Amgen Inc AMGN

Health CarePharmaceuticalsUnited States of America

Last close 461.26 USD on Nov 3, 2026, +43.8% year to date

Quant rating

Quant rating A Rank 32 of 565 in Health Care

Growth B 195 of 565
Valuation B 188 of 565
Quality A 72 of 565
Revisions B 87 of 565
Momentum A 66 of 565

Wall Street consensus Hold (2.67)Average target 399.47 USD −13.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 249.4B
Enterprise value: 292.7B
52-week range: 295.03 – 475.56
3-year range: 258.59 – 475.56
Dividend yield: 2.17%
Beta (5 years): 0.42
Shares outstanding: 541M
Next earnings: Nov 3, 2026

About the company

Amgen Inc. is a biotechnology company. It discovers, develops, manufactures and delivers medicines for the toughest diseases. It focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve people’s lives. It operates in the human therapeutics segment. Its marketed products portfolio includes EPOGEN (epoetin alfa); Aranesp (darbepoetin alfa); Parsabiv (etelcalcetide); Neulasta (pegfilgrastim); KANJINTI (trastuzumab-anns); Otezla; BLINCYTO (blinatumomab); ACTIMMUNE (interferon gamma-1b); Neulasta (pegfilgrastim); Sensipar/Mimpara (cinacalcet); Prolia (denosumab); ENBREL; QUINSAIR (levofloxacin); Repatha (evolocumab) and others. It markets ENBREL, a tumor necrosis factor blocker, in the United States and Canada. It markets Otezla, a small molecule that inhibits phosphodiesterase 4, in many countries around the world. It markets Repatha, a proprotein convertase subtilisin/kexin type 9 (PCSK9) inhibitor, in many countries around the world.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	36,751	33,424	28,190	26,323	25,979	–
Revenue growth	10.0%	18.6%	7.1%	1.3%	2.2%	7.6%
EPS (basic, normalized)	21.84	19.84	18.65	17.69	17.10	–
EPS growth	10.1%	6.4%	5.4%	3.5%	–	–
Gross margin	70.8%	68.7%	70.1%	75.7%	75.2%	72.1%
Net margin	21.0%	12.2%	23.8%	24.9%	22.7%	20.9%
ROE	106.1%	67.6%	135.8%	126.5%	73.2%	101.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	13,190
Current ratio	1.37x
Long-term debt (mil)	51,859
Net debt (mil)	43,315
Total equity (mil)	14,352
Net debt / equity	3.02x
Net debt / EBITDA	2.03x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	36,751	+10.0%	8.0x	21,370	+8.1%	13.7x	21.84	+10.1%	21.1x
2026	38,994	+6.1%	7.5x	21,697	+1.5%	13.5x	23.02	+5.4%	20.0x
2027	40,322	+3.4%	7.3x	22,539	+3.9%	13.0x	24.54	+6.6%	18.8x
2028	41,732	+3.5%	7.0x	22,675	+0.6%	12.9x	25.89	+5.5%	17.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	38,994	+0.3%	+1.3%	+3.3%	23.02	−0.2%	+1.2%	+2.8%
2027	40,322	+0.3%	+1.9%	+4.0%	24.54	+0.4%	+2.3%	+4.4%
2028	41,732	+0.5%	+2.7%	+4.4%	25.89	+0.6%	+3.1%	+5.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	7,447	8,388	8,503	9,086	8,149	9,179	9,557	9,866	8,618	10,054
Sales mean (mil)	7,436	8,333	8,519	8,878	8,057	8,938	8,967	9,472	8,580	9,421
Surprise	+0.2%	+0.7%	−0.2%	+2.3%	+1.1%	+2.7%	+6.6%	+4.2%	+0.4%	+6.7%
EPS reported	3.96	4.97	5.58	5.31	4.90	6.02	5.64	5.29	5.15	6.29
EPS mean	3.87	5.01	5.11	5.08	4.30	5.29	5.01	4.73	4.76	5.62
Surprise	+2.3%	−0.7%	+9.1%	+4.5%	+14.0%	+13.9%	+12.5%	+11.8%	+8.3%	+12.0%

Peer comparison Pharmaceuticals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AMGN Amgen Inc	249.4B	2.03x	21.0%	21.33x	20.0x	18.8x	13.5x	13.0x
ABBV AbbVie Inc.	505.4B	2.63x	6.8%	−85.15x	20.5x	17.7x	17.5x	15.3x
Mean		2.33x	13.9%	−31.91x	20.3x	18.2x	15.5x	14.1x
Median		2.33x	13.9%	−31.91x	20.3x	18.2x	15.5x	14.1x

Technical analysis

1M+14.4%
3M+22.4%
1Y+60.0%
3Y+87.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Amgen Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	36,751	33,424	28,190	26,323	25,979	25,424
Cost of revenue	10,737	10,458	8,415	6,406	6,454	6,159
Gross profit	26,014	22,966	19,775	19,917	19,525	19,265
Selling, general & administrative expenses	7,050	7,096	6,166	5,414	5,368	5,730
Research & development	7,272	5,964	4,755	4,434	4,819	4,207
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2,236	2,185	42.0	489	1,505	–
Other operating expenses	112	248	690	−64.0	194	189
Operating income	9,344	7,473	8,122	9,644	7,639	9,139
Net interest income (expense)	−767	−3,301	−2,637	−1,406	−1,197	−1,006
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	399	437	2,370	−892	259	0
Net income before taxes	8,976	4,609	7,855	7,346	6,701	8,133
Provision for taxes	1,265	519	1,138	794	808	869
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	7,711	4,090	6,717	6,552	5,893	7,264
Extraordinary items	–	–	–	–	–	–
Net income	7,711	4,090	6,717	6,552	5,893	7,264
EBIT, normalized	11,580	9,658	8,164	10,133	9,144	9,139
EBITDA, normalized	16,767	15,263	12,235	13,550	12,542	12,740
Basic EPS, normalized	21.84	19.84	18.65	17.69	17.10	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Amgen Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	9,129	11,973	10,944	9,305	8,037	10,647
Receivables	10,758	7,501	7,942	6,392	5,839	5,324
Total inventory	6,225	6,998	9,518	4,930	4,086	3,893
Prepaid expenses	2,945	2,139	1,647	1,204	1,223	1,156
Other current assets	0	419	281	355	200	124
Total current assets	29,057	29,030	30,332	22,186	19,385	21,144
Property, plant & equipment	8,515	7,100	6,592	6,006	5,750	5,297
Goodwill	18,680	18,637	18,629	15,529	14,890	14,689
Intangibles	22,276	27,699	32,641	16,080	15,182	16,587
Long-term investments	253	262	251	249	573	1,176
Note receivable	–	–	–	–	–	–
Other long-term assets	11,805	9,111	8,709	5,071	5,385	4,055
Total assets	90,586	91,839	97,154	65,121	61,165	62,948
Liabilities
Accounts payable	2,367	1,908	1,590	1,572	1,366	1,421
Payable/accrued	–	–	–	–	–	–
Accrued expenses	16,786	13,780	12,490	10,192	8,947	8,295
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	4,599	3,550	1,443	1,591	87.0	91.0
Other current liabilities	1,737	3,861	2,869	2,332	1,784	1,846
Total current liabilities	25,489	23,099	18,392	15,687	12,184	11,653
Long-term debt	50,005	56,549	63,170	37,354	33,222	32,895
Minority interest	–	–	–	–	–	–
Other liabilities	6,434	6,314	9,360	8,419	9,059	8,991
Total liabilities	81,928	85,962	90,922	61,460	54,465	53,539
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	34,023	33,533	33,070	32,514	32,096	31,802
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−25,107	−27,590	−26,549	−28,622	−24,600	−21,408
Treasury stock	–	–	–	–	–	–
Other equity	−258	−66.0	−289	−231	−796	−985
Total equity	8,658	5,877	6,232	3,661	6,700	9,409
Total liabilities & shareholders' equity	90,586	91,839	97,154	65,121	61,165	62,948

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Amgen Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	7,711	4,090	6,717	6,552	5,893	7,264
Depreciation, depletion & amortization	5,167	5,592	4,071	3,417	3,398	3,601
Deferred taxes	−721	−1,228	−1,273	−1,198	−453	−287
Non-cash items	−221	671	−560	1,683	1,617	135
Changes in working capital	−1,978	2,365	−484	−733	−1,194	−216
Cash from operations	9,958	11,490	8,471	9,721	9,261	10,497
Investing activities
Capital expenditures	−1,858	−1,096	−1,112	−936	−880	−608
Other investing cash flows	−85.0	50.0	−25,092	−5,108	1,613	−4,793
Cash from investing	−1,943	−1,046	−26,204	−6,044	733	−5,401
Financing activities
Financing cash flow items	−52.0	−124	−72.0	−103	−78.0	−90.0
Cash dividends paid	−5,124	−4,832	−4,556	−4,196	−4,013	−3,755
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−5,683	−4,459	25,676	262	−4,180	−1,022
Cash from financing	−10,859	−9,415	21,048	−4,037	−8,271	−4,867
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−2,844	1,029	3,315	−360	1,723	229
Free cash flow	8,100	10,394	7,359	8,785	8,381	9,889

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

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Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.