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Amgen Inc

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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation

Amgen's Diversified Portfolio and Strengthening Pipeline Support a Wide Moat

Business Strategy and Outlook

Amgen has its roots in providing supportive-care products to kidney disease and cancer patients, but the firm has expanded its portfolio to include innovative drugs in therapeutic areas ranging from cardiology to immunology. Despite headwinds from biosimilar and branded competition, Amgen's newer blockbusters like cholesterol-lowering drug Repatha defend its wide moat and keep free cash flow above 30% of sales in our forecast.

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