AMGN
Amgen Inc.
AMGN has the edge over NVO overall, supported by stronger fundamentals and lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
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.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is 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.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over AMGN in the historical PE scenario, which offers more potential upside but is not a forecast.
AMGN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
AMGN has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
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 has the edge over NVO on profitability, with a higher operating margin.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO's operating margin was 34% last quarter, down 9 points from the same quarter a year ago, near the bottom of its range since 2019.
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.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
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 |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over AMGN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
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.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO has the edge over AMGN on leverage, with a lower net debt burden relative to earnings.
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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
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.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over AMGN on valuation relative to its sector.
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 has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below 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 the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.