Amgen

Revenue is diversified across immunology, oncology, bone health, cardiovascular and rare diseases. Amgen guided 2025 revenue to the mid‑30 billions and continues to post steady volume growth, which supports stable cash generation.

TTM free cash flow through 6/30/25 is about 10.6 billion dollars, calculated as TTM operating cash flow of roughly 12.0 billion minus TTM capital expenditures of about 1.4 billion, based on FY2024 cash flows and 1H25/1H24 deltas.

While this lends predictability, investors must accept periodic step‑downs from patent expirations and policy shifts (for example, denosumab biosimilars and Otezla negotiations). The pipeline and recent launches provide offsetting growth vectors, but outcomes carry typical biotech variability.