(AMGN) Amgen - Overview
Stock: Biologics, Biosimilars, Oncology, Osteoporosis, Autoimmune
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 3.21% |
| Yield on Cost 5y | 5.93% |
| Yield CAGR 5y | 7.84% |
| Payout Consistency | 100.0% |
| Payout Ratio | 44.2% |
| Risk 5d forecast | |
|---|---|
| Volatility | 32.9% |
| Relative Tail Risk | -12.5% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.00 |
| Alpha | 19.62 |
| Character TTM | |
|---|---|
| Beta | 0.450 |
| Beta Downside | 0.349 |
| Drawdowns 3y | |
|---|---|
| Max DD | 22.74% |
| CAGR/Max DD | 0.91 |
Description: AMGN Amgen January 27, 2026
Amgen Inc. (NASDAQ: AMGN) is a U.S.-based biotechnology firm that discovers, develops, manufactures, and markets a broad portfolio of human therapeutics, ranging from biologics such as Enbrel and Repatha to small-molecule drugs like Otezla and KRYSTEXXA. The company serves physicians, hospitals, dialysis centers, and pharmacies through both wholesale distributors and direct-to-consumer channels, and it maintains strategic collaborations with AstraZeneca, Novartis, UCB, Kyowa Kirin, and BeiGene to expand its oncology and rare-disease pipelines.
Key products generating the bulk of revenue include Enbrel (rheumatoid arthritis), Repatha (cardiovascular risk reduction), Prolia/EVENITY (osteoporosis), and newer entrants like LUMAKRAS (KRAS-G12C lung cancer) and TEZSPIRE (multiple sclerosis). In 2023, Amgen reported that these four brands together accounted for roughly 55 % of total sales, underscoring a concentration risk that the company mitigates through ongoing pipeline diversification.
According to Amgen’s Q4 2023 earnings release (ended 31 Dec 2023), the firm posted total revenue of **$7.9 billion**, a **5 % year-over-year increase** driven primarily by higher sales of Repatha and LUMAKRAS. Adjusted earnings per share rose to **$7.31**, while research-and-development spending reached **$3.2 billion**, representing about **40 % of revenue**-a level consistent with the biotech sector’s capital-intensive nature. The company’s free cash flow remained robust at **$2.1 billion**, supporting a dividend yield of roughly **3.2 %**.
Macro-level drivers affecting Amgen’s outlook include: (1) an aging U.S. population that expands demand for chronic-disease biologics; (2) accelerating biosimilar competition, which pressures pricing on legacy products like Enbrel; and (3) a sustained increase in biotech R&D investment, with industry-wide R&D intensity averaging **≈ 35 % of sales**, aligning with Amgen’s own spending pattern. These factors suggest that while revenue growth may be modest, the company’s pipeline-driven launches and partnership model are critical levers for future upside.
For a deeper quantitative assessment of Amgen’s valuation dynamics, you might explore the analytical tools available on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 6.0
| Net Income: 7.71b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA -2.38 > 1.0 |
| NWC/Revenue: 9.71% < 20% (prev 17.74%; Δ -8.03% < -1%) |
| CFO/TA 0.11 > 3% & CFO 9.96b > Net Income 7.71b |
| Net Debt (45.48b) to EBITDA (17.09b): 2.66 < 3 |
| Current Ratio: 1.14 > 1.5 & < 3 |
| Outstanding Shares: last quarter (543.0m) vs 12m ago 0.18% < -2% |
| Gross Margin: 70.46% > 18% (prev 0.62%; Δ 6985 % > 0.5%) |
| Asset Turnover: 40.28% > 50% (prev 36.39%; Δ 3.88% > 0%) |
| Interest Coverage Ratio: 4.24 > 6 (EBITDA TTM 17.09b / Interest Expense TTM 2.77b) |
Altman Z'' 0.38
| A: 0.04 (Total Current Assets 29.06b - Total Current Liabilities 25.49b) / Total Assets 90.59b |
| B: -0.26 (Retained Earnings -23.80b / Total Assets 90.59b) |
| C: 0.13 (EBIT TTM 11.75b / Avg Total Assets 91.21b) |
| D: 0.11 (Book Value of Equity 8.66b / Total Liabilities 81.93b) |
| Altman-Z'' Score: 0.38 = B |
Beneish M -2.98
| DSRI: 1.16 (Receivables 9.57b/7.50b, Revenue 36.74b/33.42b) |
| GMI: 0.87 (GM 70.46% / 61.53%) |
| AQI: 0.97 (AQ_t 0.59 / AQ_t-1 0.61) |
| SGI: 1.10 (Revenue 36.74b / 33.42b) |
| TATA: -0.02 (NI 7.71b - CFO 9.96b) / TA 90.59b) |
| Beneish M-Score: -2.98 (Cap -4..+1) = A |
What is the price of AMGN shares?
Over the past week, the price has changed by +12.41%, over one month by +16.40%, over three months by +22.65% and over the past year by +33.26%.
Is AMGN a buy, sell or hold?
- StrongBuy: 10
- Buy: 5
- Hold: 14
- Sell: 1
- StrongSell: 2
What are the forecasts/targets for the AMGN price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 341.9 | -11% |
| Analysts Target Price | 341.9 | -11% |
| ValueRay Target Price | 466.3 | 21.3% |
AMGN Fundamental Data Overview February 07, 2026
P/E Forward = 16.7504
P/S = 5.3943
P/B = 22.8972
P/EG = 1.1601
Revenue TTM = 36.74b USD
EBIT TTM = 11.75b USD
EBITDA TTM = 17.09b USD
Long Term Debt = 52.43b USD (from longTermDebt, two quarters ago)
Short Term Debt = 4.60b USD (from shortTermDebt, last quarter)
Debt = 54.60b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 45.48b USD (from netDebt column, last quarter)
Enterprise Value = 243.72b USD (198.24b + Debt 54.60b - CCE 9.13b)
Interest Coverage Ratio = 4.24 (Ebit TTM 11.75b / Interest Expense TTM 2.77b)
EV/FCF = 30.09x (Enterprise Value 243.72b / FCF TTM 8.10b)
FCF Yield = 3.32% (FCF TTM 8.10b / Enterprise Value 243.72b)
FCF Margin = 22.05% (FCF TTM 8.10b / Revenue TTM 36.74b)
Net Margin = 20.99% (Net Income TTM 7.71b / Revenue TTM 36.74b)
Gross Margin = 70.46% ((Revenue TTM 36.74b - Cost of Revenue TTM 10.85b) / Revenue TTM)
Gross Margin QoQ = 81.86% (prev 67.75%)
Tobins Q-Ratio = 2.69 (Enterprise Value 243.72b / Total Assets 90.59b)
Interest Expense / Debt = 1.20% (Interest Expense 653.0m / Debt 54.60b)
Taxrate = 11.96% (181.0m / 1.51b)
NOPAT = 10.35b (EBIT 11.75b * (1 - 11.96%))
Current Ratio = 1.14 (Total Current Assets 29.06b / Total Current Liabilities 25.49b)
Debt / Equity = 6.31 (Debt 54.60b / totalStockholderEquity, last quarter 8.66b)
Debt / EBITDA = 2.66 (Net Debt 45.48b / EBITDA 17.09b)
Debt / FCF = 5.61 (Net Debt 45.48b / FCF TTM 8.10b)
Total Stockholder Equity = 7.98b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.45% (Net Income 7.71b / Total Assets 90.59b)
RoE = 96.65% (Net Income TTM 7.71b / Total Stockholder Equity 7.98b)
RoCE = 19.45% (EBIT 11.75b / Capital Employed (Equity 7.98b + L.T.Debt 52.43b))
RoIC = 16.21% (NOPAT 10.35b / Invested Capital 63.81b)
WACC = 6.16% (E(198.24b)/V(252.85b) * Re(7.57%) + D(54.60b)/V(252.85b) * Rd(1.20%) * (1-Tc(0.12)))
Discount Rate = 7.57% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 0.28%
[DCF Debug] Terminal Value 85.50% ; FCFF base≈9.02b ; Y1≈9.23b ; Y5≈10.25b
Fair Price DCF = 435.6 (EV 280.27b - Net Debt 45.48b = Equity 234.79b / Shares 539.0m; r=6.16% [WACC]; 5y FCF grow 2.27% → 2.90% )
EPS Correlation: 68.71 | EPS CAGR: 6.01% | SUE: 1.92 | # QB: 6
Revenue Correlation: 93.80 | Revenue CAGR: 13.00% | SUE: 2.06 | # QB: 3
EPS next Quarter (2026-03-31): EPS=4.86 | Chg30d=-0.182 | Revisions Net=+4 | Analysts=19
EPS current Year (2026-12-31): EPS=22.38 | Chg30d=+0.424 | Revisions Net=+10 | Growth EPS=+2.5% | Growth Revenue=+3.0%
EPS next Year (2027-12-31): EPS=23.15 | Chg30d=+0.512 | Revisions Net=+11 | Growth EPS=+3.5% | Growth Revenue=+1.8%