Short answer
Amgen (AMGN) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $36.8B (+10.0% year over year) and net income of $7.7B.
- Top risk flagged: Litigation risk: Ongoing U.S. Antitrust trial with Regeneron; jury awarded $135.6M compensatory damages, potential trebling to $406.8M total damages
FY2025 key financial metrics · XBRL
- Revenue
- $36.8B
- +10.0% YoY
- Net income
- $7.7B
- +88.5% YoY
- Operating margin
- 24.7%
- +3.0 pp YoY
- EPS (diluted)
- $14.23
- +88.2% YoY
- ROE
- 89.1%
- +19.5 pp YoY
- Operating cash flow
- $10.0B
- −13.3% YoY
Source: XBRL data from the Amgen (AMGN) FY2025 10-K on SEC EDGAR. USD.
Amgen FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Biopharmaceutical company focused on innovative therapies for serious illnesses
- NEW segment emphasis: Integration and conversion of Horizon Therapeutics' equity plans post-acquisition in October 2023
- Strategic shift: Acquisition of Horizon Therapeutics with stock plans merged, ending Horizon plans for future grants as of Oct 6, 2023
- Quantitative metric: 11,230,989 total securities issuable under Amgen and acquired equity plans, weighted-average exercise price $234.45
- Noteworthy fact: Performance units granted in 2023-2025 can yield up to 200% of target shares based on performance goals
Management Discussion & Analysis
- Cash and equivalents $9.1B in 2025 vs $12.0B in 2024, decline of $2.9B
- Long-term debt decreased to $50.0B in 2025 from $56.5B in 2024
- Dividends per share increased 6% YoY to $2.38 in 2025 from $2.25 in 2024
- No stock repurchases in 2025, $200M repurchased in 2024, $6.8B repurchase authorization remains
- Management confident in liquidity from operations, debt markets, and existing cash for capital needs and shareholder returns
Risk Factors
- Litigation risk: Ongoing U.S. Antitrust trial with Regeneron; jury awarded $135.6M compensatory damages, potential trebling to $406.8M total damages
- Geopolitical exposure: Patent disputes in Germany and Japan with Sanofi and Regeneron, including upheld EP’004 patent validity and ongoing appeals
- Supply chain/operational vulnerability: Multi-jurisdictional patent litigation delays marketing; UPC actions and EPO oppositions prolong product launches like Repatha and PAVBLU
- Competitive risk: Multiple biosimilar patent infringement lawsuits filed against five companies including Amneal, Hikma, Dr. Reddy’s, Alkem seeking to enter U.S. market for Prolia/XGEVA
- Financial risk: $1.8B final U.S. repatriation tax payment made in 2025 under 2017 Tax Act, material cash outflow impacting liquidity planning
Generated from the filing text; verify against the original. How to read a 10-K
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