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Amgen Inc.

AMGN Healthcare Drug Manufacturers General

Amgen Inc.’s revenue for fiscal 2025 (year ended December 2025) was $36.8 billion, up 9.95% from fiscal 2024.

Revenue
+8.45%
EPS
+19.4%
Free cash flow
−0.16%
Total debt
−1.06%

Quarter to September 2026, against a year earlier

460.28 0.00 0.00%
Market cap
$248.8B
P/E
26.6×
Fwd P/E
29.6×
Dividend yield
2.15%
F-score
7/9
Altman Z
1.69
Beneish M
−2.27
Dividend safety
56/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2025

  • U.S.
  • ROW

Every year since 2011 →

Insider Decisions last twelve months

Sold, $m 25.66
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 — — 1 — — 3 — — —
Insider Ownership 0.30%

Capital & Financial Ratios $m

Size
Market Cap 248,840.00
Revenue ttm 38,903.00
Net income ttm 9,391.00
Free cash flow ttm 9,581.00
Net debt Q 40,817.00
Valuation
P/E 26.57
Forward P/E 29.60
Price / sales 6.42
Forward P/S Powerpack
Price / FCF 27.32
Price / book 21.38 (above 6: high)
Financial health
Current ratio Q 1.48
Debt / equity Q 3.76 (above 2: weak)
Interest coverage Q 5.68
Growth
Revenue growth Q +8.45% (above 0%: growing)
Operating income growth Q +46.87% (above 0%: growing)
EPS, this year +7.55%
EPS, next year A +6.30%
Revenue, next year A +6.04%
EPS, past 5 yrs +2.94%
EPS, next 5 yrs A +6.96%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.5×, against a ten-year median of 6.0×; over the ten years it ranged from 4.6× in 2016 to 7.9× in 2024.
P/E against its own 10 years 80.56%
10-year low 10-year high
P/S against its own 10 years 99.89%
10-year low 10-year high
P/B against its own 10 years 73.41%
10-year low 10-year high
EV/Sales against its own 10 years 97.62%
10-year low 10-year high
EV/FCF against its own 10 years 92.81%
10-year low 10-year high

Dividends raised every year since 2018

Yield
2.15%
Annual rate
9.94
Payout ratio
57.7%
Growth, 2018–26
+8.42%/yr
  1. 5.28 ’18
  2. 5.80 ’19 +10
  3. 6.40 ’20 +10
  4. 7.04 ’21 +10
  5. 7.76 ’22 +10
  6. 8.52 ’23 +10
  7. 9.00 ’24 +6
  8. 9.52 ’25 +6
  9. 10.08 ’26 +6
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 10,944 11,973 9,129 13,190
Receivables 7,268 6,782 9,570 10,353
Inventory 9,518 6,998 6,225 6,389
Other 2,602 3,277 4,133 4,431
30,332 29,030 29,057 34,363
2023 2024 2025 Q'26
Payables 1,590 1,908 2,367 20,833
ST’ Debt 1,443 3,550 4,599 2,398
Other — — — —
18,392 23,099 25,489 23,231

Compound Annual Growth %

10y 5y 3y
Sales 5.43% 7.65% 11.77%
Cash Flow 0.23% (1.05%) 0.81%
Earnings 1.06% 1.20% 5.58%
Book Value (11.10%) (1.65%) 33.23%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 5.74 Actual 6.45

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.76 5.29 Beat by 0.53
Q1 FY26 4.73 5.15 Beat by 0.42
Q2 FY26 5.60 6.29 Beat by 0.69
Q3 FY26 5.74 6.45 Beat by 0.71
Q4 FY26 5.73 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 3.34 4.37 7.08 — —
’25 3.20 2.65 5.93 2.45 14.23
’24 (0.21) 1.38 5.22 1.16 7.56
’23 5.28 2.57 3.22 1.42 12.49
’22 2.68 2.45 3.98 3.00 12.11
’21 2.83 0.81 3.31 3.36 10.28
’20 3.07 3.05 3.43 2.76 12.31
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 8,618 10,054 10,365 — —
’25 8,149 9,179 9,557 9,866 36,751
’24 7,447 8,388 8,503 9,086 33,424
’23 6,105 6,986 6,903 8,196 28,190
’22 6,238 6,594 6,652 6,839 26,323
’21 5,901 6,526 6,706 6,846 25,979
’20 6,161 6,206 6,423 6,634 25,424
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,189 4,002 4,241 — —
’25 1,391 2,280 4,684 1,603 9,958
’24 689 2,459 3,571 4,771 11,490
’23 1,064 4,109 2,760 538 8,471
’22 2,164 1,930 2,978 2,649 9,721
’21 2,104 1,931 2,418 2,808 9,261
’20 2,134 2,842 3,368 2,153 10,497
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,477 3,489 4,241 — —
’25 980 1,911 4,248 961 8,100
’24 459 2,221 3,314 4,400 10,394
’23 720 3,838 2,512 289 7,359
’22 1,974 1,684 2,818 2,309 8,785
’21 1,938 1,746 2,176 2,521 8,381
’20 1,992 2,684 3,233 1,980 9,889
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 11.9% a year for ten years. It grew −0.6% a year over the last ten.

Implied
11.9%
10 years, reported
−0.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 22,991 22,849 23,747 23,362 25,424 25,979 26,323 28,190 33,424 36,751 38,903 +5.4% 38,969 40,385 41,884 +4.5%
Gross margin, % 81.90 82.19 82.73 81.35 75.77 75.16 75.66 70.02 61.53 67.25 70.90 (14.6) pt
EBT 9,163 9,597 9,545 9,138 8,133 6,701 7,346 7,855 4,609 8,976 11,052 (0.2%)
EBT margin, % 39.85 42.00 40.19 39.11 31.99 25.79 27.91 27.86 13.79 24.42 28.41 (15.4) pt
Net income 7,722 1,979 8,394 7,842 7,264 5,893 6,552 6,717 4,090 7,711 9,391 0.0%
Per share, $
Per share, $ Revenue 30.74 31.26 35.93 38.61 43.39 45.58 48.93 52.69 62.24 68.31 71.91 +9.3%
Earnings 10.32 2.71 12.70 12.96 12.40 10.34 12.18 12.56 7.62 14.33 17.38 +3.7%
Cash flow 13.84 15.29 17.09 15.12 17.91 16.25 18.07 15.83 21.40 18.51 22.25 +3.3%
Capex (0.99) (0.91) (1.12) (1.02) (1.04) (1.54) (1.74) (2.08) (2.04) (3.45) (4.54) +14.9%
Free cash flow 12.86 14.38 15.97 14.10 16.88 14.70 16.33 13.76 19.36 15.06 17.71 +1.8%
Book value 39.94 34.53 18.91 15.99 16.06 11.75 6.80 11.65 10.94 16.09 26.53 (9.6%)
Shares, m 748 731 661 605 586 570 538 535 537 538 540 (3.6%)
Valuation, ×
Valuation, × P/E 14.61 67.30 15.34 18.62 18.56 21.72 21.48 23.68 34.20 22.84 26.57 25.8
P/S 4.90 5.66 5.42 6.24 5.30 4.94 5.35 5.64 4.19 4.79 6.42 5.2
P/B 3.77 5.13 10.29 15.08 14.32 19.14 38.45 25.53 23.82 20.34 21.38 17.6
EV/Sales 4.75 5.39 5.61 7.14 6.18 5.91 6.47 7.55 5.63 6.03 7.47 6.1
EV/FCF 11.90 12.21 13.17 20.60 16.61 19.32 20.41 30.73 18.88 28.90 31.78 19.3
Cash, $m
Cash, $m Operating cash flow 10,354 11,177 11,296 9,150 10,497 9,261 9,721 8,471 11,490 9,958 12,035 (0.4%)
Capex (738) (664) (738) (618) (608) (880) (936) (1,112) (1,096) (1,858) (2,454) +10.8%
Free cash flow 9,616 10,513 10,558 8,532 9,889 8,381 8,785 7,359 10,394 8,100 9,581 (1.9%)
Balance, $m
Balance, $m Working capital 34,806 40,456 24,130 5,605 9,491 7,201 6,499 11,940 5,931 3,568 11,132 (22.4%)
Net debt (3,489) (6,336) 4,625 20,992 22,339 25,272 29,640 53,669 48,126 45,475 40,817 n/m
Shareholders’ equity 29,875 25,241 12,500 9,673 9,409 6,700 3,661 6,232 5,877 8,658 14,352 (12.9%)
Returns, %
Returns, % ROA 10.36 2.51 11.47 12.44 11.84 9.50 10.38 8.28 4.33 8.45 10.09 (1.9) pt
ROIC 23.20 32.97 37.46 19.72 17.99 14.93 17.95 8.24 8.40 10.48 14.29 (12.7) pt
ROE 26.65 7.18 44.48 70.73 76.13 73.16 126.47 135.79 67.55 106.10 78.35 +79.5 pt
People
People Employees 19,200 20,800 21,500 23,400 24,300 24,200 25,200 26,700 28,000 31,500 — +5.7%
Revenue/emp, $m 1.20 1.10 1.10 1.00 1.05 1.07 1.04 1.06 1.19 1.17 — (0.3%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Amgen discovers, develops, manufactures and sells medicines for people with serious diseases. It operates in a single business segment, human therapeutics, and has a presence in approximately 100 countries. Founded in 1980, Amgen is headquartered in Thousand Oaks. Robert A. Bradway is its chief executive officer.

Its medicines address conditions including osteoporosis, cardiovascular disease, cancer, inflammatory diseases and rare diseases. For example, Prolia is used to treat certain patients with osteoporosis, while Repatha lowers LDL cholesterol and reduces the risk of major cardiovascular events in adults at increased risk. Otezla is an oral treatment for conditions including plaque psoriasis and psoriatic arthritis. BLINCYTO treats a form of acute lymphoblastic leukemia, a blood cancer.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
U.S. 26,419 71.89%
ROW 10,332 28.11%
Gross margin 67.25%
Operating margin 24.71%
Pre-tax margin 24.42%

Revenue by segment since 2011

Amgen Inc. vs peers in Drug Manufacturers General (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ABBV AbbVie Inc. $509.5B 49.7× 38.6× +10.32% (above 0%: growing) +2,270.00% (above 0%: growing) +9.97% (above 0%: growing) 75.38% 36.01% Compare
MRK Merck & Co., Inc. $362.5B 118× 109× +4.68% (above 0%: growing) −130.68% (below 0%: shrinking) +77.03% (above 0%: growing) 72.95% 31.90% Compare
NVS Novartis AG $296.4B 30.9× 23.2× +4.67% (above 0%: growing) −69.08% (below 0%: shrinking) −17.81% (below 0%: shrinking) 75.99% 12.26% Compare
AZN AstraZeneca PLC $289.8B 26.3× 24.5× +6.70% (above 0%: growing) +22.50% (above 0%: growing) +1.99% (above 0%: growing) 81.82% 27.07% Compare
AMGN Amgen Inc. $248.8B 26.6× 29.6× +8.45% (above 0%: growing) +19.44% (above 0%: growing) −0.16% (below 0%: shrinking) 73.10% 35.79%
GILD Gilead Sciences, Inc. $207.8B — (loss-making) — (loss-making) +6.83% (above 0%: growing) −20.33% (below 0%: shrinking) +21.13% (above 0%: growing) 81.07% 41.71% Compare
PFE Pfizer Inc. $170.3B 42.2× 18.9× −0.43% (below 0%: shrinking) −7.98% (below 0%: shrinking) +20.02% (above 0%: growing) 75.71% 22.14% Compare
NVO Novo Nordisk A/S $134.8B 9.9× — +4.47% (above 0%: growing) −18.68% (below 0%: shrinking) +71.57% (above 0%: growing) 78.21% 34.48% Compare
BMY Bristol Myers Squibb Company $129.0B 14.0× 11.9× +6.93% (above 0%: growing) −2.02% (below 0%: shrinking) −35.95% (below 0%: shrinking) 68.28% 19.40% Compare
Median of peers $248.8B 30.9× 23.9× +5.69% −13.33% +15.00% 75.85% 29.49%

All 21 Drug Manufacturers General stocks →

From the latest earnings call

Updated

  • On the Q2 call, CEO Robert Bradway said Amgen’s growth drivers accounted for nearly 70% of product sales and that the company was expanding its medicines’ reach.
  • On the Q2 call, Murdo Gordon said Otezla faced price pressure associated with 340B exposure, while its volume was holding up.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Citi Sep 28, 2026 Reiterated Hold 405.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 81.91%
Held by the ten largest 46.24%
Holder Shares Stake Change
Vanguard 55.96m 10.35% +599.78k
BlackRock 49.36m 9.13% +2.26m
Capital Group 37.43m 6.92% −6.51m
State Street 30.56m 5.65% +12.05k
Invesco 16.32m 3.02% +434.94k
Geode Capital Management 15.70m 2.90% +265.54k
Charles Schwab 15.04m 2.78% +2.27m
Morgan Stanley 13.65m 2.53% −2.18m
UBS 8.70m 1.61% +766.58k
Wells Fargo 7.24m 1.34% +147.45k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 7 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 24.69m 49.38m 166.63
2024 24.43m 12.66m 128.51
2023 22.64m 29.11m 137.84
2022 21.40m 41.66m 121.48
2021 21.72m 17.04m 100.87

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 7.60%
State Street Corporation State Street Financial Center 5.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Amgen Inc. (AMGN) Latest News

4 Nov

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · Investing.com
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.
Impact 3 · · GuruFocus.com

3 Nov

Impact 3 · · MarketBeat transcript
Impact 3 · · Zacks
Impact 3 · · Investing.com
Impact 3 · · Associated Press
Impact 3 · · PR Newswire

2 Nov

Impact 3 · · The Motley Fool

29 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · Zacks
Impact 3 · · TIKR
Impact 3 · · Zacks

28 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks

27 Oct

Impact 4 · · PR Newswire

26 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Trefis

25 Oct

Impact 3 · · The Motley Fool

24 Oct

Impact 4 · · PR Newswire
Impact 3 · · TIKR
Impact 3 · · The Motley Fool

23 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

AMGN metrics, ten years each

stockrow.com/AMGN · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com