Amgen

As of June 30, 2025, Amgen reported 8.0 billion dollars in cash and 56.2 billion in debt, for net debt of about 48 billion.

TTM FCF of ~10.6 billion implies net‑debt‑to‑FCF of about 4.5x, elevated but trending lower as the company repays borrowings (4.3 billion year‑to‑date retired). 2024 interest expense was about 3.2 billion, which is well covered by FCF. The dividend is rising and appears manageable relative to cash generation.

The balance sheet is not pristine, but the deleveraging path is credible given operating momentum and limited buybacks in 2025.