Amgen (AMGN)
NASDAQ:AMGN
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Amgen
(NASDAQ:AMGN)
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Rating:67Neutral
Price Target:
$376.00
▲(5.83% Upside)
Action:ReiteratedDate:05/01/26
The score is primarily supported by strong operating profitability and cash generation and a constructive earnings update (raised guidance and continued growth-driver momentum). It is held back by elevated leverage and only middling technical momentum, with valuation appearing fair rather than clearly compelling.
Positive Factors
Cash generation & margins
Sustained high margins and strong free cash flow provide durable funding for R&D, manufacturing scale-up, dividends and buybacks. Reliable cash conversion (~80%) supports multi-year investment and deleveraging options, underpinning long-term operational flexibility.
Negative Factors
High leverage
Material leverage elevates refinancing and interest-rate sensitivity, constraining strategic flexibility. Despite cash generation, debt covers poorly by OCF (TTM ~0.43), implying deleveraging could take multiple years or require asset sales, limiting downside protection.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & margins
Sustained high margins and strong free cash flow provide durable funding for R&D, manufacturing scale-up, dividends and buybacks. Reliable cash conversion (~80%) supports multi-year investment and deleveraging options, underpinning long-term operational flexibility.
Read all positive factors
Amgen (AMGN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$178.00B
Dividend Yield3%
Average Volume (3M)2.55M
Price to Earnings (P/E)26.1
Beta (1Y)0.39
Revenue Growth9.84%
EPS Growth31.14%
CountryUS
Employees28,000
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)5.15
Shares Outstanding539,685,500
10 Day Avg. Volume2,563,398
30 Day Avg. Volume2,552,585
Financial Highlights & Ratios
PEG Ratio0.26
Price to Book (P/B)20.34
Price to Sales (P/S)4.79
P/FCF Ratio21.74
Enterprise Value/Market Cap1.28
Enterprise Value/Revenue6.11
Enterprise Value/Gross Profit8.56
Enterprise Value/Ebitda13.13
Forecast
1Y Price Target
$363.33Price Target Upside2.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering24
EPS Forecast (FY)22.3
Revenue Forecast (FY)$37.81B
Amgen Business Overview & Revenue Model
Company Description
Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas. The company's products include Enbre...
How the Company Makes Money
Amgen makes money primarily by selling branded prescription medicines to wholesalers, hospitals, pharmacies, specialty distributors, and (in some markets) government or institutional buyers. Revenue is largely driven by product sales of its commer...
Amgen Key Performance Indicators (KPIs)
Any
Revenue by Type
Distinguishes between different revenue streams, such as product sales and royalties, providing insights into Amgen's business model and diversification.
Distinguishes between different revenue streams, such as product sales and royalties, providing insights into Amgen's business model and diversification.
Data provided by:
The Fly
The FlyAmgen Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive tone: Amgen reported modest overall product sales growth (4%) while its six key growth drivers delivered strong momentum (24% aggregate growth and ~70% of sales), the company raised full-year revenue and EPS guidance, generated substantial free cash flow, and highlighted significant pipeline progress (notably Meritide, olpasiran, Imdeltra, TEPEZZA) and AI-driven R&D productivity gains. Material challenges were acknowledged, including steep declines in legacy osteoporosis brands (Prolia/XGEVA), rising cost-of-sales pressure, regulatory and trial uncertainties (Tabneos/paused blinatumomab enrollment), and a potentially material IRS audit adjustment for tax years 2016–2018. Overall, the positive commercial momentum, strengthened guidance, robust cash generation, and advancing late-stage pipeline outweigh the notable headwinds and risks discussed during the call.Positive Updates
Strong Contribution from Growth Drivers
Six key growth drivers generated ~70% of product sales in Q1 and grew 24% year-over-year in aggregate, providing momentum to offset losses of exclusivity.
Negative Updates
Loss of Exclusivity Pressure on Legacy Brands
Prolia and XGEVA combined sales declined 32% YoY to $1.1 billion in Q1; company expects accelerated sales erosion through the remainder of 2026 due to multiple biosimilar competitors.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Contribution from Growth Drivers
Six key growth drivers generated ~70% of product sales in Q1 and grew 24% year-over-year in aggregate, providing momentum to offset losses of exclusivity.
Read all positive updates
Company Guidance
Amgen raised its 2026 guidance, now targeting total revenues of $37.1–$38.5 billion and non‑GAAP EPS of $21.70–$23.10; it also expects other revenue of $1.7–$1.8 billion, non‑GAAP OI&E expense of $2.2–$2.3 billion, a non‑GAAP tax rate of 15.0–16.5%, and a full‑year non‑GAAP operating margin of roughly 45–46% of product sales (Q1 non‑GAAP operating margin was 45% and Q2 is expected to be in line with Q1). The company reiterated capex of about $2.6 billion for 2026 (Q1 capex was $700 million), said share repurchases will not exceed $3 billion, and noted Q1 metrics including $1.5 billion free cash flow, non‑GAAP R&D up 16% YoY, non‑GAAP cost of sales at 19.5% of product sales, and $480 million of non‑GAAP OI&E expense in the quarter (including an approximately $90 million gain); the guidance excludes any potential business‑development transactions.Amgen Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
48
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 37.24B | 36.74B | 33.42B | 28.19B | 26.32B | 25.98B |
| Gross Profit | 26.61B | 26.01B | 20.57B | 19.77B | 19.92B | 19.52B |
| EBITDA | 17.34B | 15.84B | 13.36B | 14.80B | 12.17B | 11.30B |
| Net Income | 7.80B | 7.71B | 4.09B | 6.72B | 6.55B | 5.89B |
Balance Sheet | ||||||
| Total Assets | 92.50B | 90.59B | 91.84B | 97.15B | 65.12B | 61.16B |
| Cash, Cash Equivalents and Short-Term Investments | 12.04B | 9.13B | 11.97B | 10.94B | 9.30B | 8.04B |
| Total Debt | 57.32B | 54.60B | 60.10B | 64.61B | 38.95B | 33.31B |
| Total Liabilities | 83.31B | 81.93B | 85.96B | 90.92B | 61.46B | 54.47B |
| Stockholders Equity | 9.19B | 8.66B | 5.88B | 6.23B | 3.66B | 6.70B |
Cash Flow | ||||||
| Free Cash Flow | 8.60B | 8.10B | 10.39B | 7.36B | 8.79B | 8.38B |
| Operating Cash Flow | 10.76B | 9.96B | 11.49B | 8.47B | 9.72B | 9.26B |
| Investing Cash Flow | -2.21B | -1.94B | -1.05B | -26.20B | -6.04B | 733.00M |
| Financing Cash Flow | -5.32B | -10.86B | -9.41B | 21.05B | -4.04B | -8.27B |
Amgen Technical Analysis
Positive
355.30
Price Trends
363.30
Negative
347.35
Positive
319.42
Positive
Market Momentum
-2.57
Negative
51.69
Neutral
65.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMGN, the sentiment is Positive. The current price of 355.3 is above the 20-day moving average (MA) of 349.83, below the 50-day MA of 363.30, and above the 200-day MA of 319.42, indicating a neutral trend. The MACD of -2.57 indicates Negative momentum. The RSI at 51.69 is Neutral, neither overbought nor oversold. The STOCH value of 65.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMGN.
Amgen Risk Analysis
Amgen disclosed 29 risk factors in its most recent earnings report. Amgen reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Amgen Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $118.87B | 11.57 | 39.27% | 4.11% | 1.78% | 33.76% | |
69 Neutral | $112.68B | 15.55 | 14.41% | 4.58% | 11.19% | -0.23% | |
67 Neutral | $178.00B | 26.11 | 96.65% | 3.00% | 9.84% | 31.14% | |
66 Neutral | $277.02B | -17.53 | 36.19% | 3.12% | 2.84% | ― | |
65 Neutral | $163.41B | 17.94 | 41.01% | 2.52% | 2.51% | 1682.88% | |
61 Neutral | $149.77B | 18.21 | 8.67% | 6.65% | -1.65% | -3.74% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
AMGN
Amgen
329.82
58.28
21.46%
BMY
Bristol-Myers Squibb
58.22
10.54
22.11%
GILD
Gilead Sciences
131.65
31.50
31.46%
MRK
Merck & Company
112.16
32.22
40.31%
PFE
Pfizer
26.33
4.08
18.32%
SNY
Sanofi
46.08
-6.82
-12.90%
Amgen Corporate Events
Business Operations and StrategyExecutive/Board Changes
Amgen Announces CTO Retirement and Strategic Leadership Realignment
Positive
Apr 22, 2026
On April 22, 2026, Amgen announced that David M. Reese, M.D., executive vice president and chief technology officer, will retire effective June 30, 2026, after a tenure that included leading research and development from 2018 to 2023 and championi...
Private Placements and Financing
Amgen Prices $4 Billion Senior Unsecured Notes Offering
Neutral
Feb 19, 2026
On February 17, 2026, Amgen Inc. issued and sold a total of $4 billion in senior unsecured notes across four tranches maturing between 2031 and 2056, carrying coupons ranging from 4.200% to 5.650%. After underwriters’ discounts and estimated...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.