Analysis of Revenues
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
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Revenues as Reported
Amgen Inc., income statement, revenues
US$ in millions
| 12 months ended: | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Human therapeutics | |||||||||||
| Product sales | |||||||||||
| Other revenues | |||||||||||
| Revenues |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Revenues demonstrate a consistent upward trajectory over the five-year period. This growth is primarily driven by increases in human therapeutics and associated product sales, while other revenues exhibit more moderate fluctuations.
- Overall Revenue Trend
- Total revenues increased from US$25,979 million in 2021 to US$36,751 million in 2025. This represents a cumulative growth of approximately 41.3% over the period. The rate of growth appears to be accelerating, with larger absolute increases observed in the later years of the period.
- Human Therapeutics & Product Sales
- Human therapeutics, which are equivalent to product sales in this presentation, consistently contribute the vast majority of total revenues. These revenues grew from US$24,297 million in 2021 to US$35,148 million in 2025, representing a 44.5% increase. The most substantial year-over-year increase in human therapeutics occurred between 2022 and 2023 (US$2,109 million), and again between 2023 and 2024 (US$5,116 million).
- Other Revenues
- Other revenues experienced a decline from US$1,682 million in 2021 to US$1,280 million in 2022. However, these revenues subsequently recovered, reaching US$1,603 million in 2025. While fluctuating, the overall trend in other revenues remains relatively stable compared to the significant growth observed in human therapeutics. The contribution of other revenues to total revenues decreased slightly over the period, from approximately 6.5% in 2021 to 4.4% in 2025.
The consistent growth in human therapeutics and product sales is the primary driver of overall revenue expansion. While other revenues contribute to the total, their impact is comparatively smaller and subject to greater variation.