Amgen AMGN

Drug Manufacturers - General, Healthcare

$439.26

−1.79%

Market cap: $237.5B
PE: 27.3×; 10y median 21.1×
Forward PE: 18.6×; 10y median 14.5×
Price to sales: 6.2×
EV/EBIT: 24.6×
Revenue, 12 months: $38.1B; +9% on a year ago
Net margin: 23.0%
Free cash flow yield: 4.3%

Amgen trades at 27.3× trailing earnings, pricier than 79% of the last ten years. Revenue was $38.1B over the last twelve months, up 9% on a year earlier with a 23% net margin.

Charts

Financials

Income statement for AMGN, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$6.9B+4%	$8.2B+20%	$7.4B+22%	$8.4B+20%	$8.5B+23%	$9.1B+11%	$8.1B+9%	$9.2B+9%	$9.6B+12%	$9.9B+9%	$8.6B+6%	$10.1B+10%
Cost of revenue	$1.8B+14%	$3.1B+78%	$3.2B+86%	$3.2B+79%	$3.3B+83%	$3.1B+0%	$3B−7%	$3B−7%	$3.1B−7%	$3B−4%	$2.7B−8%	$2.8B−7%
Gross profit	$5.1B+1%	$5.1B−0%	$4.2B−3%	$5.2B−0%	$5.2B+2%	$6B+18%	$5.2B+22%	$6.2B+20%	$6.5B+25%	$6.9B+15%	$5.9B+13%	$7.2B+17%
R&D	$1.1B−3%	$1.5B+16%	$1.3B+27%	$1.4B+30%	$1.4B+34%	$1.7B+12%	$1.5B+11%	$1.7B+21%	$1.9B+31%	$2.1B+24%	$1.7B+16%	$1.9B+7%
SG&A	$1.4B+5%	$2.3B+45%	$1.8B+44%	$1.8B+38%	$1.6B+20%	$1.9B−17%	$1.7B−7%	$1.7B−5%	$1.7B+6%	$2B+4%	$1.6B−5%	$1.7B+3%
	$2B−24%	$1.3B−43%	$991M−48%	$1.9B−29%	$2B+1%	$2.3B+82%	$1.2B+19%	$2.7B+39%	$2.5B+23%	$2.7B+18%	$2.7B+126%	$3.5B+32%
Interest expense	$759M+106%	$821M+98%	$824M+52%	$808M+7%	$776M+2%	$747M−9%	$723M−12%	$694M−14%	$685M−12%	$653M−13%	$657M−9%	$673M−3%
Pre-tax income	$1.9B−19%	$852M−51%	−$68M	$794M−51%	$3.1B+59%	$782M−8%	$2B	$1.6B+98%	$3.9B+26%	$1.5B+94%	$2.1B+6%	$2.8B+77%
	$217M−13%	$85M−36%	$45M−93%	$48M−80%	$271M+25%	$155M+82%	$243M+440%	$136M+183%	$705M+160%	$181M+17%	$265M+9%	$393M+189%
Net income	$1.7B−19%	$767M−53%	−$113M	$746M−46%	$2.8B+64%	$627M−18%	$1.7B	$1.4B+92%	$3.2B+14%	$1.3B+113%	$1.8B+5%	$2.4B+66%
	$3.22−19%	$1.42−53%	−$0.21	$1.38−46%	$5.22+62%	$1.16−18%	$3.20	$2.65+92%	$5.93+14%	$2.45+111%	$3.34+4%	$4.37+65%
	538M+0%	540M+0%	536M−0%	541M+1%	542M+1%	542M+0%	541M+1%	541M+0%	542M+0%	543M+0%	544M+1%	544M+1%

Gross profit: 73 periods, Q2 FY08 to Q2 FY26: not printed by the filing, worked out from its own lines.

Net income: 6 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.

EPS, diluted: Q4 FY08: quarter's net income to common over its shares, to the cent. 6 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.

Diluted shares: 11 periods, Q4 FY08 to Q4 FY20: share-days: the 12-month average less the 9-month, weighted by days. 6 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release. Q4 FY17: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet. Figures from older filings without data tags, and from a results release before its 10-Q, are read from the document's text and checked against it.

Estimates

Next earnings report: Nov 3, 2026.

Quarter	Revenue	Range	EPS	Range	Analysts
Q3 FY26	$10.1B	$9.9B to $10.2B	$5.79	$5.55 to $6.12	18
Q4 FY26	$10.3B	$10.1B to $10.5B	$5.79	$5.24 to $6.09	17
Q1 FY27	$9.4B	$9.1B to $9.6B	$5.62	$5.41 to $5.77	7
Q2 FY27	$10.3B	$10B to $10.6B	$6.41	$6.18 to $6.59	15
Q3 FY27	$10.3B	$10B to $10.5B	$6.32	$6.09 to $6.49	9
Q4 FY27	$10.5B	$10.2B to $10.7B	$6.26	$6.03 to $6.44	7
Q1 FY28	$9.5B	$9.2B to $9.7B	$5.93	$5.71 to $6.09	9
Q2 FY28	$10.3B	$10B to $10.6B	$6.73	$6.48 to $6.91	8

Peers

Companies in Drug Manufacturers - General nearest Amgen's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
AMGNAmgen	$237.5B	27.3×	21.1×	18.6×	6.2×	+9%	23.0%
GILDGilead Sciences	$193.5B	n/m	18.8×	17.2×	6.4×	+6%	−10.6%
PFEPfizer	$171.2B	39.5×	15.8×	10.9×	2.7×	−0%	6.8%
MRKMerck	$358.4B	116×	24.9×	17.5×	5.4×	+5%	4.8%
BMYBristol-Myers Squibb	$125.6B	13.5×	19.9×	10.4×	2.6×	+3%	18.9%
ABBVAbbVie	$504.8B	80.7×	27.9×	19.0×	7.8×	+10%	9.8%
JNJJohnson & Johnson	$635.8B	40.0×	24.3×	23.4×	6.4×	+8%	n/m
LLYEli Lilly and	$1.2T	42.7×	41.4×	33.9×	15.0×	+50%	33.5%
BIIBBiogen	$37B	44.4×	16.1×	19.1×	3.7×	+0%	8.3%
Peer median	$275.9B	42.7×	22.1×	18.2×	5.9×	+5%	8.3%