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Large biotechnology company developing biologic drugs for inflammation, bone disease, oncology and cardiovascular conditions, with an obesity pipeline.
Large biotechnology company developing biologic drugs for inflammation, bone disease, oncology and cardiovascular conditions, with an obesity pipeline.
Sells patented biologic drugs through hospitals, specialty pharmacies and payers, and also sells biosimilars, copies of other companies' biologics. Buying Horizon Therapeutics in 2023 added rare-disease and inflammation drugs, and several of its older products face biosimilar competition.
Moat: wide (IP / patents, scale, regulatory licence). Deep biologics manufacturing know-how and patent-protected franchises support high margins despite biosimilar threats.
Headquarters: Thousand Oaks, California, US · Founded: 1980 · Employees: 31,500
Size Amgen (AMGN) is a United States Health Care company (Biotechnology) with a market value of $249B, the 47th largest of 3,117 United States companies the cockpit tracks. Shares closed at $460.42 on 6 Nov 2026.
Performance Over six months the shares gained 39.9%, against +23.2% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median +11.9%); the operating margin is 35.6% (peer median 25.7%).
Valuation It trades at 18.9× forward earnings against a peer median of 22.2× (4th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.2 points above its cost of capital (6.7% WACC).
Credit Amgen has 41 bonds outstanding ($55.7B), rated BBB+ by the agencies and trading like A- at a weighted spread of 76 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $39.0B | $36.7B | $33.2B | $28.0B | $26.1B |
| Revenue growth | — | +11% | +19% | +7% | — |
| Gross profit | $28.8B | $26.0B | $21.3B | $20.3B | $19.7B |
| EBITDA | $18.4B | $15.8B | $13.9B | $13.1B | $12.6B |
| Net income | $9.39B | $7.71B | $4.09B | $6.72B | $6.55B |
| Free cash flow | $9.58B | $8.10B | $10.4B | $7.36B | $8.79B |
| Capital expenditure | $2.45B | $1.86B | $1.10B | $1.11B | $936M |
| Total debt | $54.0B | $55.4B | $60.9B | $65.4B | $39.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Amgen AMGN | $249B | +40% | +9% | 36% | 18.9× | 1.8% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
| Novartis NOVN.SW | $298B | +15% | -4% | 30% | 18.4× | 1.7% |
| Regeneron Pharmaceuticals REGN | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 18.4× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AMGN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.0% | +8.4% | 10th highest of 21 |
| 6-month return | +39.9% | +23.2% | 9th highest of 21 |
| Distance from 52-week high | -4.9% | -12.7% | 5th highest of 21 |
| Revenue growth (TTM) | +8.6% | +11.9% | 9th lowest of 20 |
| Operating margin | 35.6% | 25.7% | 5th highest of 20 |
| Forward P/E | 18.9× | 22.2× | 4th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 1.8% | 9.0% | 5th least demanding of 17 |
| Growth delivered (Del g) | +7.8% | +17.1% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | -6.0 pp | -8.8 pp | 6th most demanding of 17 |
| ROIC minus cost of capital | +13.2 pp | +3.5 pp | 8th highest of 20 |
| EV / EBITDA | 15.8× | 16.3× | 6th cheapest of 14 |
| Net debt / EBITDA | 2.2× | 1.2× | 4th most indebted of 14 |
| Bond spread | 76 bp | 95 bp | 3rd tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Amgen AMGN | United States | $249B | +40% | +9% | 36% | 18.9× | 1.8% | +7.8% |
| Gilead Sciences GILD | United States | $207B | +28% | +7% | 38% | 19.3× | -2.9% | +3.6% |
| Moderna MRNA | United States | $101B | +43% | -28% | -149% | n/a | n/a | n/a |
| CSL CSL.AX | Australia | $67.2B | +105% | -2% | 26% | 22.4× | 7.1% | +11.0% |
| argenx SE Sponsored ADR ARGX | United States | $57.5B | +19% | +71% | 29% | n/a | 10.9% | +151.4% |
| Lonza LONN.SW | Switzerland | $55.4B | +39% | -11% | 25% | 36.1× | 15.0% | +7.7% |
| Samsung Biologics 207940.KS | South Korea | $53.7B | +3% | -20% | 43% | 38.7× | 9.6% | +31.4% |
| Iqvia IQV | United States | $44.8B | +52% | +9% | 14% | 19.7× | 17.3% | +7.5% |
| Natera NTRA | United States | $44.8B | +60% | +38% | -11% | n/a | n/a | n/a |
| Celltrion 068270.KS | South Korea | $34.3B | +10% | +40% | 32% | 34.1× | 8.3% | +17.6% |
| Genmab A/S GMAB.CO | Denmark | $32.1B | +115% | +14% | 32% | 44.8× | 11.6% | +19.5% |
| Wuxi Bio 2269.HK | Hong Kong | $25.0B | +43% | +22% | 32% | 28.7× | 21.8% | +30.2% |
| United Therapeutics UTHR | United States | $24.1B | -1% | +2% | 44% | 22.0× | -0.4% | +16.5% |
| BioNTech SE Sponsored ADR BNTX | United States | $22.8B | -7% | -1% | -38% | n/a | 5.7% | +42.6% |
| Neurocrine Biosciences NBIX | United States | $16.7B | +8% | +38% | 25% | 18.2× | -1.7% | +22.3% |
| BridgeBio Pharma BBIO | United States | $14.5B | +10% | +167% | -37% | n/a | n/a | n/a |
| Summit Therapeutics SMMT | United States | $13.1B | -10% | n/a | n/a | n/a | n/a | n/a |
| Elanco Animal Health ELAN | United States | $12.9B | +9% | +12% | 7% | 21.8× | 34.8% | +7.6% |
| Cspc Pharma 1093.HK | Hong Kong | $12.4B | +5% | +25% | 28% | 9.3× | -10.3% | +0.1% |
| Halozyme Therapeutics HALO | United States | $11.8B | +62% | +41% | 57% | 10.7× | 2.5% | +39.2% |
| Bio-Techne TECH | United States | $11.4B | +51% | 0% | 22% | 35.9× | 31.3% | +5.5% |
Amgen has 41 bonds outstanding with $55.7B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 5.66%, a spread of 76 bp over government bonds.