Amgen Inc. (AMGN) Stock Analysis

Why this analysis is different

• A sector-relative MoonshotScore — five pillars (business quality, financial safety, valuation, growth durability, momentum) re-ranked nightly against the full universe of US-listed common stocks.
• An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
• Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.

Amgen Inc. (AMGN) Healthcare & Pipeline Overview

Amgen Inc. (AMGN) is a global biotechnology leader specializing in human therapeutics across diverse fields like oncology, inflammation, and cardiovascular disease. With a robust product portfolio and strategic collaborations, Amgen distributes through wholesale and direct-to-consumer channels, maintaining a strong market presence and a $236B market capitalization.

What Is the Investment Thesis for AMGN?

With a market capitalization of $236B and a P/E ratio of 27.01, Amgen demonstrates financial stability and growth potential. The company's strong gross margin of 71.5% and profit margin of 20.9% highlight its operational efficiency. Key growth catalysts include the ongoing development and commercialization of new drugs, such as KHK4083 for atopic dermatitis, and expansion in key therapeutic areas like oncology and cardiovascular disease. Amgen's dividend yield of 2.91% provides an attractive return for investors. However, potential risks include patent expirations and increasing competition from biosimilars, which could impact revenue streams. Successful navigation of regulatory pathways and strategic lifecycle management of key products are crucial for sustaining long-term growth.

Based on FMP financials and quantitative analysis

AMGN Key Highlights

Market capitalization of $236B, reflecting Amgen's significant market presence and investor confidence.

• P/E ratio of 27.01, indicating a reasonable valuation relative to earnings.
• Gross margin of 71.5%, showcasing efficient cost management and strong pricing power.
• Profit margin of 20.9%, demonstrating effective operational performance and profitability.
• Dividend yield of 2.91%, providing a steady income stream for investors.

Who Are AMGN's Competitors?

AMGN is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.

AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance This table mixes two scoring engines — compare a number only with others carrying the same tag.

What Are AMGN's Key Strengths?

Strong product portfolio with established blockbuster drugs.

• Robust research and development pipeline.
• Global presence and distribution network.
• Strategic collaborations and partnerships.

What Are AMGN's Weaknesses?

Reliance on a few key products for revenue.

• Exposure to patent expirations and biosimilar competition.
• High research and development costs.
• Regulatory challenges and pricing pressures.

What Could Drive AMGN Stock Higher?

Potential FDA approval of new drug candidates in the pipeline by Q4 2026.

• Continued expansion of biosimilar portfolio to drive revenue growth throughout 2026.
• Strategic collaborations and partnerships to enhance research and development efforts.

What Are the Key Risks for AMGN?

Rich valuation — a P/E of 27.01 runs well above the Healthcare sector’s ~21.60x, leaving little room for a miss.

• Insider selling — insiders were net sellers of roughly $2.5M recently.
• Patent expirations of key drugs leading to revenue decline.
• Increasing competition from biosimilars impacting market share.
• Regulatory challenges and delays in drug approval processes.
• Pricing pressures and healthcare reforms affecting profitability.

What Are the Growth Opportunities for AMGN?

• Expansion in Oncology: Amgen has significant growth opportunities in the oncology space, driven by innovative therapies like KYPROLIS and BLINCYTO. The global oncology market is projected to reach $286.6 billion by 2030, offering substantial revenue potential. Amgen's strategic collaborations and focus on developing novel cancer treatments position it well to capture a significant share of this expanding market. The ongoing clinical trials and potential approvals for new oncology drugs represent key catalysts for future growth.
• Cardiovascular Disease Therapeutics: Amgen's Repatha, a cholesterol-lowering drug, addresses a significant unmet need in cardiovascular disease. The global cardiovascular drugs market is expected to reach $65.8 billion by 2027. With increasing awareness of cardiovascular risks and the growing prevalence of related conditions, Amgen has the opportunity to expand its market share through targeted marketing and clinical data demonstrating the long-term benefits of Repatha. Further research and development in this area could lead to new innovative therapies.
• Collaboration with Kyowa Kirin: The collaboration with Kyowa Kirin to develop and commercialize KHK4083, a Phase 3-ready anti-OX40 antibody for atopic dermatitis and other autoimmune diseases, presents a significant growth opportunity. The atopic dermatitis market is projected to reach $16.1 billion by 2027. This partnership allows Amgen to leverage Kyowa Kirin's expertise and expand its presence in the dermatology and autoimmune disease markets, potentially generating substantial revenue upon successful commercialization.
• Advancements in Biosimilars: Amgen is actively involved in the development and commercialization of biosimilars, which offer a cost-effective alternative to branded biologics. Amgen's portfolio of biosimilars, including MVASI and KANJINTI, allows it to capitalize on the increasing demand for affordable healthcare solutions and gain market share as patents for existing biologics expire. Strategic investments in biosimilar development and manufacturing will be crucial for sustained growth.
• Strategic Partnerships and Acquisitions: Amgen's strategy of forming strategic partnerships and pursuing targeted acquisitions provides opportunities to expand its product portfolio and access new technologies. The collaboration with BeiGene, Ltd. and research and development collaborations with Neumora Therapeutics, Inc. and Plexium, Inc. exemplify this approach. By partnering with innovative companies, Amgen can accelerate the development of novel therapies and strengthen its competitive position in key therapeutic areas. Continued strategic alliances will be essential for driving long-term growth and innovation.

What Are AMGN's Competitive Advantages?

• Strong intellectual property protection through patents.
• Extensive research and development capabilities.
• Established distribution network.
• Brand recognition and reputation for quality.
• Economies of scale in manufacturing.

What Does AMGN Do?

Amgen Inc., founded in 1980 and headquartered in Thousand Oaks, California, is a pioneering biotechnology company dedicated to discovering, developing, manufacturing, and delivering innovative human therapeutics. The company's evolution has been marked by a focus on addressing serious illnesses across a range of therapeutic areas, including inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience. Amgen's diverse product portfolio includes well-known drugs such as Enbrel, used to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, which reduces the risk of infection in cancer patients with low white blood cell counts; and Prolia, a treatment for postmenopausal women with osteoporosis. Other key products include Xgeva, Otezla, Aranesp, KYPROLIS, and Repatha. Amgen distributes its products through pharmaceutical wholesale distributors and direct-to-consumer channels, serving healthcare providers such as physicians, dialysis centers, hospitals, and pharmacies. The company has established strategic collaborations with entities like Novartis Pharma AG, UCB, Bayer HealthCare LLC, and BeiGene, Ltd., enhancing its research and development efforts and expanding its market reach. Amgen continues to innovate and address unmet medical needs, solidifying its position as a leader in the biotechnology industry.

What Products and Services Does AMGN Offer?

• Discovers novel human therapeutics.
• Develops innovative medicines for serious illnesses.
• Manufactures pharmaceutical products.
• Delivers therapies to healthcare providers and patients worldwide.
• Focuses on areas like oncology, inflammation, and cardiovascular disease.
• Markets drugs such as Enbrel, Neulasta, and Prolia.
• Distributes products through wholesale and direct-to-consumer channels.

How Does AMGN Make Money?

• Develops and patents proprietary drugs.
• Generates revenue through the sale of pharmaceutical products.
• Forms strategic collaborations to expand research and development.
• Reinvests profits into research and development for new therapies.

What Industry Does AMGN Operate In?

Amgen operates in the highly competitive and innovative drug manufacturing industry. The market is characterized by rapid technological advancements, stringent regulatory requirements, and intense competition from both established pharmaceutical companies and emerging biotech firms. The industry is driven by increasing healthcare expenditure, an aging global population, and the growing prevalence of chronic diseases. Amgen competes with major players like Novartis AG (NVS), Merck & Co., Inc. (MRK), and Pfizer Inc. (PFE). The company's success depends on its ability to innovate, secure regulatory approvals, and effectively commercialize its products in a dynamic market environment.

Who Are AMGN's Key Customers?

• Physicians and their clinics.
• Dialysis centers.
• Hospitals.
• Pharmacies.

Amgen Inc. Financial Trajectory

Amgen Inc. (AMGN) reported $10.05B in revenue for Q2 FY2026, reflecting 16.7% growth compared to the prior quarter. The company recorded net income of $2.38B, with diluted EPS of $4.37. Quarter-over-quarter revenue has been mixed, typical for a mega-cap company operating in Healthcare. Across the four most recent quarters, AMGN averaged $4.02 in diluted EPS.

Company Profile

Amgen Inc. operates in the Drug Manufacturers - General industry within the Healthcare sector. It is headquartered in Thousand Oaks, US. The company is led by CEO Robert A. Bradway. AMGN has traded publicly since 1983.

How Amgen Inc. Is Valued

Amgen Inc. carries a market capitalization of $236B, placing it in the mega-cap category. Analyst price targets span from $230.00 to $460.00, with a consensus of $386.68. At the current price of $438.12, that implies roughly 12% downside from the consensus target. Relative to its peer group, AMGN's quantitative score of 82/100 is roughly in line with the peer average of 76/100.

Return on equity for Amgen Inc. stands at 89.4%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 8.4%, showing how much profit it generates from its asset base. AMGN trades at a trailing price-to-earnings ratio of 27.01, above the Healthcare sector average of ~21.60x. Its free cash flow yield is 4.7%, a gauge of the cash the business throws off relative to its market value. A current ratio of 1.26 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is 4.3%, the inverse of the P/E and a quick read on earnings relative to price.

Amgen Inc.'s Piotroski F-Score is 8/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 2.30 places it in the grey zone, a middle ground that warrants monitoring.

Amgen Inc. has beaten Wall Street's EPS estimate in 8 of its last 8 reported quarters — a consistent record of delivering on expectations. Reported results have landed about 10.9% above estimates on average.

Over the past six months, Amgen Inc. insiders filed 30 SEC Form 4 transactions — 10 sales and 20 purchases. On net that is roughly 2K shares acquired (about $2.5M) — insiders putting money in tends to read as conviction.

AMGN Financials

Next earnings report: Nov 3, 2026

AMGN Latest News

AMGN Analyst Consensus

AMGN MoonshotScore

Latest Amgen Inc. Analysis

What Investors Ask About Amgen Inc. (AMGN) — Healthcare

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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