Revenues

We operate our business in one operating segment, which also represents one reportable segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues by product and by geographic area, based on customers’ locations, are presented below. A substantial portion of ROW product sales relates to products sold in Europe.

Revenues were as follows (in millions):


	Year ended December 31, 2025						Year ended December 31, 2024						Year ended December 31, 2023
	U.S.		ROW		Total		U.S.		ROW		Total		U.S.		ROW		Total
Prolia	$	2,978	$	1,436	$	4,414	$	2,885	$	1,489	$	4,374	$	2,733	$	1,315	$	4,048
Repatha	1,663		1,353		3,016		1,139		1,083		2,222		793		842		1,635
Otezla	1,839		426		2,265		1,699		427		2,126		1,777		411		2,188
ENBREL	2,199		27		2,226		3,288		28		3,316		3,650		47		3,697
EVENITY	1,600		500		2,100		1,131		432		1,563		809		351		1,160
XGEVA	1,355		729		2,084		1,507		718		2,225		1,527		585		2,112
TEPEZZA(1)	1,758		145		1,903		1,835		16		1,851		441		7		448
BLINCYTO	1,049		510		1,559		800		416		1,216		566		295		861
Nplate	1,027		497		1,524		970		486		1,456		996		481		1,477
TEZSPIRE (2)	1,478		—		1,478		972		—		972		567		—		567
KYPROLIS	913		499		1,412		948		555		1,503		921		482		1,403
Aranesp	416		973		1,389		386		956		1,342		452		910		1,362
KRYSTEXXA(1)	1,340		—		1,340		1,185		—		1,185		272		—		272
Vectibix	604		571		1,175		519		526		1,045		461		523		984
Other products(3)	5,437		1,826		7,263		4,037		1,593		5,630		3,307		1,389		4,696
Total product sales(4)	25,656		9,492		35,148		23,301		8,725		32,026		19,272		7,638		26,910
Other revenues	763		840		1,603		562		836		1,398		534		746		1,280
Total revenues	$	26,419	$	10,332	$	36,751	$	23,863	$	9,561	$	33,424	$	19,806	$	8,384	$	28,190

____________

(1) TEPEZZA and KRYSTEXXA were acquired from the acquisition of Horizon on October 6, 2023, and include product sales in the periods after the acquisition date.

(2) TEZSPIRE is marketed by our collaborator AstraZeneca outside the United States.

(3) Consists of product sales of our non-principal products.

(4) Hedging gains and losses, which are included in product sales, were not material for the years ended December 31, 2025, 2024 and 2023.

In the United States, we sell primarily to pharmaceutical wholesale distributors that we use as the principal means of distributing our products to healthcare providers. Outside the United States, we sell principally to healthcare providers and/or pharmaceutical wholesale distributors depending on the distribution practice in each country. We monitor the financial condition of our larger customers and limit our credit exposure by setting credit limits and, in certain circumstances, by requiring letters of credit or obtaining credit insurance.

For each of the years ended December 31, 2025, 2024 and 2023, we had product sales to three customers that individually accounted for more than 10% of total revenues. For the year ended December 31, 2025, on a combined basis, these customers accounted for 77% of total gross revenues as shown in the following table. Certain information with respect to these customers was as follows (dollar amounts in millions):


	Years ended December 31,
	2025			2024			2023
McKesson Corporation:
Gross product sales	$	26,253		$	22,173		$	19,035
% of total gross revenues	34		%	33		%	33		%
Cencora, Inc.:
Gross product sales	$	20,986		$	18,387		$	16,625
% of total gross revenues	27		%	27		%	29		%
Cardinal Health, Inc.:
Gross product sales	$	12,562		$	11,278		$	9,775
% of total gross revenues	16		%	17		%	17		%

As of December 31, 2025 and 2024, amounts due from these three customers each exceeded 10% of gross trade receivables and accounted for 75% and 70%, respectively, of net trade receivables on a combined basis. As of December 31, 2025 and 2024, 21% and 26%, respectively, of net trade receivables were due from customers located outside the United States, the majority of which were from Europe. Our total allowance for doubtful accounts as of December 31, 2025 and 2024, was not material.

Historical Timeline

Fiscal Year	Filed
2025	Feb 13, 2026	Showing above
2024	Feb 14, 2025

2023	Feb 14, 2024

2022	Feb 9, 2023

2021	Feb 16, 2022

2020	Feb 9, 2021

2019	Feb 12, 2020

2018	Feb 13, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

AMGEN INC Revenue Disclosure

Historical Timeline

About Revenue Disclosures

Other Available Disclosures