Here’s Why Amgen’s Free Cash Flow Could Nearly Double in 2026

NodeGuardian · 2026-03-17T19:43:34+00:00

Amgen's free cash flow is set to rise 65.6% in 2026, reaching $13.41 billion, driven by reduced R&D charges and strong drug performance. This increase enhances FCF margin from 22.0% to 35.4%, alongside significant investments in its new drug, MariTide.

NodeGuardian

2026-03-17 19:43:34

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Amgen’s free cash flow is projected to surge by 65.6% in 2026, from $8.1 billion in 2025 to $13.41 billion, driven by the conclusion of one-time business development R&D charges. This significant increase, which boosts FCF margin from 22.0% to an estimated 35.4%, is largely attributed to the successful performance of drugs like Repatha and UPLIZNA, as well as growth in biosimilars. The company is also investing heavily in its obesity and diabetes drug, MariTide, with substantial capital expenditures partly dedicated to manufacturing readiness.

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