Amgen Inc
AMGNHealthcare|Drug Manufacturers - General|USA
$342.57
-5.37 (-1.54%)
DCF (FCF)
$219.78
Earnings Power
$83.10
Financials
Financial Snapshot
Market Cap
$184.67B
Enterprise Value
$-45.48B
Revenue (TTM)
$36.75B
Net Income (TTM)
$7.71B
Cash & Equivalents
$9.13B
Net Cash/Share
$-135.11
Free Cash Flow (TTM)
$8.10B
Operating CF (TTM)
$9.96B
Debt/Equity
6.31
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $38.09B | $41.68B | $29.30B | $8.91B | $10.65B | $8.04B | $9.30B | $10.94B | $11.97B | $9.13B | $9.13B | |
| Operating Cash Flow | $10.35B | $11.18B | $11.30B | $9.15B | $10.50B | $9.26B | $9.72B | $8.47B | $11.49B | $9.96B | $9.96B | |
| Free Cash Flow | $9.62B | $10.51B | $10.56B | $8.53B | $9.89B | $8.38B | $8.79B | $7.36B | $10.39B | $8.10B | $8.10B | |
| Capital Expenditure | $-738.0M | $-664.0M | $-738.0M | $-618.0M | $-608.0M | $-880.0M | $-936.0M | $-1.11B | $-1.10B | $-1.86B | $-1.86B | |
| Financing Cash Flow | $-2.60B | $-6.59B | $-22.49B | $-15.77B | $-4.87B | $-8.27B | $-4.04B | $21.05B | $-9.41B | $-10.86B | $-10.86B |
R&D Spending
R&D (TTM)
$7.27B
R&D Intensity
19.8%
R&D Growth YoY
+0.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.99B | $22.85B | $23.75B | $23.36B | $25.42B | $25.98B | $26.32B | $28.19B | $33.42B | $36.75B | $36.75B | |
| R&D Expense | $3.84B | $3.56B | $3.74B | $4.12B | $4.21B | $6.32B | $4.43B | $4.78B | $5.96B | $7.27B | $7.27B | |
| R&D % of Revenue | 16.7% | 15.6% | 15.7% | 17.6% | 16.5% | 24.3% | 16.8% | 17.0% | 17.8% | 19.8% | 19.8% | |
| SG&A | $5.06B | $4.87B | $5.33B | $5.15B | $5.73B | $5.37B | $5.41B | $6.18B | $7.10B | $7.05B | $7.05B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.99B | $22.85B | $23.75B | $23.36B | $25.42B | $25.98B | $26.32B | $28.19B | $33.42B | $36.75B | $36.75B | |
| Cost of Goods Sold | $4.16B | $4.07B | $4.10B | $4.36B | $6.16B | $6.45B | $6.41B | $8.45B | $12.86B | $12.04B | $12.04B | |
| Gross Profit | $18.83B | $18.78B | $19.65B | $19.01B | $19.27B | $19.52B | $19.92B | $19.74B | $20.57B | $24.71B | $24.71B | |
| R&D | $3.84B | $3.56B | $3.74B | $4.12B | $4.21B | $6.32B | $4.43B | $4.78B | $5.96B | $7.27B | $7.27B | |
| SG&A | $5.06B | $4.87B | $5.33B | $5.15B | $5.73B | $5.37B | $5.41B | $6.18B | $7.10B | $7.05B | $7.05B | |
| Operating Income | $9.79B | $9.97B | $10.26B | $9.67B | $9.14B | $7.64B | $9.57B | $7.90B | $7.26B | $9.08B | $9.08B | |
| Interest Expense | $-1.26B | $-1.30B | $-1.39B | $-1.29B | $-1.26B | $-1.20B | $-1.41B | $-2.88B | $-3.15B | $-2.75B | $-2.75B | |
| Pretax Income | $9.16B | $9.60B | $9.54B | $9.14B | $8.13B | $6.70B | $7.35B | $7.86B | $4.61B | $8.98B | $8.98B | |
| Net Income | $7.72B | $1.98B | $8.39B | $7.84B | $7.26B | $5.89B | $6.55B | $6.72B | $4.09B | $7.71B | $7.71B | |
| EPS (Diluted) | 10.24 | 2.69 | 12.62 | 12.88 | 12.31 | 10.28 | 12.11 | 12.49 | 7.56 | 14.23 | 14.23 | |
| EBITDA | $12.53B | $12.86B | $12.88B | $12.63B | $13.00B | $11.30B | $12.17B | $14.80B | $13.36B | $16.90B | $16.90B | |
| Shares Out. (M) | 754.00 | 735.00 | 665.00 | 609.00 | 590.00 | 573.00 | 541.00 | 538.00 | 541.00 | 542.00 | 542.00 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.24B | $3.80B | $6.95B | $6.04B | $6.27B | $7.99B | $7.63B | $10.94B | $11.97B | $9.13B | $9.13B | |
| Marketable Securities | $34.84B | $37.88B | $22.36B | $2.87B | $4.38B | $48.0M | $1.68B | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $46.01B | $49.48B | $37.62B | $18.44B | $21.14B | $19.39B | $22.19B | $30.33B | $29.03B | $29.06B | $29.06B | |
| Total Assets | $77.63B | $79.95B | $66.42B | $59.71B | $62.95B | $61.16B | $65.12B | $97.15B | $91.84B | $90.59B | $90.59B | |
| Total Current Liabilities | $11.20B | $9.02B | $13.49B | $12.84B | $11.65B | $12.18B | $15.69B | $18.39B | $23.10B | $25.49B | $25.49B | |
| Long-Term Debt | $30.19B | $34.19B | $29.51B | $26.95B | $32.90B | $33.22B | $37.35B | $63.17B | $56.55B | $50.01B | $50.01B | |
| Total Liabilities | $47.75B | $54.71B | $53.92B | $50.03B | $53.54B | $54.47B | $61.46B | $90.92B | $85.96B | $81.93B | $81.93B | |
| Stockholders' Equity | $29.88B | $25.24B | $12.50B | $9.67B | $9.41B | $6.70B | $3.66B | $6.23B | $5.88B | $8.66B | $8.66B | |
| Retained Earnings | $-438.0M | $-5.07B | $-17.98B | $-21.33B | $-21.41B | $-24.60B | $-28.62B | $-26.55B | $-27.59B | $-25.11B | $-25.11B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.35B | $11.18B | $11.30B | $9.15B | $10.50B | $9.26B | $9.72B | $8.47B | $11.49B | $9.96B | $9.96B | |
| Capital Expenditure | $-738.0M | $-664.0M | $-738.0M | $-618.0M | $-608.0M | $-880.0M | $-936.0M | $-1.11B | $-1.10B | $-1.86B | $-1.86B | |
| Free Cash Flow | $9.62B | $10.51B | $10.56B | $8.53B | $9.89B | $8.38B | $8.79B | $7.36B | $10.39B | $8.10B | $8.10B | |
| Investing Cash Flow | $-8.66B | $-4.02B | $14.34B | $5.71B | $-5.40B | $733.0M | $-6.04B | $-26.20B | $-1.05B | $-1.94B | $-1.94B | |
| Financing Cash Flow | $-2.60B | $-6.59B | $-22.49B | $-15.77B | $-4.87B | $-8.27B | $-4.04B | $21.05B | $-9.41B | $-10.86B | $-10.86B | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $-2.96B | $-3.16B | $-17.79B | $-7.70B | $-3.49B | $-4.97B | $-6.36B | $0.00 | $-200.0M | $0.00 | $0.00 | |
| Issuance of Debt | $7.32B | $4.48B | $0.00 | $0.00 | $8.91B | $4.95B | $6.92B | $27.78B | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-3.73B | $-4.41B | $-1.12B | $-4.51B | $-6.45B | $-4.15B | $0.00 | $-1.45B | $-3.60B | $-5.00B | $-5.00B | |
| Stock Based Comp. | $311.0M | $329.0M | $311.0M | $308.0M | $330.0M | $341.0M | $401.0M | $431.0M | $530.0M | $494.0M | $494.0M | |
| Net Change in Cash | $-903.0M | $559.0M | $3.15B | $-908.0M | $229.0M | $1.72B | $-360.0M | $3.31B | $1.03B | $-2.84B | $-2.84B |
Dilution Tracker
Shares Outstanding
542M
5-Year Share Growth
-5.4%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 754.00 | 735.00 | 665.00 | 609.00 | 590.00 | 573.00 | 541.00 | 538.00 | 541.00 | 542.00 | 542.00 | |
| YoY Change % | — | -2.5% | -9.5% | -8.4% | -3.1% | -2.9% | -5.6% | -0.6% | 0.6% | 0.2% | 0.0% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $-2.96B | $-3.16B | $-17.79B | $-7.70B | $-3.49B | $-4.97B | $-6.36B | $0.00 | $-200.0M | $0.00 | $0.00 | |
| Stock Based Comp. | $311.0M | $329.0M | $311.0M | $308.0M | $330.0M | $341.0M | $401.0M | $431.0M | $530.0M | $494.0M | $494.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 81.9% | 82.2% | 82.7% | 81.4% | 75.8% | 75.2% | 75.7% | 70.0% | 61.5% | 67.2% | 67.3% | |
| Operating Margin % | 42.6% | 43.6% | 43.2% | 41.4% | 35.9% | 29.4% | 36.3% | 28.0% | 21.7% | 24.7% | 24.7% | |
| Net Margin % | 33.6% | 8.7% | 35.3% | 33.6% | 28.6% | 22.7% | 24.9% | 23.8% | 12.2% | 21.0% | 21.0% | |
| EBITDA Margin % | 54.5% | 56.3% | 54.3% | 54.1% | 51.1% | 43.5% | 46.2% | 52.5% | 40.0% | 46.0% | 46.0% | |
| FCF Margin % | 41.8% | 46.0% | 44.5% | 36.5% | 38.9% | 32.3% | 33.4% | 26.1% | 31.1% | 22.0% | 22.0% | |
| ROE % | 26.6% | 7.2% | 44.5% | 70.7% | 76.1% | 73.2% | 126.5% | 135.8% | 67.6% | 106.1% | 102.0% | |
| ROA % | 10.4% | 2.5% | 11.5% | 12.4% | 11.8% | 9.5% | 10.4% | 8.3% | 4.3% | 8.5% | 8.6% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)24.07
Historical13.30 / 20.32 / 76.27
Industry Med.20.96
P/S5.04
Historical4.22 / 5.36 / 6.44
Industry Med.2.30
P/B21.32
Historical3.28 / 14.66 / 148.84
Industry Med.2.03
EV/EBITDA13.62
Historical8.21 / 12.25 / 19.97
Industry Med.12.96
EV/Revenue6.26
Historical4.40 / 5.99 / 8.07
Industry Med.2.47
P/FCF22.90
Historical11.06 / 14.57 / 33.18
Industry Med.23.50
Intrinsic Value Models
DCF (FCF Based)
$219.78
Peter Lynch Value
$185.51
Median P/S Value
$367.24
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 14.28 | 64.65 | 15.43 | 18.72 | 18.68 | 21.88 | 21.69 | 23.06 | 34.48 | 23.00 | 24.07 | |
| PS Ratio | 4.80 | 5.59 | 5.45 | 6.28 | 5.34 | 4.96 | 5.40 | 5.50 | 4.22 | 4.83 | 5.04 | |
| PB Ratio | 3.61 | 4.98 | 9.81 | 14.74 | 14.13 | 18.75 | 38.31 | 24.74 | 23.82 | 20.37 | 21.32 | |
| EV/EBITDA | 8.33 | 9.28 | 9.87 | 12.95 | 11.95 | 13.36 | 13.96 | 14.04 | 14.08 | 13.13 | 13.62 | |
| EV/Revenue | 4.54 | 5.22 | 5.36 | 7.00 | 6.11 | 5.81 | 6.45 | 7.37 | 5.63 | 6.04 | 6.26 |
Analyst Estimates & Quality
Altman Z-Score
1.87
Grey Zone
Piotroski F-Score
7
Strong
Beneish M-Score
-2.39
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $37,823M | $38,765M | $39,736M |
| Net Income | $12,106M | $12,556M | $13,032M |
| EPS | 15.29 | 16.38 | 17.40 |
| Book Value per Share | 17.69 | 30.84 | 39.83 |
| Operating Cash Flow per Share | 26.06 | 28.93 | 29.48 |
| Operating CF | $14,123.00M | $15,678.43M | $15,980.49M |
Dividends
Dividend/Share (TTM)
$9.52
Dividend Yield
2.84%
Yield 10Y Median
2.77%
Frequency
Quarterly
Next Payment
2026-06-05
Recent Payments
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-05-15 | 2026-06-05 | $2.52 | Cash Div. |
| 2026-02-13 | 2026-03-06 | $2.52 | Cash Div. |
| 2025-11-21 | 2025-12-12 | $2.38 | Cash Div. |
| 2025-08-22 | 2025-09-12 | $2.38 | Cash Div. |
| 2025-05-16 | 2025-06-06 | $2.38 | Cash Div. |
| 2025-02-14 | 2025-03-07 | $2.38 | Cash Div. |
| 2024-11-18 | 2024-12-09 | $2.25 | Cash Div. |
| 2024-08-16 | 2024-09-06 | $2.25 | Cash Div. |
| 2024-05-16 | 2024-06-07 | $2.25 | Cash Div. |
| 2024-02-15 | 2024-03-07 | $2.25 | Cash Div. |
| 2023-11-16 | 2023-12-08 | $2.13 | Cash Div. |
| 2023-08-17 | 2023-09-08 | $2.13 | Cash Div. |
| 2023-05-17 | 2023-06-08 | $2.13 | Cash Div. |
| 2023-02-14 | 2023-03-08 | $2.13 | Cash Div. |
| 2022-11-16 | 2022-12-08 | $1.94 | Cash Div. |
| 2022-08-17 | 2022-09-08 | $1.94 | Cash Div. |
| 2022-05-16 | 2022-06-08 | $1.94 | Cash Div. |
| 2022-02-14 | 2022-03-08 | $1.94 | Cash Div. |
| 2021-11-15 | 2021-12-08 | $1.76 | Cash Div. |
| 2021-08-16 | 2021-09-08 | $1.76 | Cash Div. |
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Other products | $7.26B |
| Aranesp | $1.39B |
| BLINCYTO | $1.56B |
| ENBREL | $2.23B |
| EVENITY | $2.10B |
| KRYSTEXXA | $1.34B |
| KYPROLIS | $1.41B |
| Nplate | $1.52B |
| Otezla | $2.27B |
| Other revenues | $1.60B |
| Prolia | $4.41B |
| Repatha | $3.02B |
| TEPEZZA | $1.90B |
| TEZSPIRE | $1.48B |
| Vectibix | $1.18B |
| XGEVA | $2.08B |
By Geography
| Segment | 2025 |
|---|---|
| United States | $26.42B |
| Rest of the world (ROW) | $10.33B |