Amgen (AMGN) reported R&D of $1.72B in Q1 2026.

How has Amgen's R&D changed year-over-year?

Amgen's R&D increased by 15.7% year-over-year, from $1.49B to $1.72B.

What is the long-term trend for Amgen's R&D?

Over 4 years (2021 to 2025), Amgen's R&D has grown at a 10.8% compound annual growth rate (CAGR), from $4.82B to $7.27B.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Amgen AMGN R&D

R&D at other companies

Eli LillyLLY

$3.51B+28.4%

Regeneron PharmaceuticalsREGN

$1.54B+16.3%

Nektar TherapeuticsNKTR

$35.68M+17.1%

Oruka Therapeutics, Inc.ORKA

$29.15M+46.3%

Rigel PharmaceuticalsRIGL

$11.68M+38.4%

Jazz PharmaceuticalsJAZZ

$196M+8.5%

Other financials

Income statement

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Revenue$8.6B+5.8%

Gross profit$5.9B+13.4%

Operating income$2.7B+126%

Net income$1.8B+5.1%

EPS (diluted)$3.34+4.4%

Balance sheet

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Cash & equivalents$559.0M+10.0%

Total debt$57.3B-0.1%

Total equity$9.2B+48.1%

Total assets$92.5B+3.5%

Cash flow

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Operating cash flow$2.2B+57.4%

CapEx$712.0M+73.2%

Free cash flow$1.5B+50.7%

Valuation

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Market cap$196.25B+24.6%

Enterprise value$253.01B+18.7%

P/E25.2×+1.4×

P/S5.3×+0.8×

Profitability

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Gross margin68.3%+5.3pp

Operating margin28.4%+6.6pp

Net margin21%+3.6pp

FCF margin23.1%-8.9pp

Returns & leverage

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Return on equity101.3%-4.4pp

Debt / equity6.2×-3.0×

Current ratio1.3×+0.1×

Where this comes from

Reported directly by Amgen in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost.

The official record: Amgen’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Amgen's R&D?: Amgen (AMGN) reported R&D of $1.72B in Q1 2026.
How has Amgen's R&D changed year-over-year?: Amgen's R&D increased by 15.7% year-over-year, from $1.49B to $1.72B.
What is the long-term trend for Amgen's R&D?: Over 4 years (2021 to 2025), Amgen's R&D has grown at a 10.8% compound annual growth rate (CAGR), from $4.82B to $7.27B.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.