# Amgen (AMGN) Forecast Calculator

Interactive five-year financial forecast and DCF for Amgen. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/amgen/forecast
- Industry: Healthcare
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 23362000000 | 8532000000 | 11880000000 | 7842000000 |
| 2022 | 25424000000 | 9889000000 | 12740000000 | 7264000000 |
| 2023 | 25979000000 | 8381000000 | 11037000000 | 5893000000 |
| 2024 | 26323000000 | 8785000000 | 12983000000 | 6552000000 |
| 2025 | 28190000000 | 7359000000 | 11968000000 | 6717000000 |

## Frequently asked questions

### What does Amgen do and what is its core business model?

Amgen discovers, develops, manufactures, and delivers innovative human therapeutics globally, focusing on areas of high unmet medical need. Its business model is highly intellectual property-driven, requiring heavy upfront capital investment in R&D, followed by high-margin manufacturing once a drug is approved.

### How does Amgen generate revenue, and what are its primary product drivers?

Amgen generates revenue almost entirely from product sales, with a small fraction coming from other revenues like royalties. Revenue for key products like Enbrel, Prolia, Xgeva, and Repatha is driven by patient volume and net selling price, with recent growth bolstered by the acquired rare disease portfolio.

### What are the key financial assumptions used in the Amgen financial model?

The Amgen financial model incorporates a revenue growth rate of approximately 4.8% and projects Cost of Goods Sold (COGS) at about 24.4% of revenue. Selling, General, and Administrative (SGA) expenses are assumed to be around 21.5% of revenue, while Capital Expenditure (Capex) is set at approximately 3.2% of revenue.

### What is the main purpose of the Amgen financial model, and what does it aim to assess?

The Amgen financial model projects the company's long-term cash flows to determine its equity valuation. It specifically aims to assess whether the rapid growth of the newly acquired Horizon Therapeutics rare disease portfolio can offset revenue erosion from impending patent cliffs and biosimilar competition for legacy drugs.

### Can I download an Excel financial model for Amgen, and what is its forecast horizon?

Yes, an Excel financial model for Amgen is available for download. This model provides a comprehensive forecast horizon covering the fiscal years FY2026 through FY2030.

### How has Amgen's acquisition of Horizon Therapeutics impacted its business and balance sheet?

The $27.8 billion acquisition of Horizon Therapeutics significantly expanded Amgen's portfolio with blockbuster rare disease drugs like Tepezza, Krystexxa, and Uplizna. This acquisition also substantially increased goodwill and intangible assets, which now represent over 50% of Amgen's total assets.