Amgen Inc. Stock

Amgen (AMGN) — FY2025 Annual Report

Amgen closed FY2025 with revenue of roughly $36.8 billion, up about 10% year-over-year, and net income of $7.7 billion, which nearly doubled from the prior year's depressed level. The rebound in profitability appears to reflect both stronger operating performance and the absence of some of the one-time cost pressures that weighed on FY2024, giving the year a headline appearance of decisive recovery rather than steady expansion.

The profitability trajectory looks less linear beneath the surface. Net margin returned to roughly 21%, in line with the company's five-year average, after dipping near 12% in FY2024. Much of that year's weakness seems to have stemmed from an elevated cost of sales tied to the Horizon Therapeutics integration, and the subsequent recovery in gross margin toward 67% could indicate that acquisition-related distortions are normalizing. On the product side, the growth story appears increasingly concentrated in newer and acquired franchises—Repatha, EVENITY, TEZSPIRE, and KRYSTEXXA all posted meaningful gains—while legacy ENBREL continued its steady decline, falling to roughly $2.2 billion from $3.7 billion two years earlier. This ongoing rotation away from mature products may be worth monitoring as a signal of the portfolio's durability. Research and development spending climbed to over $7 billion, suggesting continued investment intensity even as the company manages its cost base.