AMGN stock rises as 2025 revenue reaches $33.4 billion

AMGN stock (Amgen Inc., ISIN US0311621009) is anchored by 2025 revenue of $33.4 billion and full-year diluted earnings per share of $13.61, while the company was valued at about $143 billion on 22 July 2026. According to Amgen, revenue rose 19% in 2025, with non-GAAP EPS of $20.64 for the year.

Revenue at $33.4 billion

Amgen reported 2025 product sales of $33.4 billion, up 19% from 2024, and full-year non-GAAP operating margin of 49.2%. The same annual update showed diluted EPS of $13.61 on a GAAP basis and $20.64 on a non-GAAP basis, giving investors two clear earnings frames for the year.

The comparison matters because the 19% sales increase came alongside an earnings base that stayed high in absolute terms. That combination is the key signal in a company where margin and product mix often matter as much as top-line growth.

Margins and earnings

Amgen also said 2025 research and development spending reached $4.2 billion, while selling, general and administrative expense totaled $4.9 billion. Those figures help explain why the company could post a 49.2% non-GAAP operating margin even as it kept investing in its pipeline and commercial base.

For investors, the more relevant comparison is not just sales growth but the spread between revenue and operating cost. A 49.2% margin in a $33.4 billion sales year leaves room for new launches, share repurchases, and debt management without depending on one product alone.

Market value and scale

At about $143 billion in market capitalization on 22 July 2026, Amgen remains one of the larger U.S. biotechnology names. That size gives the stock a different profile from smaller biotech peers: the market tends to focus more on execution, pipeline conversion, and cash generation than on a single clinical readout.

The market-value anchor is useful because it puts the 2025 numbers into context. A company of this scale needs repeatable cash flow, and the 2025 results show why the shares can trade as a large-cap healthcare compounder rather than as a pure event-driven biotech name.

Repatha and the pipeline

Amgen’s cholesterol drug Repatha remains a representative product because it is one of the company’s best-known commercial assets. In 2025, the broader product portfolio, not just one franchise, supported the $33.4 billion revenue base and the 19% annual increase.

That product mix matters for the next phase of growth. The company’s commercial depth across existing brands is now part of the story, alongside the pipeline that must justify the company’s scale and valuation.

Trading level

With a market capitalization near $143 billion as of 22 July 2026, AMGN stock sits in the large-cap healthcare bracket even without a fresh headline catalyst in this call. The 2025 revenue of $33.4 billion, the 49.2% non-GAAP operating margin, and the $20.64 non-GAAP EPS all point to a business that still generates substantial earnings power.

Company profile

Amgen Inc. is a biotechnology company with a portfolio that includes Repatha and other established therapies. The company profile is most useful here as a lens on scale: 2025 revenue of $33.4 billion, non-GAAP operating margin of 49.2%, and non-GAAP EPS of $20.64 together show a mature commercial platform.

AMGN stock level

AMGN stock was valued at about $143 billion on 22 July 2026, which frames the company as a large-cap healthcare name rather than a speculative biotech trade. The 2025 revenue base of $33.4 billion and the 19% yearly sales increase give that valuation context real operating support.