Financials Amgen Inc.

Equities

AMGN

US0311621009

Pharmaceuticals

Market Closed - Nasdaq Other stock markets 04:00:00 2025-12-04 pm EST			5-day change	1st Jan Change
340.16 ^USD	-1.52%		-1.53%	+30.51%

Dec. 03	Amgen Inc. Presents at Citi Annual Global Healthcare Conference 2025, Dec-03-2025 01:45 PM
Dec. 03	Amgen Inc. Presents at Evercore 8th Annual Healthcare Conference, Dec-03-2025 10:00 AM

Projected Income Statement: Amgen Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	25,424	25,979	26,323	28,190	33,424	36,327	36,851	37,769
Change	-	2.18%	1.32%	7.09%	18.57%	8.69%	1.44%	2.49%
EBITDA ¹	15,935	15,822	16,178	17,470	20,620	21,146	20,155	20,538
Change	-	-0.71%	2.25%	7.99%	18.03%	2.55%	-4.69%	1.9%
EBIT ¹	12,334	12,424	12,761	13,399	15,028	15,824	16,037	16,437
Change	-	0.73%	2.71%	5%	12.16%	5.3%	1.34%	2.5%
Interest Paid ¹	-1,006	-1,197	-1,406	-2,875	-3,155	-2,818	-2,436	-2,200
Earnings before Tax (EBT) ¹	8,133	6,701	7,346	7,855	4,609	10,363	9,404	10,802
Change	-	-17.61%	9.63%	6.93%	-41.32%	124.84%	-9.25%	14.86%
Net income ¹	7,264	5,893	6,552	6,717	4,090	7,345	7,375	8,421
Change	-	-18.87%	11.18%	2.52%	-39.11%	79.58%	0.41%	14.2%
Announcement Date	2/2/21	2/7/22	1/31/23	2/6/24	2/4/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	6,634	5,901	6,526	6,706	6,846	6,238	6,594	6,652	6,839	6,105	6,986	6,903	8,196	7,447	8,388	8,503	9,086	8,149	9,179	9,557	9,458	8,657	9,284	9,409	9,610
Change	-	-11.05%	10.59%	2.76%	2.09%	-8.88%	5.71%	0.88%	2.81%	-10.73%	14.43%	-1.19%	18.73%	-9.14%	12.64%	1.37%	6.86%	-10.31%	12.64%	4.12%	-1.04%	-8.47%	7.25%	1.34%	2.14%
EBITDA ¹	3,601	3,705	3,966	4,302	3,849	3,981	4,163	4,114	3,920	3,721	4,411	4,298	5,040	4,477	4,915	5,440	5,430	4,986	5,634	5,612	6,160	4,870	5,184	5,075	5,249
Change	-	2.89%	7.04%	8.47%	-10.53%	3.43%	4.57%	-1.18%	-4.72%	-5.08%	18.54%	-2.56%	17.26%	-11.17%	9.78%	10.68%	-0.18%	-8.18%	13%	-0.39%	9.77%	-20.93%	6.44%	-2.1%	3.42%
EBIT ¹	2,728	2,864	3,111	3,452	2,997	3,140	3,335	3,277	3,009	2,821	3,515	3,403	3,660	3,078	3,873	4,044	4,033	3,599	4,293	4,305	3,630	3,572	4,066	4,055	4,100
Change	-	4.99%	8.62%	10.96%	-13.18%	4.77%	6.21%	-1.74%	-8.18%	-6.25%	24.6%	-3.19%	7.55%	-15.9%	25.83%	4.42%	-0.27%	-10.76%	19.28%	0.28%	-15.68%	-1.59%	13.83%	-0.27%	1.11%
Charge d'intérêts ¹	-131	-285	-281	-296	-335	-295	-328	-368	-415	-543	-419	-759	-821	-824	-808	-776	-747	-723	-694	-685	-716	-666.7	-657.3	-647.7	-629.7
Earnings before Tax (EBT) ¹	1,877	1,857	558	2,155	2,131	1,675	1,531	2,392	1,748	3,442	1,614	1,947	852	-68	794	3,101	782	1,973	1,568	3,921	2,028	-	-	-	-
Change	-	-1.07%	-69.95%	286.2%	-1.11%	-21.4%	-8.6%	56.24%	-26.92%	96.91%	-53.11%	20.63%	-56.24%	-107.98%	1,267.65%	290.55%	-74.78%	152.3%	-20.53%	150.06%	-48.28%	-	-	-	-
Net income ¹	1,615	1,646	464	1,884	1,899	1,476	1,317	2,143	1,616	2,841	1,379	1,730	767	-113	746	2,830	627	1,730	1,432	3,216	1,341	1,164	1,430	1,391	1,385
Change	-	1.92%	-71.81%	306.03%	0.8%	-22.27%	-10.77%	62.72%	-24.59%	75.8%	-51.46%	25.45%	-55.66%	-114.73%	760.18%	279.36%	-77.84%	175.92%	-17.23%	124.58%	-58.29%	-13.26%	22.95%	-2.76%	-0.43%
Announcement Date	2/2/21	4/27/21	8/3/21	11/2/21	2/7/22	4/27/22	8/4/22	11/3/22	1/31/23	4/27/23	8/3/23	10/31/23	2/6/24	5/2/24	8/6/24	10/30/24	2/4/25	5/1/25	8/5/25	11/4/25	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Amgen Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	22,339	25,272	29,640	53,669	48,126	44,574	39,275	33,502
Change	-	13.13%	17.28%	81.07%	-10.33%	-7.38%	-11.89%	-14.7%
Announcement Date	2/2/21	2/7/22	1/31/23	2/6/24	2/4/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Amgen Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	608	880	936	1,112	1,096	2,217	1,755	1,688
Change	-	44.74%	6.36%	18.8%	-1.44%	102.24%	-20.83%	-3.82%
Free Cash Flow (FCF) ¹	9,889	8,381	8,785	7,359	10,394	8,385	14,193	12,910
Change	-	-15.25%	4.82%	-16.23%	41.24%	-19.33%	69.27%	-9.04%
Announcement Date	2/2/21	2/7/22	1/31/23	2/6/24	2/4/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Amgen Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	62.68%	60.9%	61.46%	61.97%	61.69%	58.21%	54.69%	54.38%
EBIT Margin (%)	48.51%	47.82%	48.48%	47.53%	44.96%	43.56%	43.52%	43.52%
EBT Margin (%)	31.99%	25.79%	27.91%	27.86%	13.79%	28.53%	25.52%	28.6%
Net margin (%)	28.57%	22.68%	24.89%	23.83%	12.24%	20.22%	20.01%	22.3%
FCF margin (%)	38.9%	32.26%	33.37%	26.11%	31.1%	23.08%	38.51%	34.18%
FCF / Net Income (%)	136.14%	142.22%	134.08%	109.56%	254.13%	114.16%	192.46%	153.3%
Profitability
ROA	15.97%	15.79%	15.16%	12.37%	11.36%	9.74%	10.37%	11.31%
ROE	102.66%	121.63%	184.73%	202.85%	177.29%	161.3%	107.25%	95.63%
Financial Health
Leverage (Debt/EBITDA)	1.4x	1.6x	1.83x	3.07x	2.33x	2.11x	1.95x	1.63x
Debt / Free cash flow	2.26x	3.02x	3.37x	7.29x	4.63x	5.32x	2.77x	2.59x
Capital Intensity
CAPEX / Current Assets (%)	2.39%	3.39%	3.56%	3.94%	3.28%	6.1%	4.76%	4.47%
CAPEX / EBITDA (%)	3.82%	5.56%	5.79%	6.37%	5.32%	10.48%	8.71%	8.22%
CAPEX / FCF (%)	6.15%	10.5%	10.65%	15.11%	10.54%	26.43%	12.36%	13.07%
Items per share
Cash flow per share ¹	17.79	16.16	17.97	15.75	21.24	20.48	23.21	23.96
Change	-	-9.16%	11.18%	-12.37%	34.89%	-3.59%	13.37%	3.2%
Dividend per Share ¹	6.4	7.04	7.76	8.52	9	9.555	10.09	10.64
Change	-	10%	10.23%	9.79%	5.63%	6.17%	5.58%	5.46%
Book Value Per Share ¹	16.28	12.01	6.856	11.65	10.94	16.55	21.41	27.62
Change	-	-26.24%	-42.9%	69.91%	-6.05%	51.22%	29.38%	29%
EPS ¹	12.31	10.28	12.11	12.49	7.56	13.09	13.78	15.57
Change	-	-16.49%	17.8%	3.14%	-39.47%	73.12%	5.3%	12.95%
Nbr of stocks (in thousands)	582,169	563,266	533,579	535,178	537,533	538,481	538,481	538,481
Announcement Date	2/2/21	2/7/22	1/31/23	2/6/24	2/4/25	-	-	-