— Know what they know.
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Not Investment Advice

AMGN

NASDAQ · USD
Amgen Inc.
Healthcare · Drug Manufacturers - General
CEO Robert A. Bradway Employees 31,500 R&D / revenue 19.0%
Last price
$432.49−0.35%last session
Market cap
$233.8B
P/E (TTM)
26.7x
From 52w high
−3.3%
From 52w low
+50.2%
1-year return
+50.3%
RSI 14 · vs SMA200
62.5 · +18.3%
IS score
67.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

AMGN   SPY   XLV (sector ETF) · weekly closes
100120140Jan 26Apr 26Jul 26Oct 26AMGN 150XLV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
88
Profitability
74
Growth
43
Value
91
Momentum
50
Risk (safety)
69
Quality
41
Balance sheet
67
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Efficient ScalePiotroski 8 / 9Altman Z 2.0Beta 0.433 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
5 open-market sales, $2.9M
Form 144 notices (12m): 11, $30.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
6
Last disclosed purchase 2026-09-22
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+19
179 new holders, 120 closed
3,172 filers hold 85.6% · 1,274 added, 1,237 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+353
1,787 funds adding shares
1,434 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
43.8%
20-day avg 54.2%, 50-day avg 52.2%
Latest 10.4 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$36.7B
Revenue growth YoY+9.9%
Gross margin70.8%
Operating income$10.7B
Operating margin29.1%
Net income$7.7B
Net margin21.0%
EPS (diluted)$14.23
Cash flow
Operating cash flow$10.0B
Capital expenditure$1.9B
Free cash flow$8.1B
FCF conversion (FCF / OCF)81.3%
Stock-based compensation$0
FCF less SBC$8.1B
Buybacks$0
Dividends$5.1B
Balance sheet & returns
Cash & short-term investments$9.1B
Total debt$54.6B
Net debt$45.5B
Shareholders' equity$8.7B
Goodwill & intangibles$41.0B
Debt / equity4.90
ROE (TTM)89.3%
ROIC (TTM)14.2%
Operating margin by fiscal year
29.4%FY202136.3%FY202228.0%FY202321.7%FY202428.0%FY2025
Revenue $26.0B (FY2021) to $36.7B (FY2025), a 9.1% CAGR.

Valuation

P/E (TTM)26.7x
EV / EBITDA15.7x
Price / sales6.13x
Price / FCF23.0x
FCF yield4.35%
Buyback yield0.00%
SBC / revenue1.3%
Price / book19.98x
Forward P/E FY202618.8x
Forward P/E FY202717.6x
Forward P/E FY202816.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $404.64 across 25 analysts last quarter is theirs, not ours.

AMGN vs industry median

40 companies in Drug Manufacturers - General
Gross margin 72.7% 72.4% Operating margin 33.2% 20.1% Net margin 22.9% 12.7% ROIC 14.2% 16.2%
AMGN (TTM)Industry median Asset turnover 0.40 vs industry 0.54 · financial leverage 8.18

Earnings delivery

Next report 2026-11-03 · consensus EPS $5.77
92%
beat rate, 11 of 12 quarters
+8.6%
median EPS surprise
8
longest beat streak
+7+3+2-0+9+5+15+14+12+12+8+12
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-31 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
AMGN Amgen Inc. $233.8B26.7x89.3%22.9%+9.9% +50.3%
AZN AstraZeneca PLC $256.5B24.7x22.0%16.3%+8.6% −1.5%
GILD Gilead Sciences, Inc. $193.7Bn/m-20.6%—+5.5% +33.4%
NVS Novartis AG $286.3B22.9x30.6%22.7%+0.8% +15.1%
PFE Pfizer Inc. $168.6B39.1x5.0%-1.6%−0.2% +24.2%
MRK Merck & Co., Inc. $360.1B115.8x7.0%-8.0%+4.5% —
BMY Bristol-Myers Squibb Company $122.1B13.2x46.7%25.6%+3.1% —
ABBV AbbVie Inc. $504.4B80.4x-206.4%21.3%+10.4% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-08-04Earnings Release; Exhibits
2026-07-31Other Events
2026-05-20Shareholder Vote
2026-05-19Officer/Director Change
2026-04-30Earnings Release; Exhibits
2026-04-22Officer/Director Change; Exhibits

Context

Shares outstanding540,632,000
Free float99.7%
Institutional ownership85.6%
Beta0.43
Dividend yield2.30%
Last dividend$2.52 on 2026-08-21
50 / 200-day average$414.46 / $368.38
Mega-cap Healthcare median P/E20.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where AMGN sits among 12 scored companies in Drug Manufacturers - General (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureAMGNIndustry medianIndustry percentileSector median
P/E (TTM) 26.7x 29.3x
40th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 10.09 1.23
100th		 1.28
Price / sales 6.1x 5.3x
64th		 3.7x
Price / book 20.0x 6.9x
90th		 3.6x
Price / tangible book —
Price / free cash flow 23.0x 20.3x
64th		 21.2x
Price / operating cash flow 18.7x 16.8x
73rd		 17.1x
Enterprise value $277.1B $280.5B
45th		 $2.5B
EV / sales 7.3x 6.0x
82nd		 3.8x
EV / EBITDA 15.7x 18.0x
36th		 16.2x
EV / EBIT 21.4x 24.8x
40th		 23.0x
EV / free cash flow 27.2x 23.7x
64th		 24.6x
Earnings yield 3.7% 3.0%
64th		 -0.3%
FCF yield 4.4% 5.0%
36th		 1.7%
Operating cash flow yield 5.3% 6.0%
27th		 2.9%
Graham number (per share) $88.14 $63.36
78th		 $26.70

Profitability (TTM)

MeasureAMGNIndustry medianIndustry percentileSector median
Gross margin 72.7% 72.1%
55th		 65.1%
EBITDA margin 46.2% 32.8%
91st		 6.6%
Operating margin 33.2% 25.2%
91st		 3.5%
EBIT margin 34.0% 22.0%
91st		 2.4%
Net margin 22.9% 13.4%
82nd		 0.3%
NOPAT margin 28.2% 20.5%
91st		 2.7%
FCF margin 26.7% 24.7%
64th		 4.3%
Operating cash flow margin 32.7% 29.5%
73rd		 7.1%
R&D / revenue 20.0% 20.0%
55th		 12.4%
SG&A / revenue 18.4% 22.0%
27th		 37.9%
Stock comp / revenue 1.0% 1.1%
27th		 4.5%
Effective tax rate 15.0% 19.2%
18th		 21.0%

Returns on capital

MeasureAMGNIndustry medianIndustry percentileSector median
ROE (on average equity) 91.5% 24.0%
90th		 0.8%
ROA 9.5% 6.9%
64th		 -0.3%
ROIC 19.5% 15.9%
82nd		 5.5%
ROCE 18.5% 15.6%
73rd		 2.3%
Return on tangible assets 14.1% 11.2%
73rd		 1.7%
Cash ROIC (OCF / invested capital) 22.7% 22.4%
64th		 9.7%
Gross profitability (GP / assets) 29.0% 34.0%
27th		 29.9%
ROIC, 3-yr average 13.9% 10.3%
73rd		 2.6%
ROIC, 5-yr average 21.5% 14.2%
78th		 3.2%
ROE, 5-yr average 121.3% 19.6%
100th		 -4.9%
Incremental ROIC 95.6% 4.4%
91st		 17.2%

Growth

MeasureAMGNIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 9.2% 5.0%
82nd		 10.5%
Revenue growth (QoQ) 16.7% 8.6%
100th		 7.2%
Revenue CAGR, 3 yr 12.8% 4.4%
91st		 10.7%
Revenue CAGR, 5 yr 8.4% 3.3%
73rd		 12.1%
Gross profit CAGR, 3 yr 12.0% 5.9%
82nd		 10.6%
Operating income CAGR, 3 yr 10.0% 10.0%
50th		 11.7%
Net income growth (TTM YoY) 32.1% -6.6%
70th		 17.5%
Net income CAGR, 3 yr 3.1% 3.1%
50th		 11.3%
EPS growth (TTM YoY) 31.4% -4.3%
60th		 19.2%
EPS CAGR, 3 yr 2.7% 2.7%
50th		 14.0%
EPS CAGR, 5 yr 10.0% 2.2%
67th		 8.1%
FCF growth (TTM YoY) -4.1% 4.7%
30th		 18.6%
FCF CAGR, 3 yr 1.7% 11.3%
18th		 15.4%
Operating cash flow CAGR, 3 yr 4.9% 6.8%
36th		 11.9%
Book value CAGR, 3 yr 19.4% 5.2%
78th		 2.1%
Dividend CAGR, 3 yr 1.6% 1.8%
30th		 2.2%
Sustainable growth rate 36.2% 11.0%
89th		 12.2%

Margin history & stability

MeasureAMGNIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 66.8% 70.1%
27th		 62.6%
Operating margin, 3-yr average 25.5% 23.5%
73rd		 1.0%
Net margin, 3-yr average 17.3% 13.4%
64th		 -2.6%
FCF margin, 3-yr average 24.9% 22.0%
64th		 3.2%
Revenue stability (0-1) 0.90 0.75
73rd		 0.80
Earnings stability (0-1) 0.08 0.23
18th		 0.37
Margin stability (0-1) 0.92 0.94
27th		 0.93

Liquidity (latest quarter)

MeasureAMGNIndustry medianIndustry percentileSector median
Cash & short-term investments $14.0B $7.4B
91st		 $330.9M
Net cash (− = net debt) −$43.3B −$36.7B
36th		 $8.4M
Working capital $9.5B $4.1B
82nd		 $381.1M
Current ratio 1.37 1.29
73rd		 3.02
Quick ratio 1.13 1.05
73rd		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.55 0.31
91st		 1.43
Defensive interval (days) 587 days 287 days
100th		 415 days

Leverage & solvency (latest quarter)

MeasureAMGNIndustry medianIndustry percentileSector median
Total debt $57.3B $49.0B
82nd		 $289.1M
Debt / equity 4.90 1.29
90th		 0.45
Net debt / equity 3.71 1.12
90th		 −0.13
Debt / assets 59.9% 40.8%
91st		 24.4%
Debt / capital 83.1% 56.2%
90th		 31.1%
Debt / EBITDA 3.25 3.30
45th		 2.62
Net debt / EBITDA 2.46 2.75
45th		 1.42
Interest coverage (EBIT / interest) 4.9x 5.3x
45th		 2.1x
Cash interest coverage 4.7x 9.8x
9th		 3.6x
Debt payback (years of OCF) 4.6 yrs 2.8 yrs
82nd		 2.7 yrs
Liabilities / assets 87.8% 71.1%
82nd		 49.8%
IS credit model rating BB — —
Implied credit spread (bps) 475 250
73rd		 225

Efficiency

MeasureAMGNIndustry medianIndustry percentileSector median
Asset turnover 0.42 0.49
18th		 0.56
Fixed asset turnover 4.46 4.31
55th		 4.87
Inventory turnover 1.6 2.1
18th		 2.7
Receivables turnover 4.0 4.9
0th		 6.4
Days sales outstanding 91 days 74 days
100th		 57 days
Days inventory outstanding 224 days 172 days
82nd		 136 days
Days payables outstanding 404 days 116 days
82nd		 59 days
Cash conversion cycle (days) −89 days 126 days
18th		 70 days
Capex / revenue 6.0% 4.6%
80th		 2.6%
Capex / depreciation 0.49 0.49
50th		 0.55
Operating expense ratio 37.1% 40.9%
27th		 56.5%

Cash flow & earnings quality

MeasureAMGNIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.43 1.44
40th		 1.61
FCF / net income 1.16 1.24
30th		 1.36
FCF / operating cash flow 81.5% 81.5%
50th		 81.2%
Capex / operating cash flow 18.5% 18.5%
50th		 18.8%
Accruals ratio -4.1% -4.3%
55th		 -5.4%
Sloan accruals ratio -1.6% -2.6%
73rd		 -1.3%
Earnings quality score (0-1) 1.00 1.00
30th		 0.75

Dividends & buybacks

MeasureAMGNIndustry medianIndustry percentileSector median
Dividend yield 2.3% 2.2%
55th		 0.0%
Dividend per share (TTM) $9.94 $3.33
100th		 $0.00
Payout ratio (dividends / net income) 60.4% 60.0%
60th		 0.0%
Dividends / FCF 51.9% 50.8%
64th		 0.0%
Dividend growth (YoY) 5.7% 5.0%
60th		 4.5%
Buyback yield 0.0% 0.1%
0th		 0.0%
Shareholder yield (dividends + buybacks) 2.3% 2.5%
36th		 0.0%
Share count change (YoY) 0.6% -0.1%
73rd		 2.0%
Buybacks, last 5 years $400.0M $3.6B
36th		 $0

Scores & forensic checks

MeasureAMGNIndustry medianIndustry percentileSector median
IS score 67 64
73rd		 46
IS profitability 88 67
73rd		 22
IS growth 74 40
82nd		 60
IS value 43 42
55th		 39
IS momentum 91 67
82nd		 67
IS risk (safety) 50 72
9th		 80
IS quality 69 72
36th		 49
IS balance sheet 41 49
27th		 55
IS earnings quality 67 68
27th		 56
IS cash flow 68 66
55th		 41
Piotroski F-score (0-9) 8 7
73rd		 5
Altman Z-score 2.0 3.0
18th		 3.2
Beneish M-score −2.56 −2.72
64th		 −2.62
Ohlson O-score −6.96 −8.11
82nd		 −7.16
IS credit score 44 60
27th		 62

Per share

MeasureAMGNIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $16.07 $5.07
91st		 −$0.03
Book value per share $21.49 $19.22
55th		 $7.10
Tangible book per share −$50.86 −$8.38
9th		 $1.91
Revenue per share $70.08 $32.71
91st		 $9.38
FCF per share $18.70 $7.97
82nd		 $0.46
Operating cash flow per share $22.94 $9.66
91st		 $0.93
Cash per share $25.72 $4.10
100th		 $3.51

Size (TTM)

MeasureAMGNIndustry medianIndustry percentileSector median
Market cap $233.8B $245.2B
45th		 $2.4B
Revenue $38.1B $58.5B
27th		 $770.2M
EBITDA $17.6B $16.9B
55th		 $56.1M
Net income $8.7B $7.5B
55th		 −$3.3M
Free cash flow $10.2B $12.3B
27th		 $41.2M
Total assets $95.6B $118.9B
36th		 $1.3B
Shareholders' equity $11.7B $28.1B
18th		 $568.4M
Employees 31,500 53,500
27th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-04Dittrich Thomas J.W.
EVP & CFO
 — 17,201$410.95$7.1M0
2026-08-13Khosla Rachna
SVP, Business Development
 Option exercise 1,252$162.60$203,5757,656
2026-08-13Khosla Rachna
SVP, Business Development
 Open-market sale 1,252$416.43$521,3656,404
2026-08-13Khosla Rachna
SVP, Business Development
 Option exercise 1,252$162.60$203,5750
2026-08-11Khosla Rachna
SVP, Business Development
 Open-market sale 2,000$412.57$825,1346,404
2026-08-07Busch Matthew C.
VP, Finance & CAO
 Award / grant 730——5,080
2026-08-07Ishrak Omar
Director
 Award / grant 85——7,486
2026-08-07Holley Charles M
Director
 Award / grant 103——12,990
2026-08-07Drake Michael V
Director
 Award / grant 64——5,876
2026-08-06Miller Derek
SVP, Human Resources
 Option exercise 2,069$162.60$336,41914,531
2026-08-06Miller Derek
SVP, Human Resources
 Open-market sale 1,821$402.54$733,03312,462
2026-08-06Miller Derek
SVP, Human Resources
 Option exercise 1,821$177.46$323,15514,283

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired40259,597$71.7M
Open-market saleDisposed57,310$2.9M
Option exerciseAcquired58,112$1.4M
Option exerciseDisposed58,112$1.4M
Tax withholdingDisposed4223,387$7.7M
—Disposed217,201$7.1M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 11 notices · 80,719 shares · $30.5M
FiledFilerShares proposedEst. proceeds
2026-08-13Khosla Rachna1,252$516,775
2026-08-11Khosla Rachna2,000$828,420
2026-08-06Grygiel Nancy A.2,970$1.2M
2026-08-06Derek Miller3,890$1.6M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 28 trades (14 purchases) · Senate 9 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-22David TaylorHousePurchase$1,001 - $15,0002026-10-02
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-26David TaylorHouseSale$1,001 - $15,0002026-09-07
2026-08-25David J. TaylorHouseSale (Full)$1,001 - $15,0002026-09-07
2026-08-12Sheldon WhitehouseSenateSale$1,001 - $15,0002026-09-02
2026-08-12Sheldon WhitehouseSenateSale (Partial)$1,001 - $15,0002026-09-02
2026-08-12Sheldon WhitehouseSenateSale (Partial)$1,001 - $15,0002026-09-01
2026-04-07Mark WarnerSenateSale$1,001 - $15,0002026-05-01
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.49,362,016$17.9B9.13%
VANGUARD CAPITAL MANAGEMENT LLC35,250,101$12.8B6.52%
STATE STREET CORP30,560,537$11.1B5.65%
Capital World Investors29,075,329$10.5B5.38%
Invesco Ltd.16,320,446$5.9B3.02%
GEODE CAPITAL MANAGEMENT, LLC15,696,068$5.7B2.90%
Sixth Street Partners Management Company, L.P.15,033,832$5.4B2.78%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC15,033,832$5.4B2.78%
VANGUARD PORTFOLIO MANAGEMENT LLC14,853,366$5.4B2.75%
MORGAN STANLEY10,587,789$3.8B1.96%
WELLS FARGO & COMPANY/MN7,235,462$2.6B1.34%
PRIMECAP MANAGEMENT CO/CA/6,756,962$2.4B1.25%
Capital Research Global Investors6,272,625$2.3B1.16%
NORGES BANK5,625,584$2.0B1.04%
BANK OF AMERICA CORP /DE/5,058,830$1.8B0.94%

Institutional ownership by quarter

2023-092026-0685.6%
% of shares held by 13F filers
2023-092026-063,172
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-303,17285.6%1791,2741,237120
2026-03-313,15380.6%2261,2161,251126
2025-12-313,10382.2%4251,1851,11186
2025-09-302,82778.3%1431,1311,153136
2025-06-302,86680.2%1501,2371,097179
2025-03-312,93979.4%2531,1391,186134
2024-12-312,86877.5%3241,0801,129235
2024-09-302,83175.9%1711,0991,142100
2024-06-302,79676.5%2081,1471,07298
2024-03-312,72675.9%1871,1321,024144
2023-12-312,72576.1%3459791,05388
2023-09-302,51275.2%254987912106

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-05-14SCHEDULE 13GCapital World Investors5.5%29,596,119
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-09-08SCHEDULE 13G/AThe Vanguard Group10.0%53,860,795
2025-04-17SCHEDULE 13G/ABlackRock, Inc.7.6%40,830,830
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.31%$7.2B
VTSAX0.31%$7.2B
VSMPX0.31%$7.2B
VTI0.31%$7.2B
VFINX0.35%$6.0B
VFFSX0.35%$6.0B

Share structure

Shares outstanding540,632,000
Float539,156,080
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$26.0B$26.3B$28.2B$33.4B$36.7B
Cost of revenue$6.5B$6.4B$8.4B$12.9B$10.7B
Gross profit$19.5B$19.9B$19.8B$20.6B$26.0B
R&D$6.3B$4.4B$4.8B$6.0B$7.0B
SG&A$5.4B$5.4B$6.2B$7.1B$7.0B
Operating income$7.6B$9.6B$7.9B$7.3B$10.7B
EBITDA$11.3B$12.2B$14.8B$13.4B$15.8B
Pretax income$6.7B$7.3B$7.9B$4.6B$9.0B
Income tax$808.0M$794.0M$1.1B$519.0M$1.3B
Net income$5.9B$6.6B$6.7B$4.1B$7.7B
EPS, diluted$10.28$12.11$12.49$7.56$14.23
Diluted shares573.0M541.0M538.0M541.0M542.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$8.0B$9.3B$10.9B$12.0B$9.1B
Receivables$5.8B$6.4B$7.9B$7.5B$9.6B
Inventory$4.1B$4.9B$9.5B$7.0B$6.2B
Total current assets$19.4B$22.2B$30.3B$29.0B$29.1B
PP&E, net$5.2B$5.4B$5.9B$6.5B$7.9B
Goodwill & intangibles$30.1B$31.6B$51.3B$46.3B$41.0B
Total assets$61.2B$65.1B$97.2B$91.8B$90.6B
Accounts payable$1.4B$1.6B$1.6B$1.9B$20.9B
Total current liabilities$12.2B$15.7B$18.4B$23.1B$25.5B
Long-term debt$33.2B$37.4B$63.2B$56.5B$50.0B
Total liabilities$54.5B$61.5B$90.9B$86.0B$81.9B
Shareholders' equity$6.7B$3.7B$6.2B$5.9B$8.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$5.9B$6.6B$6.7B$4.1B$7.7B
Depreciation & amortization$3.4B$3.4B$4.1B$5.6B$5.2B
Stock-based compensation$341.0M$401.0M$431.0M$530.0M$0
Change in working capital−$1.2B−$733.0M−$484.0M$2.4B−$2.0B
Operating cash flow$9.3B$9.7B$8.5B$11.5B$10.0B
Capital expenditure−$880.0M−$936.0M−$1.1B−$1.1B−$1.9B
Free cash flow$8.4B$8.8B$7.4B$10.4B$8.1B
Investing cash flow$733.0M−$6.0B−$26.2B−$1.0B−$1.9B
Net debt issued / repaid$795.0M$6.6B$25.7B−$4.3B−$5.7B
Buybacks−$5.0B−$6.4B$0−$200.0M$0
Dividends paid−$4.0B−$4.2B−$4.6B−$4.8B−$5.1B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin75.2%75.7%70.0%61.5%70.5%
Operating margin29.4%36.3%28.0%21.7%28.0%
Net margin22.7%24.9%23.8%12.2%21.0%
FCF margin32.3%33.4%26.1%31.1%22.0%
ROE73.2%126.5%135.8%67.6%106.1%
ROIC21.0%25.6%11.3%11.9%16.3%
ROA9.5%10.4%8.3%4.3%8.5%
Debt / equity4.9710.6410.3710.236.31
Interest coverage6.6x6.2x3.7x2.5x4.2x
Current ratio1.591.411.651.261.14
Revenue growth+2.2%+1.3%+7.1%+18.6%+10.0%
EPS growth−16.0%+16.5%+2.3%−39.3%+88.2%
P/E at year end19.0x19.6x21.8x33.5x23.0x
EV / EBITDA at year end12.1x13.0x13.5x13.8x13.2x
FCF yield at year end7.49%6.83%5.03%7.60%4.56%
Dividend payout68.1%64.0%67.8%118.1%66.5%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Other Products$5.9B$5.6B$5.3B$5.6B$7.3B
ENBREL$4.5B$4.1B$3.7B$3.3B$2.2B
Prolia$3.2B$3.6B$4.0B$4.4B$4.4B
Repatha————$3.0B
Otezla$2.2B$2.3B$2.2B$2.1B$2.3B
XGEVA$2.0B$2.0B$2.1B$2.2B$2.1B
Repatha (evolocumab)$1.1B$1.3B$1.6B$2.2B—
EVENITY———$1.6B$2.1B
TEPEZZA——$448.0M$1.9B$1.9B
Neulasta$1.7B$1.1B———
Product and Service, Other$1.7B$1.5B$1.3B$1.4B$1.6B
BLINCYTO——$861.0M$1.2B$1.6B
Nplate$1.0B$1.3B$1.5B$1.5B$1.5B
Kyprolis$1.1B$1.2B$1.4B$1.5B—
Aranesp$1.5B$1.4B$1.4B$1.3B$1.4B
TEZSPIRE———$972.0M$1.5B
KRYSTEXXA——$272.0M$1.2B$1.3B
Vectibix——$984.0M$1.0B$1.2B
Evenity—$787.0M$1.2B——

Revenue by region · FY2025

UNITED STATES$26.4B · 72%
Non-US$10.3B · 28%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $5.77 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$39.0B$38.5B – $39.5B$23.04$22.59 – $23.322018.8x
2027$40.4B$39.1B – $41.9B$24.51$22.82 – $26.031917.6x
2028$41.8B$38.1B – $47.2B$25.90$21.03 – $29.241116.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$5.62$6.29+11.9%$9.4B$10.1B+6.7%
2026-04-30$4.77$5.15+8.0%$8.6B$8.6B+0.5%
2026-02-03$4.73$5.29+11.8%$9.5B$9.9B+4.1%
2025-11-04$5.02$5.64+12.4%$9.0B$9.6B+6.6%
2025-08-05$5.28$6.02+14.0%$8.9B$9.2B+2.6%
2025-05-01$4.27$4.90+14.8%$8.1B$8.1B+1.1%
2025-02-04$5.04$5.31+5.4%$8.9B$9.1B+2.3%
2024-10-30$5.11$5.58+9.2%$8.5B$8.5B+0.1%
2024-08-06$4.98$4.97−0.2%$8.4B$8.4B+0.4%
2024-05-02$3.88$3.96+2.1%$7.5B$7.4B−0.1%
2024-02-06$4.59$4.71+2.6%$8.1B$8.2B+0.9%
2023-10-31$4.65$4.96+6.7%$6.6B$6.9B+4.3%
2023-08-03$4.44$5.00+12.6%$6.7B$7.0B+4.6%
2023-04-27$3.85$3.98+3.4%$6.6B$6.1B−8.2%
2023-01-31$4.04$4.09+1.2%$6.7B$6.8B+1.4%
2022-11-03$4.44$4.70+5.9%$6.6B$6.7B+1.3%
2022-08-04$4.40$4.65+5.7%$6.5B$6.6B+1.0%
2022-04-27$4.22$4.25+0.7%$6.1B$6.2B+2.8%
2022-02-07$4.08$4.36+6.9%$6.9B$6.8B−0.3%
2021-11-02$4.22$4.67+10.7%$6.7B$6.7B−0.1%
2021-08-03$4.13$4.38+6.1%$6.5B$6.5B+1.2%
2021-04-27$4.05$3.70−8.6%$6.3B$5.9B−6.1%
2021-02-02$3.36$3.81+13.4%$5.8B$6.6B+14.1%
2020-10-28$3.81$4.37+14.7%$5.6B$6.4B+14.7%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.006-150.806-220.706-290.807-060.807-130.807-201.307-271.508-030.908-101.208-171.008-240.908-31
Week ofNotionalSharesTrades
2026-08-31$884.0M2,021,82468,062
2026-08-24$992.2M2,257,57773,966
2026-08-17$1.2B2,728,77285,999
2026-08-10$896.7M2,162,16581,554
2026-08-03$1.5B3,701,677110,667
2026-07-27$1.3B3,477,27396,995

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1543.8%
DateShort shareShort volumeTotal volume
2026-10-1543.8%596,3611,361,147
2026-10-1447.3%515,6471,090,063
2026-10-1356.2%367,357653,860
2026-10-1261.8%273,057441,906
2026-10-0945.3%297,618657,213
2026-10-0837.0%381,3851,030,357
2026-10-0763.5%460,327725,095
2026-10-0648.5%317,153654,540
2026-10-0537.3%334,144896,683
2026-10-0234.9%295,447846,509
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.6Jan-1.2Feb+0.0Mar+0.5Apr-0.0May+1.6Jun+5.8Jul+0.4Aug+0.2Sep+1.1Oct+1.1Nov-0.2Dec
MonthAvg returnUp yearsYears
Jan+0.6%55%20
Feb−1.2%35%20
Mar+0.0%57%21
Apr+0.5%45%20
May−0.0%50%20
Jun+1.6%60%20
Jul+5.8%80%20
Aug+0.4%55%20
Sep+0.2%50%20
Oct+1.1%55%20
Nov+1.1%60%20
Dec−0.2%45%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1462.5
MFI54.1
ADX23.8
Stochastic %K / %D85.6 / 78.7
Williams %R-20.3
CCI175
TSI / signal12.5 / 4.8
Chaikin money flow0.09
ATR$10.66
Bollinger width9.9%
Volume vs 20-day avg0.91x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$413.39 (+4.6%)
SMA 50$414.52 (+4.3%)
SMA 200$365.67 (+18.3%)
EMA 21$414.51 (+4.3%)
EMA 50$406.49 (+6.4%)
EMA 200$368.77 (+17.3%)
Bollinger upper$433.88 (−0.3%)
Bollinger lower$392.90 (+10.1%)
Parabolic SAR$398.46 (+8.5%)
Open the live chart, 110+ indicators

About Amgen Inc.

Amgen Inc., established in 1980 and headquartered in Thousand Oaks, California, is a global biotechnology leader focused on discovering, developing, manufacturing, and delivering groundbreaking human medicines. The company's scientific endeavors span several critical therapeutic categories, including inflammatory conditions, oncology and hematology, bone health, cardiovascular diseases, nephrology, and neuroscience. Its extensive portfolio features a range of significant pharmaceutical products. Notable examples include Enbrel, prescribed for conditions like plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, which helps cancer patients by reducing the risk of infection linked to a low white blood cell count; Prolia, utilized in postmenopausal women to combat osteoporosis; and Xgeva, designed to prevent skeletal-related complications. Otezla offers relief for adult patients suffering from plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease. Aranesp addresses anemia and low red blood cell counts, while KYPROLIS is employed to treat patients with relapsed or refractory multiple myeloma. Furthermore, Repatha plays a vital role in lowering the incidence of major cardiovascular events such as myocardial infarction, stroke, and coronary revascularization. Amgen's comprehensive product lineup also encompasses Nplate, Vectibix, MVASI, Parsabiv, EPOGEN, KANJINTI, BLINCYTO, Aimovig, EVENITY, AMGEVITATM, Sensipar/Mimpara, NEUPOGEN, IMLYGIC, Corlanor, and AVSOLA. The company distributes its therapies worldwide, primarily serving healthcare providers, including physicians and their clinics, dialysis centers, hospitals, and pharmacies. Distribution is facilitated through pharmaceutical wholesale distributors, complemented by direct-to-consumer channels. Amgen actively engages in strategic collaborations. It has partnered with entities such as Novartis Pharma AG, UCB, Bayer HealthCare LLC, BeiGene, Ltd., Eli Lilly and Company, Datos Health, and Verastem, Inc., to jointly assess VS-6766 when combined with lumakrastm (Sotorasib) in patients with KRAS G12C-mutant non-small cell lung cancer. Another key alliance involves Kyowa Kirin Co., Ltd., for the co-development and commercialization of KHK4083, a Phase 3-ready anti-OX40 fully human monoclonal antibody targeting atopic dermatitis and other autoimmune conditions. Additionally, Amgen maintains research and development partnerships with Neumora Therapeutics, Inc. and Plexium, Inc.

https://www.amgen.com

Key executives

NameTitlePayBorn
Robert A. BradwayChairman & CEO$6.7M1963
James E. BradnerEVP of Research & Development, Artificial Intelligence and Data$3.8M1972
Peter H. GriffithExecutive Vice President$3.3M1959
Thomas J. W. DittrichExecutive Vice President & Chief Financial Officer$3.3M1964
Murdo GordonExecutive Vice President of Global Markets and Policy$3.2M1967
Esteban SantosExecutive Vice President of Operations$3.0M1968
Jonathan GrahamExecutive Vice President, General Counsel & Secretary$2.4M1961
Matthew C. BuschChief Accounting Officer & Vice President of Finance—1975

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Robert A. Bradway Chief Executive Officer and President2025$1.9M$12.6M$3.9M$24.7M
James E. Bradner Executive Vice President, Research and Development2025$1.2M$3.4M$1.7M$8.6M
Peter H. Griffith Executive Vice President and Chief Financial Officer2025$1.2M$3.7M$1.7M$8.6M
Murdo Gordon Executive Vice President, Global Commercial Operations2025$1.2M$3.7M$1.7M$8.5M
David M. Reese Executive Vice President and Chief Technology Officer2025$1.3M$3.4M$1.8M$8.3M

Employees

22k201823k201924k202024k202125k202227k202328k202432k2025

Dividends

Ex-dateAmountPaid
2026-08-21$2.522026-09-11
2026-05-15$2.522026-06-05
2026-02-13$2.522026-03-06
2025-11-21$2.382025-12-12
2025-08-22$2.382025-09-12
2025-05-16$2.382025-06-06
2025-02-14$2.382025-03-07
2024-11-18$2.252024-12-09

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage46
Intangibles63
Switching costs42
Network effect65
Efficient scale88
Our component scores (0-100) and overall 58.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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