A Business at a Glance
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AMGEN INC
AMGN
$203.8B
Mkt Cap
$376.04
+1.22%
AMGEN INC (AMGN) has a current P/E ratio of 26.4, compared to its historical median P/E of 19.3. The stock is currently considered Fair based on its historical valuation range.
AMGEN INC (AMGN) has a 5-year average return on invested capital (ROIC) of 20.9%. This indicates strong capital allocation and a potential competitive advantage.
AMGEN INC (AMGN) has a market capitalization of $202.9B. It is classified as a mega-cap stock.
Yes, AMGEN INC (AMGN) pays a dividend with a trailing twelve-month yield of 2.56%.
Based on historical P/E analysis, AMGEN INC (AMGN) appears fair. The current P/E of 26.4 is 37% above its historical median of 19.3. The estimated fair value CAGR (P/E method) is -2.5%.
AMGEN INC (AMGN) operates in the Biological Products, (No Diagnostic Substances) industry, within the Healthcare sector.
AMGEN INC (AMGN) reported annual revenue of $36.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Amgen discovers, develops, manufactures, and delivers innovative medicines to treat serious diseases, operating as a single human therapeutics segment with a presence in approximately 100 countries. The company earns revenue primarily through product sales of marketed therapeutics and biosimilars, distributed in the United States substantially through three large pharmaceutical wholesalers (McKesson, Cencora, and Cardinal Health) and internationally through a combination of direct sales forces, third-party distributors, and strategic partnerships with companies including Astellas Pharma, Takeda, and Kyowa Kirin. Amgen's marketed portfolio includes cardiovascular products (Repatha, a PCSK9 inhibitor), bone health therapies (Prolia, EVENITY), inflammation treatments (ENBREL, Otezla, Tezspire), rare disease medicines (UPLIZNA, TEPEZZA), and oncology products (IMDELLTRA, Blincyto), complemented by a robust biosimilars portfolio and a pipeline of late-stage candidates including MariTide for obesity and cardiovascular disease, Olpasiran for Lp(a)-related cardiovascular risk, and bispecific T-cell engagers for cancer. The business model combines high-margin branded therapeutics with lower-margin biosimilars, supported by significant research and development investment and manufacturing infrastructure scaled to support pipeline advancement and commercial growth. Key competitive advantages include a 45-year history in biotechnology, a differentiated pipeline of first-in-class and best-in-class molecules, proprietary platforms such as bispecific T-cell engagers and antibody-peptide conjugates, and established relationships with healthcare providers and distribution partners globally, with the United States representing approximately 73% of product sales.
【Springboard year for growth】 Management expects 2026 to demonstrate sustained long-term growth as rapidly growing products offset patent expirations and increased biosimilar competition, with six key growth drivers—Repatha, Evenity, Tezspire, rare disease, innovative oncology, and biosimilars—positioned to more than offset anticipated declines from denosumab biosimilar competition and price pressures. The company anticipates accelerated sales erosion from multiple biosimilar launches in the second half of 2026, particularly for Prolia, while expecting strong momentum from Repatha driven by physician adoption following landmark VESALIUS-CV cardiovascular outcomes data and expanded FDA approval for primary prevention. MariTide is advancing through six global Phase III clinical trials across obesity, type 2 diabetes, and obesity-related cardiovascular and metabolic conditions, with data readouts expected through the balance of 2026 and into 2027 to support future label expansions and market penetration. Late-stage programs including Olpasiran (event-driven cardiovascular outcomes study), Uplizna (planned Phase III studies in autoimmune hepatitis and chronic inflammatory demyelinating polyneuropathy), and dazodalibep (two Phase III studies in Sjögren's disease expected to complete in the second half of 2026) are progressing with disciplined data generation to drive long-term growth, while the company maintains rigorous financial discipline and continues to invest in artificial intelligence and technology to enhance productivity across discovery, development, and commercial execution.
| Metric | Target | Period |
|---|---|---|
| Total revenues | $37.1 billion–$38.5 billion | FY2026 |
| Non-GAAP earnings per share | $21.70–$23.10 | FY2026 |
| Other revenue | $1.7 billion–$1.8 billion | FY2026 |
| Non-GAAP tax rate | 15.0%–16.5% | FY2026 |
| Non-GAAP operating margin as a percentage of product sales | roughly 45%–46% | FY2026 |
| Capital expenditures | approximately $2.6 billion | FY2026 |
| Share repurchases | not to exceed $3 billion | FY2026 |
Total revenues (FY2026): “We expect 2026 total revenues in the range of $37.1 billion-$38.5 billion”
Non-GAAP earnings per share (FY2026): “non-GAAP earnings per share to be between $21.70 and $23.10”
Other revenue (FY2026): “For the full year, we now expect other revenue to be in the range of $1.7 billion-$1.8 billion”
Non-GAAP tax rate (FY2026): “We now expect a non-GAAP tax rate in the range of 15.0%-16.5%”
Non-GAAP operating margin as a percentage of product sales (FY2026): “We continue to expect the full-year non-GAAP operating margin as a percentage of product sales to be roughly 45%-46%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 37.2B | 36.8B | 33.4B | 28.2B | 26.3B | 26.0B |
| Net Income | 7.8B | 7.7B | 4.1B | 6.7B | 6.6B | 5.9B |
| EPS | $14.48 | $14.23 | $7.56 | $12.49 | $12.11 | $10.28 |
| Free Cash Flow | 8.6B | 8.1B | 10.4B | 7.4B | 8.8B | 8.4B |
| ROIC | 21.1% | 17.5% | 13.9% | 16.7% | 30.4% | 26.0% |
| Gross Margin | - | 67.2% | 61.5% | 70.0% | 75.7% | 75.2% |
| Debt/Equity | 6.24 | 6.40 | 10.36 | 10.50 | 10.83 | 5.07 |
| Dividends/Share | $9.64 | $9.66 | $9.13 | $8.64 | $7.95 | $7.22 |
| Operating Income | 10.6B | 9.1B | 7.3B | 7.9B | 9.6B | 7.6B |
| Operating Margin | 28.4% | 24.7% | 21.7% | 28.0% | 36.3% | 29.4% |
| ROE | 84.9% | 106.1% | 67.6% | 135.8% | 126.5% | 73.2% |
| Shares Outstanding | 540M | 542M | 541M | 538M | 541M | 573M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 20.1B | 21.7B | 23.0B | 22.8B | 23.7B | 23.4B | 25.4B | 26.0B | 26.3B | 28.2B | 33.4B | 36.8B | 37.2B |
| Gross Margin | 78.0% | 80.5% | 81.9% | 82.2% | 82.7% | 81.4% | 75.8% | 75.2% | 75.7% | 70.0% | 61.5% | 67.2% | N/A |
| R&D | 4.3B | 4.1B | 3.8B | 3.6B | 3.7B | 4.1B | 4.2B | 4.8B | 4.4B | 4.8B | 6.0B | 7.3B | 7.5B |
| SG&A | 4.7B | 4.8B | 5.1B | 4.9B | 5.3B | 5.2B | 5.7B | 5.4B | 5.4B | 6.2B | 7.1B | 7.0B | 7.0B |
| EBIT | 6.2B | 8.5B | 9.8B | 10.0B | 10.3B | 9.7B | 9.1B | 7.6B | 9.6B | 7.9B | 7.3B | 9.1B | 10.6B |
| Op. Margin | 30.9% | 39.1% | 42.6% | 43.6% | 43.2% | 41.4% | 35.9% | 29.4% | 36.3% | 28.0% | 21.7% | 24.7% | 28.4% |
| Net Income | 5.2B | 6.9B | 7.7B | 2.0B | 8.4B | 7.8B | 7.3B | 5.9B | 6.6B | 6.7B | 4.1B | 7.7B | 7.8B |
| Net Margin | 25.7% | 32.0% | 33.6% | 8.7% | 35.3% | 33.6% | 28.6% | 22.7% | 24.9% | 23.8% | 12.2% | 21.0% | 21.0% |
| Non-Recurring | 472M | 243M | 19M | 79M | 12M | 0 | 0 | 0 | 0 | 1.1B | 159M | 1.2B | 1.2B |
| Returns on Capital | |||||||||||||
| ROIC | 17.3% | 22.5% | 30.3% | 20.8% | 43.0% | 45.4% | 31.4% | 26.0% | 30.4% | 16.7% | 13.9% | 17.5% | 21.1% |
| ROE | 21.5% | 25.8% | 26.6% | 7.2% | 44.5% | 70.7% | 76.1% | 73.2% | 126.5% | 135.8% | 67.6% | 106.1% | 84.9% |
| ROA | 7.6% | 9.9% | 10.4% | 2.5% | 11.5% | 12.4% | 11.8% | 9.5% | 10.4% | 8.3% | 4.3% | 8.5% | 8.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 9.0B | 9.7B | 10.4B | 11.2B | 11.3B | 9.2B | 10.5B | 9.3B | 9.7B | 8.5B | 11.5B | 10.0B | 10.8B |
| Free Cash Flow | 8.2B | 9.1B | 9.6B | 10.5B | 10.6B | 8.5B | 9.9B | 8.4B | 8.8B | 7.4B | 10.4B | 8.1B | 8.6B |
| Owner Earnings | 6.5B | 7.3B | 7.9B | 8.9B | 9.0B | 6.6B | 6.6B | 5.5B | 5.9B | 4.0B | 5.4B | 4.3B | 5.4B |
| CapEx | 718M | 594M | 738M | 664M | 738M | 618M | 608M | 880M | 936M | 1.1B | 1.1B | 1.9B | 2.2B |
| Maint. CapEx | 2.1B | 2.1B | 2.1B | 2.0B | 1.9B | 2.2B | 3.6B | 3.4B | 3.4B | 4.1B | 5.6B | 5.2B | 4.9B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 2.1B | 2.1B | 2.1B | 2.0B | 1.9B | 2.2B | 3.6B | 3.4B | 3.4B | 4.1B | 5.6B | 5.2B | 4.9B |
| CapEx/OCF | 8.0% | 6.1% | 7.1% | 5.9% | 6.5% | 6.8% | 5.8% | 9.5% | 9.6% | 13.1% | 9.5% | 18.7% | 20.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.9B | 2.4B | 3.0B | 3.4B | 3.5B | 3.5B | 3.8B | 4.0B | 4.2B | 4.6B | 4.8B | 5.1B | 5.2B |
| Dividend Yield | 2.6% | 2.7% | 3.4% | 3.5% | 3.5% | 3.6% | 3.3% | 3.5% | 3.5% | 3.7% | 3.1% | 3.3% | 2.6% |
| Share Buybacks | 138M | 1.9B | 3.0B | 3.2B | 17.8B | 7.7B | 3.5B | 5.0B | 6.4B | 0 | 200M | 0 | 0 |
| Buyback Yield | 0.2% | 2.0% | 3.5% | 3.1% | 17.5% | 6.3% | 3.1% | 4.4% | 5.0% | N/A | 0.1% | N/A | 0.0% |
| Stock-Based Comp | 408M | 322M | 311M | 329M | 311M | 308M | 330M | 341M | 401M | 431M | 530M | 494M | 484M |
| Debt Repayment | 5.6B | 2.4B | 3.7B | 4.4B | 1.1B | 4.5B | 6.5B | 4.2B | 0 | 1.5B | 3.6B | 5.0B | 5.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 3.7B | 47M | -3.5B | 6.0B | -1.7B | 16.2B | 17.3B | 18.7B | 27.7B | 44.1B | 37.4B | 37.8B | 33.8B |
| Cash & Equiv. | 3.7B | 4.1B | 3.2B | 3.8B | 6.9B | 6.0B | 6.3B | 8.0B | 7.6B | 10.9B | 12.0B | 9.1B | 23.5B |
| Long-Term Debt | 30.2B | 29.2B | 30.2B | 34.2B | 29.5B | 26.9B | 32.9B | 33.2B | 37.4B | 63.2B | 56.5B | 50.0B | 51.9B |
| Debt/Equity | 1.19 | 1.12 | 1.16 | 1.89 | 2.71 | 3.15 | 3.55 | 5.07 | 10.83 | 10.50 | 10.36 | 6.40 | 6.24 |
| Interest Coverage | 5.8 | 7.7 | 7.8 | 7.6 | 7.4 | 7.5 | 7.2 | 6.4 | 6.8 | 2.7 | 2.3 | 3.3 | 53.4 |
| Equity | 25.8B | 28.1B | 29.9B | 25.2B | 12.5B | 9.7B | 9.4B | 6.7B | 3.7B | 6.2B | 5.9B | 8.7B | 9.2B |
| Total Assets | 69.0B | 71.4B | 77.6B | 80.0B | 66.4B | 59.7B | 62.9B | 61.2B | 65.1B | 97.2B | 91.8B | 90.6B | 92.5B |
| Total Liabilities | 43.2B | 43.4B | 47.8B | 54.7B | 53.9B | 50.0B | 53.5B | 54.5B | 61.5B | 90.9B | 86.0B | 81.9B | -75M |
| Intangibles | 12.7B | 11.6B | 10.3B | 8.6B | 7.4B | 19.4B | 16.6B | 15.2B | 16.1B | 32.6B | 27.7B | 22.3B | 21.4B |
| Retained Earnings | -4.6B | -2.1B | -438M | -5.1B | -18.0B | -21.3B | -21.4B | -24.6B | -28.6B | -26.5B | -27.6B | -25.1B | -24.6B |
| Working Capital | 27.7B | 29.9B | 34.8B | 40.5B | 24.1B | 5.6B | 9.5B | 7.2B | 6.5B | 11.9B | 5.9B | 3.6B | 6.5B |
| Current Assets | 34.7B | 38.5B | 46.0B | 49.5B | 37.6B | 18.4B | 21.1B | 19.4B | 22.2B | 30.3B | 29.0B | 29.1B | 31.5B |
| Current Liabilities | 7.0B | 8.7B | 11.2B | 9.0B | 13.5B | 12.8B | 11.7B | 12.2B | 15.7B | 18.4B | 23.1B | 25.5B | 25.0B |
| Per Share Data | |||||||||||||
| EPS | 6.70 | 9.06 | 10.24 | 2.69 | 12.62 | 12.88 | 12.31 | 10.28 | 12.11 | 12.49 | 7.56 | 14.23 | 14.48 |
| Owner EPS | 8.38 | 9.53 | 10.53 | 12.09 | 13.59 | 10.90 | 11.13 | 9.63 | 10.91 | 7.38 | 9.92 | 7.93 | 9.96 |
| Book Value | 33.48 | 36.67 | 39.62 | 34.31 | 18.79 | 15.89 | 15.95 | 11.69 | 6.77 | 11.59 | 10.86 | 15.98 | 17.03 |
| Cash Flow/Share | 11.63 | 12.71 | 13.73 | 15.19 | 16.98 | 15.03 | 17.79 | 16.16 | 17.97 | 15.75 | 21.24 | 18.38 | 23.52 |
| Dividends/Share | 2.40 | 3.13 | 4.15 | 4.77 | 5.41 | 5.95 | 6.56 | 7.22 | 7.95 | 8.64 | 9.13 | 9.66 | 9.64 |
| Shares Out. | 769.9M | 765.9M | 754.1M | 735.7M | 665.1M | 608.9M | 590.1M | 573.2M | 541.0M | 537.8M | 541.0M | 541.9M | 539.7M |
| Valuation | |||||||||||||
| P/E Ratio | 17.6 | 13.2 | 10.9 | 50.7 | 12.1 | 15.5 | 15.4 | 19.2 | 19.5 | 21.6 | 33.4 | 23.2 | 26.0 |
| P/FCF | 11.1 | 10.0 | 8.8 | 9.5 | 9.6 | 14.2 | 11.3 | 13.5 | 14.5 | 19.7 | 13.1 | 22.1 | 23.6 |
| EV/EBIT | 15.3 | 10.8 | 8.3 | 10.7 | 9.7 | 15.0 | 14.7 | 17.2 | 16.6 | 23.9 | 24.3 | 24.2 | 22.4 |
| Price/Book | 3.5 | 3.3 | 2.8 | 4.0 | 8.1 | 12.6 | 11.9 | 16.9 | 34.9 | 23.2 | 23.3 | 20.7 | 22.1 |
| Price/Sales | 3.6 | 4.1 | 3.8 | 4.2 | 4.2 | 4.1 | 4.5 | 4.4 | 4.5 | 4.4 | 4.6 | 4.3 | 5.5 |
| FCF Yield | 9.0% | 10.0% | 11.4% | 10.5% | 10.4% | 7.0% | 8.8% | 7.4% | 6.9% | 5.1% | 7.6% | 4.5% | 4.2% |
| Market Cap | 91.0B | 91.4B | 84.3B | 100.4B | 101.6B | 121.4B | 112.0B | 113.2B | 127.6B | 144.8B | 136.7B | 179.2B | 202.9B |
| Avg. Price | 93.64 | 115.50 | 116.76 | 130.92 | 148.56 | 159.06 | 193.76 | 199.08 | 218.69 | 229.60 | 287.07 | 289.31 | 376.04 |
| Year-End Price | 118.22 | 119.32 | 111.81 | 136.41 | 152.82 | 199.41 | 189.76 | 197.48 | 235.89 | 269.31 | 252.62 | 330.64 | 376.04 |
AMGEN INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
AMGEN INC trades at 26.4x trailing earnings, compared to its 15-year median P/E of 19.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 25.0x vs a median of 13.3x. The company's 5-year average ROIC is 20.9% with a gross margin of 69.9%. Total shareholder yield (dividends) is 2.6%. At current prices, the estimated annualized return to fair value is +0.6%.
AMGEN INC (AMGN) has a net profit margin of 21.0%. This is a strong margin indicating high profitability.
AMGEN INC (AMGN) generated $8.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
AMGEN INC (AMGN) has a debt-to-equity ratio of 6.40. This indicates higher leverage, which may increase financial risk.
AMGEN INC (AMGN) reported earnings per share (EPS) of $14.23 in its most recent fiscal year.
AMGEN INC (AMGN) has a return on equity (ROE) of 106.1%. This indicates the company generates strong returns for shareholders.
AMGEN INC (AMGN) has a 5-year average gross margin of 69.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for AMGEN INC (AMGN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AMGEN INC (AMGN) has a book value per share of $15.98, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to demonstrate sustained long-term growth as rapidly growing products offset patent expirations and increased biosimilar competition, with six key growth drivers—Repatha, Evenity, Tezspire, rare disease, innovative oncology, and biosimilars—positioned to more than offset anticipated declines from denosumab biosimilar competition and price pressures. The company anticipates accelerated sales erosion from multiple biosimilar launches in the second half of 2026, particularly for Prolia, while expecting strong momentum from Repatha driven by physician adoption following landmark VESALIUS-CV cardiovascular outcomes data and expanded FDA approval for primary prevention. MariTide is advancing through six global Phase III clinical trials across obesity, type 2 diabetes, and obesity-related cardiovascular and metabolic conditions, with data readouts expected through the balance of 2026 and into 2027 to support future label expansions and market penetration. Late-stage programs including Olpasiran (event-driven cardiovascular outcomes study), Uplizna (planned Phase III studies in autoimmune hepatitis and chronic inflammatory demyelinating polyneuropathy), and dazodalibep (two Phase III studies in Sjögren's disease expected to complete in the second half of 2026) are progressing with disciplined data generation to drive long-term growth, while the company maintains rigorous financial discipline and continues to invest in artificial intelligence and technology to enhance productivity across discovery, development, and commercial execution.
Based on recent SEC filings and earnings calls, AMGEN INC (AMGN) has provided the following forward guidance: Total revenues: $37.1 billion–$38.5 billion (FY2026); Non-GAAP earnings per share: $21.70–$23.10 (FY2026); Other revenue: $1.7 billion–$1.8 billion (FY2026); Non-GAAP tax rate: 15.0%–16.5% (FY2026); Non-GAAP operating margin as a percentage of product sales: roughly 45%–46% (FY2026), plus 2 additional metrics.
Capital expenditures (FY2026): “We continue to expect capital expenditures of approximately $2.6 billion in 2026”
Share repurchases (FY2026): “We expect share repurchases not to exceed $3 billion”