AMGEN INC（AMGN）の決算・業績分析
AMGEN INCの2025年有価証券報告書をAI分析。売上高$36.8B(+10.0%)。営業利益$9.1B。Health Care。
目次
AMGEN INCの2025年度 業績サマリー
AMGEN INC（証券コード: AMGN）の2025年度決算・業績分析。売上高は$36.8B（前年比+10.0%）。営業利益は$9.1B（前年比+25.1%）。純利益は$7.7B（前年比+88.5%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
AMGEN INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Operating income surged 25.2% YoY to $9.6B (XBRL), driven by strong product performance and cost management.
- Net income rose 11.2% YoY to $6.6B (XBRL), with a net margin of 24.9% (XBRL), reflecting improved profitability.
- Free cash flow reached $8.8B (XBRL), despite $936M in CapEx (XBRL), highlighting robust operational efficiency.
- ROE hit 97.8% (XBRL), but net debt to EBITDA stands at 4.0x (XBRL), signaling high leverage.
AMGEN INCの売上高変化の要因
- •Revenue grew 1.3% YoY to $26.3B (XBRL), with a 5-year CAGR of 3.5% (XBRL). Operating income declined 5.1% CAGR over 5 years (XBRL), but rose 25.2% YoY to $9.6B (XBRL). Key products like TEPEZZA and UPLIZNA likely drove growth, though segment-specific revenue breakdowns are unavailable (XBRL). The 5-year revenue trajectory shows modest growth, with FY2024 revenue up from $26.0B in FY2023 (XBRL).
AMGEN INCの営業利益変化の要因
- •Operating margin expanded to 36.3% (XBRL), with EBITDA at $13.0B (49.3% of revenue) (XBRL). Net margin improved 11.2% YoY to 24.9% (XBRL). However, operating income CAGR has declined 5.1% over 5 years (XBRL), reflecting challenges in sustaining long-term growth despite FY2024's strong performance. Cost management and pricing power appear to have offset rising R&D and CapEx expenses.
AMGEN INCの事業リスクと対応
Reimbursement pressures from payers may harm profitability (10-K).
Tax liabilities from IRS disputes and OECD tax rules could impact results (10-K).
Litigation and government investigations pose operational risks (10-K).
Competition from biosimilars and generics threatens sales (10-K).
R&D failures or regulatory delays may prevent product commercialization (10-K).
AMGEN INCの事業内容
Amgen Inc (AMGN) focuses on discovering, developing, manufacturing, and delivering innovative medicines for serious diseases (10-K). Its revenue model relies on pharmaceutical product sales, with FY2024 revenue of $26.3B (XBRL). Key products include MariTide (obesity/diabetes), IMDELLTRA (lung cancer), BLINCYTO (leukemia), TEPEZZA (thyroid eye disease), UPLIZNA (IgG4-RD/myasthenia gravis), and Rocatinlimab (atopic dermatitis) (10-K). The company operates in a single segment: human therapeutics (10-K). Competitive advantages include a robust R&D pipeline with first-in-class medicines and a 40+ year history in biotechnology (10-K), supported by $4.4B in R&D expenses (XBRL).
AMGEN INCのAI業績分析レポート（2024年度）
Amgen Inc (AMGN) FY2024 Annual Report Analysis
Highlights
Business Overview
Amgen Inc (AMGN) focuses on discovering, developing, manufacturing, and delivering innovative medicines for serious diseases (10-K). Its revenue model relies on pharmaceutical product sales, with FY2024 revenue of $26.3B (XBRL). Key products include MariTide (obesity/diabetes), IMDELLTRA (lung cancer), BLINCYTO (leukemia), TEPEZZA (thyroid eye disease), UPLIZNA (IgG4-RD/myasthenia gravis), and Rocatinlimab (atopic dermatitis) (10-K). The company operates in a single segment: human therapeutics (10-K). Competitive advantages include a robust R&D pipeline with first-in-class medicines and a 40+ year history in biotechnology (10-K), supported by $4.4B in R&D expenses (XBRL).
Revenue Analysis
Revenue grew 1.3% YoY to $26.3B (XBRL), with a 5-year CAGR of 3.5% (XBRL). Operating income declined 5.1% CAGR over 5 years (XBRL), but rose 25.2% YoY to $9.6B (XBRL). Key products like TEPEZZA and UPLIZNA likely drove growth, though segment-specific revenue breakdowns are unavailable (XBRL). The 5-year revenue trajectory shows modest growth, with FY2024 revenue up from $26.0B in FY2023 (XBRL).
Profitability Analysis
Operating margin expanded to 36.3% (XBRL), with EBITDA at $13.0B (49.3% of revenue) (XBRL). Net margin improved 11.2% YoY to 24.9% (XBRL). However, operating income CAGR has declined 5.1% over 5 years (XBRL), reflecting challenges in sustaining long-term growth despite FY2024's strong performance. Cost management and pricing power appear to have offset rising R&D and CapEx expenses.
Balance Sheet Analysis
Total assets grew to $97.2B (XBRL), but total equity fell to $6.7B (XBRL), with an equity ratio of 6.9% (XBRL). Current ratio is 1.65x (XBRL), indicating adequate short-term liquidity. Cash reserves stand at $10.9B (XBRL), but long-term debt is $63.2B (XBRL), resulting in a net debt of $52.2B (4.0x EBITDA) (XBRL). ROA is 6.7% (XBRL), suggesting capital inefficiency despite high cash balances.
Cash Flow Analysis
Operating cash flow totaled $9.7B (XBRL), with free cash flow of $8.8B (XBRL) after $936M in CapEx (XBRL). Investing cash flow was -$6.0B (XBRL), likely reflecting capital investments. Financing cash flow was -$4.0B (XBRL), driven by $4.2B in dividends (XBRL) and $6.4B in share repurchases (XBRL). The company prioritized shareholder returns, with total returns of $10.6B (XBRL).
Working Capital Analysis
Cash conversion cycle (CCC) was 552 days (XBRL), with receivables days at 101 days (XBRL), inventory days at 542 days (XBRL), and payables days at 91 days (XBRL). The extreme inventory days suggest significant working capital inefficiencies, potentially impacting liquidity and operational performance.
Risks
Outlook
N/A. The 10-K does not provide specific management guidance or forward-looking trends beyond historical revenue projections, which show FY2025 revenue expected to reach $28.2B (XBRL).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 23.7B | 23.4B | 25.4B | 26.0B | 26.3B | 28.2B |
| Operating Income | 10.3B | 9.7B | 9.1B | 7.6B | 9.6B | 7.9B |
| Net Income | 8.4B | 7.8B | 7.3B | 5.9B | 6.6B | 6.7B |
| Total Assets | 59.7B | 62.9B | 61.2B | 65.1B | 97.2B | 91.8B |
| Total Equity | 25.2B | 12.5B | 9.7B | 9.4B | 6.7B | 3.7B |
| Operating Cash Flow | 11.3B | 9.2B | 10.5B | 9.3B | 9.7B | 8.5B |
Health Careの企業一覧
AMGEN INCと同じ「Health Care」セクターの企業