AMGN
Amgen Inc.
AMGN's fundamentals are strong, but it looks expensive: trading at 27x earnings, above its usual 22x. Analysts expect earnings growth.
AMGN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Stable |
AMGN's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
AMGN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $319 | -32% |
| Forward | 19x | $467 | — |
| Fair | 22x | $381 | -18% |
| Expensive | 27x | $465 | -0.5% |
| Current | 27x | $467 | — |
Historical ranges are pointers, not guarantees.
AMGN's PE is in its expensive range at 27x. If earnings grow as analysts expect, today's price would be 19x next year's earnings, in its cheap range.
AMGN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for AMGN, with profitability improving.
AMGN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $24.33 | +41% |
| Q3 2026 | $17.24 | +33% |
| Q2 2026 | $16.09 | +31% |
| Q1 2026 | $14.37 | +31% |
| Q4 2025 | $14.23 | +88% |
| Q3 2025 | $12.95 | +66% |
| Q2 2025 | $12.24 | +111% |
| Q1 2025 | $10.97 | +57% |
| Q4 2024 | $7.56 | -39% |
AMGN earned $17.24 per share over the past year, up 33% from the year before.
AMGN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $10.4B | +8.5% |
| Q2 2026 | $10.1B | +9.5% |
| Q1 2026 | $8.6B | +5.8% |
| Q4 2025 | $9.9B | +8.6% |
| Q3 2025 | $9.6B | +12% |
| Q2 2025 | $9.2B | +9.4% |
| Q1 2025 | $8.1B | +9.4% |
| Q4 2024 | $9.1B | +11% |
AMGN's revenue has grown year over year for 14 quarters in a row: $10.4B last quarter, up 8.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 36% | +9.4 points |
| Q2 2026 | 35% | +6 points |
| Q1 2026 | 31% | +17 points |
| Q4 2025 | 28% | +2.1 points |
| Q3 2025 | 26% | +2.4 points |
| Q2 2025 | 29% | +6.2 points |
| Q1 2025 | 14% | +1.2 points |
| Q4 2024 | 25% | +9.9 points |
AMGN's operating margin was 36% last quarter, up 9.4 points from the same quarter a year ago.
AMGN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.7B | -14% |
| Q2 2026 | $3.5B | +83% |
| Q1 2026 | $1.5B | +51% |
| Q4 2025 | $961M | -78% |
| Q3 2025 | $4.2B | +28% |
| Q2 2025 | $1.9B | -14% |
| Q1 2025 | $980M | +114% |
| Q4 2024 | $4.4B | +1422% |
AMGN's free cash flow has been positive every quarter for seven years: $9.6B over the past year, down 17% from the year before.
AMGN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +2M shares |
| 1 year | +0.7% | +4M shares |
| 3 years | +1.5% | +8M shares |
| 5 years | -4.2% | -24M shares |
| Available history | -10% | -63M shares |
AMGN has 546M diluted shares, up 0.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | $6.4B |
AMGN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.7x | Moderate |
| Q2 2026 | 3.1x | Elevated |
| Q1 2026 | 3.4x | Elevated |
| Q4 2025 | 3.8x | Elevated |
| Q3 2025 | 3.8x | Elevated |
| Q2 2025 | 3.8x | Elevated |
| Q1 2025 | 3.7x | Elevated |
| Q4 2024 | 3.8x | Elevated |
AMGN's net debt is about 2.7 years of its operating earnings (EBITDA), down from 3.8 years a year ago.
AMGN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 67.2 | Neutral |
| Stochastic | 84.5 | Overbought |
AMGN's weekly RSI is 67 (neutral) and its Stochastic is 85 (overbought).
AMGN PE vs Healthcare Sector
| Metric | AMGN | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 26x | 4.8% above |
| PE % | 84 | 29 | 55 pts above |
AMGN is trading at 27x earnings, in line with the Healthcare sector's median of 26x.
AMGN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $437.2 | 6.8% above |
| 20 week MA | $413.1 | 13% above |
| 50 week MA | $373.0 | 25% above |
| 100 week MA | $332.6 | 40% above |
| 200 week MA | $304.8 | 53% above |
AMGN is in an uptrend: it's above all five of its weekly moving averages, and 53% above its 200-week average.
AMGN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $241.5 | $222.9 | -7.7% |
| 2021 | $222.9 | $223.8 | +0.4% |
| 2022 | $223.8 | $263.9 | +18% |
| 2023 | $263.9 | $288.0 | +9.1% |
| 2024 | $288.0 | $262.7 | -8.8% |
| 2025 | $262.7 | $332.9 | +27% |
| 2026 YTD | $332.9 | $467.1 | +40% |
AMGN has finished higher in four of the last six years. It's up 40% so far in 2026.