Amgen Inc. AMGN

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Insider Decisions

Total sells 29.33
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy
Sell 3 2 1 3
Insider Ownership 0.11%

Capital & Financial Ratios

Market Cap 208,880.00
Revenue 38,095.00
Net Income 8,743.00
Free Cash Flow 10,175.00
Net Debt 43,315.00
Current Ratio 1.37
Debt/Equity 4.90
P/E ratio 24.24
P/S ratio 5.57
P/B ratio 18.16
Past 5Y EPS Growth (10.10%)
This Y EPS Growth 5.66%
Next Y EPS Growth 5.82%
Next 5Y EPS Growth 5.63%
in millions of $

Dividends

Payout Ratio 0.55
Annual Dividend Rate 8.52
Annual Dividend Yield 3.16%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 10.09
2025 9.52
2024 9.00
2023 8.52
2022 7.76
2021 7.04
2020 6.40
2019 5.80
2018 5.28
2017 4.60
2016 4.00
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 10,944.00 11,973.00 9,129.00 13,989.00
Receivables 7,268.00 6,782.00 9,570.00 10,227.00
Inventory 9,518.00 6,998.00 6,225.00 6,220.00
Other 2,602.00 3,277.00 4,133.00 4,525.00
30,332.00 29,030.00 29,057.00 34,961.00
2023 2024 2025 Q'26
Payables 1,590.00 1,908.00 2,367.00 2,865.00
ST’ Debt 1,443.00 3,550.00 4,599.00 5,445.00
Other
18,392.00 23,099.00 25,489.00 25,502.00
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 8,618.00 10,054.00
’25 8,149.00 9,179.00 9,557.00 9,866.00 36,751.00
’24 7,447.00 8,388.00 8,503.00 9,086.00 33,424.00
’23 6,105.00 6,986.00 6,903.00 8,196.00 28,190.00
’22 6,238.00 6,594.00 6,652.00 6,839.00 26,323.00
’21 5,901.00 6,526.00 6,706.00 6,846.00 25,979.00
’20 6,161.00 6,206.00 6,423.00 6,634.00 25,424.00
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 2,189.00 4,002.00
’25 1,391.00 2,280.00 4,684.00 1,603.00 9,958.00
’24 689.00 2,459.00 3,571.00 4,771.00 11,490.00
’23 1,064.00 4,109.00 2,760.00 538.00 8,471.00
’22 2,164.00 1,930.00 2,978.00 2,649.00 9,721.00
’21 2,104.00 1,931.00 2,418.00 2,808.00 9,261.00
’20 2,134.00 2,842.00 3,368.00 2,153.00 10,497.00
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 1,477.00 3,489.00
’25 980.00 1,911.00 4,248.00 961.00 8,100.00
’24 459.00 2,221.00 3,314.00 4,400.00 10,394.00
’23 720.00 3,838.00 2,512.00 289.00 7,359.00
’22 1,974.00 1,684.00 2,818.00 2,309.00 8,785.00
’21 1,938.00 1,746.00 2,176.00 2,521.00 8,381.00
’20 1,992.00 2,684.00 3,233.00 1,980.00 9,889.00
in millions of $

EPS

Mar Jun Sep Dec Year
’26 3.34 4.37
’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

Target Price Range

High ‡‡‡‡‡ ‡‡‡‡‡
Average ‡‡‡‡‡ ‡‡‡‡‡
Low ‡‡‡‡‡ ‡‡‡‡‡

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell
Powerpack only forecast
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 214.39 211.71 253.30 257.05
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 296.67 289.04 346.85 346.38
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 25,200 26,700 28,000 31,500
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.04 1.06 1.19 1.17
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 26,323.00 28,190.00 33,424.00 36,751.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 75.66% 70.02% 61.53% 67.25%
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7,346.00 7,855.00 4,609.00 8,976.00 ‡‡‡‡‡
EBT
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 27.91% 27.86% 13.79% 24.42% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6,552.00 6,717.00 4,090.00 7,711.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,417.00 4,922.00 5,751.00 6,367.00
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 48.93 52.69 62.24 68.31 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 12.18 12.56 7.62 14.33 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 18.07 15.83 21.40 18.51 ‡‡‡‡
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.74) (2.08) (2.04) (3.45) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 16.33 13.76 19.36 15.06
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.80 11.65 10.94 16.09 ‡‡‡‡‡
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 538.00 535.00 537.00 538.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 21.48 23.68 34.20 22.84 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.35 5.64 4.19 4.79 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 38.45 25.53 23.82 20.34 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.47 7.55 5.63 6.03 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 20.41 30.73 18.88 28.90
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 9,721.00 8,471.00 11,490.00 9,958.00 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (936.00) (1,112.00) (1,096.00) (1,858.00) ‡‡‡‡‡ ‡‡‡‡‡
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8,785.00 7,359.00 10,394.00 8,100.00 ‡‡‡‡‡
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6,499.00 11,940.00 5,931.00 3,568.00
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 38,945.00 64,613.00 60,099.00 54,604.00
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 29,640.00 53,669.00 48,126.00 45,475.00
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,661.00 6,232.00 5,877.00 8,658.00
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.38% 8.28% 4.33% 8.45% ‡‡‡‡‡
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 17.95% 8.24% 8.40% 10.48%
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 126.47% 135.79% 67.55% 106.10% ‡‡‡‡‡
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Amgen Inc. (AMGN) exemplifies biotech resilience amid patent cliffs and aggressive M&A, with revenue surging 45% from $23 billion in 2016 to $33.4 billion in 2024—fueled by the $27.8 billion Horizon Therapeutics acquisition and assets like Tepezza—projected to grow modestly to $38.6 billion by 2027. Share repurchases have doubled revenue per share to $62.24, driving stock highs from $134 lows in 2016 to $346 peaks in 2024, though efficiency metrics like revenue per employee highlight R&D intensity in obesity and rare diseases.

Profitability faces headwinds, with gross margins collapsing to 61.5% and EBT margins at 13.8% in 2024 due to integration costs and biosimilar erosion on Enbrel and Neulasta, alongside a leveraged balance sheet boasting $61 billion debt against shriveled $5.9 billion equity. Robust $10.4 billion FCF supports dividends and buybacks, but ROIC has halved to 8.4%, and insider selling without buys signals caution; valuations blend appeal (forward PE 23x, PS 4.2x) with risks, as analyst targets imply 3% downside to 29% upside.

Amgen’s future pivots on obesity drug MariTide’s 2026 Phase 3 data for EPS doubling to $16+ and margin recovery, mirroring AbbVie’s post-Humira pivot, yet biosimilar pressures, high debt servicing, and decelerating growth pose binary risks in a high-rate environment—positioning the stock for patient investors eyeing 4-5% yield amid sector volatility.

Amgen Inc. (AMGN) Latest News

News by impact score

Fine-tune

21 Sep

4 Zacks, 1:04 PM

Veeva Systems (VEEV) has expanded its Amgen (AMGN) partnership by securing a global rollout of Vault CRM to support Amgen’s commercial operations as it launches therapies worldwide. The engagement extends a decade-long collaboration and reinforces Vault CRM as the preferred platform for large biopharma. Veeva notes the deal complements its strongest-ever CRM quarter, with Vault CRM now serving more than 180 live customers and aiming to retain over 70% of the life-sciences CRM market. The deployment could create cross-sell opportunities across Veeva’s broader commercial suite as customers seek integrated, AI-enabled platforms. Amgen’s standardization on Vault CRM aligns with industry trends toward a unified, life-sciences-focused CRM foundation to accelerate global therapy delivery. Global Vault CRM rollout at Amgen signals a major enterprise-scale shift to an AI-enabled, integrated platform with long-term efficiency gains.

18 Sep

3 , 3:17 PM

Bristol Myers' Sotyktu long-term PsA data may strengthen its position against competitors including Amgen. Competitor drug data introduces moderate pressure on Amgen's PsA market position.

16 Sep

4 , 12:24 PM

Amgen Inc. received a rare double upgrade from analysts on its biotech stock, potentially lifting investor sentiment and market performance. Double analyst upgrade signals major positive shift likely to boost Amgen stock trajectory and sentiment.

4 www.marketbeat.com, 1:02 AM

Amgen highlights progress in MariTide and IMDELLTRA pipelines along with its growth priorities. Pipeline updates on MariTide and IMDELLTRA signal major strategic advances that can reshape Amgen's long-term revenue and competitive standing.

14 Sep

3 , 9:00 AM

FDA approves reduced monitoring time for first two doses of Amgen's Imdelltra. Shorter monitoring for Imdelltra may improve administration convenience and support higher adoption.

13 Sep

3 , 10:29 AM

Amgen shares fell 5% after questions emerged over its Lp(a) drug prospects tied to news on a non-owned asset. Questions on Amgen Lp(a) prospects may shift short-term investor sentiment and valuation without altering core operations.

11 Sep

4 www.marketbeat.com, 3:02 PM

Amgen emphasizes 26% growth drivers, IMDELLTRA momentum, and MariTide potential. Growth highlights and product momentum signal major strategic moves likely to shift Amgen trajectory and investor views.

4 , 11:19 AM

Amgen and AstraZeneca report positive lung cancer trial data that strengthens their oncology positions and market outlook. Positive lung cancer data advances Amgen's oncology pipeline and investor sentiment.

4 www.biopharmadive.com, 5:37 AM

Karyopharm delays debt payment. Amgen advances plans for wider Imdelltra use. Broader Imdelltra applications represent major product expansion with potential to lift Amgen revenue and trajectory.

10 Sep

3 , 11:56 AM

Amgen and AstraZeneca drug combo shows survival benefit in lung cancer study. Positive lung cancer trial data for AMGN combo may lift short-term sentiment and oncology prospects without guaranteed regulatory or revenue shifts.

9 Sep

4 , 2:01 PM

Amgen's Imdelltra sales rose 115% after its lung-cancer combination therapy met major clinical goals. 115% Imdelltra sales growth plus positive trial results signal major oncology revenue gains for Amgen.

4 investorshub.advfn.com, 6:10 AM

Amgen and AstraZeneca combination therapy improved survival measures in a late-stage lung cancer study. Positive late-stage lung cancer survival data supports potential new drug approvals and revenue growth for Amgen.

3 www.trefis.com, 4:41 PM

Eli Lilly rationed its product launches while signaling strategic priorities, with ripple effects on competitors including Amgen in overlapping therapeutic areas. Lilly launch constraints may shift near-term competitive dynamics for Amgen without altering its core pipeline trajectory.

8 Sep

4 247wallst.com, 1:08 PM

Amgen stock fell 10% after Novartis trial failure undermined the cholesterol drug class; Novartis shares dropped 14%. Trial failure in shared drug class triggers major Amgen stock drop and directly threatens future revenue from cholesterol products.

4 , 9:00 AM

Durvalumab plus tarlatamab achieved statistically significant and clinically meaningful gains in overall survival and progression-free survival as first-line treatment for extensive-stage small cell lung cancer. Positive frontline trial data for tarlatamab supports major oncology pipeline growth and market expansion for Amgen.

4 , 9:00 AM

Amgen's Imdelltra combined with AstraZeneca's Imfinzi achieved landmark improvement in overall survival for first-line extensive-stage small cell lung cancer. Positive first-line survival data for Imdelltra strengthens Amgen's oncology pipeline and competitive stance in SCLC.

4 , 8:05 AM

Novartis drug trial results are pressuring Amgen stock due to heightened competition in key drug markets. Competitor trial success directly threatens Amgen market share and valuation.

3 , 1:09 PM

Amgen's Olpasiran may still show heart-risk reduction despite Novartis miss, UBS says. Olpasiran development offers potential heart-risk reduction benefits supporting Amgen cardiovascular pipeline.

3 investorshub.advfn.com, 6:52 AM

Amgen shares fell as investors assessed Novartis Lp(a) trial results and a BMO downgrade. Novartis Lp(a) trial results and BMO downgrade triggered Amgen share decline indicating competitive and analyst pressure.

7 Sep

4 , 5:46 PM

Amgen's 7,297-patient heart drug trial now faces a higher success threshold after a competitor achieved stronger outcomes, raising the bar for approval and commercial viability. Elevated clinical bar directly threatens approval odds and revenue timeline for Amgen's major pipeline asset.

4 Sep

4 , 11:59 AM

Amgen states Repatha lowers mortality risk before a first heart attack or stroke and questions whether earlier use will expand the market. Positive Repatha data supports broader early use that can lift future sales and market position.

4 , 9:05 AM

Amgen develops MariTide obesity drug and questions whether added convenience features can secure meaningful market share against competing treatments. MariTide's ability to gain share through convenience could materially shift Amgen revenue and competitive standing in obesity.

2 Sep

5 , 5:09 PM

Amgen's TEZSPIRE achieved positive Phase 3 results in eosinophilic esophagitis, positioning the drug as a potential game changer with major implications for the company's growth and market position. Positive EoE Phase 3 results for TEZSPIRE signal transformative market expansion and competitive gains for Amgen.

4 , 11:08 AM

Amgen faces major setback on rare-disease drug. Major blow to rare-disease drug poses significant risk to Amgen performance and trajectory.

1 Sep

3 247wallst.com, 8:45 AM

Jim Cramer highlights an under-discussed Amgen drug with potential to target the largest market ever, separate from Eli Lilly's GLP-1 drugs. Cramer mention of Amgen drug in massive market may lift short-term sentiment without confirmed launches or results.

31 Aug

4 , 3:18 AM

Amgen's Repatha reduces risk of death in patients at high risk for a first heart attack or stroke. Repatha mortality benefit data bolsters Amgen cardiovascular drug sales and competitive edge.

4 , 3:15 AM

Amgen's top revenue driver reduces mortality risk by 20%. Positive outcome data on flagship product supports sustained revenue growth and valuation gains.

28 Aug

3 , 1:08 AM

AstraZeneca reports positive TEZSPIRE Phase 3 results and questions whether the current valuation discount remains justified. Positive TEZSPIRE Phase 3 data for the Amgen-partnered asthma drug may lift Amgen revenue outlook but leaves overall trajectory largely unchanged.

27 Aug

4 , 9:57 AM

Amgen and AstraZeneca achieve success with Tezspire, positioning the drug to potentially challenge Dupixent in key markets. Tezspire success directly expands Amgen's competitive position against a major rival product.

3 , 10:57 AM

Amgen and AstraZeneca's Tezspire met its primary endpoint in a phase 3 study for eosinophilic esophagitis. Positive phase 3 data supports label expansion potential for Amgen's partnered respiratory asset.