AMGN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $403.04

Market Cap (MRQ) $217.88B

P/E (TTM) 25.0

EPS (TTM) $16.09

Revenue (TTM) $38.09B

Div Yield 2.4%

ROE (TTM) 91.5%

Debt/Equity (MRQ) 4.9

52W Range $288–$447

AMGN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

range

bars

Bar granularity adapts to the selected period — hover the chart to see open/high/low/close for a bar.

Stock splits 5

Ex-date	Split	Type
Nov. 22, 1999	2-for-1	Forward
March 1, 1999	2-for-1	Forward
Aug. 16, 1995	2-for-1	Forward
Sept. 11, 1991	3-for-1	Forward
Aug. 13, 1990	2-for-1	Forward

About Amgen Inc. - Common Stock Company overview from Wikipedia

05 · wikidata

Amgen Inc. is an American multinational biopharmaceutical company headquartered in Thousand Oaks, California. The company is ranked 18th on the list of largest biomedical companies by revenue. The name "AMGen" is a portmanteau of the company's original name, Applied Molecular Genetics.

The company's major products are Prolia and XGEVA (denosumab) to treat osteoporosis and bone diseases ($6.6 billion in total 2025 revenues), Repatha (evolocumab) to treat hyperlipidemia ($3.0 billion in 2025 revenues), Otezla (apremilast) to treat psoriasis and psoriatic arthritis ($2.3 billion in 2025 revenues), Enbrel (etanercept) to treat autoimmune diseases ($2.2 billion in 2025 revenues), Evenity (romosozumab) to treat osteoporosis ($2.1 billion in 2025 revenues), Tepezza (teprotumumab) to treat Graves' ophthalmopathy ($1.9 billion in 2025 revenues), Blincyto (blinatumomab) to treat acute lymphoblastic leukemia ($1.6 billion in 2025 revenues), Nplate (romiplostim) to regulate platelet production ($1.5 billion in 2025 revenues), Tezspire (tezepelumab) to treat asthma ($1.5 billion in 2025 revenues), Kyprolis (carfilzomib) to treat cancer ($1.4 billion in 2025 revenues), Aranesp (darbepoetin alfa) to stimulate erythropoiesis ($1.4 billion in 2025 revenues), Krystexxa (pegloticase) to treat gout ($1.3 billion in 2025 revenues), and Vectibix (panitumumab), a monoclonal antibody ($1.2 billion in 2025 revenues).

Amgen has 17 clinical programs underway in Phase III, eight in Phase II, and 19 in Phase I. Its pipeline includes MariTide, an anti-obesity medication administered once per month by injection.

The company receives approximately 80% of its revenues from sales to the three large U.S. drug wholesalers: McKesson Corporation, Cencora, and Cardinal Health.

The company is ranked 134th on the Fortune 500 and 202nd on the Forbes Global 2000.

In 2020, the company was added to the Dow Jones Industrial Average (DJIA).

History

In April 1980, Amgen was founded in Thousand Oaks as Applied Molecular Genetics. Amgen was backed by a small group of venture capitalists, and its early focus was on recombinant DNA technology and recombinant human insulin.

Winston Salser, a molecular biologist at UCLA recruited its initial scientific advisory board consisting of Norman Davidson, Leroy Hood, Arnold Berk, John Carbon, Robert Schimke, Arno Motulsky, Marvin H. Caruthers, and Dave Gibson. In October 1980, Amgen named George Rathmann its first president and chief executive officer.

On June 17, 1983, Amgen became a public company via an initial public offering, selling two million common shares and raising nearly $40 million. That same year, after more than two years of work, an Amgen research team led by Fu-Kuen Lin found and cloned the erythropoietin gene, a protein created in the kidney that stimulates red blood cell production. Lin's team created what would become Epogen (epoetin alfa).

In June 1984, Amgen and Kirin Brewery Company formed a joint venture giving Kirin the rights to Epogen in Japan, while Amgen retained United States distribution rights; both companies had the opportunity to expand to other countries. This joint venture gave way in 2017 to a new joint venture, Kirin-Amgen, which bought out Kirin Holdings stake. A year later, Amgen researcher Larry Souza and his team cloned granulocyte colony-stimulating factor (G-CSF), leading to the development of Neupogen (filgrastim).

In October 1988, Gordon Binder was named CEO, succeeding George Rathmann. The following year, in 1989, Amgen received approval for the first recombinant human erythropoetin product, Epogen (epoetin alfa).

In February 1991, Amgen received FDA approval for Neupogen for the prevention of infections in patients whose immune systems are suppressed due to cancer chemotherapy.

Amgen opened a new manufacturing facility in Puerto Rico, in March 1993, which later became the company's flagship manufacturing site.

In 1994, Amgen became the fifth company to receive the National Medal of Technology and Innovation from the United States Department of Commerce, in recognition of its work developing medicines to improve quality of life for kidney and cancer patients. Also around this time, Amgen researcher Steve Elliott and his team added more sugar molecules to erythropoietin, causing it to remain in the body longer. This led to the development of Aranesp (darbepoetin alfa).

2000–2014

Binder was succeeded as CEO by Kevin W. Sharer in 2000. Robert A. Bradway became Amgen's president and chief executive officer in May 2012, following Sharer's retirement.

In June 2010, Amgen received approval by the Food and Drug Administration for Prolia, a protein drug for the treatment of post-menopausal osteoporosis. In clinical trials, Prolia reduced the rate of vertebral fractures by 61% and the risk of hip fractures by 40%. In November 2010, the FDA approved Xgeva for the prevention of complications of bone metastases in patients with solid tumors. The clinical trials primarily enrolled patients with breast or prostate cancer.

In March 2011, Amgen acquired a manufacturing facility near Dublin, Ireland.

Amgen opened an affiliate in China in 2013.

In November 2014, the company halted all trials of rilotumumab in advanced gastric cancer patients after one of the trials found more deaths in those who took the compound with chemotherapy, than those without. Also in November 2014, the company, in conjunction with AstraZeneca, reported positive results for brodalumab in a Phase III trial comparing the compound with ustekinumab and a placebo in treating psoriasis. In the same month, construction was completed on Amgen's next-generation biomanufacturing facility in Singapore. Blincyto (blinatumomab) was approved by the FDA in December of that year.

2015–2020

In March 2015, the company announced that it would license its Phase II candidate drug AMG 714 to Celimmune, which will develop the anti-IL-15 monoclonal antibody for treatment against diet nonresponsive celiac disease and refractory celiac disease. In August 2015, Repatha (evolocumab) was approved by the FDA.

In September 2016, the company announced it would purchase the rights to Boehringer Ingelheims Phase I bispecific T-cell engager compound (BI 836909, now AMG 420) for use in the treatment of multiple myeloma. Also in September, the FDA approved Amjevita (adalimumab-atto). The FDA approved Parsabiv in February 2017 and Mvasi (bevacizumab-awwb) in September.

In July 2018, Amgen began constructing a biomanufacturing plant at its campus in West Greenwich, Rhode Island.

In January 2019, Evenity (romosozumab) received approval in Japan, followed by FDA approval in April. In June, Kanjinti (trastuzumab-anns) was approved by the FDA.

In December 2019, the FDA approved Avsola (infliximab-axxq).

In September 2019, FDA granted fast track designation to sotorasib for the treatment of metastatic non-small-cell lung carcinoma (NSCLC) with the KRAS G12C mutation.

In April 2020, Amgen established Amgen K.K. as the company's wholly owned affiliate in Japan. The company announced in July that the United States Court of Appeals for the Federal Circuit had upheld the validity of two Amgen patents that described and claimed Enbrel and methods for making it. The appellate court affirmed an August 2019 decision by the United States District Court for the District of New Jersey and rejected Sandoz's attempt to invalidate the patents on Enbrel.

In August 2020, Amgen, Takeda Pharmaceutical Company, and AbbVie, as part of a COVID-19 research and development (R&D) alliance, announced the first patients enrolled in the I-SPY COVID clinical trial. The trial evaluated the efficacy of Otezla and two other medicines in severely ill, hospitalized COVID-19 patients who required high-flow oxygen.

In September 2020, Amgen and Eli Lilly and Company announced a global manufacturing collaboration for COVID-19 antibody therapies.

In October 2020, Amgen announced positive topline Phase 2 results from the CodeBreaK 100 clinical study, evaluating sotorasib in 126 patients with KRAS G12C-mutant advanced NSCLC who had failed three or fewer prior lines of anti-cancer therapies (including immunotherapy and/or chemotherapy). Amgen, the Global Coalition for Adaptive Research, and Eisai Co., Ltd. also announced enrollment of the first patient in a study testing multiple interventions for the treatment of patients hospitalized with COVID-19.

In November 2020, Amgen, Takeda, and UCB, as part of the COVID R&D alliance, announced the first patient enrolled in another trial evaluating Otezla and two other drugs as treatments for COVID-19. Amgen also announced that it would terminate its collaboration with Cytokinetics and transition the development and commercialization rights for omecamtiv mecarbil and AMG 594. Amgen and AstraZeneca announced positive topline results from a Phase 3 trial in which the investigational medicine tezepelumab demonstrated a statistically significant reduction in exacerbations in patients with severe asthma.

In December 2020, the FDA granted breakthrough therapy designation to sotorasib for advanced or metastatic non-small cell lung cancer patients with KRAS G12C mutation. Also in December 2020, the FDA approved Riabni (rituximab-arrx), a biosimilar to Rituxan.

In April 2021, the company acquired Five Prime Therapeutics and its lead candidate, bemarituzumab, for $1.9 billion.

In the March 2021, Amgen acquired Rodeo Therapeutics for $720 million.

In May 2021, sotorasib received accelerated approval from FDA for treatment of adult patients with NSCLC whose tumors have a KRAS G12C mutation and who have received at least one prior systemic therapy; this was the first approved targeted therapy for tumors with any KRAS mutation. Similar approvals for sotorasib in NSCLC followed in January 2022 in Europe and Japan. The FDA approved Amgen's Lumakras in May for treatment of patients with KRAS-G12C-mutated non-small cell lung cancer.

In June 2021, Amgen and Kyowa Kirin announced joint plans to develop and commercialize a treatment for atopic dermatitis. In October, Amgen and Neumora Therapeutics announced a research and development collaboration focused on novel precision therapies for certain brain diseases. Amgen began construction on a new biomanufacturing plant in New Albany, Ohio, in November. In December, the FDA approved Amgen and AstraZeneca's Tezspire (tezepelumab) for severe asthma. The FDA also approved Amgen's Otezla for adults with plaque psoriasis of any severity level.

Amgen announced a research collaboration in January 2022 with Generate Biomedicines across multiple modalities and several therapeutic areas for up to $1.9 billion. The company also launched a multi-target collaboration with Arrakis Therapeutics to identify novel targeted RNA degrader therapeutics. The next month, Amgen entered a multi-year collaboration with Plexium to discover novel targeted protein degradation therapies. Also in February, Amgen issued its first green bond to fund various environmentally friendly initiatives across the company. The company broke ground on a new manufacturing facility in Holly Springs, North Carolina, in March.

In September 2022, data from a late-stage study showed the company's cancer pill Lumakras (sotorasib) beating out chemotherapy. This was the first approved drug in the set of treatments that target KRAS, among the most common generic mutations found in cancers. The drug was approved in 2021 with a list price of $17,900 per month.

In October 2022, the company acquired ChemoCentryx, the maker of Tavneos—a drug treatment for rare diseases called anti-neutrophil cytoplasmic autoantibody-associated vasculitis, for $3.7 billion in an all-cash deal.

In October 2023, Amgen acquired Horizon Therapeutics, specializing in drugs for rare diseases, for $27.8 billion.

In November 2023, Amgen announced plans to use artificial intelligence in partnership with Amazon Web Services to help discover and create medicines and use the Amazon SageMaker machine learning service to help with the manufacturing process.

In March 2025, data for the drug Tezspire (tezepelumab), showed the best results for treating chronic rhinosinusitis with nasal polyps.

Also in March 2025, Amgen announced the start of two late-stage trials for MariTide, an anti-obesity medication candidate. In June 2025, the company noted that it had to reduce the dosage of the drug to avoid side effects such as vomiting. However, patients that continued to take the drug lost approximately 20% of their body weight.

In April 2025, the company announced a $900 million expansion of its facility in New Albany, Ohio. In September 2025, it announced plans to build a $600 million research center in Thousand Oaks, California.

Acquisition history

Corporate affairs

Sponsorships

In December 2023, Amgen became the title sponsor of the Irish Open in golf, renaming it the Amgen Irish Open.

Philanthropy

In October 2017, the Amgen Foundation pledged $3 million to Khan Academy to support the development of free online biology lessons. In July 2020, Amgen granted an additional $3 million Khan Academy to support educational equity and science learning.

In January 2020, the Amgen Foundation and Harvard University debuted LabXchange, a free online science education platform. Amgen and the Amgen Foundation announced a commitment of up to $12.5 million to support COVID-19 relief efforts in March.

In November 2021, Amgen awarded a $2 million grant to the CDC Foundation to launch the latter's EmPOWERED Health Program, promoting patient engagement in decision making for cancer treatments.

Products

Amgen's approved drugs or therapeutic biologicals include:

Aimovig (erenumab-aooe) for migraine headaches (FDA approved May 2018)

Amjevita (adalimumab) (FDA approved September 2016)

Aranesp (darbepoetin alfa) for anemia (FDA approval in September 2001)

Blincyto (blinatumomab for the treatment of acute lymphoblastic leukemia)

Corlanor (ivabradine)

Enbrel (etanercept) for various forms of arthritis

Epogen (erythropoietin) for anemia

Evenity (romosozumab-aqqg) for osteoporosis

Imlygic (talimogene laherparepvec) for local treatment of unresectable cutaneous, subcutaneous, and nodal lesions in melanoma recurrent after initial surgery (FDA approved October 2015)

Kanjinti (trastuzumab-anns) (FDA approved June 2019)

Krystexxa (pegloticase)

Kyprolis (carfilzomib)

Lumakras (sotorasib)

Mvasi (bevacizumab-awwb)

Neulasta (pegfilgrastim) for neutropenia (FDA approved 2002)

Neupogen (granulocyte colony-stimulating factor) for neutropenia

Nplate (romiplostim) for chronic immune thrombocytopenic purpura (FDA approved 2008)

Otezla (apremilast)

Parsabiv (etelcalcetide)

Prolia (denosumab) for postmenopausal osteoporosis

Repatha (evolocumab)

Riabni (rituximab-arrx)

Sensipar/Mimpara (cinacalcet for primary and secondary hyperparathyroidism, a mineral metabolism complication common in patients with kidney failure) (FDA approved 2004)

Tepezza (teprotumumab)

Tezspire (tezepelumab-ekko)

Tavneos (avacopan)

Uplizna (inebilizumab)

Vectibix (panitumumab for colon cancer) (FDA approved 2006)

Xgeva (denosumab) for the prevention of skeletal-related events (pathological fracture, radiation to bone, spinal cord compression or surgery to bone in adults with bone metastases from solid tumors)

Products developed and then sold

Kepivance (palifermin for oral mucositis, sold to Biovitrium, now Swedish Orphan Biovitrum, in December 2008

StemGen (ancestim) for use in combination with filgrastim for mobilizing peripheral hematopoietic stem cells) (sold to Biovitrium, now Swedish Orphan Biovitrum, in December 2008)

Kineret (anakinra) for rheumatoid arthritis, exclusively licensed to Biovitrium, now Swedish Orphan Biovitrum, in December 2008

Legal issues

In December 2012, Amgen plead guilty and agreed to pay $150 million in criminal penalty and $612 million to resolve 11 related whistleblower complaints regarding the improper marketing of anemia drug Aranesp. According to the United States Department of Justice, Amgen sold the drug for off-label uses at dosages that the FDA had rejected or never approved.

In May 2025, a jury awarded Regeneron $406 million from Amgen, which engaged in anticompetitive practices to increase sales of its cholesterol-reduction drug Repatha at the expense of Regeneron's Praluent.

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$36.75B

2016-12-31 → 2025-12-31

EPS$14.23

2016-12-31 → 2025-12-31

Free Cash Flow$8.10B

2016-12-31 → 2025-12-31

Net margin23.0%

2016-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	AMGN	5Y avg	Peer Median	Verdict
P/E (TTM)	25.05Y avg ≈24.8	≈24.8	25.7	Fair value
P/S (TTM)	5.75Y avg ≈4.9	≈4.9	7.8	Undervalued
P/B (MRQ)	18.65Y avg ≈25.2	≈25.2	9.7	Overvalued
EV / EBITDA	18.55Y avg ≈14.9	≈14.9	·	·
Price / FCF (TTM)	21.45Y avg ≈17.4	≈17.4	·	·
Price / Cash Flow (TTM)	17.55Y avg ≈15.2	≈15.2	21.3	Undervalued
EV / Revenue	7.25Y avg ≈6.3	≈6.3	·	·
EV / FCF	32.55Y avg ≈22.3	≈22.3	·	·
Price / Tangible Book (MRQ)	-24.8	·	·	·
PEG Ratio	≈8.5	·	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	AMGN	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	30.0%5Y avg ≈28.0%	≈28.0%	30.1%	Top tier
EBITDA Margin (TTM)	42.2%5Y avg ≈42.3%	≈42.3%	30.1%	Top tier
Pretax Margin (TTM)	27.0%5Y avg ≈24.0%	≈24.0%	25.2%	In line
Net Profit Margin (TTM)	23.0%5Y avg ≈20.9%	≈20.9%	21.3%	In line
ROA (TTM)	9.5%5Y avg ≈8.2%	≈8.2%	8.5%	In line
ROE (TTM)	91.5%5Y avg ≈102.4%	≈102.4%	22.1%	Top tier
ROIC	12.3%5Y avg ≈13.7%	≈13.7%	9.3%	Top tier

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	AMGN	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	4.95Y avg ≈8.5	≈8.5	0.1	High debt
Current Ratio (MRQ)	1.45Y avg ≈1.4	≈1.4	2.3	Low liquidity
Quick Ratio	0.75Y avg ≈0.9	≈0.9	0.8	Strong liquidity
Long-Term Debt / Equity (MRQ)	4.45Y avg ≈8.1	≈8.1	1.1	High debt

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	AMGN	5Y avg	Peer Median	Verdict
Revenue YoY	10.0%5Y avg ≈7.8%	≈7.8%	·	·
Revenue CAGR 3Y	11.8%5Y avg ≈8.0%	≈8.0%	·	·
Revenue CAGR 5Y	7.6%	·	·	·
EPS YoY	88.2%5Y avg ≈10.6%	≈10.6%	·	·
Net Income YoY	88.5%5Y avg ≈8.8%	≈8.8%	·	·
EPS CAGR 3Y	5.5%5Y avg ≈-1.2%	≈-1.2%	·	·
EPS CAGR 5Y	2.9%	·	·	·
Net Income CAGR 3Y	5.6%5Y avg ≈-2.8%	≈-2.8%	·	·
Net Income CAGR 5Y	1.2%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	AMGN	5Y avg	Peer Median	Verdict
EPS (Diluted)	$14.235Y avg ≈$11.33	≈$11.33	·	·
Revenue / Share	$67.815Y avg ≈$55.20	≈$55.20	·	·
Cash Flow / Share	$18.375Y avg ≈$17.90	≈$17.90	·	·
Cash / Share	$16.945Y avg ≈$17.66	≈$17.66	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	AMGN	5Y avg	Peer Median	Verdict
Asset Turnover	0.45Y avg ≈0.4	≈0.4	0.5	Weak
Inventory Turnover	1.85Y avg ≈1.5	≈1.5	3.6	Weak
Receivables Turnover	4.55Y avg ≈4.8	≈4.8	6.3	Weak
Revenue / Employee	≈$1.2M	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13

Dividend Yield2.4%

Payout Ratio66.5%

Annualized Payout≈$10.08Paid quarterly

5Y Div CAGR≈8.3%Per share, split-adjusted

Growth Streak≈13Consecutive years of dividend growth

Ex-date	Amount	Currency	Yield
Aug 21, 2026	$2.52	USD	≈2.3%
May 15, 2026	$2.52	USD	≈3.0%
Feb 13, 2026	$2.52	USD	≈2.6%
Nov 21, 2025	$2.38	USD	≈2.8%
Aug 22, 2025	$2.38	USD	≈3.2%
May 16, 2025	$2.38	USD	≈3.4%
Feb 14, 2025	$2.38	USD	≈3.1%
Nov 18, 2024	$2.25	USD	≈3.2%
Aug 16, 2024	$2.25	USD	≈2.8%
May 16, 2024	$2.25	USD	≈2.8%
Feb 15, 2024	$2.25	USD	≈3.0%
Nov 16, 2023	$2.13	USD	≈3.2%
Aug 17, 2023	$2.13	USD	≈3.2%
May 17, 2023	$2.13	USD	≈3.6%
Feb 14, 2023	$2.13	USD	≈3.3%
Nov 16, 2022	$1.94	USD	≈2.7%
Aug 17, 2022	$1.94	USD	≈3.0%
May 16, 2022	$1.94	USD	≈3.0%
Feb 14, 2022	$1.94	USD	≈3.2%
Nov 15, 2021	$1.76	USD	≈3.4%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 9.9%

Next Report Nov 02, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 3, 2026	$6.29	$5.73	9.8%
March 31, 2026		$5.15	$4.85	6.1%
Dec. 31, 2025		$5.29	$4.83	9.6%
Sept. 30, 2025		$5.64	$5.11	10.3%
June 30, 2025		$6.02	$5.39	11.6%
March 31, 2025		$4.90	$4.39	11.7%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 15

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$36.75B	$33.42B	$28.19B	$26.32B	$25.98B	$25.42B	$23.36B	$23.75B	$22.85B	$22.99B	$21.66B	$20.06B
Cost of Revenue	$12.04B	$12.86B	$8.45B	$6.41B	$6.45B	$6.16B	$4.36B	$4.10B	$4.07B	$4.16B	$4.23B	$4.42B
SG&A Expense	$7.05B	$7.10B	$6.18B	$5.41B	$5.37B	$5.73B	$5.15B	$5.33B	$4.87B	$5.06B	$4.85B	$4.70B
Operating Expenses	$27.67B	$26.17B	$20.29B	$16.76B	$18.34B	$16.29B	$13.69B	$13.48B	$12.88B	$13.20B	$13.19B	$13.87B
Operating Income	$9.08B	$7.26B	$7.90B	$9.57B	$7.64B	$9.14B	$9.67B	$10.26B	$9.97B	$9.79B	$8.47B	$6.19B
Interest Income	$408M	$510M	$1.20B	$127M	$11M	·	·	·	·	·	·	·
Other Non-op	$2.65B	$506M	$2.83B	$-814M	$259M	$256M	$753M	$674M	$928M	$629M	$603M	$465M
Pretax Income	$8.98B	$4.61B	$7.86B	$7.35B	$6.70B	$8.13B	$9.14B	$9.54B	$9.60B	$9.16B	$7.98B	$5.58B
Income Tax	$1.26B	$519M	$1.14B	$794M	$808M	$869M	$1.30B	$1.15B	$7.62B	$1.44B	$1.04B	$427M
Net Income	$7.71B	$4.09B	$6.72B	$6.55B	$5.89B	$7.26B	$7.84B	$8.39B	$1.98B	$7.72B	$6.94B	$5.16B
EPS (Basic)	$14.33	$7.62	$12.56	$12.18	$10.34	$12.40	$12.96	$12.70	$2.71	$10.32	$9.15	$6.80
EPS (Diluted)	$14.23	$7.56	$12.49	$12.11	$10.28	$12.31	$12.88	$12.62	$2.69	$10.24	$9.06	$6.70
Shares (Basic)	538,000,000	537,000,000	535,000,000	538,000,000	570,000,000	586,000,000	605,000,000	661,000,000	731,000,000	748,000,000	758,000,000	759,000,000
Shares (Diluted)	542,000,000	541,000,000	538,000,000	541,000,000	573,000,000	590,000,000	609,000,000	665,000,000	735,000,000	754,000,000	766,000,000	770,000,000
EBITDA	$14.25B	$12.85B	$11.97B	$12.98B	$11.04B	$12.74B	·	$12.21B	$11.93B	$11.90B	$10.58B	$8.28B

Balance Sheet 27

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$9.13B	$11.97B	$10.94B	$7.63B	$7.99B	$6.27B	$6.04B	$6.95B	$3.80B	$3.24B	$4.14B	$3.73B
Short-term Investments	·	·	·	·	·	·	·	·	$37.88B	$34.84B	$27.24B	$23.30B
Receivables	$9.57B	$6.78B	$7.27B	$5.56B	$4.89B	$4.53B	$4.06B	$3.58B	$3.24B	$3.17B	$3.00B	$2.55B
Inventory	$6.22B	$7.00B	$9.52B	$4.93B	$4.09B	$3.89B	$3.58B	$2.94B	$2.83B	$2.75B	$2.44B	$2.65B
Other Current Assets	$4.13B	$3.28B	$2.60B	$2.39B	$2.37B	$2.08B	$1.89B	$1.79B	$1.73B	$2.02B	$1.70B	$2.49B
Current Assets	$29.06B	$29.03B	$30.33B	$22.19B	$19.39B	$21.14B	$18.44B	$37.62B	$49.48B	$46.01B	$38.52B	$34.71B
PP&E (Net)	$7.91B	$6.54B	$5.94B	$5.43B	$5.18B	$4.89B	$4.93B	$4.96B	$4.99B	$4.96B	$4.91B	$5.22B
PP&E (Gross)	$19.03B	$16.93B	$15.75B	$14.71B	$13.98B	$13.87B	$13.29B	$12.75B	$12.58B	$12.43B	$12.17B	$12.26B
Accum. Depreciation	$11.10B	$10.39B	$9.81B	$9.28B	$8.80B	$8.98B	$8.36B	$7.80B	$7.59B	$7.47B	$7.26B	$7.03B
Goodwill	$18.68B	$18.64B	$18.63B	$15.53B	$14.89B	$14.69B	$14.70B	$14.70B	$14.76B	$14.76B	$14.75B	$14.79B
Intangibles	$22.28B	$27.70B	$32.64B	$16.08B	$15.18B	$16.59B	$19.41B	$7.44B	$8.61B	$10.28B	$11.64B	$12.69B
Other Non-current Assets	$12.66B	$9.93B	$9.61B	$5.90B	$6.52B	$5.64B	$2.22B	$1.70B	$2.12B	$1.62B	$1.60B	$1.59B
Total Assets	$90.59B	$91.84B	$97.15B	$65.12B	$61.16B	$62.95B	$59.71B	$66.42B	$79.95B	$77.63B	$71.45B	$69.01B
Accounts Payable	$2.37B	$1.91B	$1.59B	$1.57B	$1.37B	$1.42B	$1.37B	$1.21B	$1.35B	$917M	$965M	$995M
Accrued Liabilities	$18.52B	$17.64B	$15.36B	$12.52B	$10.73B	$10.14B	$8.51B	$7.86B	$6.52B	$5.88B	$5.45B	$5.51B
Short-term Debt	$0	$0	$0	$0	$0	·	·	·	·	$0	·	·
Current Liabilities	$25.49B	$23.10B	$18.39B	$15.69B	$12.18B	$11.65B	$12.84B	$13.49B	$9.02B	$11.20B	$8.66B	$7.01B
Capital Leases	$696M	$673M	$691M	$539M	$525M	$306M	$388M	·	·	·	·	·
Deferred Tax	$1.37B	$1.62B	$2.35B	$11M	·	·	$606M	$864M	$1.17B	$2.44B	$2.24B	$3.46B
Other Non-current Liabilities	$2.38B	$2.35B	$2.33B	$2.65B	$2.46B	$2.02B	$2.21B	$1.28B	$1.24B	$1.50B	$1.31B	$2.55B
Long-term Debt	$54.60B	$60.10B	$64.61B	$38.95B	$33.31B	$32.99B	$29.90B	$33.93B	$35.30B	$34.60B	$31.43B	$30.71B
Total Debt	$54.60B	$60.10B	$64.61B	$38.95B	$33.31B	$32.99B	·	$33.93B	$35.34B	$34.60B	$31.56B	$30.71B
Retained Earnings	$-25.11B	$-27.59B	$-26.55B	$-28.62B	$-24.60B	$-21.41B	$-21.33B	$-17.98B	$-5.07B	$-438M	$-2.09B	$-4.62B
AOCI	$-258M	$-66M	$-289M	$-231M	$-796M	$-985M	$-528M	$-769M	$-679M	$-471M	$-480M	$-8M
Stockholders' Equity	$8.66B	$5.88B	$6.23B	$3.66B	$6.70B	$9.41B	$9.67B	$12.50B	$25.24B	$29.88B	$28.08B	$25.78B
Liabilities + Equity	$90.59B	$91.84B	$97.15B	$65.12B	$61.16B	$62.95B	$59.71B	$66.42B	$79.95B	$77.63B	$71.45B	$69.01B
Shares Outstanding	538,800,000	536,900,000	535,400,000	534,000,000	558,300,000	578,300,000	591,400,000	629,600,000	722,200,000	738,200,000	754,000,000	760,400,000

Cash Flow 18

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$5.17B	$5.59B	$4.07B	$3.42B	$3.40B	$3.60B	$2.21B	$1.95B	$1.96B	$2.10B	$2.11B	$2.09B
Stock-based Comp	$494M	$530M	$431M	$401M	$341M	$330M	$308M	$311M	$329M	$311M	$322M	$408M
Deferred Tax	$-700M	$-1.24B	$-1.22B	$-1.27B	$-434M	$-363M	$-304M	$-363M	$-1.28B	$216M	$-402M	$-76M
Amort. of Intangibles	$4.30B	$4.80B	$3.20B	$2.60B	$2.60B	$2.80B	$1.40B	$1.30B	$1.30B	$1.50B	$1.40B	$1.40B
Restructuring	·	·	$267M	·	·	·	·	·	$79M	$19M	$132M	$385M
Other Non-cash	$-2.71B	$2.52B	$-1.53B	$626M	$63M	$-335M	·	$1.01B	$8.19B	$0	$110M	$973M
Operating Cash Flow	$9.96B	$11.49B	$8.47B	$9.72B	$9.26B	$10.50B	$9.15B	$11.30B	$11.18B	$10.35B	$9.73B	$8.95B
CapEx	$1.86B	$1.10B	$1.11B	$936M	$880M	$608M	$618M	$738M	$664M	$738M	$594M	$718M
Investing Cash Flow	$-1.94B	$-1.05B	$-26.20B	$-6.04B	$733M	$-5.40B	$5.71B	$14.34B	$-4.02B	$-8.66B	$-5.55B	$-5.75B
Debt Issued	$0	$0	$27.78B	$6.92B	$4.95B	$8.91B	$0	$0	$4.48B	$7.32B	$3.46B	$4.48B
Net Debt Issued	$-5.00B	$-3.60B	$26.32B	$6.92B	$795M	$2.46B	·	$-1.12B	$71M	$3.59B	$1.06B	$-1.13B
Stock Repurchased	$0	$200M	$0	$6.36B	$4.97B	$3.49B	$7.70B	$17.79B	$3.16B	$2.96B	$1.87B	$138M
Net Stock Activity	$0	$-200M	$0	$-6.36B	$-4.97B	$-3.49B	·	$-17.79B	$-3.16B	$-2.96B	$-1.87B	$-138M
Dividends Paid	$5.12B	$4.83B	$4.56B	$4.20B	$4.01B	$3.75B	$3.51B	$3.51B	$3.37B	$3.00B	$2.40B	$1.85B
Financing Cash Flow	$-10.86B	$-9.41B	$21.05B	$-4.04B	$-8.27B	$-4.87B	$-15.77B	$-22.49B	$-6.59B	$-2.60B	$-3.77B	$-3.27B
Net Change in Cash	$-2.84B	$1.03B	$3.31B	$-360M	$1.72B	$229M	$-908M	$3.15B	$559M	$-903M	$413M	$-74M
Taxes Paid	$4.30B	$2.90B	$3.40B	·	·	·	·	·	·	·	·	·
Free Cash Flow	$8.10B	$10.39B	$7.36B	$8.79B	$8.38B	$9.89B	·	$10.56B	$10.51B	$9.62B	$8.48B	$7.84B

Profitability 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	24.7%	21.7%	28.0%	36.3%	29.4%	35.9%	·	43.2%	43.6%	42.6%	39.1%	30.9%
Net Margin	21.0%	12.2%	23.8%	24.9%	22.7%	28.6%	·	35.4%	8.7%	33.6%	32.0%	25.7%
Pretax Margin	24.4%	13.8%	27.9%	27.9%	25.8%	32.0%	·	40.2%	42.0%	39.9%	36.8%	27.8%
EBITDA Margin	38.8%	38.5%	42.4%	49.3%	42.5%	50.1%	·	51.4%	52.2%	51.8%	48.8%	41.3%
ROA	8.5%	4.3%	8.3%	10.4%	9.5%	11.8%	·	11.5%	2.5%	10.4%	9.9%	7.6%
ROE	95.9%	61.0%	96.7%	179.2%	79.0%	71.3%	·	62.5%	7.2%	26.7%	25.8%	21.6%
ROIC	12.3%	9.8%	9.5%	20.0%	16.8%	19.2%	·	19.4%	3.4%	12.8%	12.3%	10.1%

Liquidity & Solvency 4

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	1.1	1.3	1.6	1.4	1.6	1.8	·	2.8	5.5	4.1	4.4	5.0
Quick Ratio	0.7	0.8	1.0	0.8	1.1	0.9	·	0.8	5.0	3.7	4.0	4.2
Debt / Equity	6.3	10.2	10.4	10.6	5.0	3.5	·	2.7	1.4	1.2	1.1	1.2
LT Debt / Equity	5.8	9.6	10.1	10.2	5.0	3.5	·	2.4	1.4	1.0	1.0	1.2

Efficiency 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	0.4	0.4	0.3	0.4	0.4	0.4	·	0.3	0.3	0.3	0.3	0.3
Inventory Turnover	1.8	1.6	1.2	1.4	1.6	1.6	·	1.4	1.5	1.6	1.7	1.6
Receivables Turnover	4.5	4.8	4.4	5.0	5.5	5.9	·	7.0	7.1	7.5	7.8	7.7

Per Share 6

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$16.07	$10.95	$11.64	$6.86	$12.00	$16.27	·	$19.85	$34.95	$40.47	$37.25	$33.90
Revenue / Share	$67.81	$61.78	$52.40	$48.66	$45.34	$43.09	·	$35.71	$31.09	$30.49	$28.28	$26.06
Cash Flow / Share	$18.37	$21.24	$15.75	$17.97	$16.16	$17.79	·	$16.99	$15.21	$13.73	$11.85	$11.11
Cash / Share	$16.94	$22.30	$20.44	$14.29	$14.31	$10.84	·	$11.03	$5.26	$4.39	$5.50	$4.91
Dividend / Share	$9.66	$9.13	$8.64	$7.95	$7.22	$6.56	$5.95	$5.41	$4.77	$4.15	·	·
EPS (TTM)	$14.23	$7.56	$12.49	$12.11	$10.28	$12.31	$12.88	$12.62	$2.69	$10.24	$9.06	$6.70

Growth Rates 10

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	10.0%	18.6%	7.1%	1.3%	2.2%	·	·	·	·	·	·	·
Revenue CAGR 3Y	11.8%	8.8%	3.5%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	7.6%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	88.2%	-39.5%	3.1%	17.8%	-16.5%	·	·	·	·	·	·	·
EPS CAGR 3Y	5.5%	-9.7%	0.49%	·	·	·	·	·	·	·	·	·
EPS CAGR 5Y	2.9%	·	·	·	·	·	·	·	·	·	·	·
Net Income YoY	88.5%	-39.1%	2.5%	11.2%	-18.9%	·	·	·	·	·	·	·
Net Income CAGR 3Y	5.6%	-11.5%	-2.6%	·	·	·	·	·	·	·	·	·
Net Income CAGR 5Y	1.2%	·	·	·	·	·	·	·	·	·	·	·
Dividends Paid CAGR 5Y	6.4%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 16

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$36.75B	$33.42B	$28.19B	$26.32B	$25.98B	$25.42B	$23.36B	$23.75B	$22.85B	$22.99B	$21.66B	$20.06B
Net Income TTM	$7.71B	$4.09B	$6.72B	$6.55B	$5.89B	$7.26B	$7.84B	$8.39B	$1.98B	$7.72B	$6.94B	$5.16B
Market Cap	$176.35B	$139.94B	$154.21B	$140.25B	$125.60B	$132.96B	·	$122.56B	$125.59B	$107.93B	$122.40B	$121.12B
Enterprise Value	$221.83B	$188.06B	$207.87B	$171.57B	$150.92B	$159.68B	·	$149.55B	$119.25B	$104.44B	$122.57B	$124.81B
P/E	23.0	34.5	23.1	21.7	21.9	18.7	18.7	15.4	64.6	14.3	17.9	23.8
P/S	4.8	4.2	5.5	5.3	4.8	5.2	·	5.2	5.5	4.7	5.7	6.0
P/B	20.4	23.8	24.7	38.3	18.7	14.1	·	9.8	5.0	3.6	4.4	4.7
P / Cash Flow	17.7	12.2	18.2	14.4	13.6	12.7	·	10.9	11.2	10.4	13.5	14.2
P / FCF	21.8	13.5	21.0	16.0	15.0	13.4	·	11.6	11.9	11.2	14.4	15.5
EV / EBITDA	15.6	14.6	17.4	13.2	13.7	12.5	·	12.2	10.0	8.8	11.6	15.1
EV / FCF	27.4	18.1	28.2	19.5	18.0	16.1	·	14.2	11.3	10.9	14.4	15.9
EV / Revenue	6.0	5.6	7.4	6.5	5.8	6.3	·	6.3	5.2	4.5	5.7	6.2
Dividend Yield	2.9%	3.5%	2.9%	3.0%	3.2%	2.8%	·	2.9%	2.7%	2.8%	2.0%	1.5%
Earnings Yield	4.3%	2.9%	4.3%	4.6%	4.6%	5.3%	5.3%	6.5%	1.6%	7.0%	5.6%	4.2%
Payout Ratio	66.5%	118.1%	67.8%	64.0%	68.1%	51.7%	·	41.8%	170.0%	38.8%	34.5%	35.9%
Annual Payout	$5.12B	$4.83B	$4.56B	$4.20B	$4.01B	$3.75B	$3.51B	$3.51B	$3.37B	$3.00B	$2.40B	$1.85B

Income Statement 15

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$10.05B	$8.62B	$9.87B	$9.56B	$9.18B	$8.15B	$9.09B	$8.50B	$8.39B	$7.45B	$8.20B	$6.90B	$6.99B	$6.11B	$6.84B	$6.65B
Cost of Revenue	$2.81B	$2.74B	$2.98B	$3.08B	$3.01B	$2.97B	$3.11B	$3.31B	$3.24B	$3.20B	$3.11B	$1.81B	$1.81B	$1.72B	$1.75B	$1.59B
SG&A Expense	$1.75B	$1.60B	$1.95B	$1.72B	$1.69B	$1.69B	$1.88B	$1.62B	$1.78B	$1.81B	$2.27B	$1.35B	$1.29B	$1.26B	$1.57B	$1.29B
Operating Expenses	$6.54B	$5.95B	$7.15B	$7.03B	$6.52B	$6.97B	$6.78B	$6.46B	$6.48B	$6.46B	$6.92B	$4.88B	$4.30B	$4.18B	$4.61B	$3.99B
Operating Income	$3.51B	$2.67B	$2.72B	$2.53B	$2.66B	$1.18B	$2.31B	$2.05B	$1.91B	$991M	$1.27B	$2.02B	$2.68B	$1.92B	$2.23B	$2.66B
Interest Income	$125M	$101M	$97M	$99M	$86M	$126M	$116M	$126M	$115M	$153M	·	·	·	·	·	·
Other Non-op	$-73M	$75M	$-553M	$2.08B	$-394M	$1.52B	$-782M	$1.83B	$-307M	$-235M	$402M	$685M	$-318M	$2.06B	$-67M	$100M
Pretax Income	$2.77B	$2.08B	$1.51B	$3.92B	$1.57B	$1.97B	$782M	$3.10B	$794M	$-68M	$852M	$1.95B	$1.61B	$3.44B	$1.75B	$2.39B
Income Tax	$393M	$265M	$181M	$705M	$136M	$243M	$155M	$271M	$48M	$45M	$85M	$217M	$235M	$601M	$132M	$249M
Net Income	$2.38B	$1.82B	$1.33B	$3.22B	$1.43B	$1.73B	$627M	$2.83B	$746M	$-113M	$767M	$1.73B	$1.38B	$2.84B	$1.62B	$2.14B
EPS (Basic)	$4.40	$3.37	$2.47	$5.98	$2.66	$3.22	$1.17	$5.27	$1.39	$-0.21	$1.43	$3.23	$2.58	$5.32	$3.02	$4.01
EPS (Diluted)	$4.37	$3.34	$2.45	$5.93	$2.65	$3.20	$1.17	$5.22	$1.38	$-0.21	$1.42	$3.22	$2.57	$5.28	$3.00	$3.98
Shares (Basic)	540,000,000	540,000,000	·	538,000,000	538,000,000	538,000,000	·	537,000,000	537,000,000	536,000,000	·	535,000,000	535,000,000	534,000,000	·	535,000,000
Shares (Diluted)	544,000,000	544,000,000	·	542,000,000	541,000,000	541,000,000	·	542,000,000	541,000,000	536,000,000	·	538,000,000	537,000,000	538,000,000	·	538,000,000
EBITDA	$3.51B	$3.78B	·	$2.53B	$2.66B	$2.56B	·	$2.05B	$1.91B	$2.39B	·	$2.02B	$2.68B	$2.82B	·	$2.66B

Balance Sheet 26

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$13.99B	$12.04B	$9.13B	$9.45B	$8.03B	$8.81B	$11.97B	$9.01B	$9.30B	$9.71B	·	$34.74B	$34.25B	$31.56B	·	$9.50B
Receivables	$10.23B	$9.14B	$9.57B	$8.49B	$8.70B	$8.13B	$6.78B	$7.32B	$6.93B	$6.78B	·	$6.14B	$5.83B	$5.74B	·	$5.33B
Inventory	$6.22B	$6.19B	$6.22B	$6.35B	$6.58B	$6.73B	$7.00B	$7.36B	$8.00B	$8.72B	·	$5.03B	$4.98B	$5.01B	·	$4.76B
Other Current Assets	$4.53B	$4.11B	$4.13B	$3.60B	$3.42B	$3.26B	$3.28B	$3.08B	$2.98B	$2.82B	·	$2.56B	$2.32B	$2.40B	·	$2.50B
Current Assets	$34.96B	$31.48B	$29.06B	$27.89B	$26.73B	$26.93B	$29.03B	$26.77B	$27.21B	$28.03B	·	$48.48B	$47.38B	$44.70B	·	$24.06B
PP&E (Net)	$8.55B	$8.22B	$7.91B	$7.22B	$6.86B	$6.68B	$6.54B	$6.16B	$6.10B	$6.00B	·	$5.56B	$5.53B	$5.46B	·	$5.19B
PP&E (Gross)	·	·	$19.03B	·	·	·	$16.93B	·	·	·	·	·	·	·	·	·
Accum. Depreciation	$9.40B	$9.30B	$11.12B	$11.00B	$10.80B	$10.60B	$10.39B	$10.30B	$10.10B	$9.90B	·	$9.70B	$9.50B	$9.40B	·	$9.20B
Goodwill	$18.67B	$18.67B	$18.68B	$18.68B	$18.67B	$18.64B	$18.64B	$18.66B	$18.62B	$18.57B	$18.63B	$15.51B	$15.53B	$15.53B	$15.53B	$14.85B
Intangibles	$20.49B	$21.38B	$22.28B	$23.14B	$24.61B	$25.72B	$27.70B	$28.92B	$30.17B	$31.37B	·	$13.15B	$14.63B	$15.39B	·	$13.27B
Other Non-current Assets	$12.98B	$12.76B	$12.66B	$13.22B	$11.02B	$11.39B	$9.93B	$10.38B	$8.82B	$9.01B	·	$7.83B	$7.19B	$7.63B	·	$6.34B
Total Assets	$95.64B	$92.50B	$90.59B	$90.14B	$87.90B	$89.37B	$91.84B	$90.88B	$90.91B	$92.98B	·	$90.53B	$90.27B	$88.72B	·	$63.70B
Accounts Payable	$2.87B	$2.94B	$2.37B	$2.84B	$3.01B	$2.41B	$1.91B	$2.15B	$2.27B	$1.63B	·	$1.36B	$1.21B	$1.32B	·	$1.20B
Accrued Liabilities	$17.19B	$16.58B	$18.52B	$16.80B	$15.02B	$17.23B	$17.64B	$14.62B	$13.72B	$14.13B	·	$14.17B	$13.72B	$12.06B	·	$11.58B
Short-term Debt	·	·	$0	·	·	·	$0	·	·	·	·	·	·	·	·	·
Current Liabilities	$25.50B	$24.95B	$25.49B	$21.79B	$20.48B	$23.01B	$23.10B	$20.31B	$21.52B	$19.71B	·	$16.95B	$17.10B	$14.21B	·	$14.33B
Capital Leases	·	·	$696M	·	·	·	$673M	·	·	·	·	·	·	·	·	·
Deferred Tax	$1.30B	$1.34B	$1.37B	$1.46B	$1.39B	$1.51B	$1.62B	$1.71B	$1.78B	$1.86B	·	·	·	·	·	·
Other Non-current Liabilities	$2.44B	$2.37B	$2.38B	$2.22B	$2.34B	$2.21B	$2.35B	$2.20B	$2.36B	$2.36B	·	$2.31B	$2.54B	$2.53B	·	$2.88B
Long-term Debt	$57.30B	$57.32B	$54.60B	$54.59B	$56.20B	$57.38B	$60.10B	$60.40B	$62.65B	$64.02B	·	$60.47B	$61.54B	$61.59B	·	$38.70B
Total Debt	$57.30B	$57.32B	·	$54.59B	$56.20B	$57.38B	·	$60.40B	$62.65B	$64.02B	·	$60.47B	$61.54B	$61.59B	·	$38.70B
Retained Earnings	$-22.27B	$-24.65B	$-25.11B	$-23.80B	$-25.71B	$-27.14B	$-27.59B	$-25.53B	$-27.12B	$-27.87B	·	$-24.97B	$-25.54B	$-26.92B	·	$-28.07B
AOCI	$-119M	$-190M	$-258M	$-422M	$-544M	$-231M	$-66M	$-336M	$-155M	$-190M	·	$-126M	$-280M	$-268M	·	$-652M
Stockholders' Equity	$11.69B	$9.19B	$8.66B	$9.62B	$7.43B	$6.21B	$5.88B	$7.53B	$5.92B	$5.02B	$6.23B	$7.66B	$6.78B	$5.35B	$3.66B	$3.65B
Liabilities + Equity	$95.64B	$92.50B	$90.59B	$90.14B	$87.90B	$89.37B	$91.84B	$90.88B	$90.91B	$92.98B	·	$90.53B	$90.27B	$88.72B	·	$63.70B
Shares Outstanding	540,600,000	539,700,000	538,800,000	538,500,000	538,300,000	537,700,000	536,900,000	537,500,000	537,200,000	536,400,000	535,400,000	535,100,000	534,900,000	534,300,000	534,000,000	533,500,000

Cash Flow 16

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$1.11B	$1.12B	$1.13B	$1.31B	$1.34B	$1.39B	$1.40B	$1.40B	$1.40B	$1.40B	$1.38B	$895M	$896M	$900M	$911M	$837M
Stock-based Comp	$165M	$75M	$125M	$127M	$157M	$85M	$134M	$136M	$157M	$103M	$161M	$104M	$119M	$47M	·	·
Amort. of Intangibles	$890M	$896M	$900M	$1.10B	$1.10B	$1.20B	$1.20B	$1.20B	$1.20B	$1.20B	$1.12B	$693M	$693M	$693M	$706M	$628M
Restructuring	·	·	·	·	·	·	·	·	·	·	·	$31M	$42M	·	·	·
Other Non-cash	·	$-821M	·	·	·	$-1.81B	·	·	·	$-700M	·	·	·	$-2.68B	·	·
Operating Cash Flow	$4.00B	$2.19B	$1.60B	$4.68B	$2.28B	$1.39B	$4.77B	$3.57B	$2.46B	$689M	$538M	$2.76B	$4.11B	$1.06B	$2.65B	$2.98B
CapEx	$513M	$712M	$642M	$436M	$369M	$411M	$371M	$257M	$238M	$230M	$249M	$248M	$271M	$344M	$340M	$160M
Investing Cash Flow	$-569M	$-716M	$-693M	$-414M	$-389M	$-447M	$-402M	$-210M	$-217M	$-217M	$-27.09B	$-262M	$-211M	$1.36B	$-3.47B	$-267M
Debt Issued	$0	$3.96B	·	·	$0	$0	$0	$0	$0	$0	$4.00B	$1M	$-18M	$23.80B	$-19M	$2.98B
Net Debt Issued	·	$3.13B	·	$-1.50B	$-1.00B	$-2.50B	·	·	·	$0	·	·	·	$23.09B	·	·
Stock Repurchased	·	·	·	·	·	·	·	·	·	·	$0	$0	$0	$0	$0	$0
Net Stock Activity	·	·	·	·	·	·	·	·	·	·	·	·	·	$0	·	·
Dividends Paid	$1.36B	$1.36B	$1.28B	$1.28B	$1.28B	$1.28B	$1.21B	$1.21B	$1.21B	$1.21B	$1.14B	$1.14B	$1.14B	$1.14B	$1.04B	$1.04B
Financing Cash Flow	$-1.48B	$1.44B	$-1.23B	$-2.85B	$-2.67B	$-4.11B	$-1.41B	$-3.65B	$-2.65B	$-1.71B	$2.75B	$-2.00B	$-1.21B	$21.51B	$-1.05B	$1.59B
Net Change in Cash	$1.95B	$2.91B	$-316M	$1.42B	$-782M	$-3.16B	$2.96B	$-290M	$-407M	$-1.24B	$-23.80B	$493M	$2.69B	$23.93B	$-1.87B	$4.30B
Free Cash Flow	·	$1.48B	·	·	·	$980M	·	·	·	$459M	·	·	·	$720M	·	·

Profitability 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	34.9%	30.9%	·	26.4%	28.9%	14.5%	·	24.1%	22.8%	13.3%	·	29.3%	38.4%	31.5%	·	40.0%
Net Margin	23.6%	21.1%	·	33.7%	15.6%	21.2%	·	33.3%	8.9%	-1.5%	·	25.1%	19.7%	46.5%	·	32.2%
Pretax Margin	27.5%	24.2%	·	41.0%	17.1%	24.2%	·	36.5%	9.5%	-0.91%	·	28.2%	23.1%	56.4%	·	36.0%
EBITDA Margin	34.9%	43.9%	·	26.4%	28.9%	31.5%	·	24.1%	22.8%	32.1%	·	29.3%	38.4%	46.2%	·	40.0%
ROA	2.6%	2.0%	·	3.5%	1.6%	1.9%	·	3.1%	0.82%	-0.12%	·	2.2%	1.8%	3.8%	·	3.3%
ROE	24.9%	23.6%	·	37.5%	21.4%	30.8%	·	37.3%	11.7%	-2.2%	·	30.6%	30.0%	90.7%	·	36.1%
ROIC	4.4%	3.5%	·	3.2%	3.8%	1.6%	·	2.8%	2.6%	2.4%	·	2.6%	3.4%	2.4%	·	5.6%

Liquidity & Solvency 4

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	1.4	1.3	·	1.3	1.3	1.2	·	1.3	1.3	1.4	·	2.9	2.8	3.1	·	1.7
Quick Ratio	0.9	0.8	·	0.8	0.8	0.7	·	0.8	0.8	0.8	·	2.4	2.3	2.6	·	1.0
Debt / Equity	4.9	6.2	·	5.7	7.6	9.2	·	8.0	10.6	12.7	·	7.9	9.1	11.5	·	10.6
LT Debt / Equity	4.4	5.6	·	5.5	7.2	8.7	·	7.6	9.6	12.0	·	7.7	8.8	11.4	·	10.2

Efficiency 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1
Inventory Turnover	0.4	0.4	·	0.4	0.4	0.4	·	0.5	0.5	0.5	·	0.4	0.4	0.4	·	0.4
Receivables Turnover	1.1	1.0	·	1.2	1.2	1.1	·	1.3	1.3	1.2	·	1.2	1.3	1.1	·	1.3

Per Share 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$21.62	$17.03	·	$17.86	$13.80	$11.54	·	$14.00	$11.03	$9.36	·	$14.31	$12.68	$10.01	·	$6.85
Revenue / Share	$18.48	$15.84	·	$17.63	$16.97	$15.06	·	$15.69	$15.50	$13.89	·	$12.83	$13.01	$11.35	·	$12.36
Cash Flow / Share	·	$4.02	·	·	·	$2.57	·	·	·	$1.29	·	·	·	$1.98	·	·
Cash / Share	$25.88	$22.30	·	$17.54	$14.91	$16.38	·	$16.76	$17.31	$18.10	·	$64.92	$64.03	$59.07	·	$17.81
Dividend / Share	$0.00	$2.52	$2.52	$2.38	$2.38	$2.38	$2.25	$2.25	$2.25	$2.25	$2.13	$2.13	$2.13	$2.13	$2.13	$1.94
Dividend Paid / Share	·	·	·	·	·	·	·	·	·	·	$2.13	$2.13	$2.13	$2.13	$1.94	$1.94
EPS (TTM)	$16.09	$14.37	·	$12.95	$12.24	$10.97	·	$7.81	$5.81	$7.00	·	$14.07	$14.83	$14.71	·	$12.44

Valuation (TTM) 13

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$38.09B	$37.22B	·	$35.97B	$34.92B	$34.13B	·	$32.53B	$30.93B	$29.53B	·	$26.83B	$26.58B	$26.19B	·	$26.33B
Net Income TTM	$8.74B	$7.80B	·	$7.00B	$6.62B	$5.93B	·	$4.23B	$3.13B	$3.76B	·	$7.57B	$7.98B	$7.92B	·	$6.83B
Market Cap	$195.76B	$189.89B	·	$151.96B	$150.30B	$167.52B	·	$173.19B	$167.85B	$152.51B	·	$143.81B	$118.76B	$129.17B	·	$120.25B
Enterprise Value	$239.08B	$235.18B	·	$197.11B	$198.47B	$216.09B	·	$224.57B	$221.19B	$206.82B	·	$169.54B	$146.05B	$159.20B	·	$149.45B
P/E	22.5	24.5	·	21.8	22.8	28.4	·	41.3	53.8	40.6	·	19.1	15.0	16.4	·	18.1
P/S	5.1	5.1	·	4.2	4.3	4.9	·	5.3	5.4	5.2	·	5.4	4.5	4.9	·	4.6
P/B	16.7	20.7	·	15.8	20.2	27.0	·	23.0	28.3	30.4	·	18.8	17.5	24.2	·	32.9
P / Cash Flow	·	86.7	·	·	·	120.4	·	·	·	221.3	·	·	·	121.4	·	·
EV / Revenue	6.3	6.3	·	5.5	5.7	6.3	·	6.9	7.2	7.0	·	6.3	5.5	6.1	·	5.7
Dividend Yield	2.7%	2.7%	·	3.3%	3.3%	2.9%	·	2.8%	2.8%	3.0%	·	3.1%	3.7%	3.3%	·	3.5%
Earnings Yield	4.4%	4.1%	·	4.6%	4.4%	3.5%	·	2.4%	1.9%	2.5%	·	5.2%	6.7%	6.1%	·	5.5%
Payout Ratio	·	74.7%	·	·	·	73.9%	·	·	·	-1069.0%	·	·	·	40.0%	·	·
Annual Payout	$5.29B	$5.20B	·	$5.05B	$4.97B	$4.90B	·	$4.77B	$4.70B	$4.63B	·	$4.46B	$4.35B	$4.25B	·	$4.15B

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$36.75B	$33.42B	$28.19B	$26.32B	$25.98B
Operating Margin %	24.7%	21.7%	28.0%	36.3%	29.4%
Net Income	$7.71B	$4.09B	$6.72B	$6.55B	$5.89B
Diluted EPS	$14.23	$7.56	$12.49	$12.11	$10.28

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	6.3	10.2	10.4	10.6	5.0
Current Ratio	1.1	1.3	1.6	1.4	1.6
Quick Ratio	0.7	0.8	1.0	0.8	1.1

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$8.10B	$10.39B	$7.36B	$8.79B	$8.38B

Institutional owners (13F) 3,408 filers · $180.1B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 3,408

Value held $180.1B

New positions 147

Exited positions 114

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
147 (-121 vs prior Q)	114 (-7 vs prior Q)	1,270 (+42 vs prior Q)	1,251 (-7 vs prior Q)	+8.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
VANGUARD GROUP INC	$17,949,296,138	54,838,826	9.97%	Shares
BlackRock, Inc.	$17,874,973,549	49,362,016	9.93%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$12,764,766,575	35,250,101	7.09%	Shares
STATE STREET CORP	$11,066,581,658	30,560,537	6.14%	Shares
Capital World Investors	$10,528,543,565	29,075,329	5.85%	Shares
Invesco Ltd.	$5,909,959,888	16,320,446	3.28%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$5,666,698,473	15,696,068	3.15%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$5,444,125,841	15,034,038	3.02%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$5,378,700,896	14,853,366	2.99%	Shares
MORGAN STANLEY	$4,944,276,009	13,653,692	2.75%	Shares
WELLS FARGO & COMPANY/MN	$2,620,105,610	7,235,462	1.45%	Shares
PRIMECAP MANAGEMENT CO/CA/	$2,446,831,080	6,756,962	1.36%	Shares
Capital Research Global Investors	$2,271,437,158	6,272,625	1.26%	Shares
NORTHERN TRUST CORP	$2,245,503,946	6,200,994	1.25%	Shares
NORGES BANK	$2,037,136,478	5,625,584	1.13%	Shares
BANK OF AMERICA CORP /DE/	$1,831,903,434	5,058,830	1.02%	Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	$1,683,595,917	4,784,982	0.93%	Shares
ROYAL BANK OF CANADA	$1,567,541,000	4,328,785	0.87%	Shares
GOLDMAN SACHS GROUP INC	$1,495,820,658	4,130,732	0.83%	Shares
Amundi	$1,408,715,231	3,890,189	0.78%	Shares
Legal & General Group Plc	$1,382,191,040	3,816,942	0.77%	Shares
Bank of New York Mellon Corp	$1,338,245,609	3,695,586	0.74%	Shares
JPMORGAN CHASE & CO	$1,293,828,840	3,588,484	0.72%	Shares
FMR LLC	$1,264,458,692	3,491,822	0.70%	Shares
DIMENSIONAL FUND ADVISORS LP	$1,236,256,481	3,413,981	0.69%	Shares
UBS Group AG	$1,198,144,633	3,308,695	0.67%	Shares
VANGUARD FIDUCIARY TRUST CO	$1,115,646,455	3,080,875	0.62%	Shares
Aristotle Capital Management, LLC	$1,055,695,252	2,915,257	0.59%	Shares
WELLINGTON MANAGEMENT GROUP LLP	$993,031,174	2,742,271	0.55%	Shares
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO	$983,393,351	2,715,656	0.55%	Shares
DEUTSCHE BANK AG\	$853,047,896	2,355,705	0.47%	Shares
Nuveen, LLC	$849,484,327	2,345,865	0.47%	Shares
NORDEA INVESTMENT MANAGEMENT AB	$802,329,002	2,239,516	0.45%	Shares
Capital Wealth Planning, LLC	$736,464,775	2,033,759	0.41%	Shares
AMERIPRISE FINANCIAL INC	$687,440,746	1,897,321	0.38%	Shares
ENVESTNET ASSET MANAGEMENT INC	$611,924,650	1,689,843	0.34%	Shares
Capital International Investors	$604,013,330	1,668,778	0.34%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$582,832,140	1,609,500	0.32%	Put option
RAYMOND JAMES FINANCIAL INC	$580,268,048	1,602,419	0.32%	Shares
Fisher Asset Management, LLC	$575,609,596	1,589,554	0.32%	Shares
STIFEL FINANCIAL CORP	$560,689,426	1,548,229	0.31%	Shares
Sumitomo Mitsui Trust Group, Inc.	$550,739,979	1,520,877	0.31%	Shares
Swiss National Bank	$550,564,713	1,520,393	0.31%	Shares
California Public Employees Retirement System	$541,806,117	1,496,206	0.30%	Shares
Mitsubishi UFJ Asset Management Co., Ltd.	$535,364,660	1,478,418	0.30%	Shares
HSBC HOLDINGS PLC	$501,218,490	1,385,321	0.28%	Shares
FEDERATED HERMES, INC.	$497,028,854	1,372,553	0.28%	Shares
FRANKLIN RESOURCES INC	$494,493,101	1,365,550	0.27%	Shares
BARCLAYS PLC	$480,414,827	1,326,673	0.27%	Shares
BNP PARIBAS FINANCIAL MARKETS	$478,572,360	1,321,585	0.27%	Shares

Show all 3,408 institutional owners →

Activists & 5%+ owners 4 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Amgen Inc. ×6 filings	Sept. 27, 2023	·	Initial filing	Passive investment	SEC
Amgen Inc. I.R.S. Employer Identification No. ×11 filings	March 6, 2014	·	Initial filing	·	SEC
Undisclosed reporting person	March 22, 2001	·	Initial filing	·	SEC
Undisclosed reporting person	March 13, 2001	·	Initial filing	·	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 74 insiders · 37 officers · 30 directors

19

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
Robert A Bradway	Chairman, CEO and President	May 7, 2026 F	505,160	0	$0
Peter H. Griffith	EVP & CFO	May 7, 2026 F	50,150	0	$0
David W Meline	EVP & CFO	Nov. 25, 2019 S	49,378	0	$0
Kelly A Michael	Acting CFO	June 30, 2014 F	39,177	0	$0
Jonathan M Peacock	EVP & CFO	Oct. 28, 2013 F	94,414	0	$0
Richard D Nanula	Exe VP & CFO	Oct. 31, 2006 M	10,000	0	$0
James E. Bradner	EVP, Research and Development	May 7, 2026 F	30,016	0	$0
David M Reese	EVP & Chief Technology Officer	May 7, 2026 F	42,256	0	$0
Esteban Santos	EVP, Operations	May 7, 2026 F	82,847	2	$-20,772,743
Murdo Gordon	EVP, Global Commercial Ops	May 7, 2026 F	51,222	1	$-2,317,054
Jonathan P Graham	EVP & Gen. Counsel & Sec.	May 7, 2026 F	39,712	0	$0
Linda H. Louie	VP, Finance & CAO	May 5, 2023 F	9,966	0	$0
Lori A Johnston	EVP, HR	March 1, 2022 A	40,881	0	$0
David Piacquad	SVP, Business Development	April 30, 2021 A	44,787	0	$0
Cynthia M Patton	SVP & CCO	May 5, 2020 A	24,751	0	$0
Sean E Harper	EVP, Research & Development	July 16, 2018 S	56,082	0	$0
Anthony C Hooper	EVP, Global Commercial Ops.	May 3, 2018 F	215,147	0	$0
Annette Louise Such	VP, Finance and CAO	May 1, 2017 A	8,478	0	$0
Brian M Mcnamee	EVP	May 1, 2017 A	102,516	0	$0
Stuart A Tross	SVP, Human Resources	May 3, 2016 A	25,671	0	$0
Madhavan Balachandran	EVP, Operations	May 3, 2016 A	23,097	0	$0
David J Scott	SVP, Gen. Counsel & Secy.	April 27, 2015 F	93,949	0	$0
Thomas J.W. Dittrich	VP, Finance & CAO	May 21, 2014 M	18,589	0	$0
Anna Richo	SVP & CCO	Aug. 1, 2012 M	10,256	0	$0
Fabrizio Bonanni	EVP, Operations	July 27, 2012 M	48,491	0	$0
David W Beier	SVP, Global Govt Affairs	May 3, 2012 M	35,612	0	$0
Roger M Perlmutter	EVP, Research & Development	Feb. 2, 2012 M	186,031	0	$0
Thomas James Flanagan	Sr VP & CIO	Dec. 8, 2010 S	41,826	0	$0
MORROW GEORGE J	Exe VP, Global Commercial Ops	April 29, 2010 F	130,488	0	$0
Dennis M Fenton	Executive V.P., Operations	June 4, 2007 M	117,518	0	$0
Hassan Dayem	Sr. V.P. & Chief Info. Officer	April 3, 2006 A	7,604	0	$0
Timothy O Martin	VP, Control Plng & CAO	March 15, 2005 A	5,350	0	$0
Beth C Seidenberg	Sr VP, Dev & Chief Medical Ofc	Dec. 31, 2004 D	15,343	0	$0
Willard H Dere	Sr. V.P., Global Dev & CMO	Dec. 13, 2004 A	·	0	$0
Joseph P Miletich	Sr VP Rsch & Preclinical Dev	Nov. 12, 2004 S	22,500	0	$0
Steven M Odre	Sr. VP, Gen. Counsel & Secy.	Jan. 27, 2004 M	76,705	0	$0
Barry D Schehr	VP Financial Ops & CAO	Sept. 9, 2003 M	0	0	$0
Mary E. Klotman	Director	May 19, 2026 A	2,211	0	$0
Brian Druker	Director	May 19, 2026 A	8,391	0	$0
Wanda M Austin	Director	May 19, 2026 A	8,018	0	$0
Greg C. Garland	Director	May 19, 2026 A	13,848	0	$0
Tyler Jacks	Director	May 19, 2026 A	18,284	0	$0
Ellen Jamison Kullman	Director	May 19, 2026 A	14,536	0	$0
Amy E Miles	Director	May 19, 2026 A	5,640	0	$0
Robert Eckert	Director	May 19, 2026 A	26,251	0	$0
Sanders R Williams	Director	May 19, 2023 A	6,240	0	$0
Ronald D Sugar	Director	May 19, 2023 A	19,682	0	$0
Rebecca M Henderson	Director	May 5, 2020 A	17,974	0	$0
Fred Hassan	Director	May 5, 2020 A	9,191	0	$0
Frank C Herringer	Director	May 3, 2019 A	35,522	0	$0
Francois De Carbonnel	Director	April 27, 2018 F	16,426	0	$0
David Baltimore	Director	April 27, 2018 A	32,286	0	$0
Judith C Pelham	Director	May 1, 2017 A	11,232	0	$0
Frank Biondi	Director	May 1, 2017 A	36,635	0	$0
Vance D Coffman	Director	May 3, 2016 A	43,041	0	$0
Gilbert S Omenn	Director	April 25, 2014 A	180,547	0	$0
Paul J Reason	Director	April 26, 2013 A	25,520	0	$0
Leonard D Schaeffer	Director	April 26, 2013 A	18,202	0	$0
Kevin W Sharer	Director	Oct. 26, 2012 G	0	0	$0
Frederick W Gluck	Director	April 25, 2011 A	17,576	0	$0
CHOATE JERRY D	Director	April 25, 2011 A	54,096	0	$0
Franklin P Johnson JR	Director	May 9, 2006 G	1,604,988	0	$0
Donald B Rice	Director	March 15, 2006 A	8,684	0	$0
Edward V Fritzky	Director	April 26, 2005 M	231,000	0	$0
Patricia C Sueltz	Director	May 13, 2004 D	0	0	$0
Steven Lazarus	Director	March 15, 2004 A	1,643	0	$0
AMGEN INC	10% owner	Nov. 14, 2003 P	13,952,885	0	$0
Rachna Khosla	·	Aug. 13, 2026 M	6,404	3	$-1,645,764
Matthew C. Busch	·	Aug. 7, 2026 A	5,080	1	$-375,790
Michael V Drake	·	Aug. 7, 2026 A	5,876	0	$0
Omar Ishrak	·	Aug. 7, 2026 A	7,486	0	$0
Charles M Holley	·	Aug. 7, 2026 A	12,990	0	$0
Derek Miller	·	Aug. 6, 2026 M	12,462	2	$-1,565,880
Nancy A. Grygiel	·	Aug. 6, 2026 M	7,340	5	$-2,653,528

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 187 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
TBXU · Direxion Shares ETF Trust	7.95%	530 NS	July 31, 2026	N-PORT
IBB · iShares Trust	7.85%	2,118,664 SH	Sept. 11, 2026	Daily
IBBQ · Invesco Exchange-Traded Fund Trust …	7.75%	20,117 SH	Oct. 2, 2026	Daily
DOGG · First Trust Exchange-Traded Fund IV	5.74%	13,245 NS	July 31, 2026	N-PORT
PJP · Invesco Exchange-Traded Fund Trust	5.25%	70,759 SH	Oct. 2, 2026	Daily
DJD · Invesco Exchange-Traded Fund Trust	5.18%	62,528 SH	Oct. 2, 2026	Daily
PBE · Invesco Exchange-Traded Fund Trust	4.78%	48,646 SH	Oct. 2, 2026	Daily
ELCV · Strategy Shares	4.18%	27,230 NS	July 31, 2026	N-PORT
QNXT · iShares Trust	3.95%	2,823 SH	Sept. 11, 2026	Daily
FDV · Federated Hermes ETF Trust	3.77%	86,166 NS	July 31, 2026	N-PORT
IYH · iShares Trust	3.33%	315,943 SH	Sept. 11, 2026	Daily
PWV · Invesco Exchange-Traded Fund Trust	3.27%	146,266 SH	Oct. 2, 2026	Daily
CCOR · Listed Funds Trust	3.15%	2,281 NS	July 31, 2026	N-PORT
FHLC · FIDELITY COVINGTON TRUST	3.00%	256,433 NS	July 31, 2026	N-PORT
VHT · VANGUARD WORLD FUND	2.88%	1,620,496 SH	Aug. 19, 2026	Daily
HDV · iShares Trust	2.66%	1,065,214 SH	Sept. 11, 2026	Daily
IXJ · iShares Trust	2.62%	283,792 SH	Sept. 11, 2026	Daily
TBG · EA Series Trust	2.57%	17,349 NS	July 31, 2026	N-PORT
ESLV · Strategy Shares	2.44%	905 NS	July 31, 2026	N-PORT
CURE · Direxion Shares ETF Trust	2.38%	10,620 NS	July 31, 2026	N-PORT
FDIV · EA Series Trust	2.19%	3,339 NS	July 31, 2026	N-PORT
QQQG · Pacer Funds Trust	2.14%	1,132 NS	July 31, 2026	N-PORT
SPDV · ETF Series Solutions	2.01%	6,859 NS	July 31, 2026	N-PORT
RSPH · Invesco Exchange-Traded Fund Trust	1.72%	36,783 SH	Oct. 2, 2026	Daily
GDIV · Harbor ETF Trust	1.52%	9,268 NS	July 31, 2026	N-PORT
BBP · ETFis Series Trust I	1.49%	3,820 NS	July 31, 2026	N-PORT
DUHP · Dimensional ETF Trust	1.42%	453,170 NS	July 31, 2026	N-PORT
LCOW · Pacer Funds Trust	1.36%	916 NS	July 31, 2026	N-PORT
DGRO · iShares Trust	1.30%	1,457,253 SH	Sept. 11, 2026	Daily
SRHQ · Elevation Series Trust	1.21%	6,640 NS	July 31, 2026	N-PORT
LRND · New York Life Investments ETF Trust	1.18%	12,185 NS	July 31, 2026	N-PORT
QQQE · Direxion Shares ETF Trust	1.16%	40,359 NS	July 31, 2026	N-PORT
BSCS · Invesco Exchange-Traded Self-Indexe…	1.13%	40,388,000	Oct. 2, 2026	Daily
XT · iShares Trust	1.12%	113,393 SH	Sept. 11, 2026	Daily
PAYR · Federated Hermes ETF Trust	1.08%	1,607 NS	July 31, 2026	N-PORT
ESUM · Strategy Shares	1.06%	5,032 NS	July 31, 2026	N-PORT
EQWL · Invesco Exchange-Traded Fund Trust	1.06%	72,084 SH	Oct. 2, 2026	Daily
BSCU · Invesco Exchange-Traded Self-Indexe…	1.05%	29,835,000	Oct. 2, 2026	Daily
ABFL · Abacus FCF ETF Trust	1.05%	14,316 NS	July 31, 2026	N-PORT
BIGY · Tidal Trust II	1.04%	1,462 NS	July 31, 2026	N-PORT
FEUS · FlexShares Trust	1.00%	2,915 NS	July 31, 2026	N-PORT
PTNQ · Pacer Funds Trust	0.95%	29,521 NS	July 31, 2026	N-PORT
QQWZ · Pacer Funds Trust	0.94%	1,238 NS	July 31, 2026	N-PORT
MGV · VANGUARD WORLD FUND	0.92%	339,226 SH	Aug. 19, 2026	Daily
QQQM · Invesco Exchange-Traded Fund Trust …	0.92%	2,487,265 SH	Oct. 2, 2026	Daily
QQQ · Invesco QQQ Trust, Series 1	0.92%	11,323,437 SH	Oct. 2, 2026	Daily
FDMO · FIDELITY COVINGTON TRUST	0.88%	20,721 NS	July 31, 2026	N-PORT
QSIX · Pacer Funds Trust	0.88%	417 NS	July 31, 2026	N-PORT
DFVX · Dimensional ETF Trust	0.86%	11,705 NS	July 31, 2026	N-PORT
VIG · VANGUARD SPECIALIZED FUNDS	0.85%	3,049,066 SH	Aug. 19, 2026	Daily
PFM · Invesco Exchange-Traded Fund Trust	0.81%	15,413 SH	Oct. 2, 2026	Daily
LABU · Direxion Shares ETF Trust	0.78%	9,994 NS	July 31, 2026	N-PORT
JOET · Virtus ETF Trust II	0.77%	4,885 NS	July 31, 2026	N-PORT
FDLO · FIDELITY COVINGTON TRUST	0.76%	28,085 NS	July 31, 2026	N-PORT
FQAL · FIDELITY COVINGTON TRUST	0.76%	27,691 NS	July 31, 2026	N-PORT
VFMF · VANGUARD WELLINGTON FUND	0.75%	14,620 SH	Aug. 19, 2026	Daily
VYM · VANGUARD WHITEHALL FUNDS	0.75%	1,984,532 SH	Aug. 19, 2026	Daily
OEI · Listed Funds Trust	0.74%	895 NS	July 31, 2026	N-PORT
VTV · VANGUARD INDEX FUNDS	0.73%	5,131,558 SH	Aug. 19, 2026	Daily
DIVB · iShares Trust	0.73%	38,754 SH	Sept. 11, 2026	Daily
QDEF · FlexShares Trust	0.71%	10,086 NS	July 31, 2026	N-PORT
BSCR · Invesco Exchange-Traded Self-Indexe…	0.62%	28,540,000	Oct. 2, 2026	Daily
SUSL · iShares Trust	0.61%	19,047 SH	Sept. 11, 2026	Daily
ILCV · iShares Trust	0.60%	20,935 SH	Sept. 11, 2026	Daily
DSI · iShares Trust	0.58%	82,489 SH	Sept. 11, 2026	Daily
QLC · FlexShares Trust	0.56%	14,784 NS	July 31, 2026	N-PORT
EVUS · iShares Trust	0.55%	5,431 SH	Sept. 11, 2026	Daily
WRND · New York Life Investments ETF Trust	0.52%	140 NS	July 31, 2026	N-PORT
IWY · iShares Trust	0.51%	209,793 SH	Sept. 11, 2026	Daily
MPLY · Strategy Shares	0.51%	209 NS	July 31, 2026	N-PORT
ESLG · Strategy Shares	0.51%	305 NS	July 31, 2026	N-PORT
DFSU · Dimensional ETF Trust	0.48%	28,477 NS	July 31, 2026	N-PORT
HAPI · Harbor ETF Trust	0.48%	6,055 NS	July 31, 2026	N-PORT
FXH · First Trust Exchange-Traded AlphaDE…	0.45%	12,232 NS	July 31, 2026	N-PORT
LRGF · iShares Trust	0.45%	43,058 SH	Sept. 11, 2026	Daily
IWF · iShares Trust	0.44%	1,435,128 SH	Sept. 11, 2026	Daily
BSCT · Invesco Exchange-Traded Self-Indexe…	0.44%	13,522,000	Oct. 2, 2026	Daily
OEF · iShares Trust	0.43%	228,231 SH	Sept. 11, 2026	Daily
ESMV · iShares Trust	0.42%	86 SH	Sept. 11, 2026	Daily
FTC · First Trust Exchange-Traded AlphaDE…	0.41%	14,196 NS	July 31, 2026	N-PORT
QVML · Invesco Exchange-Traded Fund Trust …	0.41%	16,993 SH	Oct. 2, 2026	Daily
PRF · Invesco Exchange-Traded Fund Trust	0.41%	99,372 SH	Oct. 2, 2026	Daily
ACIO · ETF Series Solutions	0.41%	25,134 NS	July 31, 2026	N-PORT
VONG · VANGUARD SCOTTSDALE FUNDS	0.41%	604,448 SH	Aug. 19, 2026	Daily
ADME · ETF Series Solutions	0.40%	3,043 NS	July 31, 2026	N-PORT
IVW · iShares Trust	0.39%	782,723 SH	Sept. 11, 2026	Daily
USCL · iShares Trust	0.39%	28,564 SH	Sept. 11, 2026	Daily
TOPC · iShares Trust	0.38%	326 SH	Sept. 11, 2026	Daily
JPUS · J.P. Morgan Exchange-Traded Fund Tr…	0.38%	4,501 NS	July 31, 2026	N-PORT
IUSG · iShares Trust	0.38%	323,485 SH	Sept. 11, 2026	Daily
VOOG · VANGUARD ADMIRAL FUNDS	0.37%	272,695 SH	Aug. 19, 2026	Daily
MGC · VANGUARD WORLD FUND	0.37%	107,751 SH	Aug. 19, 2026	Daily
IWL · iShares Trust	0.37%	20,974 SH	Sept. 11, 2026	Daily
XVV · iShares Trust	0.35%	6,217 SH	Sept. 11, 2026	Daily
PFIG · Invesco Exchange-Traded Fund Trust …	0.35%	454,000	Oct. 2, 2026	Daily
ROUS · Lattice Strategies Trust	0.35%	6,380 NS	July 31, 2026	N-PORT
ESGV · VANGUARD WORLD FUND	0.34%	122,032 SH	Aug. 19, 2026	Daily
SUSA · iShares Trust	0.34%	35,720 SH	Sept. 11, 2026	Daily
PBP · Invesco Exchange-Traded Fund Trust	0.34%	3,217 SH	Oct. 2, 2026	Daily
IUS · Invesco Exchange-Traded Self-Indexe…	0.34%	7,998 SH	Oct. 2, 2026	Daily
JVAL · J.P. Morgan Exchange-Traded Fund Tr…	0.33%	7,199 NS	July 31, 2026	N-PORT
PBUS · Invesco Exchange-Traded Fund Trust …	0.33%	93,398 SH	Oct. 2, 2026	Daily
USMV · iShares Trust	0.33%	204,487 SH	Sept. 11, 2026	Daily
ACWV · iShares, Inc.	0.33%	28,783 SH	Sept. 11, 2026	Daily
PTLC · Pacer Funds Trust	0.32%	27,346 NS	July 31, 2026	N-PORT
BBUS · J.P. Morgan Exchange-Traded Fund Tr…	0.32%	74,146 NS	July 31, 2026	N-PORT
TOV · EA Series Trust	0.32%	2,199 NS	July 31, 2026	N-PORT
VOTE · TCW ETF Trust	0.32%	9,095 NS	July 31, 2026	N-PORT
BKLC · BNY Mellon ETF Trust	0.32%	45,265 NS	July 31, 2026	N-PORT
IVV · iShares Trust	0.32%	6,800,834 SH	Sept. 11, 2026	Daily
VV · VANGUARD INDEX FUNDS	0.31%	630,314 SH	Aug. 19, 2026	Daily
ILCB · iShares Trust	0.31%	10,432 SH	Sept. 11, 2026	Daily
DFAU · Dimensional ETF Trust	0.31%	99,708 NS	July 31, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.31%	26,653 NS	July 31, 2026	N-PORT
DXUV · Dimensional ETF Trust	0.31%	4,375 NS	July 31, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.30%	163,908 NS	July 31, 2026	N-PORT
VOO · VANGUARD INDEX FUNDS	0.30%	14,020,856 SH	Aug. 19, 2026	Daily
VOXP · Advisors Series Trust	0.30%	45 NS	July 31, 2026	N-PORT
SPUU · Direxion Shares ETF Trust	0.30%	2,036 NS	July 31, 2026	N-PORT
RECS · Columbia ETF Trust I	0.30%	44,783 NS	July 31, 2026	N-PORT
IWB · iShares Trust	0.29%	373,875 SH	Sept. 11, 2026	Daily
IYY · iShares Trust	0.29%	23,130 SH	Sept. 11, 2026	Daily
QDPL · Pacer Funds Trust	0.29%	12,994 NS	July 31, 2026	N-PORT
ESGU · iShares Trust	0.29%	136,371 SH	Sept. 11, 2026	Daily
ESG · FlexShares Trust	0.29%	990 NS	July 31, 2026	N-PORT
IWV · iShares Trust	0.28%	148,594 SH	Sept. 11, 2026	Daily
DFAC · Dimensional ETF Trust	0.28%	349,802 NS	July 31, 2026	N-PORT
ITOT · iShares Trust	0.28%	702,659 SH	Sept. 11, 2026	Daily
PHDG · Invesco Actively Managed Exchange-T…	0.28%	426 SH	Oct. 2, 2026	Daily
VONE · VANGUARD SCOTTSDALE FUNDS	0.28%	89,254 SH	Aug. 19, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.27%	17,137,181 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.27%	45,451 SH	Aug. 19, 2026	Daily
GLOF · iShares Trust	0.26%	1,386 SH	Sept. 11, 2026	Daily
TILT · FlexShares Trust	0.26%	14,694 NS	July 31, 2026	N-PORT
HCMT · Direxion Shares ETF Trust	0.26%	3,756 NS	July 31, 2026	N-PORT
TOK · iShares Trust	0.24%	1,504 SH	Sept. 11, 2026	Daily
SPXL · Direxion Shares ETF Trust	0.24%	42,194 NS	July 31, 2026	N-PORT
CRBN · iShares Trust	0.24%	7,339 SH	Sept. 11, 2026	Daily
PEVC · Pacer Funds Trust	0.24%	15 NS	July 31, 2026	N-PORT
ACVF · ETF Opportunities Trust	0.24%	935 NS	July 31, 2026	N-PORT
GSY · Invesco Actively Managed Exchange-T…	0.23%	8,935,000	Oct. 2, 2026	Daily
VFVA · VANGUARD WELLINGTON FUND	0.23%	5,335 SH	Aug. 19, 2026	Daily
NULC · Nushares ETF Trust	0.23%	418 NS	July 31, 2026	N-PORT
URTH · iShares, Inc.	0.23%	48,522 SH	Sept. 11, 2026	Daily
IWX · iShares Trust	0.22%	22,780 SH	Sept. 11, 2026	Daily
IVE · iShares Trust	0.22%	286,848 SH	Sept. 11, 2026	Daily
VOOV · VANGUARD ADMIRAL FUNDS	0.22%	39,775 SH	Aug. 19, 2026	Daily
PWS · Pacer Funds Trust	0.22%	137 NS	July 31, 2026	N-PORT
JQUA · J.P. Morgan Exchange-Traded Fund Tr…	0.22%	45,989 NS	July 31, 2026	N-PORT
RSP · Invesco Exchange-Traded Fund Trust	0.21%	498,807 SH	Oct. 2, 2026	Daily
IUSV · iShares Trust	0.21%	151,146 SH	Sept. 11, 2026	Daily
HDUS · Lattice Strategies Trust	0.21%	1,110 NS	July 31, 2026	N-PORT
SIZE · iShares Trust	0.21%	2,304 SH	Sept. 11, 2026	Daily
FAD · First Trust Exchange-Traded AlphaDE…	0.21%	3,086 NS	July 31, 2026	N-PORT
RWL · Invesco Exchange-Traded Fund Trust …	0.20%	48,689 SH	Oct. 2, 2026	Daily
ACWI · iShares Trust	0.20%	171,748 SH	Sept. 11, 2026	Daily
OMFL · Invesco Exchange-Traded Self-Indexe…	0.19%	22,511 SH	Oct. 2, 2026	Daily
VFMO · VANGUARD WELLINGTON FUND	0.18%	9,664 SH	Aug. 19, 2026	Daily
EUSA · iShares, Inc.	0.18%	8,819 SH	Sept. 11, 2026	Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	0.17%	450,185 SH	Aug. 19, 2026	Daily
IWD · iShares Trust	0.16%	351,074 SH	Sept. 11, 2026	Daily
REVS · Columbia ETF Trust I	0.16%	1,389 NS	July 31, 2026	N-PORT
VONV · VANGUARD SCOTTSDALE FUNDS	0.16%	95,352 SH	Aug. 19, 2026	Daily
LGDX · Tidal Trust III	0.13%	495 NS	July 31, 2026	N-PORT
VMAX · Lattice Strategies Trust	0.12%	152 NS	July 31, 2026	N-PORT
JFLI · J.P. Morgan Exchange-Traded Fund Tr…	0.12%	147 NS	July 31, 2026	N-PORT
NEAR · iShares U.S. ETF Trust	0.11%	5,659,000 SH	Sept. 11, 2026	Daily
EQAL · Invesco Exchange-Traded Fund Trust …	0.10%	1,977 SH	Oct. 2, 2026	Daily
FEX · First Trust Exchange-Traded AlphaDE…	0.10%	3,891 NS	July 31, 2026	N-PORT
DYNF · BlackRock ETF Trust	0.04%	44,954 SH	Sept. 11, 2026	Daily
GTO · Invesco Actively Managed Exchange-T…	0.00%	5,000	Sept. 30, 2026	Daily
BIV · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
BLV · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
BSV · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
BND · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
VUSB · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
VCRB · VANGUARD MALVERN FUNDS	·	·	July 15, 2026	Daily
VPLS · VANGUARD MALVERN FUNDS	·	·	July 15, 2026	Daily
VSDB · VANGUARD MALVERN FUNDS	·	·	July 15, 2026	Daily
VGMS · VANGUARD MALVERN FUNDS	·	·	July 15, 2026	Daily
VCSH · VANGUARD SCOTTSDALE FUNDS	·	·	July 15, 2026	Daily
VCIT · VANGUARD SCOTTSDALE FUNDS	·	·	July 15, 2026	Daily
VCLT · VANGUARD SCOTTSDALE FUNDS	·	·	July 15, 2026	Daily
VTC · VANGUARD SCOTTSDALE FUNDS	·	·	July 30, 2026	Daily
BNDW · VANGUARD SCOTTSDALE FUNDS	·	·	July 30, 2026	Daily
BNDX · VANGUARD CHARLOTTE FUNDS	·	·	July 15, 2026	Daily
VCEB · VANGUARD WORLD FUND	·	·	July 30, 2026	Daily

AMGN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 43 analysts BUY

Median target $400.00 -0.8%

6 14.0% Strong Buy

14 32.6% Buy

20 46.5% Hold

2 4.7% Sell

1 2.3% Strong Sell

12-Month Price Target

29 analysts · 2026-10-02

Mean target $390.94 -3.0%

Now Current price $403.04

Low$225.00 Mean$390.94 High$500.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
AMGN	$176.35B	23.0	10.0%	21.0%	95.9%	·
ABBV	·	96.8	8.6%	6.9%	15367.3%	·
GILD	$152.32B	18.1	2.4%	28.9%	40.5%	·
VRTX	$115.15B	29.6	8.9%	32.9%	22.1%	·
MRNA	$11.62B	-4.1	-39.9%	-145.2%	-31.3%	·
REGN	$106.21B	18.6	0.99%	31.4%	14.7%	·
NTRA	$32.00B	-150.7	35.9%	-9.0%	-14.1%	·

Latest News Recent headlines mentioning this company

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AMGN AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

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Panel Verdict NEUTRAL Confidence 0.68 4 of 4 reported forecast spread ·

Amgen remains a battleground stock where extreme profitability clashes with heavy debt and regulatory headwinds. Grok argues the company's 96% ROE justifies a premium valuation, while Gemini and Claude warn that Medicare price negotiations and high leverage create significant downside risk. The panel remains split on whether recent deleveraging signals a healthy turnaround or mere financial engineering. Ultimately, the group is cautious, with most analysts favoring a hold until earnings clarify.

Round 1 — Opening Takes

Grok BULLISH

Confidence 0.75

↑ Bullish

I see Amgen's dominant drug portfolio driving outsized profitability that peers can't match, setting up multi-year earnings growth into 2026Q2. Its 96% ROE shows every dollar of equity generates nearly another dollar in profit, thanks to pricing power from patented biologics. EPS has climbed to $12.94, reflecting real top-line momentum from new approvals. Analysts like Wells Fargo see $390 potential as of March 25, more than 30% above today's levels.

↓ Bearish

I worry Amgen's towering debt burden will squeeze cash flows as patents expire, risking dividend cuts or dilution by 2026Q2. A 567 debt-to-equity ratio means interest payments devour free cash, amplified by any rate spikes. P/E at 25 trades above GILD's 18.8, pricing in perfection peers deliver cheaper. Recent ETF outflows signal fading sentiment amid volatility.

Claude NEUTRAL

Confidence 0.68

↑ Bullish

Amgen is a cash-generative biotech fortress with pricing power that most competitors cannot match. The 72% gross margin and 19.5% net margin show a company that converts R&D into durable competitive moats, not a commodity player. Even at a 25.2x P/E — well above Gilead's 18.8x — the market is paying for something real: a 96% ROE that reflects how efficiently management deploys shareholder capital into blockbuster drugs. Wells Fargo's recent $390 target and Ken Fisher's double-down signal institutional conviction that upside remains.

↓ Bearish

Amgen trades at a 34% valuation premium to Gilead despite slower earnings growth and a bloated balance sheet that screams financial engineering, not organic strength. The 567x debt-to-equity ratio is a red flag — that level of leverage means the company is borrowing heavily to fund buybacks and dividends, which artificially inflates the 96% ROE. Recent ETF outflows and a 3.5% market cap decline quarter-over-quarter suggest momentum is breaking. At $295, the stock is pricing in perfection; any pipeline miss or patent cliff acceleration could unwind years of gains.

Gemini NEUTRAL

Confidence 0.70

↑ Bullish

Amgen’s ability to extract massive profit from its capital base is the strongest argument for the stock. The company generates a 96.19% return on equity. This metric shows that management is exceptionally efficient at turning shareholder investments into actual earnings, far outpacing many peers in the biotech space. Furthermore, the market is signaling confidence through institutional backing, with major players like Ken Fisher increasing their stakes as of March 19, 2026. With a gross margin of 72.06%, Amgen maintains a powerful pricing advantage that protects its bottom line even as it scales new therapies.

↓ Bearish

The company’s extreme reliance on debt creates a precarious foundation for future growth. Amgen carries a debt-to-equity ratio of 567.49. This indicates that the company is heavily leveraged, leaving it vulnerable if interest rates rise or if its pipeline hits a regulatory snag. Additionally, at 25.16 times trailing earnings, the stock is priced for perfection rather than potential volatility. That P/E ratio suggests investors are paying a premium that assumes flawless execution, which is a dangerous gamble in the unpredictable biotech sector where a single clinical trial failure can wipe out years of valuation gains.

Chatgpt NEUTRAL

Confidence 0.63

↑ Bullish

I think Amgen's fundamentals point to a durable upside into 2026Q2, with the price forming a steady base around $290–$300. ROE TTM 96.19%. That level signals extraordinary profitability per dollar of equity, supporting buybacks and pipeline funding. Gross margin TTM 72.06%. It shows pricing power and cost discipline that help sustain earnings. EPS TTM 12.94. Upside in earnings supports valuation and potential upside if growth persists. That dynamic supports a constructive stance into 2026Q2.

↓ Bearish

I worry the stock could stall if growth slows and the valuation stays rich. P/E TTM 25.16. That lofty multiple provides little cushion if EPS growth decelerates. P/S TTM 4.8998. A high price-to-sales implies investors are pricing in strong top-line expansion; any slowdown could compress the multiple. Debt/Equity 567.49 (DOWN). Leverage remains extreme, so rising rates or funding needs could pressure earnings and limit upside. In sum, the setup argues for caution and a cautious hold until clearer pipeline visibility emerges.

Round 2 — Responses & Rebuttals

Grok

Claude, your bearish take on the 567x debt-to-equity inflating ROE misses the deleveraging trend that's already underway. It's down from 757 last quarter, meaning less interest drag on future cash flows and more room for R&D or buybacks without dilution. That trajectory bolsters the real pricing power behind Amgen's 96% ROE, making the premium to GILD's 18.8x P/E a bet on improving fundamentals, not blind leverage.

Claude

I need to push back on Grok's read of that debt-to-equity ratio. A 567x D/E is alarming on its face, but Amgen's business model actually inverts what that number normally signals. Biotech companies with massive IP moats and predictable cash flows from patent-protected drugs can service debt that would crush a cyclical manufacturer. Amgen's net margin of 19.5% means the company converts nearly a fifth of every revenue dollar into profit — that cash generation is what makes the leverage manageable, not reckless. Grok is right to flag interest rate risk, but the real question is whether Amgen's pipeline can sustain that 96% ROE as patents age. That's the vulnerability, not the debt itself.

Gemini

Grok, I disagree with your buy rating because you are underestimating the structural risk of that leverage. You mentioned a 567 debt-to-equity ratio, but you are framing it as a future risk when it is a current, massive anchor on the balance sheet. This ratio means for every dollar of equity, the company has over five dollars of debt, which severely limits management's flexibility if the pipeline hits a rough patch. While the ROE is impressive, it is essentially being manufactured by this extreme borrowing, making the stock far more fragile than a typical biotech blue chip.

Chatgpt

Claude, I think your point about the debt-to-equity ratio is overstated given the trend. Debt/Equity is 567.49 but DOWN this quarter. That drop indicates leverage is moderating and liquidity remains healthy with a current ratio of 1.28. ROE is 96.19%, meaning Amgen efficiently converts equity into profits, which helps fund buybacks and growth. In short, leverage is high but moving toward balance, and profitability remains the core driver.

Round 3 — Final Rebuttals

Grok

Gemini, your claim that Amgen has 'over five dollars of debt' per equity dollar wildly understates the 567x debt-to-equity ratio — it's actually 567 dollars of debt per dollar of equity. That leverage is real, but Amgen's 19.5% net margin converts revenue to cash so efficiently it services the load while funding buybacks. With debt stable at 567x from last quarter after dropping from 757x in Q3, the balance sheet is no anchor — it's fuel for my buy rating into 2026Q2.

Claude

I want to push back on something ChatGPT and Grok both glossed over: the deleveraging story. Yes, debt-to-equity fell from 757 to 567 — that's real progress. But here's what concerns me: that 190-point drop happened in a single quarter while the stock was flat to down. That's not operational deleveraging; that's balance-sheet engineering, likely asset sales or equity issuance. If Amgen had to shrink the balance sheet to improve the ratio rather than grow into it, that signals cash generation isn't keeping pace with debt service. I need to see whether Q2 earnings confirm organic cash flow is actually accelerating, or if we're just watching financial restructuring mask a slowing core business.

Gemini

I am widening the frame, as the panel is missing the real threat to Amgen’s 2026 outlook: the looming Medicare Price Negotiation impact. While ChatGPT and Grok argue over balance sheet optics, they ignore that the Inflation Reduction Act is forcing price cuts on top-selling drugs like Enbrel, which has historically accounted for a significant chunk of revenue. This isn't just about debt; it is about the structural erosion of the 72.06% gross margin. That margin represents the percentage of revenue kept after production costs, and it is directly under fire from government-mandated price caps that will likely compress earnings through 2026.

Chatgpt ⇄ Mind changed

I think the debt burden remains a meaningful risk, and Grok is right to flag it even with the recent deleveraging. D/E sits at 567.49, which still signals heavy leverage and potential sensitivity to rate moves or pipeline risk. ROE is 96.19%, showing profits are being amplified by debt rather than pure operating strength. That makes the equity value highly dependent on debt discipline. Claude, your defense of the moat is valid, but Gemini is right that leverage remains a concern.

Price Forecasts

Model	3M Target	6M Target	Reasoning
Grok	$325.00	$360.00	I think Amgen's deleveraging trend strengthens its cash fortress, supporting a re-rating to match Wells Fargo's $390 target by 2026Q2. The key catalyst is Amgen's Q2 2026 earnings release in late July, where EPS growth above $13.00 could confirm pipeline momentum and spark multiple expansion. The big risk is Medicare price negotiations capping Enbrel pricing, eroding the 19.5% net margin if announced adversely by Q3. My 6-month $360 target implies a 28x P/E on $12.94 EPS, rewarding the 96% ROE as leverage eases without sacrificing profitability.
Claude	$305.00	$335.00	Amgen's moat is real — a 72% gross margin and 19.5% net margin prove pricing power that survives leverage. My thesis: the deleveraging trend (D/E down from 757 to 567) combined with Wells Fargo's $390 target signals institutional conviction that pipeline strength outweighs patent cliff risk through 2026. Catalyst: 2026Q2 earnings must show organic cash flow acceleration, not just balance-sheet engineering, to validate the buyback thesis. Risk: Medicare price negotiation on Enbrel or similar blockbusters could compress that 72% gross margin faster than pipeline growth offsets it. At 25.2x P/E, Amgen trades at a 34% premium to Gilead — justified only if EPS growth sustains mid-single digits. I'm holding my hold but raising conviction slightly; the deleveraging story is credible, not a mirage.
Gemini	$295.00	$310.00	I believe Amgen will trade sideways as the market waits to see if the company can maintain its margins under the pressure of Medicare price negotiations. My six-month target depends on the Q3 earnings report, specifically whether management can demonstrate that new product launches are offsetting revenue erosion from core drugs like Enbrel. If the company fails to show organic revenue growth, the high valuation could collapse. The current 25.16 P/E ratio means investors are paying over 25 dollars for every dollar of profit, which leaves almost no room for error if earnings growth slows. I expect volatility until the market gains clarity on the long-term impact of government-mandated price caps on their bottom line.
Chatgpt	$305.00	$315.00	My thesis is that AMGN can grind higher into the next cycle on durable profitability, but valuation remains rich and policy risk lurks. Catalyst: the Q2 2026 earnings print shows continued EPS strength and pipeline updates, with a modest guidance lift. Risk: Medicare price negotiation risk and Inflation Reduction Act price caps could compress margins if policy takes hold. ROE around 96% signals extraordinary profitability per dollar of equity, which for Amgen funds buybacks and pipeline investment. At roughly $280.84 today, the stock already reflects a high multiple; the upside hinges on continued profitability rather than macro tailwinds.