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Amgen Inc AMGN

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Stock XNAS Rating as of
$353.40 −0.28 (0.08%)
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As of Cboe BZX Real-Time Price Open

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Amgen's Diversified Portfolio and Growing Cardiovascular Focus Support a Wide Moat

Karen Andersen

Amgen has its roots in providing supportive-care products to kidney disease and cancer patients, but it 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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Price vs Fair Value

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AMGN is trading at a 587% premium.
Price
$344.57
Fair Value
$836.00
Uncertainty
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1-Star Price
$467.30
5-Star Price
$896.50
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Amgen's pipeline had been stale since the launch of Prolia/Xgeva, but cholesterol drug Repatha revived our enthusiasm for the firm's research engine. Blincyto and Tezspire also look differentiated.

Bears

Biosimilars have been on the market in Europe since 2007 but have had a larger impact on Amgen since 2019 as US exposure intensifies. Pressure on Prolia/Xgeva intensifies in 2026.

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Trading Information

Previous Close Price
$354.06
Day Range
$352.17–357.66
52-Week Range
$267.97–391.25
Bid/Ask
$353.21 / $353.64
Shares Outstanding
539.71M
Market Cap
$190.42B
Volume/Avg
324,048 / 3M

Key Statistics

Price/Earnings (Normalized)
15.59
Price/Sales
5.02
Dividend Yield (Trailing)
2.84%
Dividend Yield (Forward)
2.93%
Total Yield
2.90%

Company Profile

Amgen is a leader in biotechnology-based human therapeutics. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel and Otezla for inflammatory diseases. Amgen introduced its first cancer therapeutic, Vectibix, in 2006 and markets bone-strengthening drugs Prolia/Xgeva (approved 2010) and Evenity (2019). The acquisition of Onyx Pharmaceuticals bolstered the firm's therapeutic oncology portfolio with Kyprolis. Recent launches include Repatha (cholesterol-lowering), Aimovig (migraine), Lumakras (lung cancer), and Tezspire (asthma). The 2023 Horizon acquisition brought several rare-disease drugs, including thyroid eye disease drug Tepezza. Amgen also has a growing biosimilar portfolio.
Sector
Healthcare
Industry
Drug Manufacturers - General
Stock Style Box
Large Value
Total Number of Employees
31,500
Website
https://www.amgen.com

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Valuation

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Metric
AMGN
REGN
NVS
Price/Earnings (Normalized)
 15.5913.5017.16
Price/Book Value
 20.242.067.39
Price/Sales
 5.024.455.11
Price/Cash Flow
 15.0314.5114.63
Price/Earnings
AMGN
REGN
NVS

Financial Strength

Metric
AMGN
REGN
NVS
Quick Ratio
 0.852.840.53
Current Ratio
 1.263.570.85
Interest Coverage
 4.3893.3013.66
Quick Ratio
AMGN
REGN
NVS

Profitability

Metric
AMGN
REGN
NVS
Return on Assets (Normalized)
 13.30%12.66%15.46%
Return on Equity (Normalized)
 145.82%16.34%39.95%
Return on Invested Capital (Normalized)
 22.25%13.26%22.43%
Return on Assets
AMGN
REGN
NVS

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