Amgen Inc. (AMGN) stock analysis
Company overview and business model
Source fact: Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel for the treatment of rheumatoid arthritis, plaque psoriasis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout. It also markets other products, including PROLIA, REPATHA, OTEZLA, ENBREL, EVENITY, XGEVA, TEPEZZA, BLINCYTO, NPLATE, TEZSPIRE, KYPROLIS, ARANESP, KRYSTEXXA AND VECTIBIX, MVASI, PAVBLU, UPLIZNA, IMDELLTRA/IMDYLLTRA, AMJEVITA/AMGEVITA, TAVNEOS, NEULASTA, LUMAKRAS/LUMYKRAS, RAVICTI, PARSABIV, AIMOVIG, WEZLANA/WEZENLA, AND PROCYSBI. The company serves healthcare providers, including physicians or their clinics, dialysis centers, hospitals, and pharmacies. It distributes its products through pharmaceutical wholesale distributors. The company has collaboration agreements with AstraZeneca plc for the development and commercialization of TEZSPIRE; BEONE MEDICINES LTD. to develop and commercialize Aimovig; UCB for the development and commercialization of EVENITY; Kyowa Kirin Co., Ltd. for rocatinlimab development and commercialization; and BeiGene, Ltd. for oncology products expansion and development. The company was incorporated in 1980 and is headquartered in Thousand Oaks, California.
Classification: NASDAQ · Healthcare · Drug Manufacturers - General
Revenue and growth
Source fact: Revenue was USD 36.75 billion for the period ending 2025-12-31.
Caverian calculation: Revenue changed +10.0% (FY2025 vs FY2024).
Profitability
Source fact: Net income was USD 7.71 billion in the latest reported period.
Source metric: Reported net margin was 21.0%.
Balance sheet and liquidity
Source fact: Cash and equivalents were USD 9.13 billion.
Source fact: Total debt was USD 54.60 billion.
Source metric: Current ratio was 1.14x.
Cash-flow analysis
Source fact: Operating cash flow was USD 9.96 billion.
Source fact: Free cash flow was USD 8.10 billion.
Valuation
Source metrics: Trailing P/E 26.95x; Forward P/E 18.01x; Price to book 20.32x; Price to sales 6.23x; EV/EBITDA 16.26x.
Caverian model output: Value score was 33/100.
Competitive position
Classification: Peer context: Drug Manufacturers - General within Healthcare.
Caverian model output: Quality score was 72/100.
Caverian model output: Growth score was 79/100.
Material risks
Caverian calculation: Altman Z-score was 2.23 (grey zone).
Caverian calculation: Piotroski F-score was 7/9.
Data sources and freshness
Freshness: This report uses a stored upstream snapshot; statement periods are shown alongside the figures.
Methodology and limitations
Facts reproduce stored upstream fields. Calculations derive only from the displayed stored statements. Model outputs are Caverian interpretations, not investment advice or a buy/sell recommendation.
How Caverian approaches valuation · Sources and product principles