Amgen Inc. (AMGN) Stock

Amgen Inc. (AMGN) is a Healthcare stock trading at $433.77 (as of 2026-08-20), with a market capitalization of $234.11B and a trailing P/E of 30.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics for conditions including inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience. Its product portfolio includes therapies such as Enbrel, Neulasta, Prolia, Xgeva, Otezla, and Repatha, which are marketed to healthcare providers including physicians, dialysis centers, hospitals, and pharmacies.

Understand Amgen Inc.: how it makes money

Amgen discovers, develops, manufactures, and delivers human therapeutics worldwide, selling medicines such as Enbrel, Neulasta, Prolia, Xgeva, and Otezla to generate revenue from product sales.

Amgen's profit engine is the commercialization of a portfolio of developed and manufactured human therapeutics across multiple therapeutic areas, with results tied to how its named product lines perform in the market.

Revenue by segment (latest quarter)
Pharma	$8.6B

Business quality (Strong): The dataset supports a clear business model description and quarter-level margins, but it provides limited official operating metrics, so the selected KPIs are narrower than what investors typically track in pharma.

Valuation: At 25× earnings, AMGN trades 47% above the Pharmaceutical Products average (17×). Note: one-time items can distort reported P/E.

Bull case

Broad therapeutic focus: Amgen focuses on multiple areas (inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience), which can help diversify its revenue drivers across different patient needs.
Direct end-to-end involvement: The company discovers, develops, manufactures, and delivers human therapeutics worldwide, which ties its value creation to both development and supply.
Established product examples: Amgen's product lineup includes Enbrel, Neulasta, Prolia, Xgeva, and Otezla, showing it has an ongoing marketed portfolio rather than only early-stage programs.

Bear case

Dependence on continued product performance: Because the business is built around selling specific therapeutics (for example, Enbrel, Prolia, Xgeva, and Otezla), declines in any key product line would directly pressure results.
Execution risk across development and delivery: The model depends on discovering, developing, manufacturing, and delivering treatments worldwide, so issues in any link of the chain can affect outcomes.
Unclear signaling from the provided operating KPIs: The only provided operating KPI labels are 'Other revenues' and 'Lumicrast revenues (quarter)', which may not capture the main drivers of results for the broader product portfolio.

Valuation — source: SEC EDGAR (first-party)
Price	$433.77
Market Cap	$234.11B
P/E Ratio	30.0
EV / EBITDA	18.1
Price / Book	25.47
Price / Sales	6.29
FCF Yield	2.4%
DCF Value (model)	$101.46
DCF Upside vs Price	-76.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$36.75B
Net Margin	21.0%
Revenue Growth (YoY)	5.8%
EPS Growth (YoY)	4.7%
FCF Growth (YoY)	50.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.11 (grey)
Piotroski F-Score	7/9 (strong)

Valuation vs Sector & Industry
Stock P/E	30.0
Sector P/E (Healthcare)	21.6
Industry P/E (Pharmaceutical Products)	17.2
vs Sector	39.0%
vs Industry	74.8%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Insider Sells (12mo)	3
Top Institutional Holder	VANGUARD GROUP INC ($17.95B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Robert A. Bradway
Employees	28,000
Country	US
IPO Date	1983-06-17

Related Companies (Business model: Big Pharma / Branded Drugs; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.