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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. In the quarter to June 2026, revenue grew 9.53%, EPS grew 65.4%, free cash flow grew 82.6% and total debt rose 1.96%, each against the same quarter a year earlier. Member of the S&P 500, Nasdaq 100 and Dow Jones; dividend growth for ten consecutive years, revenue growth for five.

414.87 7.43 +1.82%
Market cap
$220.3B
P/E
25.6×
Fwd P/E
22.7×
Dividend yield
2.40%
F-score
7/9
Altman Z
1.69
Beneish M
−2.27
Dividend safety
56/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 29.33
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 3 — — 2 — — 1 — — 3 — —
Insider Ownership 0.11%

Capital & Financial Ratios $m

Market Cap 220,280.00
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 (above 2: weak)
P/E ratio 25.58
Fwd P/E 22.70
P/S ratio 5.88
P/B ratio 19.17 (above 6: high)
Past 5Y EPS Growth 2.94%
This Y EPS Growth 5.67%
Next Y EPS Growth 6.11%
Next Y revenue growth 5.99%
Next 5Y EPS Growth 5.77%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.0×, 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 77.95%
10-year low 10-year high
P/S against its own 10 years 92.73%
10-year low 10-year high
P/B against its own 10 years 63.37%
10-year low 10-year high
EV/Sales against its own 10 years 91.91%
10-year low 10-year high
EV/FCF against its own 10 years 85.75%
10-year low 10-year high

Dividends

Payout Ratio 0.62
Annual Dividend Rate 9.94
Annual Dividend Yield 2.40%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 10.09
2.52
2.52
2.52
2025 9.52
2.38
2.38
2.38
2.38
2024 9.00
2.25
2.25
2.25
2.25
2023 8.52
2.13
2.13
2.13
2.13
2022 7.76
1.94
1.94
1.94
1.94
2021 7.04
1.76
1.76
1.76
1.76
2020 6.40
1.60
1.60
1.60
1.60
2019 5.80
1.45
1.45
1.45
1.45
2018 5.28
1.32
1.32
1.32
1.32
2017 4.60
1.15
1.15
1.15
1.15
2016 4.00
1.00
1.00
1.00
1.00
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 10,944 11,973 9,129 13,989
Receivables 7,268 6,782 9,570 10,227
Inventory 9,518 6,998 6,225 6,220
Other 2,602 3,277 4,133 4,525
30,332 29,030 29,057 34,961
2023 2024 2025 Q'26
Payables 1,590 1,908 2,367 2,865
ST’ Debt 1,443 3,550 4,599 5,445
Other — — — —
18,392 23,099 25,489 25,502

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%

Revenue $m

Mar Jun Sep Dec Year
’26 8,618 10,054 — — —
’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 — — —
’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 — — —
’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.

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
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 133.64 147.12 163.31 166.30 177.05 198.64 214.39 211.71 253.30 257.05

Analyst estimates 2026–2028

Powerpack
High 176.85 191.10 210.19 244.99 264.97 276.69 296.67 289.04 346.85 346.38
People
People Employees 19,200 20,800 21,500 23,400 24,300 24,200 25,200 26,700 28,000 31,500
Revenue/emp, $m 1.20 1.10 1.10 1.00 1.05 1.07 1.04 1.06 1.19 1.17
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
Gross margin, % 81.90 82.19 82.73 81.35 75.77 75.16 75.66 70.02 61.53 67.25
EBT 9,163 9,597 9,545 9,138 8,133 6,701 7,346 7,855 4,609 8,976
EBT margin, % 39.85 42.00 40.19 39.11 31.99 25.79 27.91 27.86 13.79 24.42
Net income 7,722 1,979 8,394 7,842 7,264 5,893 6,552 6,717 4,090 7,711
Depreciation 2,105 1,955 1,946 2,206 3,601 3,398 3,417 4,922 5,751 6,367
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
Earnings 10.32 2.71 12.70 12.96 12.40 10.34 12.18 12.56 7.62 14.33
Cash flow 13.84 15.29 17.09 15.12 17.91 16.25 18.07 15.83 21.40 18.51
Capex (0.99) (0.91) (1.12) (1.02) (1.04) (1.54) (1.74) (2.08) (2.04) (3.45)
Free cash flow 12.86 14.38 15.97 14.10 16.88 14.70 16.33 13.76 19.36 15.06
Book value 39.94 34.53 18.91 15.99 16.06 11.75 6.80 11.65 10.94 16.09
Shares, m 748 731 661 605 586 570 538 535 537 538
Valuation, ×
Valuation, × P/E 14.61 67.30 15.34 18.62 18.56 21.72 21.48 23.68 34.20 22.84
P/S 4.90 5.66 5.42 6.24 5.30 4.94 5.35 5.64 4.19 4.79
P/B 3.77 5.13 10.29 15.08 14.32 19.14 38.45 25.53 23.82 20.34
EV/Sales 4.75 5.39 5.61 7.14 6.18 5.91 6.47 7.55 5.63 6.03
EV/FCF 11.90 12.21 13.17 20.60 16.61 19.32 20.41 30.73 18.88 28.90
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
Capex (738) (664) (738) (618) (608) (880) (936) (1,112) (1,096) (1,858)
Free cash flow 9,616 10,513 10,558 8,532 9,889 8,381 8,785 7,359 10,394 8,100
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
Total debt 34,596 35,342 33,929 29,903 32,986 33,309 38,945 64,613 60,099 54,604
Net debt (3,489) (6,336) 4,625 20,992 22,339 25,272 29,640 53,669 48,126 45,475
Shareholders’ equity 29,875 25,241 12,500 9,673 9,409 6,700 3,661 6,232 5,877 8,658
Returns, %
Returns, % ROA 10.36 2.51 11.47 12.44 11.84 9.50 10.38 8.28 4.33 8.45
ROIC 23.20 32.97 37.46 19.72 17.99 14.93 17.95 8.24 8.40 10.48
ROE 26.65 7.18 44.48 70.73 76.13 73.16 126.47 135.79 67.55 106.10
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $481.4B 78.1× 27.8× +10.16% (above 0%: growing) +290.38% (above 0%: growing) −36.24% (below 0%: shrinking) 74.74% 37.86% Compare
MRK Merck & Co., Inc. $351.3B 116× 53.9× +5.07% (above 0%: growing) n/m +77.03% (above 0%: growing) 73.54% (2.61%) Compare
NVS Novartis AG $262.0B 21.6× 20.6× +0.78% (above 0%: growing) −17.39% (below 0%: shrinking) −15.53% (below 0%: shrinking) 75.19% 31.77% Compare
AZN AstraZeneca PLC $246.3B 23.6× 23.4× +6.41% (above 0%: growing) +1.90% (above 0%: growing) −107.45% (below 0%: shrinking) 83.60% 20.57% Compare
AMGN Amgen Inc. $220.3B 25.6× 22.7× +9.53% (above 0%: growing) +65.41% (above 0%: growing) +82.57% (above 0%: growing) 72.04% 34.95%
GILD Gilead Sciences, Inc. $182.4B — (loss-making) — (loss-making) +10.18% (above 0%: growing) n/m +376.81% (above 0%: growing) 79.76% (133.21%) Compare
PFE Pfizer Inc. $158.6B 37.2× 12.2× +2.60% (above 0%: growing) n/m +125.17% (above 0%: growing) 72.78% 20.38% Compare
NVO Novo Nordisk A/S $127.8B 9.4× — +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 $121.7B 13.0× 11.2× +5.74% (above 0%: growing) +153.13% (above 0%: growing) −13.16% (below 0%: shrinking) 71.28% 31.50% Compare
Median of peers $214.3B 23.6× 22.0× +5.41% +1.90% +29.21% 74.96% 26.03%

All 21 Drug Manufacturers General stocks →

AMGN metrics, ten years each

Amgen Inc. (AMGN) key facts

  • Strength: Amgen Inc.’s revenue for fiscal 2025 (year ended December 2025) was $36.8 billion, up 9.95% from fiscal 2024.
  • Strength: Net income was $7.7 billion, or $14.33 per share (basic), a net margin of 21.0%.
  • Amgen Inc. (AMGN) is a Drug Manufacturers General company in the Healthcare sector, listed on Nasdaq.
  • As of October 9, 2026, AMGN traded at $414.87, a market capitalization of $220.3 billion.
  • At that price the stock trades at 25.6× trailing-twelve-month earnings and 5.9× sales; its P/E is higher than 78% of its own readings over the past ten years.
  • Amgen Inc. pays an annual dividend of $9.94 per share, a yield of 2.40%, with a payout ratio of 61.8%.
  • Return on equity was 106.1% and debt-to-equity 4.90.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 1.69 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated

Amgen generated $36.8 billion of revenue, $9.1 billion of operating income and $7.7 billion of net income in FY2025. Revenue grew 9.95% in FY2025 against FY2024, while diluted EPS grew 88.2%. Free cash flow was $8.1 billion in FY2025, down 22.1% against FY2024.

In Q2 FY2026, revenue was $10.1 billion, operating income was $3.5 billion and net income was $2.4 billion. Revenue increased 9.53% in Q2 FY2026 against Q2 FY2025, while gross margin reached 72.0% and operating margin reached 35.0%. Net debt was $43.3 billion in Q2 FY2026.

Amgen Inc. (AMGN) Latest News

2 Sep

Impact 5 ·

18 May

Impact 5 ·
stockrow.com/AMGN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com