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AMGNAmgen Inc.
$460.42$248.5B
Overview & Tools
OverviewChart Terminal ↗AnalysisVisualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
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Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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AMGN logo

Amgen Inc.

AMGN
NASDAQ · Big Pharma
$460.42
At close - USD
Market Cap$248.49B
P/E32.4x
52W High$483.99
Volume2.51M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Revenue Re-Acceleration Meets Heavy Leverage Overhang

Amgen's top line has regained momentum, with revenue rising 8.5% year over year to $10.4B in Q3 2026 and operating margin expanding from 22.8% in Q2 2024 to 35.8%, suggesting meaningful operating leverage.

GrowthExpanding
ProfitabilityStrong
ValuationReview
TechnicalsStrong
Explore valuation models
MARKET ACTION

AMGN price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

11/12 Beats

EPS beat 11 of last 12 quarters

02

Valuation risk

+17% Peers

P/E is 17% above peer median

03

Market leadership

RS 87 · Leader

High momentum (Outperforming 87% of market)

04

Strong Uptrend

Strong Trend

Price > 20DMA > 50DMA > 200DMA

Next CatalystEstimated earnings · Feb 3
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth re-accelerated to 8.5% year over year in Q3 2026 at $10.4B, with gross margin of 73.1% and operating margin of 35.8%, though quarterly net margin swung between 6.9% and 37.3% and warrants scrutiny of non-operating items.

Analyst Consensus-9.7% target
Buy(41 analysts)
21 Buy17 Hold3 Sell

The Bull Case

Upside Catalysts

Strong Q4 2025 Performance

Amgen exceeded revenue and adjusted EPS expectations in Q4 2025, projecting stronger earnings and revenue for 2026.

Positive 2026 Guidance

The company has provided upbeat guidance for 2026, indicating continued growth.

Robust Late-Stage Pipeline

Amgen's late-stage pipeline is expected to drive volume-led growth, particularly with positive Phase 3 data for TEPEZZA.

The Bear Case

Key Downside Risks

Upcoming Patent Expirations

Amgen faces potential headwinds from upcoming patent expirations for key franchises, impacting future revenue.

Limited Pipeline Visibility

Concerns about limited pipeline visibility may necessitate continued business development for sustained growth.

Intensifying Drug Pricing Pressures

There are growing concerns about global drug pricing efforts that could impact profitability.

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
AMGN+42.83%
S&P 500 (^GSPC)+7.63%
1-Year Return
AMGN+49.04%
S&P 500 (^GSPC)+9.69%
3-Year Return
AMGN+79.10%
S&P 500 (^GSPC)+68.81%
5-Year Return
AMGN+138.70%
S&P 500 (^GSPC)+56.85%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
26.8x
Forward P/EExpansion
19.6x
EV/EBITDA80th %ile
16.1x
FCF YieldCash Flow
3.9%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
26.8x
23.0x
80th· High
EV/EBITDA
16.1x
14.1x
80th· High
Price/FCF
25.9x
16.2x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$398.66-13.4%
Base (Fair)$688.25+49.5%
Bull$1185.00+157.4%
$398.66 Bear$688.25 Base$1185.00 Bull
Current Market Price: $460.42
Trades at a 33.1% discount to Base DCF ($688.25)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$36.74B+9.9% YoY
Net income FY25
$7.71B+88.5% YoY
Free cash flow FY25
$8.1B-22.1% YoY
Operating margin FY25
29.1%+7.3 pts YoY
ROIC (FY25)14.8%
Avg ROIC 5Y-
ROE (FY25)106.1%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate11/12 (92%)
Revenue Beat Rate11/12 (92%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Nov 3, 2026
$6.45+11.4%
vs $5.79
$10.4B+3.0%
vs $10.1B
Q3 2026
Aug 4, 2026
$6.29+11.9%
vs $5.62
$10.1B+6.7%
vs $9.4B
Q2 2026
Apr 30, 2026
$5.15+8.0%
vs $4.77
$8.6B+0.5%
vs $8.6B
Q1 2026
Feb 3, 2026
$5.29+11.8%
vs $4.73
$9.9B+4.1%
vs $9.5B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Defense World·1d ago
1,809 Amgen Inc. $AMGN Shares Acquired by Alta Advisers Ltd

Alta Advisers Ltd lifted its stake in shares of Amgen Inc. (NASDAQ: AMGN) by 85.7% during the undefined quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,919 shares of the medical research company's stock after acquiring an additional 1,809 shares during the

Defense World·1d ago
Boston Trust Walden Corp Sells 15,695 Shares of Amgen Inc. $AMGN

Boston Trust Walden Corp trimmed its holdings in Amgen Inc. (NASDAQ: AMGN) by 18.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 67,134 shares of the medical research company's stock after selling 15,695 shares during the period.

The Motley Fool·2d ago
Amgen vs. Pfizer: Which Healthcare Stock Is a Better Buy for 2027?

Amgen produces strong revenue growth and healthy margins by focusing on complex biological therapies and rare diseases. Pfizer maintains a massive global reach and offers a more conservative balance sheet with a lower valuation profile.

PRNewsWire·2d ago
REPATHA® LOWERS RISK OF HEART ATTACKS BY 20% COMPARED WITH EZETIMIBE IN A LARGE REAL-WORLD STUDY

Findings Represent Largest and Most Rigorous Head-to-Head Real-World Outcomes Analysis of Repatha and Ezetimibe  Study Examined More Than Half a Million Adults Living with Heart Disease Results Provide Important New Clinical Evidence to Inform Non-Statin Treatment Decisions for Patients  THOUSAND OAKS, Calif., Nov. 5, 2026 /PRNewswire/ -- Amgen (NASDAQ: AMGN) today announced results from a large real-world study showing that treatment with Repatha® (evolocumab) reduced the risk of fatal or nonfatal heart attacks by 20% compared with ezetimibe in people with atherosclerotic cardiovascular disease (ASCVD) and prior statin use.

Filtered for Amgen Inc.More Headlines
04

Compare before deciding

Benchmark AMGN against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Amgen Inc. (AMGN)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
AMGN logoAMGNAmgen Inc.Current
$460.42$248.49B32.369.92%20.99%106.1%2.05%
GILD logoGILDGilead Sciences, Inc.
$166.89$207.21B24.622.39%-12.47%-21.84%1.91%
BIIB logoBIIBBiogen Inc.
$248.35$36.69B28.131.39%3.38%1.86%—
REGN logoREGNRegeneron Pharmaceuticals, Inc.
$904.35$93.17B21.800.99%28.51%15.07%0.38%
VRTX logoVRTXVertex Pharmaceuticals Incorporated
$547.09$138.85B35.719.57%30.61%20.08%—
BMY logoBMYBristol-Myers Squibb Company
$62.14$126.89B18.01-0.22%18.47%43.84%3.98%

Compare AMGN vs Peers

Amgen Inc. (AMGN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GILD

Most directly comparable listed peer for AMGN.

Scale Benchmark

vs LLY

Larger-name benchmark to compare AMGN against a more recognizable public peer.

Peer Set

Compare Top 5

vs GILD, BIIB, REGN, VRTX

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

AMGN SEC Filings & Documents

Amgen Inc. (AMGN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Nov 3, 2026·SEC

Material company update

Oct 27, 2026·SEC

Material company update

Aug 4, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 13, 2026·SEC

FY 2025

Feb 14, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Nov 4, 2026·SEC

FY 2026

Aug 5, 2026·SEC

FY 2025

Nov 5, 2025·SEC

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AMGN Frequently Asked Questions

Amgen Inc. (AMGN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Amgen Inc.'s revenue?

Amgen Inc. (AMGN) reported $38.93B in revenue over the trailing twelve months. Revenue was $36.74B in fiscal year 2025. That is 1571% more than the $2.20B of fiscal year 1996.

How fast is Amgen Inc. growing?

Amgen Inc. (AMGN) grew revenue by 9.9% in fiscal year 2025, compared with the prior fiscal year.

Is AMGN profitable?

Yes. Amgen Inc. (AMGN) earned $9.39B in net income over the trailing twelve months (a 24.1% net margin).

Dividend & Returns
Does AMGN pay dividends?

Yes. Amgen Inc. (AMGN) pays a dividend that yields 2.05% at the current price, a moderate yield.

What is AMGN's return on equity?

Amgen Inc. (AMGN) had a return on equity (ROE) of 106.1% in fiscal year 2025. That is well above the market's typical 10-15%.

What is Amgen Inc.'s free cash flow?

Amgen Inc. (AMGN) generated $9.58B in free cash flow over the trailing twelve months.

What if you invested $1,000 in AMGN back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →