Amgen Inc.
- Open
- 363.08
- Day high
- 364.90
- Day low
- 361.14
- Prev close
- 363.62
- Volume
- 1.6M
- Mkt cap
- $196.1B
- P/E (TTM)
- 25.1
- EPS (TTM)
- $14.48
- P/B
- 21.3
- P/S
- 5.3
- Yield
- 2.70%
- Per share
- $9.80
- ▼Insiders net selling -$400K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Amgen Inc. (AMGN) is a Healthcare company listed on NASDAQ. The stock is up 21% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 5 published research articles covering AMGN.
Amgen Inc. (AMGN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AMGN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $4.77 | $5.15 | +8.0% | $8.6B | +0.5% |
| Feb 3, 2026 | $4.73 | $5.29 | +11.8% | $9.9B | +4.5% |
| May 1, 2025 | $4.27 | $4.90 | +14.8% | $8.1B | +1.1% |
| Feb 4, 2025 | $5.04 | $5.31 | +5.4% | $9.1B | +2.3% |
| May 2, 2024 | $3.88 | $3.96 | +2.1% | $7.4B | -0.1% |
| Feb 6, 2024 | $4.59 | $4.71 | +2.6% | $8.2B | +0.9% |
| Oct 31, 2023 | $4.65 | $4.96 | +6.7% | $6.9B | +4.3% |
| Aug 3, 2023 | $4.44 | $5.00 | +12.6% | $7.0B | +4.6% |
| Apr 27, 2023 | $3.85 | $3.98 | +3.4% | $6.1B | -8.2% |
| Jan 31, 2023 | $4.04 | $4.09 | +1.2% | $6.8B | +1.4% |
| Nov 3, 2022 | $4.44 | $4.70 | +5.9% | $6.7B | +1.3% |
| Aug 4, 2022 | $4.40 | $4.65 | +5.7% | $6.6B | +1.0% |
AMGN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 21, 2026 | Druker Briandirector | Grant | 665 | — |
| May 21, 2026 | Klotman Mary E.director | Grant | 665 | — |
| May 21, 2026 | HOLLEY CHARLES Mdirector | Grant | 665 | — |
| May 21, 2026 | Drake Michael Vdirector | Grant | 665 | — |
| May 21, 2026 | ISHRAK OMARdirector | Grant | 665 | — |
| May 21, 2026 | Austin Wanda Mdirector | Grant | 665 | — |
| May 21, 2026 | Garland Greg C.director | Grant | 665 | — |
| May 21, 2026 | MILES AMY Edirector | Grant | 665 | — |
| May 21, 2026 | Jacks Tylerdirector | Grant | 665 | — |
| May 21, 2026 | ECKERT ROBERTdirector | Grant | 665 | — |
| May 21, 2026 | Kullman Ellen Jamisondirector | Grant | 665 | — |
| May 11, 2026 | Santos Estebanofficer: EVP, Operations | Tax | 522 | $331.11 |
| May 11, 2026 | Graham Jonathan Pofficer: EVP & Gen. Counsel & Sec. | Tax | 499 | $331.11 |
| May 11, 2026 | Grygiel Nancy A.officer: SVP & CCO | Tax | 88 | $331.11 |
| May 11, 2026 | Griffith Peter H.officer: EVP & CFO | Tax | 556 | $331.11 |
Source: AMGN SEC Form 4 filings, latest May 21, 2026. For informational purposes only — not investment advice.
See the full AMGN insider & 13F page →AMGN research & analysis
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VKTXLLYNVOAMGN: Canaccord Holds at $366, Cites GLP-1 Risk
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Eli Lilly's $2.3 billion Ajax Therapeutics acquisition reveals a critical divergence in large-cap pharma M&A strategy that the market has mispriced. While Merck and Pfizer scramble to replace patent cliff revenue with expensive blockbuster acquisitions, Lilly is buying rare-disease optionality from a position of GLP-1 strength. Long LLY versus short MRK/PFE targets 8-12% relative return over six months as earnings reveal the cost of desperate dealmaking.
LLYMRKPFEPharma Tariffs: Buy LLY & AMGN, Sell PFE & MRK — Here's Why
Trump policies eroding Europe's pharma lead via tariffs favor US manufacturing-heavy Eli Lilly and Amgen, with strong growth and margins, while Pfizer and Merck's global chains invite cost squeezes. J&J and AbbVie sit in the middle with diversification. Rank: Buy LLY/AMGN, sell PFE/MRK.
LLYABBVJNJPharma Tariffs: LLY and AMGN Win While PFE and MRK Face Margin Squeeze
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Amgen Inc. company profile
Overview
Amgen Inc. (NASDAQ:AMGN) is one of the world's largest independent biotechnology companies, founded in 1980 and headquartered in Thousand Oaks, California. The company went public in 1983 and has grown to become a leading developer and manufacturer of human therapeutics focused on serious illnesses. Amgen operates globally, serving healthcare providers including physicians, dialysis centers, hospitals, and pharmacies through pharmaceutical wholesale distributors and direct channels. The company has built its reputation on innovative biotechnology medicines, particularly in areas where few treatment options previously existed.
Business
Amgen operates in the biopharmaceutical industry, discovering, developing, manufacturing, and commercializing human therapeutics worldwide. The company focuses on six primary therapeutic areas: inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience. Unlike traditional pharmaceutical companies that primarily work with small molecule drugs, Amgen specializes in biologics - complex medicines derived from living cells that target specific disease mechanisms. The company's business is organized around several key segments. General Medicine represents the largest portion, including cardiovascular drugs like Repatha (which reduces heart attack and stroke risk), bone health medications like Prolia and EVENITY for osteoporosis, and supportive cancer care drugs like Neulasta. The Oncology portfolio contributes approximately 25% of revenues and includes innovative cancer treatments like BLINCYTO for blood cancers and LUMAKRAS for lung cancer. The Inflammation segment includes drugs like Enbrel for autoimmune diseases and TEZSPIRE for severe asthma. The Rare Disease portfolio, significantly expanded through the 2023 Horizon Therapeutics acquisition, generates over $4.5 billion annually and includes treatments for thyroid eye disease (TEPEZZA), gout (KRYSTEXXA), and other rare conditions. Additionally, Amgen has built a substantial biosimilars business generating over $2 billion annually, creating lower-cost versions of expensive biologic drugs after their patents expire. Biologics are fundamentally different from traditional pills - they are large, complex proteins produced in living cells that must be injected or infused. These medicines often work by precisely targeting specific immune system components or cellular pathways involved in disease, making them highly effective but also expensive to develop and manufacture.
Revenue model
Amgen generates revenue primarily through direct product sales to healthcare providers, with medicines typically priced at premium levels reflecting their specialized nature and development costs. The company sells through pharmaceutical wholesale distributors and directly to hospitals, dialysis centers, and specialty pharmacies. Most of Amgen's drugs require injection or infusion, often administered in clinical settings, which creates a different dynamic than traditional oral medications. The company's customers are primarily healthcare institutions and specialists rather than individual consumers. Oncologists purchase cancer treatments, endocrinologists buy bone health medications, and nephrologists order kidney disease drugs. Payment typically comes through insurance coverage, including Medicare and Medicaid, though the company faces ongoing pricing pressure from government programs and private insurers. Several factors significantly impact Amgen's margins and profitability. Positive margin drivers include the company's focus on specialty medicines with limited competition, strong intellectual property protection creating temporary monopolies, and the ability to command premium pricing for innovative treatments addressing serious medical needs. Volume growth in key products like Repatha and TEZSPIRE, along with successful international expansion, particularly in markets like Japan and China, also support margins. Negative margin pressures include increasing pricing scrutiny from government programs, with Medicare now able to negotiate drug prices directly. Generic and biosimilar competition erodes margins as patents expire, as seen with Enbrel facing biosimilar competition. The company also faces substantial R&D costs, with clinical trials for biologics often taking over a decade and costing hundreds of millions of dollars. Manufacturing costs for biologics are inherently higher than traditional pharmaceuticals due to the complex cell-based production processes. Additionally, the rare disease portfolio, while growing rapidly, requires specialized sales forces and faces reimbursement challenges that can limit market penetration.
Competitive moat
Amgen possesses a moderately strong but narrowing competitive moat built primarily on intellectual property, regulatory barriers, and manufacturing expertise. The company's patent portfolio provides temporary monopolies on key products, though this protection is inherently time-limited. More importantly, Amgen has developed deep expertise in biologics manufacturing, which requires sophisticated cell culture technology, quality control systems, and regulatory compliance that creates meaningful barriers to entry. The company's scientific and regulatory expertise represents a significant advantage, particularly in areas like BiTE (bi-specific T-cell engager) technology for cancer treatment and rare disease drug development. Amgen's established relationships with healthcare providers, particularly specialists, and its proven ability to navigate complex regulatory approval processes provide additional competitive advantages. The biosimilars business, while facing intense competition, benefits from Amgen's manufacturing scale and regulatory track record. However, competitive threats are intensifying. Large pharmaceutical companies are increasingly investing in biologics, eroding Amgen's technological advantages. Patent expirations create ongoing revenue cliffs, as seen with Enbrel biosimilar competition. In emerging areas like obesity treatment, Amgen faces well-funded competition from companies like Eli Lilly and Novo Nordisk with established market positions. The rare disease space, while attractive, is increasingly crowded with both large pharma and specialized biotechnology companies competing for the same targets. Government pricing pressure represents a structural challenge to the entire industry's moat. Medicare's ability to negotiate drug prices directly, combined with increasing scrutiny of pharmaceutical pricing, threatens the premium pricing that has historically supported high margins in biotechnology. Additionally, advances in drug development technology and manufacturing are gradually lowering barriers to entry, particularly for biosimilar competitors.
Risks & safety
Amgen demonstrates reasonable financial stability with some leverage concerns but maintains strong cash generation capabilities. • Debt and Solvency: High debt-to-equity ratio of 10.2x primarily due to the $27.8 billion Horizon acquisition, creating significant leverage. However, strong cash flow from operations of $11.5 billion annually supports debt service capabilities. • Cash Position: Solid cash and short-term investments of $12.0 billion provide adequate liquidity buffer. Free cash flow generation of $10.4 billion annually demonstrates strong underlying cash generation. • Valuation Metrics: Trading at 24.2x forward P/E ratio, which appears reasonable for a large biotech with growth prospects. EV/EBITDA of 14.2x suggests moderate valuation relative to cash flow generation. • Other Considerations: Current ratio of 1.26x indicates adequate short-term liquidity. Strong return on equity of 69.6% reflects profitable operations, though this is inflated by high leverage. Patent cliff risks for key products create ongoing revenue uncertainty, but pipeline development and recent acquisitions provide growth offsets.
Recent development
Over the past few years, Amgen has executed a significant strategic transformation focused on diversification and pipeline expansion. The most notable development was the $27.8 billion acquisition of Horizon Therapeutics in 2023, which established rare diseases as a fourth major therapeutic pillar alongside the company's traditional focus areas. This acquisition brought high-growth products like TEPEZZA for thyroid eye disease and significantly expanded Amgen's rare disease portfolio to over $4.5 billion in annual sales. The company has made substantial investments in next-generation oncology treatments, particularly advancing its BiTE platform with products like BLINCYTO and newer candidates like IMDELLTRA and xaluritamig. These bi-specific antibodies represent a novel approach to cancer treatment by directing the patient's immune system to attack cancer cells more effectively. Amgen's entry into the obesity market with MariTide represents a major strategic pivot into one of healthcare's fastest-growing therapeutic areas. The company has advanced this GLP-1 receptor agonist into Phase III trials, positioning itself to compete with established players like Eli Lilly and Novo Nordisk in a market projected to reach hundreds of billions of dollars. The company has also significantly expanded its biosimilars portfolio, launching multiple products including biosimilar versions of expensive biologics like Humira and Eylea. This business now generates over $2 billion annually and provides a hedge against patent expirations on Amgen's own products. In cardiovascular medicine, Amgen has continued advancing Repatha for heart disease prevention and is developing olpasiran for reducing Lp(a), a genetic risk factor for heart disease. The inflammation portfolio has been strengthened with TEZSPIRE's expansion into new indications beyond asthma, including potential applications in COPD and other inflammatory conditions.
AMGN company profile · for informational purposes only — not investment advice.
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