AMGN Amgen Inc. - Common Stock

NASDAQ · Biotechnology · View on SEC EDGAR ↗
$330.20
Price · May 20, 2026
Fundamentals as of May 1, 2026
52W Range
$268–$391
51% of range
Analyst Rating
HOLD
44 analysts
Price Target
$352
+7% upside
P/E (TTM)
23.0
ROE
95.9%
Net Profit Margin
21.0%

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

Price
$330.20
Market Cap
$176.35B
P/E (TTM)
23.0
EPS (TTM)
$14.23
Revenue (TTM)
$36.75B
Div Yield
2.9%
ROE
95.9%
Debt/Equity
6.3
52W Range
$268 – $391

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%
23.0
25.2
P/S (TTM)
5-point trend, -0.7%
4.8
6.0
P/B
5-point trend, +8.7%
20.4
17.5
EV / EBITDA
5-point trend, +13.9%
15.6
—
Price / FCF
5-point trend, +45.3%
21.8
—

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%
16.0%
ROA
5-point trend, -11.1%
8.5%
5.7%
ROE
5-point trend, +21.3%
95.9%
21.8%
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
55.8
Current Ratio
5-point trend, -28.3%
1.1
2.5
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
2.9%
Payout Ratio
66.5%
5Y Div CAGR
—
Ex-dateAmount
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
May 14, 2021$1.7600

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

BUY 44 analysts
  • Strong Buy 6 13.6%
  • Buy 15 34.1%
  • Hold 20 45.5%
  • Sell 2 4.5%
  • Strong Sell 1 2.3%

12-Month Price Target

30 analysts · 2026-05-15
Median target $352.50 +6.8%
Mean target $352.23 +6.7%

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

Avg Surprise
0.49%
Period EPS Actual EPS Est Surprise
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 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% —
ALNY $52.64B 170.7 65.2% 8.5% 60.4% —
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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