Amgen Inc. (AMGN) AI Stock Analysis

Amgen Inc. is a global biotechnology company focused on the discovery, development, manufacturing, and distribution of human therapeutics across areas such as inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience. Its commercial portfolio includes therapies such as Enbrel, Neulasta, Prolia, Xgeva, Otezla, Aranesp, KYPROLIS, and Repatha. Products are distributed to healthcare providers including physicians, clinics, dialysis centers, hospitals, and pharmacies through wholesale distributors and direct-to-consumer channels. The company maintains collaborative agreements with major pharmaceutical partners, including Novartis Pharma AG, UCB, Bayer HealthCare LLC, and Eli Lilly and Company.

Amgen expanded annual revenue from $25.98B in FY2021 to $36.74B in FY2025, representing a 5-year compound annual growth rate of 7.6%. Annual net income grew from $5.89B in FY2021 to $7.71B in FY2025, though it dipped to $4.09B in FY2024 when gross margin contracted to 61.5% and net margin fell to 12.2%. In FY2025, operating margin stood at 29.1% alongside net margin of 21.0%. For the trailing twelve months ended June 30, 2026, revenue reached $38.09B with an operating margin of 35.5% and EPS of $16.10. In the latest quarter ended June 30, 2026, revenue increased 9.5% year-over-year while earnings grew 64.9%.

As of June 30, 2026, Amgen held $13.99B in cash and short-term investments compared to $57.30B in total debt, resulting in net debt of $43.31B and a debt-to-equity ratio of 4.90. Total assets reached $95.64B against shareholders' equity of $11.69B, with a current ratio of 1.37. Operating cash flow in FY2025 was $9.96B, supporting $1.86B in capital expenditures and leaving free cash flow of $8.10B. During FY2025, the company paid $5.12B in dividends, and its share count decreased by 3.7% over five years.

Amgen trades at a trailing price-to-earnings multiple of 26.9x and a forward price-to-earnings ratio of 16.7x, both below the median of its Nasdaq-100 Healthcare peers at 34.1x and 23.0x, respectively. Its enterprise value to EBITDA multiple of 14.9x is lower than the peer median of 24.5x, while its price-to-sales ratio sits at 6.1x compared to the peer median of 6.5x. Over the past year, the stock returned 50.3%, outperforming the S&P 500 (SPY) return of 16.8%. Over a five-year period, its return of 143.1% also exceeded the S&P 500 gain of 83.0%.

Amgen pays a quarterly dividend with an annual forward payout of $10.08 per share, representing a dividend yield of 2.33%. The company has paid dividends for 16 consecutive years, demonstrating an annualized dividend growth rate of 8.3% over the past 5 years. Its dividend payout ratio stands at 44.4%, with its last ex-dividend date occurring on August 21, 2026.

Wall Street analysts hold 8 Strong Buy, 4 Buy, 17 Hold, 2 Sell, and 3 Strong Sell ratings on Amgen. The average price target of $394.98 implies an 8.7% discount to the last closing price of $432.49. For the current fiscal year ending December 31, 2026, consensus expectations project revenue of $38.97B and EPS of $23.02. For the next fiscal year, 31 analysts expect revenue of $40.36B and EPS of $24.50. Amgen exceeded earnings estimates in all 4 of its last 4 quarters, with its next earnings report scheduled for November 3, 2026.

This page is an AI-written research summary of Amgen Inc. (AMGN). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: AMGN income statement, AMGN balance sheet, AMGN key metrics, AMGN analyst forecast, AMGN chart. See the AMGN stock overview for the latest quote and news.