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Amgen (AMGN) stock

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NASDAQ: AMGN Nasdaq Biotechnology Next results ~November 3, 2026

B Fundamentals grade

Amgen Inc. is incorporated in the United States and generates revenue chiefly from product sales. Based on the filing, these sales are recognised when control of a product passes to the customer, usually on delivery, and are recorded net of estimated sales deductions such as rebates, wholesaler chargebacks and discounts. The source also refers to US product sales and to Medicaid rebates, indicating sales through wholesalers and exposure to US government reimbursement programmes.

Alongside its own products, the company earns from and shares development through collaboration and licence agreements, including arrangements with AstraZeneca, BeOne Medicines (formerly BeiGene), Celltech/UCB and, previously, Kyowa Kirin. Its manufacturing operations include Amgen Manufacturing Limited LLC, and it runs subsidiaries in jurisdictions such as Ireland.

The filing records that Amgen acquired Horizon Therapeutics on 6 October 2023, converting outstanding Horizon equity awards into Amgen awards. The excerpt provided is drawn from the later parts of the annual report and does not set out the company's named products, reportable segments or full geographic breakdown, so those details are not reproduced here.

Based on Amgen's 10-K filed February 13, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$460

Cash-flow model

Base case. Range ~$320–$630 across our lower- and higher-growth cases (5.9%–15.9% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 2% above our base value.

Price used: $465.45, November 2, 2026

Amgen valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Amgen files

Where Amgen stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $38.1bn, up 9.1% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 26.7% from 30.4% a year earlier. Operating margin widened to 30.0% from 23.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $389 a share, against a share price of $434. At that price, our model says the market is pricing in about 12.8% a year of cash-flow growth for five years, faster than the 8.0% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Amgen's trailing-twelve-month revenue grew 9.1% year on year, with a free-cash-flow margin of 26.7%. Where it stands out: stock pay as % of revenue of 1.3% ranks 7 of 179 biotechnology companies we cover. Where it lags: long-term debt as % of assets of 54.2% ranks 71 of 78 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$460 per share in the base case (~$320–$630 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 4.1% while net income grew 32.1%: a 36pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 30.0% of revenue is left as operating profit, against a median of -189.4% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 6.5 points on a year ago.
  • Strong cash generation. 26.7% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Insiders selling. 6 insiders sold $29M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 54.2% ranks 71 of 78 biotechnology companies we cover (median 20.6%).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$6.29 against an average estimate of $5.62: beat by 12.0%
Revenue
$10.05bn, up 9.5% on a year earlier
Share reaction
+7.6% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
total revenues $38.2bn to $39.4bn (full year 2026); EPS $15.8 to $17.08 (full year 2026)
Next report
November 3, 2026; average EPS estimate $5.79

Amgen's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.1%
  • 1 week+4.7%
  • 1 month+15.5%
  • This year+45.1%
  • 1 year+60.3%
  • 5 years+149.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$38.1B
Operating margin
30.0%
Net margin
23.0%
EPS (TTM, diluted)
$16.09

Growth

Revenue growth
+9.1%
Change in growth rate
+0.0 pts
Share count change
+0.2%

Cash

Free cash flow (TTM)
$10.2B
FCF margin
26.7%
Stock pay % of revenue
1.3%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Dividend
  2. Leadership
  3. Leadership
  4. Insider trade
  5. Insider trade
  6. Results
  7. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Amgen valuation models and calculator

What the price is pricing in

The share price implies about 9.5% a year of cash-flow growth for five years.That is close to the 8.0% a year revenue growth Amgen has delivered.

  • Priced in9.5%
  • Last 12 months9.1%
  • 3 years a year12.7%
  • 5 years a year8.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($465.56, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$460
Price used
$465.56close November 3, 2026
Implied change
▼ 2%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Amgen's free cash flow after stock-based pay with after-tax interest added back ($11.6B, FY2026 Q2 TTM), growing 5.7% and 8.2% in the next two years (forecasts, guidance and its record), then back to 10.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$320–~$630 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Amgen's free cash flow after stock-based pay ( $11.6B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Amgen as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.82 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$460 ~$320–$630 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$300 ~$280–$580 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$210 ~$180–$260 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$360 ~$210–$460 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Amgen with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −12%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $230$341$488$681$933$1260
8.5% $157$237$343$482$662$893
10% $113$175$257$363$500$675

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$118.17$109.24$133.57$153.91$196.40$192.49$194.17$233.84$265.33$247.36$320.75$465.45
Market value$90.5bn$82.4bn$98.2bn$102.4bn$119.6bn$113.6bn$111.3bn$126.5bn$142.7bn$133.8bn$173.8bn$253.0bn
+ Net debt (− = net cash)$27.3bn$31.4bn$31.5bn$27.0bn$23.9bn$26.7bn$25.3bn$31.3bn$53.7bn$48.1bn$45.5bn$43.3bn
Enterprise value$117.8bn$113.7bn$129.7bn$129.3bn$143.5bn$140.3bn$136.6bn$157.8bn$196.4bn$181.9bn$219.3bn$296.3bn
Multiples
Price / sales 4.2x3.6x4.3x4.3x5.1x4.5x4.3x4.8x5.1x4.0x4.7x6.6x
Price / earnings 13.0x10.7x49.6x12.2x15.3x15.6x18.9x19.3x21.3x32.7x22.5x28.9x
Price / free cash flow 9.9x8.6x9.3x9.7x14.0x11.5x13.3x14.4x19.4x12.9x21.5x24.9x
EV / EBITDA 11.1x9.6x10.9x10.6x12.1x11.0x12.4x12.2x16.4x14.2x15.4x21.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

89 /100

Strong moat

How hard Amgen's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 19.9% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 74.8%, moving by 5.2 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 35.6%; its worst year was 20.0%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 35.7% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.7% over five years; stock-based pay has been a median 1.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (94 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $10.1bn and EPS of $5.79 (range $5.47 to $6.09) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $23.03 +6% $39.0bn +6%
Next $24.49 +6% $40.4bn +4%

Next year's EPS estimate has moved +4.5% in 90 days, across 31 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.1% on 90 days ago. In the last 30 days, 3 analysts raised Amgen's forecast and 3 cut it.

Consensus EPS forecast Amgen, last 90 days
$22.00 $23.00 $24.00 $25.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $22.35 Current fiscal year, 60 days ago: $23.04 Current fiscal year, 30 days ago: $23.06 Current fiscal year, 7 days ago: $23.02 Current fiscal year, Now: $23.03 $23.03 Next fiscal year, 90 days ago: $23.44 Next fiscal year, 60 days ago: $24.40 Next fiscal year, 30 days ago: $24.45 Next fiscal year, 7 days ago: $24.50 Next fiscal year, Now: $24.49 $24.49

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $22.35$23.44
60 days ago $23.04$24.40
30 days ago $23.06$24.45
7 days ago $23.02$24.50
Now $23.03$24.49

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $5.62 $6.29 +12.0%
Mar 2026 $4.77 $5.15 +8.0%
Dec 2025 $4.73 $5.29 +11.9%
Sept 2025 $5.01 $5.64 +12.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Total revenues full year 2026 $38.2bn to $39.4bn
    “Total revenues in the range of $38.2 billion to $39.4 billion.” source
  • EPS full year 2026 $15.80 to $17.08 GAAP
    “On a GAAP basis, EPS in the range of $15.80 to $17.08, and a tax rate in the range of 14.5% to 16.0%.” source
  • EPS full year 2026 $22.30 to $23.50 Non-GAAP
    “On a non-GAAP basis, EPS in the range of $22.30 to $23.50, and a tax rate in the range of 15.0% to 16.5%.” source
  • tax rate full year 2026 14.5% to 16% GAAP
    “On a GAAP basis, EPS in the range of $15.80 to $17.08, and a tax rate in the range of 14.5% to 16.0%.” source
  • tax rate full year 2026 15% to 16.5% Non-GAAP
    “On a non-GAAP basis, EPS in the range of $22.30 to $23.50, and a tax rate in the range of 15.0% to 16.5%.” source
  • Capital expenditures full year 2026 about $2.6bn
    “Capital expenditures to be approximately $2.6 billion.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Amgen's revenue by +5.7% next year and +8.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.1%, weight 57%) , management guidance (+3.7%, weight 18%) and the company's own record (+10.9%, weight 24%) . How the weights are set.

Analyst recommendations

34 analysts, Oct 2026
Buy1235%
Hold1750%
Sell515%

Monthly trend

  1. Oct 20264817334
  2. Sep 20264817334
  3. Aug 20264101634
  4. Jul 20264101734

Counts of recommendations published by analysts covering Amgen, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
4.35
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
85%
of shares
Held by insiders
0.2%
of shares
Employees
31,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +60.3%

$290.37 on October 31, 2025 to $465.45

ThenNowEffect
Revenue (last 12 months) $34.9bn $38.1bn +9.1%
Net margin 19.0% 23.0% +21.1%
P/E multiple 23.8x 28.9x +21.6%
Share count 542m 544m −0.2%

Biggest factor: p/e multiple.

Last 3 years +88.7%

$246.66 on November 3, 2023 to $465.45

ThenNowEffect
Revenue (last 12 months) $26.6bn $38.1bn +43.3%
Net margin 30.0% 23.0% −23.5%
P/E multiple 16.6x 28.9x +74.1%
Share count 538m 544m −1.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AMGN+1%+20%+14%−7%+30%+45%
Industry peers (median)−36%−57%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AMGN33%58%58%50%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AMGN−22%−12%−21%−23%−20%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 25% from November 8, 2022 to June 1, 2023. Getting back needed a 33% gain, reached on October 11, 2023, 132 days after the low.

Price behaviour

52-week range
$288.30 – $466.01
From 52-week high
−0.1%
vs 50-day average
+10.7%
vs 200-day average
+24.9%
Volatility (1 year)
30%
Beta vs S&P 500
0.44

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.5%
After a week
7 up, 5 down
typical move ±6.2%
After a month
7 up, 5 down
typical move ±8.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +7.6% +1.6% +9.4% +17.6%
April 30, 2026 −2.4% +1.3% −2.6% −1.9%
February 3, 2026 +6.2% −1.3% +5.8% +7.4%
November 4, 2025 +8.0% −0.8% +14.2% +15.6%
August 5, 2025 −5.7% +0.3% −5.6% −6.5%
May 1, 2025 −3.3% +2.2% −6.5% 0.0%
February 4, 2025 +6.6% +1.1% +2.7% +10.9%
October 30, 2024 +1.3% −2.3% +1.8% −9.8%
August 6, 2024 −3.9% +0.2% −0.5% +0.4%
May 2, 2024 +12.2% +2.2% +12.8% +11.6%
February 6, 2024 −8.1% +1.1% −9.8% −14.6%
October 31, 2023 −0.9% +1.7% +3.0% +3.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Amgen’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.04× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

AMGN Amgen Grade B $466.81

Own 100 shares, sell the $480 call expiring November 27, 2026 (25 days) for $9.20 a share — $920 per contract.

Previous session · Bid $9.20, ask $12.35, quoted Mon 2 Nov, 17:14 New York time with AMGN at $466.81. Option prices move with the shares: check the live chain at your broker before trading.

  • If AMGN ends below $480: you keep your shares and the $920 — 2.0% extra on the position, 28.8% a year at that pace.
  • If it ends above $480: your shares are sold at $480, a total return of 4.8% including the premium — at or above our value of ~$460.
$2.2k $0 −$9.2k Break-even $457.61 Our value $460 Price $466.81
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$920
Annualised
28.8%
Break-even
$457.61
Max gain
$2,239
Chance of selling
~42%

Results are expected around November 3, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $435 put and sell the $505 call, both expiring December 18, 2026 (46 days).

  • Net cost of $2.45 a share ($245 per contract of 100 shares).
  • Worst case at expiry: -7.3%, if the shares fall below $435 (-6.8% from today).
  • Best case at expiry: +7.7%, if the shares rise above $505 (+8.2%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $460: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Amgen in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Amgen
$25B $30B $35B $40B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $26.8B Revenue (TTM), FY23 Q4: $28.2B Revenue (TTM), FY24 Q1: $29.5B Revenue (TTM), FY24 Q2: $30.9B Revenue (TTM), FY24 Q3: $32.5B Revenue (TTM), FY24 Q4: $33.4B Revenue (TTM), FY25 Q1: $34.1B Revenue (TTM), FY25 Q2: $34.9B Revenue (TTM), FY25 Q3: $36B Revenue (TTM), FY25 Q4: $36.8B Revenue (TTM), FY26 Q1: $37.2B Revenue (TTM), FY26 Q2: $38.1B $38.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $26.8B
FY23 Q4 $28.2B
FY24 Q1 $29.5B
FY24 Q2 $30.9B
FY24 Q3 $32.5B
FY24 Q4 $33.4B
FY25 Q1 $34.1B
FY25 Q2 $34.9B
FY25 Q3 $36B
FY25 Q4 $36.8B
FY26 Q1 $37.2B
FY26 Q2 $38.1B
Revenue growth, TTM YoY Amgen
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 1.9% Revenue growth, TTM YoY, FY23 Q4: 7.1% Revenue growth, TTM YoY, FY24 Q1: 12.8% Revenue growth, TTM YoY, FY24 Q2: 16.4% Revenue growth, TTM YoY, FY24 Q3: 21.2% Revenue growth, TTM YoY, FY24 Q4: 18.6% Revenue growth, TTM YoY, FY25 Q1: 15.6% Revenue growth, TTM YoY, FY25 Q2: 12.9% Revenue growth, TTM YoY, FY25 Q3: 10.6% Revenue growth, TTM YoY, FY25 Q4: 10.0% Revenue growth, TTM YoY, FY26 Q1: 9.1% Revenue growth, TTM YoY, FY26 Q2: 9.1% 9.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 1.9%
FY23 Q4 7.1%
FY24 Q1 12.8%
FY24 Q2 16.4%
FY24 Q3 21.2%
FY24 Q4 18.6%
FY25 Q1 15.6%
FY25 Q2 12.9%
FY25 Q3 10.6%
FY25 Q4 10.0%
FY26 Q1 9.1%
FY26 Q2 9.1%
Operating margin (TTM) Amgen
15% 20% 25% 30% 35% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 33.0% Operating margin (TTM), FY23 Q4: 28.0% Operating margin (TTM), FY24 Q1: 23.6% Operating margin (TTM), FY24 Q2: 20.0% Operating margin (TTM), FY24 Q3: 19.1% Operating margin (TTM), FY24 Q4: 21.7% Operating margin (TTM), FY25 Q1: 21.8% Operating margin (TTM), FY25 Q2: 23.5% Operating margin (TTM), FY25 Q3: 24.1% Operating margin (TTM), FY25 Q4: 24.7% Operating margin (TTM), FY26 Q1: 28.4% Operating margin (TTM), FY26 Q2: 30.0% 30.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 33.0%
FY23 Q4 28.0%
FY24 Q1 23.6%
FY24 Q2 20.0%
FY24 Q3 19.1%
FY24 Q4 21.7%
FY25 Q1 21.8%
FY25 Q2 23.5%
FY25 Q3 24.1%
FY25 Q4 24.7%
FY26 Q1 28.4%
FY26 Q2 30.0%
FCF margin (TTM) Amgen
15% 20% 25% 30% 35% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 35.0% FCF margin (TTM), FY23 Q4: 26.1% FCF margin (TTM), FY24 Q1: 24.0% FCF margin (TTM), FY24 Q2: 17.7% FCF margin (TTM), FY24 Q3: 19.3% FCF margin (TTM), FY24 Q4: 31.1% FCF margin (TTM), FY25 Q1: 32.0% FCF margin (TTM), FY25 Q2: 30.4% FCF margin (TTM), FY25 Q3: 32.1% FCF margin (TTM), FY25 Q4: 22.0% FCF margin (TTM), FY26 Q1: 23.1% FCF margin (TTM), FY26 Q2: 26.7% 26.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 35.0%
FY23 Q4 26.1%
FY24 Q1 24.0%
FY24 Q2 17.7%
FY24 Q3 19.3%
FY24 Q4 31.1%
FY25 Q1 32.0%
FY25 Q2 30.4%
FY25 Q3 32.1%
FY25 Q4 22.0%
FY26 Q1 23.1%
FY26 Q2 26.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Amgen took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $36.8B
  2. Cost of revenue $12B · 32.8%
  3. Gross profit $24.7B · 67.2%
  4. Research and development $7.3B · 19.8%
  5. Selling, general and admin $7B · 19.2%
  6. Other operating costs $1.3B · 3.6%
  7. Operating income $9.1B · 24.7%
  8. Income tax $1.3B · 3.4%
  9. Net income $7.7B · 21.0%

Shares of revenue. Source: Amgen's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 14.6 15.1 15.6 17.3 18.7 20.1 21.7 23.0 22.8 23.7 23.4 25.4 26.0 26.3 28.2 33.4 36.8 38.1
Gross profit — — — — — — — 18.8 18.8 19.6 19.0 19.3 19.5 19.9 19.7 20.6 24.7 26.5
EBITDA 6.6 6.6 5.4 6.7 7.2 8.3 10.6 11.9 11.9 12.2 11.9 12.7 11.0 13.0 12.0 12.9 14.2 14.1
Operating income 5.5 5.5 4.3 5.6 5.9 6.2 8.5 9.8 10.0 10.3 9.7 9.1 7.6 9.6 7.9 7.3 9.1 11.4
Net income 4.6 4.6 3.7 4.3 5.1 5.2 6.9 7.7 2.0 8.4 7.8 7.3 5.9 6.6 6.7 4.1 7.7 8.7
Diluted EPS $4.51 $4.79 $4.04 $5.52 $6.64 $6.70 $9.06 $10.24 $2.69 $12.62 $12.88 $12.31 $10.28 $12.11 $12.49 $7.56 $14.23 $16.09
Growth (year on year)
Revenue −2.4% +2.8% +3.5% +10.8% +8.2% +7.4% +8.0% +6.1% −0.6% +3.9% −1.6% +8.8% +2.2% +1.3% +7.1% +18.6% +10.0% +9.1%
EBITDA +4.3% +0.1% −18.1% +24.1% +7.3% +15.8% +27.7% +12.5% +0.2% +2.4% −2.7% +7.2% −13.4% +17.6% −7.8% +7.4% +10.9% +24.0%
Operating income +5.6% +0.7% −22.2% +29.3% +5.2% +5.5% +36.8% +15.6% +1.8% +2.9% −5.7% −5.5% −16.4% +25.2% −17.4% −8.1% +25.1% +39.5%
Net income +13.6% +0.5% −20.4% +18.0% +16.9% +1.5% +34.5% +11.3% −74.4% +324.2% −6.6% −7.4% −18.9% +11.2% +2.5% −39.1% +88.5% +32.1%
Diluted EPS +19.6% +6.2% −15.7% +36.6% +20.3% +0.9% +35.2% +13.0% −73.7% +369.1% +2.1% −4.4% −16.5% +17.8% +3.1% −39.5% +88.2% +31.8%
Margins
Gross margin — — — — — — — 81.9% 82.2% 82.7% 81.4% 75.8% 75.2% 75.7% 70.0% 61.5% 67.2% 69.5%
EBITDA margin 44.8% 43.6% 34.5% 38.6% 38.3% 41.3% 48.8% 51.8% 52.2% 51.4% 50.9% 50.1% 42.5% 49.3% 42.5% 38.4% 38.8% 37.1%
Operating margin 37.6% 36.8% 27.7% 32.3% 31.4% 30.9% 39.1% 42.6% 43.6% 43.2% 41.4% 35.9% 29.4% 36.3% 28.0% 21.7% 24.7% 30.0%
Net margin 31.5% 30.7% 23.6% 25.2% 27.2% 25.7% 32.0% 33.6% 8.7% 35.3% 33.6% 28.6% 22.7% 24.9% 23.8% 12.2% 21.0% 23.0%
Free-cash-flow margin 39.7% 34.6% 29.2% 30.1% 30.0% 41.0% 42.2% 41.8% 46.0% 44.5% 36.5% 38.9% 32.3% 33.4% 26.1% 31.1% 22.0% 26.7%
Cash flow
Cash from operations 6.3 5.8 5.1 5.9 6.3 9.0 9.7 10.4 11.2 11.3 9.2 10.5 9.3 9.7 8.5 11.5 10.0 12.5
Capital spending 0.5 0.6 0.6 0.7 0.7 0.7 0.6 0.7 0.7 0.7 0.6 0.6 0.9 0.9 1.1 1.1 1.9 2.3
Free cash flow 5.8 5.2 4.6 5.2 5.6 8.2 9.1 9.6 10.5 10.6 8.5 9.9 8.4 8.8 7.4 10.4 8.1 10.2
Stock-based pay 0.3 0.4 0.3 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.5
Free cash flow after stock pay 5.5 4.9 4.2 4.8 5.2 7.8 8.8 9.3 10.2 10.2 8.2 9.6 8.0 8.4 6.9 9.9 7.6 9.7
Balance sheet
Cash 2.9 3.3 6.9 3.3 3.8 3.7 4.1 3.2 3.8 6.9 6.0 6.3 8.0 7.6 10.9 12.0 9.1 14.0
Total debt 10.6 15.9 21.5 29.0 34.6 30.7 31.4 34.6 35.3 33.9 29.9 33.0 33.3 38.9 64.6 60.1 54.6 57.3
Net debt (negative = net cash) 7.7 12.6 14.6 25.8 30.8 27.0 27.3 31.4 31.5 27.0 23.9 26.7 25.3 31.3 53.7 48.1 45.5 43.3
Diluted shares 1,021m 965m 912m 787m 765m 770m 766m 754m 735m 665m 609m 590m 573m 541m 538m 541m 542m 544m
Returned to shareholders
Dividends 0.0 0.0 0.5 1.1 1.4 1.9 2.4 3.0 3.4 3.5 3.5 3.8 4.0 4.2 4.6 4.8 5.1 5.3
Buybacks 3.2 3.8 8.3 4.6 0.8 0.1 1.9 3.0 3.2 17.8 7.7 3.5 5.0 6.4 0.0 0.2 0.0 —
Total returned 3.2 3.8 8.8 5.7 2.2 2.0 4.3 6.0 6.5 21.3 11.2 7.2 9.0 10.6 4.6 5.0 5.1 5.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $95.6bn
Short-term assets $35.0bnLonger-term assets $60.7bn
What it owes, and who funded it · $37.2bn
Short-term liabilities $25.5bnShareholders' equity $11.7bn
  • Short-term assets cover short-term liabilities $35.0bn of assets due within a year against $25.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $14.0bn of cash against $57.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 490% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 496% to 490% over five years.
  • A year's operating cash flow covers at least 20% of debt $12.5bn of operating cash flow against $57.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $11.4bn against $2.7bn of interest.

From Amgen's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$5.3B
Buybacks, last 3 fiscal years
$200M
Diluted share count
+0.2%
year over year
Total shareholder yield
2.1%
dividends 2.1% + buybacks 0.0% of market value
Dividend payout ratio
60%
of net income paid out
R&D spending
20.0%
of revenue
Sales & admin spending
18.4%
of revenue
Days sales outstanding
98 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated AMGN GILD ABBV REGN VRTX BIIB Median
Revenue, last 12 months $38.1bn $31.0bn $64.4bn $16.9bn $12.6bn $10.3bn $56m
Revenue growth, last 12 months 9.1% 6.5% 10.4% 18.6% 10.2% 2.3% 12.6%
Revenue growth, 3-year average 12.7% 4.2% 4.7% 8.9% 9.8% 1.0% 13.7%
Revenue growth, latest quarter 9.5% 6.8% 10.2% 36.3% 12.5% 10.6% 10.2%
Gross margin 69.5% 79.9% 71.5% — 86.0% 74.0% 82.9%
Operating margin 30.0% −7.6% 26.2% 28.8% 38.0% 22.9% −189.4%
Operating margin, 3-year average 24.5% 10.4% 22.4% 27.8% 23.0% 34.4% −363.5%
Net margin 23.0% −12.5% 9.8% 28.5% 35.0% 3.4% −169.8%
Cash from operations / revenue 32.8% 46.7% 30.3% 28.7% 34.1% 21.8% −168.0%
Free-cash-flow margin 26.7% 44.5% 28.3% 22.6% 30.2% 20.1% −162.4%
Free-cash-flow margin, 3-year average 24.9% 36.4% 30.6% 25.7% 16.5% 21.1% −310.0%
Stock pay / revenue 1.3% 2.9% 1.5% 5.9% 5.5% 3.0% 20.0%
Change in share count 0.2% −0.7% 0.0% −3.2% −0.6% 1.2% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 9.1% 12.6% 95 of 172
Change in growth rate Growth +0.0pp -0.1pp 82 of 172
Gross margin Profitability 69.5% 82.4% 54 of 75
Operating margin Profitability 30.0% -189.4% 14 of 175
Net margin Profitability 23.0% -157.3% 23 of 180
Free-cash-flow margin Cash generation 26.7% -145.4% 18 of 176
Stock pay as % of revenue Cash generation 1.3% 19.2% 7 of 179
Long-term debt as % of assets Balance sheet 54.2% 20.6% 71 of 78
Change in share count Balance sheet 0.2% 7.9% 26 of 156
Days sales outstanding Balance sheet 98 days 75 days 65 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Products $35.1B ▲ 9.7%
Other Products $7.3B ▲ 29.0%
Prolia $4.4B ▲ 0.9%
Repatha $3B ▲ 35.7%
Otezla $2.3B ▲ 6.5%
Enbrel $2.2B ▼ 32.9%
EVENITY $2.1B ▲ 34.4%
Xgeva $2.1B ▼ 6.3%
TEPEZZA $1.9B ▲ 2.8%
Other $1.6B ▲ 14.7%
BLINCYTO $1.6B ▲ 28.2%
Nplate $1.5B ▲ 4.7%
TEZSPIRE $1.5B ▲ 52.1%
KYPROLIS $1.4B ▼ 6.1%
Aranesp $1.4B ▲ 3.5%
KRYSTEXXA $1.3B ▲ 13.1%
Vectibix $1.2B ▲ 12.4%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $26.4B 71.9% ▲ 10.7%
Outside the US $10.3B 28.1% ▲ 8.1%

From Amgen's 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$162B
Institutions reporting
3,142
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
136 / 122

Top buyers and sellers, Q2 2026: 1,401 institutions bought and 1,344 sold ; the biggest buyer was Wellington Management Group LLP (+2.5M shares) and the biggest seller Capital International Investors (−5.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $17.9B 49.4M 11.1% ▲ 4.8%
Vanguard Capital Management LLC $12.8B 35.3M 7.9% ▲ 0.7%
State Street Corp $11.1B 30.6M 6.8% 0.0%
Capital World Investors $10.5B 29.1M 6.5% ▼ 0.7%
Invesco Ltd. $5.9B 16.3M 3.7% ▲ 2.7%
Geode Capital Management, LLC $5.7B 15.7M 3.5% ▲ 1.7%
Charles Schwab Investment Management Inc $5.4B 15.0M 3.4% ▲ 17.7%
Vanguard Portfolio Management LLC $5.4B 14.9M 3.3% ▲ 1.6%
Morgan Stanley $4.9B 13.7M 3.1% ▼ 13.8%
Wells Fargo & Company $2.6B 7.2M 1.6% ▲ 2.1%
Primecap Management Co $2.4B 6.8M 1.5% ▼ 23.9%
Capital Research Global Investors $2.3B 6.3M 1.4% ▼ 9.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Amgen's complete shareholder register. Values are as reported by the filers ; 14 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $29.3M 14 trades by 6 insiders · 0% under pre-set plans
Net ▼ $29.3M net selling
Insider Date Trade Shares Price Value
Khosla Rachna SVP, Business Development August 13, 2026 Sell 1,252 $416.43 $521,365
Khosla Rachna SVP, Business Development August 11, 2026 Sell 2,000 $412.57 $825,134
Grygiel Nancy A. SVP & CCO August 6, 2026 Sell 1,000 $402.16 $402,160
Grygiel Nancy A. SVP & CCO August 6, 2026 Sell 1,970 $402.16 $792,255
Miller Derek SVP, Human Resources August 6, 2026 Sell 1,821 $402.54 $733,033
Miller Derek SVP, Human Resources August 6, 2026 Sell 2,069 $402.54 $832,864
Grygiel Nancy A. SVP & CCO May 4, 2026 Sell 1,237 $323.73 $400,451
Santos Esteban EVP, Operations February 26, 2026 Sell 24,291 $379.12 $9.2M
Santos Esteban EVP, Operations February 26, 2026 Sell 30,501 $379.12 $11.6M
Busch Matthew C. VP, Finance & CAO February 19, 2026 Sell 1,000 $375.79 $375,790
Grygiel Nancy A. SVP & CCO November 20, 2025 Sell 1,639 $337.26 $552,773
Grygiel Nancy A. SVP & CCO November 20, 2025 Sell 1,500 $337.26 $505,894

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 114 trades and filings

In the last 12 months, 2 members of Congress disclosed 4 purchases and 7 sales of Amgen shares.

  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded September 22, 2026, filed October 1, 2026
  • David J. Taylor(R-OH 2):Sale (full), $1,001 - $15,000, traded August 26, 2026, filed September 5, 2026
  • David J. Taylor(R-OH 2):Sale (full), $1,001 - $15,000, traded August 26, 2026, filed September 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • April 30, 2026
  • February 3, 2026
  • November 4, 2025
  • August 5, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on Amgen was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Amgen in brief

What does Amgen do?
Amgen is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Amgen's stock ticker?
Amgen trades under the ticker AMGN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Amgen's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Amgen reported revenue of $38.1B, 9.1% higher than a year earlier, according to its SEC filings.
What is Amgen's free cash flow?
Amgen's free-cash-flow margin is 26.7% of revenue over the trailing twelve months, ranking 18 of the 176 biotechnology companies we cover.
What is Amgen's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Amgen's free cash flow after stock-based pay gives ~$460 per share in the base case, and ~$320–$630 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Amgen's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Amgen's market cap?
On November 2, 2026, Amgen's market capitalisation was about $253B, with a price-to-earnings ratio of 28.9 and net debt of $43.3B. Market figures come from third-party market data and may be delayed.
Does Amgen pay a dividend?
Yes: Amgen paid $5.3B in dividends over the trailing twelve months, a dividend yield of 2.10% and a payout ratio of 60.4%.
How much debt does Amgen have?
Amgen's debt-to-equity ratio is 490.3%, from its latest balance sheet (495.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Amgen's competitors?
In our Biotechnology peer group, the companies closest to Amgen are Gilead Sciences, AbbVie, Regeneron Pharmaceuticals, Vertex Pharmaceuticals and Biogen. The side-by-side comparison below sets their revenue, margins and growth against Amgen's.
Are insiders buying or selling Amgen stock?
Over the last 12 months, Amgen's directors and officers reported 0 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.
When is Amgen's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Amgen announces its own schedule.