dollar became free cash in 2025, down 11 points since 2022 - its weakest conversion on record.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 5% of revenue (stock compensation 1%). That share has risen since 2022, so the cost of competing is climbing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in only 2 of the last 5 years. Costs are growing roughly in step with the business, so scale isn't yet paying for itself.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin compressed 12 points to 25% since 2022. After everything, 21 cents of each sales dollar reaches net profit. AMGN doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

What does it earn on the money it uses?

→ROE of 75% sits well above ROCE of 14%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

What has the market paid for AMGN over time?

27.1xP/E today

→At 27.1x earnings, the market is paying +52% more than AMGN's own 11-year median of 17.9x. Expectations are elevated, so more has to go right to justify the price.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

What cash return does the business throw off per dollar of market value?

4.3%FCF yield today

→Every dollar of market value currently buys 4.3% of annual free cash flow, less than its 11-year median of 8.8% - you are paying up for the same cash.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

Could it handle its debt if things went wrong?

→Debt of $57.3B sits against $14.0B of cash, or 4.9x shareholders' equity. Earnings cover interest 4.3 times - adequate, with less room than it looks in a downturn.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

Is the company's own capital growing?

→The company's own capital grew from $6.2B in 2023 to $11.7B (+88%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

How much goes back, and how much leaks out as stock comp?

→Shareholders received $5.1B in dividends in 2025. Stock compensation issued $494M of new shares in the same year, offsetting 10% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

How fast is your ownership being diluted - or concentrated?

→The share count grew 0.2% in 2025, averaging 0.1% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

Is the dividend cheque growing?

→The dividend per share reached $9.45 in 2025, compounding +8% a year since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

Can it afford the dividend?

→The dividend consumed 66% of profit and 63% of free cash flow in 2025. That leaves room to keep paying through a weak year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

Does AMGN earn more on its capital than that capital costs?

→AMGN earns 13.9% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. It was 19.4% in 2022, so the trend is down, though the pace has cooled.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

AMGN has issued or retired shares - did shareholders end up better off?

→AMGN has shrunk its share count -41% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +297% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

AmgenAMGN

Are the people running it buying or selling?

→Insiders sold $4M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 53 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30