AMGN Amgen Inc. - Common Stock

NASDAQ · Biotechnology · View on SEC EDGAR ↗
$424.62
Price · Aug 18, 2026
Fundamentals as of Aug 5, 2026
52W Range
$270–$425
99% of range
Analyst Rating
HOLD
43 analysts
Price Target
$382
P/E (TTM)
29.9
ROE
95.9%
Net Profit Margin
21.0%

About Amgen Inc. - Common Stock Company overview from Wikipedia

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.

Read more

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.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

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

Price
$424.62
Market Cap
$229.16B
P/E (TTM)
29.9
EPS (TTM)
$14.23
Revenue (TTM)
$36.75B
Div Yield
2.2%
ROE
95.9%
Debt/Equity
6.3
52W Range
$270 – $425

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

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

Revenue & Net Income $36.75B
10-point trend, +59.8%
2016-12-31 → 2025-12-31
EPS $14.23
10-point trend, +39.0%
2016-12-31 → 2025-12-31
Free Cash Flow $8.10B
9-point trend, -15.8%
2016-12-31 → 2025-12-31
Margins 21.0%

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

Metric
5Y trend
AMGN
Peer Median
P/E (TTM)
5-point trend, +5.1%
29.9
23.2
P/S (TTM)
5-point trend, -0.7%
6.2
6.1
P/B
5-point trend, +8.7%
26.5
8.1
EV / EBITDA
5-point trend, +13.9%
19.3
—
Price / FCF
5-point trend, +45.3%
28.3
—

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

Metric
5Y trend
AMGN
Peer Median
Operating Margin
5-point trend, -16.0%
24.7%
—
Net Profit Margin
5-point trend, -7.5%
21.0%
17.4%
ROA
5-point trend, -11.1%
8.5%
9.9%
ROE
5-point trend, +21.3%
95.9%
18.8%
ROIC
5-point trend, -26.6%
12.3%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
AMGN
Peer Median
Debt / Equity
5-point trend, +26.9%
6.3
—
Current Ratio
5-point trend, -28.3%
1.1
3.2
Quick Ratio
5-point trend, -30.6%
0.7
—

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

Metric
5Y trend
AMGN
Peer Median
Revenue YoY
5-point trend, +41.5%
10.0%
—
Revenue CAGR 3Y
5-point trend, +41.5%
11.8%
—
Revenue CAGR 5Y
5-point trend, +41.5%
7.6%
—
EPS YoY
5-point trend, +38.4%
88.2%
—
Net Income YoY
5-point trend, +30.9%
88.5%
—

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

Metric
5Y trend
AMGN
Peer Median
EPS (Diluted)
5-point trend, +38.4%
$14.23
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
AMGN
Peer Median
Payout Ratio
5-point trend, -2.4%
66.5%
—

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

Dividend Yield
2.2%
Payout Ratio
66.5%
5Y Div CAGR
—
Ex-dateAmount
May 15, 2026$2.5200
Feb. 13, 2026$2.5200
Nov. 21, 2025$2.3800
Aug. 22, 2025$2.3800
May 16, 2025$2.3800
Feb. 14, 2025$2.3800
Nov. 18, 2024$2.2500
Aug. 16, 2024$2.2500
May 16, 2024$2.2500
Feb. 15, 2024$2.2500
Nov. 16, 2023$2.1300
Aug. 17, 2023$2.1300
May 17, 2023$2.1300
Feb. 14, 2023$2.1300
Nov. 16, 2022$1.9400
Aug. 17, 2022$1.9400
May 16, 2022$1.9400
Feb. 14, 2022$1.9400
Nov. 15, 2021$1.7600
Aug. 16, 2021$1.7600

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

BUY 43 analysts
  • Strong Buy 6 14.0%
  • Buy 15 34.9%
  • Hold 19 44.2%
  • Sell 2 4.7%
  • Strong Sell 1 2.3%

12-Month Price Target

29 analysts · 2026-08-14
Median target $388.00 -8.6%
Mean target $381.59 -10.1%

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

Avg Surprise
0.50%
Period EPS Actual EPS Est Surprise
June 30, 2026 $6.29 $5.73 0.56%
March 31, 2026 $5.15 $4.85 0.30%
Dec. 31, 2025 $5.29 $4.83 0.46%
Sept. 30, 2025 $5.64 $5.11 0.53%
June 30, 2025 $6.02 $5.39 0.63%
March 31, 2025 $4.90 $4.39 0.51%

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

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% —
REGN $106.21B 18.6 0.99% 31.4% 14.7% —
NTRA $32.00B -150.7 35.9% -9.0% -14.1% —
RVMD — — — — — —

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

Income Statement 15
Annual Income Statement data for AMGN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +83.2% $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-point trend, +172.2% $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 12-point trend, +50.0% $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 12-point trend, +99.5% $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 12-point trend, +46.7% $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 5-point trend, +3609.1% $408M $510M $1.20B $127M $11M · · · · · · ·
Other Non-op 12-point trend, +470.1% $2.65B $506M $2.83B $-814M $259M $256M $753M $674M $928M $629M $603M $465M
Pretax Income 12-point trend, +60.7% $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 12-point trend, +196.3% $1.26B $519M $1.14B $794M $808M $869M $1.30B $1.15B $7.62B $1.44B $1.04B $427M
Net Income 12-point trend, +49.5% $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) 12-point trend, +110.7% $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) 12-point trend, +112.4% $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) 12-point trend, -29.1% 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) 12-point trend, -29.6% 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 11-point trend, +72.0% $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
Annual Balance Sheet data for AMGN
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +144.7% $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 4-point trend, +62.6% · · · · · · · · $37.88B $34.84B $27.24B $23.30B
Receivables 12-point trend, +275.9% $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 12-point trend, +135.2% $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 12-point trend, +65.7% $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 12-point trend, -16.3% $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) 12-point trend, +51.5% $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) 12-point trend, +55.3% $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 12-point trend, +57.8% $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 12-point trend, +26.3% $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 12-point trend, +75.5% $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-point trend, +695.2% $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 12-point trend, +31.3% $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 12-point trend, +137.9% $2.37B $1.91B $1.59B $1.57B $1.37B $1.42B $1.37B $1.21B $1.35B $917M $965M $995M
Accrued Liabilities 12-point trend, +236.0% $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 Flat — no change across 6 periods $0 $0 $0 $0 $0 · · · · $0 · ·
Current Liabilities 12-point trend, +263.7% $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 7-point trend, +79.4% $696M $673M $691M $539M $525M $306M $388M · · · · ·
Deferred Tax 10-point trend, -60.5% $1.37B $1.62B $2.35B $11M · · $606M $864M $1.17B $2.44B $2.24B $3.46B
Other Non-current Liabilities 12-point trend, -6.6% $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 12-point trend, +77.8% $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 11-point trend, +77.8% $54.60B $60.10B $64.61B $38.95B $33.31B $32.99B · $33.93B $35.34B $34.60B $31.56B $30.71B
Retained Earnings 12-point trend, -443.0% $-25.11B $-27.59B $-26.55B $-28.62B $-24.60B $-21.41B $-21.33B $-17.98B $-5.07B $-438M $-2.09B $-4.62B
AOCI 12-point trend, -3125.0% $-258M $-66M $-289M $-231M $-796M $-985M $-528M $-769M $-679M $-471M $-480M $-8M
Stockholders' Equity 12-point trend, -66.4% $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 12-point trend, +31.3% $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 12-point trend, -29.1% 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
Annual Cash Flow data for AMGN
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +147.0% $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 12-point trend, +21.1% $494M $530M $431M $401M $341M $330M $308M $311M $329M $311M $322M $408M
Deferred Tax 12-point trend, -821.1% $-700M $-1.24B $-1.22B $-1.27B $-434M $-363M $-304M $-363M $-1.28B $216M $-402M $-76M
Amort. of Intangibles 12-point trend, +207.1% $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 5-point trend, -30.6% · · $267M · · · · · $79M $19M $132M $385M
Other Non-cash 11-point trend, -378.9% $-2.71B $2.52B $-1.53B $626M $63M $-335M · $1.01B $8.19B $0 $110M $973M
Operating Cash Flow 12-point trend, +11.2% $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 12-point trend, +158.8% $1.86B $1.10B $1.11B $936M $880M $608M $618M $738M $664M $738M $594M $718M
Investing Cash Flow 12-point trend, +66.2% $-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 12-point trend, -100.0% $0 $0 $27.78B $6.92B $4.95B $8.91B $0 $0 $4.48B $7.32B $3.46B $4.48B
Net Debt Issued 11-point trend, -342.9% $-5.00B $-3.60B $26.32B $6.92B $795M $2.46B · $-1.12B $71M $3.59B $1.06B $-1.13B
Stock Repurchased 12-point trend, -100.0% $0 $200M $0 $6.36B $4.97B $3.49B $7.70B $17.79B $3.16B $2.96B $1.87B $138M
Net Stock Activity 11-point trend, +100.0% $0 $-200M $0 $-6.36B $-4.97B $-3.49B · $-17.79B $-3.16B $-2.96B $-1.87B $-138M
Dividends Paid 12-point trend, +176.8% $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 12-point trend, -231.7% $-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 12-point trend, -3743.2% $-2.84B $1.03B $3.31B $-360M $1.72B $229M $-908M $3.15B $559M $-903M $413M $-74M
Taxes Paid 3-point trend, +26.5% $4.30B $2.90B $3.40B · · · · · · · · ·
Free Cash Flow 11-point trend, +3.4% $8.10B $10.39B $7.36B $8.79B $8.38B $9.89B · $10.56B $10.51B $9.62B $8.48B $7.84B
Profitability 7
Annual Profitability data for AMGN
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 11-point trend, -19.9% 24.7% 21.7% 28.0% 36.3% 29.4% 35.9% · 43.2% 43.6% 42.6% 39.1% 30.9%
Net Margin 11-point trend, -18.4% 21.0% 12.2% 23.8% 24.9% 22.7% 28.6% · 35.4% 8.7% 33.6% 32.0% 25.7%
Pretax Margin 11-point trend, -12.3% 24.4% 13.8% 27.9% 27.9% 25.8% 32.0% · 40.2% 42.0% 39.9% 36.8% 27.8%
EBITDA Margin 11-point trend, -6.1% 38.8% 38.5% 42.4% 49.3% 42.5% 50.1% · 51.4% 52.2% 51.8% 48.8% 41.3%
ROA 11-point trend, +10.7% 8.5% 4.3% 8.3% 10.4% 9.5% 11.8% · 11.5% 2.5% 10.4% 9.9% 7.6%
ROE 11-point trend, +344.9% 95.9% 61.0% 96.7% 179.2% 79.0% 71.3% · 62.5% 7.2% 26.7% 25.8% 21.6%
ROIC 11-point trend, +21.8% 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
Annual Liquidity & Solvency data for AMGN
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 11-point trend, -77.0% 1.1 1.3 1.6 1.4 1.6 1.8 · 2.8 5.5 4.1 4.4 5.0
Quick Ratio 11-point trend, -82.6% 0.7 0.8 1.0 0.8 1.1 0.9 · 0.8 5.0 3.7 4.0 4.2
Debt / Equity 11-point trend, +429.3% 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 11-point trend, +392.8% 5.8 9.6 10.1 10.2 5.0 3.5 · 2.4 1.4 1.0 1.0 1.2
Efficiency 3
Annual Efficiency data for AMGN
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 11-point trend, +35.7% 0.4 0.4 0.3 0.4 0.4 0.4 · 0.3 0.3 0.3 0.3 0.3
Inventory Turnover 11-point trend, +16.6% 1.8 1.6 1.2 1.4 1.6 1.6 · 1.4 1.5 1.6 1.7 1.6
Receivables Turnover 11-point trend, -41.3% 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
Annual Per Share data for AMGN
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 11-point trend, -52.6% $16.07 $10.95 $11.64 $6.86 $12.00 $16.27 · $19.85 $34.95 $40.47 $37.25 $33.90
Revenue / Share 11-point trend, +160.2% $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 11-point trend, +65.4% $18.37 $21.24 $15.75 $17.97 $16.16 $17.79 · $16.99 $15.21 $13.73 $11.85 $11.11
Cash / Share 11-point trend, +245.3% $16.94 $22.30 $20.44 $14.29 $14.31 $10.84 · $11.03 $5.26 $4.39 $5.50 $4.91
Dividend / Share 10-point trend, +132.8% $10 $9 $9 $8 $7 $7 $6 $5 $5 $4 · ·
EPS (TTM) 12-point trend, +112.4% $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
Annual Growth Rates data for AMGN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, +356.4% 10.0% 18.6% 7.1% 1.3% 2.2% · · · · · · ·
Revenue CAGR 3Y 3-point trend, +236.3% 11.8% 8.8% 3.5% · · · · · · · · ·
Revenue CAGR 5Y 7.6% · · · · · · · · · · ·
EPS YoY 5-point trend, +635.1% 88.2% -39.5% 3.1% 17.8% -16.5% · · · · · · ·
EPS CAGR 3Y 3-point trend, +1026.5% 5.5% -9.7% 0.49% · · · · · · · · ·
EPS CAGR 5Y 2.9% · · · · · · · · · · ·
Net Income YoY 5-point trend, +569.2% 88.5% -39.1% 2.5% 11.2% -18.9% · · · · · · ·
Net Income CAGR 3Y 3-point trend, +316.3% 5.6% -11.5% -2.6% · · · · · · · · ·
Net Income CAGR 5Y 1.2% · · · · · · · · · · ·
Dividend CAGR 5Y 6.4% · · · · · · · · · · ·
Valuation (TTM) 16
Annual Valuation (TTM) data for AMGN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +83.2% $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 12-point trend, +49.5% $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 11-point trend, +45.6% $176.35B $139.94B $154.21B $140.25B $125.60B $132.96B · $122.56B $125.59B $107.93B $122.40B $121.12B
Enterprise Value 11-point trend, +77.7% $221.83B $188.06B $207.87B $171.57B $150.92B $159.68B · $149.55B $119.25B $104.44B $122.57B $124.81B
P/E 12-point trend, -3.3% 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 11-point trend, -20.5% 4.8 4.2 5.5 5.3 4.8 5.2 · 5.2 5.5 4.7 5.7 6.0
P/B 11-point trend, +333.5% 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 11-point trend, +25.1% 17.7 12.2 18.2 14.4 13.6 12.7 · 10.9 11.2 10.4 13.5 14.2
P / FCF 11-point trend, +40.9% 21.8 13.5 21.0 16.0 15.0 13.4 · 11.6 11.9 11.2 14.4 15.5
EV / EBITDA 11-point trend, +3.3% 15.6 14.6 17.4 13.2 13.7 12.5 · 12.2 10.0 8.8 11.6 15.1
EV / FCF 11-point trend, +72.0% 27.4 18.1 28.2 19.5 18.0 16.1 · 14.2 11.3 10.9 14.4 15.9
EV / Revenue 11-point trend, -3.0% 6.0 5.6 7.4 6.5 5.8 6.3 · 6.3 5.2 4.5 5.7 6.2
Dividend Yield 11-point trend, +90.2% 2.9% 3.5% 2.9% 3.0% 3.2% 2.8% · 2.9% 2.7% 2.8% 2.0% 1.5%
Earnings Yield 12-point trend, +3.3% 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 11-point trend, +85.1% 66.5% 118.1% 67.8% 64.0% 68.1% 51.7% · 41.8% 170.0% 38.8% 34.5% 35.9%
Annual Payout 12-point trend, +176.8% $5.12B $4.83B $4.56B $4.20B $4.01B $3.75B $3.51B $3.51B $3.37B $3.00B $2.40B $1.85B

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

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
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
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 6.310.210.410.65.0
Current Ratio 1.11.31.61.41.6
Quick Ratio 0.70.81.00.81.1
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $8.10B$10.39B$7.36B$8.79B$8.38B

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

Round 1 — Opening Takes

Grok NEUTRAL 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 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 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 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

G
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.

C
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.

G
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.

C
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
G Grok 3M Target $325.00 6M Target $360.00 Reasoning 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.
C Claude 3M Target $305.00 6M Target $335.00 Reasoning 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.
G Gemini 3M Target $295.00 6M Target $310.00 Reasoning 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.
C Chatgpt 3M Target $305.00 6M Target $315.00 Reasoning 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.

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Institutional owners (13F) 3,443 filers · $99.2B total · As of June 30, 2026

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.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
149 (-108 vs prior Q) 109 (-11 vs prior Q) 1,247 (+25 vs prior Q) 1,213 (-24 vs prior Q) +36.7M

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 CAPITAL MANAGEMENT LLC $12,764,766,575 35,250,101 12.86% Shares
STATE STREET CORP $11,066,581,658 30,560,537 11.15% Shares
Capital World Investors $10,528,543,565 29,075,329 10.61% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $5,378,700,896 14,853,366 5.42% Shares
GEODE CAPITAL MANAGEMENT, LLC $5,038,097,262 13,960,176 5.08% Shares
PRIMECAP MANAGEMENT CO/CA/ $2,446,831,080 6,756,962 2.47% Shares
Capital Research Global Investors $2,271,437,158 6,272,625 2.29% Shares
NORGES BANK $2,037,136,478 5,625,584 2.05% Shares
VANGUARD FIDUCIARY TRUST CO $1,115,646,455 3,080,875 1.12% Shares
DIMENSIONAL FUND ADVISORS LP $1,108,030,151 3,059,842 1.12% Shares
Aristotle Capital Management, LLC $1,055,695,252 2,915,257 1.06% Shares
VANGUARD GROUP INC $1,005,331,356 3,071,496 1.01% Shares
WELLINGTON MANAGEMENT GROUP LLP $953,579,649 2,633,325 0.96% Shares
BANK OF AMERICA CORP /DE/ $936,253,294 2,585,478 0.94% Shares
WELLS FARGO & COMPANY/MN $699,484,629 1,931,637 0.70% Shares
FMR LLC $672,828,058 1,858,025 0.68% Shares
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO $628,386,836 1,735,300 0.63% Shares
ENVESTNET ASSET MANAGEMENT INC $611,924,650 1,689,843 0.62% Shares
Capital International Investors $604,013,330 1,668,778 0.61% Shares
BlackRock, Inc. $588,302,325 1,624,606 0.59% Shares
Fisher Asset Management, LLC $575,609,596 1,589,554 0.58% Shares
UBS Group AG $559,470,692 1,544,987 0.56% Shares
Sumitomo Mitsui Trust Group, Inc. $550,739,979 1,520,877 0.55% Shares
Swiss National Bank $550,564,713 1,520,393 0.55% Shares
NORDEA INVESTMENT MANAGEMENT AB $544,039,664 1,518,561 0.55% Shares
California Public Employees Retirement System $541,806,117 1,496,206 0.55% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $535,364,660 1,478,418 0.54% Shares
BNP PARIBAS FINANCIAL MARKETS $478,572,360 1,321,585 0.48% Shares
National Pension Service $465,740,276 1,286,149 0.47% Shares
Legal & General Group Plc $450,173,459 1,243,161 0.45% Shares
VANGUARD ASSET MANAGEMENT, Ltd $441,611,858 1,219,518 0.44% Shares
LPL Financial LLC $430,258,099 1,188,164 0.43% Shares
Vanguard Global Advisers, LLC $423,878,480 1,170,547 0.43% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $416,725,412 1,150,794 0.42% Shares
FIRST TRUST ADVISORS LP $409,700,784 1,131,395 0.41% Shares
TWO SIGMA INVESTMENTS, LP $408,717,964 1,128,681 0.41% Shares
BARCLAYS PLC $391,393,056 1,080,838 0.39% Shares
CANADA PENSION PLAN INVESTMENT BOARD $348,797,243 963,209 0.35% Shares
RAYMOND JAMES FINANCIAL INC $347,602,349 959,909 0.35% Shares
CITADEL ADVISORS LLC $332,462,372 918,100 0.33% Call option
RHUMBLINE ADVISERS $327,701,834 904,954 0.33% Shares
GOLDMAN SACHS GROUP INC $318,537,662 879,647 0.32% Shares
Capital Wealth Planning, LLC $316,597,533 874,289 0.32% Shares
Pictet Asset Management Holding SA $315,589,310 872,311 0.32% Shares
HighTower Advisors, LLC $295,583,061 816,257 0.30% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $290,317,065 825,116 0.29% Shares
PNC Financial Services Group, Inc. $274,817,213 758,912 0.28% Shares
ProShare Advisors LLC $252,408,504 697,030 0.25% Shares
TWO SIGMA ADVISERS, LP $240,860,883 735,880 0.24% Shares
Smead Capital Management, Inc. $238,724,236 659,241 0.24% Shares
VICTORY CAPITAL MANAGEMENT INC $228,969,200 632,302 0.23% Shares
NEUBERGER BERMAN GROUP LLC $228,422,632 630,927 0.23% Shares
PRINCIPAL FINANCIAL GROUP INC $216,708,179 598,443 0.22% Shares
JANE STREET GROUP, LLC $214,990,644 593,700 0.22% Call option
NEW YORK STATE COMMON RETIREMENT FUND $214,637,577 592,725 0.22% Shares
CITADEL ADVISORS LLC $211,033,035 582,771 0.21% Shares
Robeco Institutional Asset Management B.V. $210,047,342 580,049 0.21% Shares
PRUDENTIAL FINANCIAL INC $209,195,276 577,696 0.21% Shares
ALLIANCEBERNSTEIN L.P. $206,630,950 587,270 0.21% Shares
AMERIPRISE FINANCIAL INC $204,956,017 565,986 0.21% Shares
US BANCORP \DE\ $200,408,434 553,431 0.20% Shares
CAPTRUST FINANCIAL ADVISORS $187,050,420 516,543 0.19% Shares
KING LUTHER CAPITAL MANAGEMENT CORP $178,584,910 493,165 0.18% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $174,154,207 483,751 0.18% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $170,860,166 471,833 0.17% Shares
AVIVA PLC $170,798,968 471,664 0.17% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $166,846,428 460,749 0.17% Shares
APG Asset Management N.V. $163,602,668 516,533 0.16% Shares
FIFTH THIRD BANCORP $158,764,556 438,431 0.16% Shares
Quantinno Capital Management LP $154,129,895 425,632 0.16% Shares
TD Asset Management Inc $152,184,189 420,259 0.15% Shares
NEOS Investment Management LLC $148,406,553 409,827 0.15% Shares
CIBC Asset Management Inc $142,979,461 394,840 0.14% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $142,340,681 393,076 0.14% Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC $141,930,109 464,220 0.14% Shares
Brandywine Global Investment Management, LLC $139,997,688 427,722 0.14% Shares
BANK OF MONTREAL /CAN/ $136,182,106 376,069 0.14% Shares
Boston Partners $135,541,520 374,300 0.14% Shares
Polar Capital Holdings Plc $133,653,422 369,086 0.13% Shares
PFA Pension, Forsikringsaktieselskab $133,283,989 368,066 0.13% Shares
JANE STREET GROUP, LLC $132,898,040 367,000 0.13% Put option
Candriam S.C.A. $131,317,662 362,985 0.13% Shares
ROYAL BANK OF CANADA $127,235,000 351,361 0.13% Shares
CITADEL ADVISORS LLC $126,742,000 350,000 0.13% Put option
Empower Advisory Group, LLC $126,621,467 349,667 0.13% Shares
Forum Financial Management, LP $126,021,002 348,009 0.13% Shares
Sarasin & Partners LLP $124,550,457 343,948 0.13% Shares
Retirement Systems of Alabama $124,313,985 343,295 0.13% Shares
CITIGROUP INC $122,794,892 339,100 0.12% Put option
FEDERATED HERMES, INC. $121,264,935 334,875 0.12% Shares
Cetera Investment Advisers $120,783,112 333,544 0.12% Shares
Asset Management One Co., Ltd. $120,596,236 342,749 0.12% Shares
BARTLETT & CO. WEALTH MANAGEMENT LLC $118,372,653 326,887 0.12% Shares
GOLDMAN SACHS GROUP INC $118,159,756 326,300 0.12% Call option
STOREBRAND ASSET MANAGEMENT AS $118,048,223 325,992 0.12% Shares
Aberdeen Group plc $117,761,062 325,199 0.12% Shares
Sumitomo Mitsui DS Asset Management Company, Ltd $116,492,918 321,697 0.12% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $116,122,831 320,675 0.12% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $114,807,951 326,298 0.12% Shares
COMMONWEALTH EQUITY SERVICES, LLC $112,068,310 309,478 0.11% Shares

Company insiders 74 insiders · 37 officers · 30 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Robert A Bradway Chairman, CEO and President May 7, 2026 F 505,160 0 0 $0
Peter H. Griffith EVP & CFO May 7, 2026 F 50,150 0 0 $0
David W Meline EVP & CFO Nov. 25, 2019 S 49,378 0 0 $0
Kelly A Michael Acting CFO June 30, 2014 F 39,177 0 0 $0
Jonathan M Peacock EVP & CFO Oct. 28, 2013 F 94,414 0 0 $0
Richard D Nanula Exe VP & CFO Oct. 31, 2006 M 10,000 0 0 $0
James E. Bradner EVP, Research and Development May 7, 2026 F 30,016 0 0 $0
David M Reese EVP & Chief Technology Officer May 7, 2026 F 42,256 0 0 $0
Esteban Santos EVP, Operations May 7, 2026 F 82,847 0 2 $-20,772,743
Murdo Gordon EVP, Global Commercial Ops May 7, 2026 F 51,222 0 1 $-2,317,054
Jonathan P Graham EVP & Gen. Counsel & Sec. May 7, 2026 F 39,712 0 0 $0
Linda H. Louie VP, Finance & CAO May 5, 2023 F 9,966 0 0 $0
Lori A Johnston EVP, HR March 1, 2022 A 40,881 0 0 $0
David Piacquad SVP, Business Development April 30, 2021 A 44,787 0 0 $0
Cynthia M Patton SVP & CCO May 5, 2020 A 24,751 0 0 $0
Sean E Harper EVP, Research & Development July 16, 2018 S 56,082 0 0 $0
Anthony C Hooper EVP, Global Commercial Ops. May 3, 2018 F 215,147 0 0 $0
Annette Louise Such VP, Finance and CAO May 1, 2017 A 8,478 0 0 $0
Brian M Mcnamee EVP May 1, 2017 A 102,516 0 0 $0
Stuart A Tross SVP, Human Resources May 3, 2016 A 25,671 0 0 $0
Madhavan Balachandran EVP, Operations May 3, 2016 A 23,097 0 0 $0
David J Scott SVP, Gen. Counsel & Secy. April 27, 2015 F 93,949 0 0 $0
Thomas J.W. Dittrich VP, Finance & CAO May 21, 2014 M 18,589 0 0 $0
Anna Richo SVP & CCO Aug. 1, 2012 M 10,256 0 0 $0
Fabrizio Bonanni EVP, Operations July 27, 2012 M 48,491 0 0 $0
David W Beier SVP, Global Govt Affairs May 3, 2012 M 35,612 0 0 $0
Roger M Perlmutter EVP, Research & Development Feb. 2, 2012 M 186,031 0 0 $0
Thomas James Flanagan Sr VP & CIO Dec. 8, 2010 S 41,826 0 0 $0
MORROW GEORGE J Exe VP, Global Commercial Ops April 29, 2010 F 130,488 0 0 $0
Dennis M Fenton Executive V.P., Operations June 4, 2007 M 117,518 0 0 $0
Hassan Dayem Sr. V.P. & Chief Info. Officer April 3, 2006 A 7,604 0 0 $0
Timothy O Martin VP, Control Plng & CAO March 15, 2005 A 5,350 0 0 $0
Beth C Seidenberg Sr VP, Dev & Chief Medical Ofc Dec. 31, 2004 D 15,343 0 0 $0
Willard H Dere Sr. V.P., Global Dev & CMO Dec. 13, 2004 A — 0 0 $0
Joseph P Miletich Sr VP Rsch & Preclinical Dev Nov. 12, 2004 S 22,500 0 0 $0
Steven M Odre Sr. VP, Gen. Counsel & Secy. Jan. 27, 2004 M 76,705 0 0 $0
Barry D Schehr VP Financial Ops & CAO Sept. 9, 2003 M 0 0 0 $0
Mary E. Klotman Director May 19, 2026 A 2,211 0 0 $0
Brian Druker Director May 19, 2026 A 8,391 0 0 $0
Wanda M Austin Director May 19, 2026 A 8,018 0 0 $0
Greg C. Garland Director May 19, 2026 A 13,848 0 0 $0
Tyler Jacks Director May 19, 2026 A 18,284 0 0 $0
Ellen Jamison Kullman Director May 19, 2026 A 14,536 0 0 $0
Amy E Miles Director May 19, 2026 A 5,640 0 0 $0
Robert Eckert Director May 19, 2026 A 26,251 0 0 $0
Sanders R Williams Director May 19, 2023 A 6,240 0 0 $0
Ronald D Sugar Director May 19, 2023 A 19,682 0 0 $0
Rebecca M Henderson Director May 5, 2020 A 17,974 0 0 $0
Fred Hassan Director May 5, 2020 A 9,191 0 0 $0
Frank C Herringer Director May 3, 2019 A 35,522 0 0 $0

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

Activists & 5%+ owners 4 positions

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 — 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.

ETF ownership Held by 264 ETFs

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
IBBQ · Invesco Exchange-Traded Fund Trust … 8.71% 16,941 SH Aug. 8, 2026 Daily
IBB · iShares Trust 8.65% 2,035,643 SH Aug. 8, 2026 Daily
TBXU · Direxion Shares ETF Trust 8.54% 728 NS April 30, 2026 N-PORT
PJP · Invesco Exchange-Traded Fund Trust 5.53% 68,117 SH Aug. 8, 2026 Daily
PBE · Invesco Exchange-Traded Fund Trust 5.36% 47,298 SH Aug. 8, 2026 Daily
DJD · Invesco Exchange-Traded Fund Trust 5.36% 64,797 SH Aug. 8, 2026 Daily
DOGG · First Trust Exchange-Traded Fund IV 5.10% 9,662 NS April 30, 2026 N-PORT
BIB · ProShares Trust 4.48% 9,803 NS May 31, 2026 N-PORT
QNXT · iShares Trust 4.06% 2,823 SH Aug. 8, 2026 Daily
EGGS · Tidal Trust III 4.00% 6,681 NS May 31, 2026 N-PORT
ELCV · Strategy Shares 3.75% 23,898 NS April 30, 2026 N-PORT
YALL · Tidal Trust I 3.65% 10,524 NS May 31, 2026 N-PORT
IYH · iShares Trust 3.55% 323,188 SH Aug. 8, 2026 Daily
SCHD · SCHWAB STRATEGIC TRUST 3.47% 9,787,012 NS May 31, 2026 N-PORT
MBCC · Northern Lights Fund Trust IV 3.31% 18,133 NS May 31, 2026 N-PORT
FDV · Federated Hermes ETF Trust 3.05% 66,092 NS April 30, 2026 N-PORT
FHLC · FIDELITY COVINGTON TRUST 3.01% 248,232 NS April 30, 2026 N-PORT
DDM · ProShares Trust 2.92% 45,359 NS May 31, 2026 N-PORT
VHT · VANGUARD WORLD FUND 2.88% 1,620,496 SH Aug. 8, 2026 Daily
CCOR · Listed Funds Trust 2.86% 2,281 NS April 30, 2026 N-PORT
HDV · iShares Trust 2.84% 1,038,931 SH Aug. 8, 2026 Daily
IXJ · iShares Trust 2.76% 283,445 SH Aug. 8, 2026 Daily
STNC · Hennessy Funds Trust 2.73% 7,218 NS April 30, 2026 N-PORT
CURE · Direxion Shares ETF Trust 2.69% 10,737 NS April 30, 2026 N-PORT
RXL · ProShares Trust 2.62% 5,616 NS May 31, 2026 N-PORT
TBG · EA Series Trust 2.43% 16,149 NS April 30, 2026 N-PORT
ESLV · Strategy Shares 2.41% 819 NS April 30, 2026 N-PORT
UDOW · ProShares Trust 2.23% 55,671 NS May 31, 2026 N-PORT
CANC · Tema ETF Trust 2.11% 11,019 NS May 31, 2026 N-PORT
FDIV · EA Series Trust 2.05% 4,311 NS April 30, 2026 N-PORT
HRTS · Tema ETF Trust 1.91% 2,946 NS May 31, 2026 N-PORT
RSPH · Invesco Exchange-Traded Fund Trust 1.84% 35,110 SH Aug. 8, 2026 Daily
SPDV · ETF Series Solutions 1.83% 4,767 NS April 30, 2026 N-PORT
BBP · ETFis Series Trust I 1.74% 2,977 NS April 30, 2026 N-PORT
FXH · First Trust Exchange-Traded AlphaDE… 1.70% 43,025 NS April 30, 2026 N-PORT
QQQG · Pacer Funds Trust 1.59% 517 NS April 30, 2026 N-PORT
GDIV · Harbor ETF Trust 1.43% 9,314 NS April 30, 2026 N-PORT
DGRO · iShares Trust 1.35% 1,447,091 SH Aug. 8, 2026 Daily
DUHP · Dimensional ETF Trust 1.32% 432,616 NS April 30, 2026 N-PORT
LCOW · Pacer Funds Trust 1.31% 870 NS April 30, 2026 N-PORT
PAYR · Federated Hermes ETF Trust 1.25% 1,315 NS April 30, 2026 N-PORT
SNPV · DBX ETF Trust 1.24% 8,457 NS May 29, 2026 N-PORT
ZECP · Zacks Trust 1.19% 12,059 NS May 31, 2026 N-PORT
SRHQ · Elevation Series Trust 1.18% 6,565 NS April 30, 2026 N-PORT
ROPE · EA Series Trust 1.17% 294 NS May 29, 2026 N-PORT
XT · iShares Trust 1.17% 113,009 SH Aug. 8, 2026 Daily
BSCS · Invesco Exchange-Traded Self-Indexe… 1.17% 41,265,000 Aug. 8, 2026 Daily
AVIE · AMERICAN CENTURY ETF TRUST 1.16% 353 NS May 31, 2026 N-PORT
EQWL · Invesco Exchange-Traded Fund Trust 1.15% 77,550 SH Aug. 8, 2026 Daily
LRND · New York Life Investments ETF Trust 1.10% 9,108 NS April 30, 2026 N-PORT