Amgen (AMGN) stock
Health Care · Biotechnology
Amgen (AMGN) is a Biotechnology company in the Health Care sector, headquartered in Thousand Oaks, California. As of October 23, 2026, AMGN closed at $439.26, a market capitalization of $237.48 billion, the 49th largest company in the S&P 500. Over the last twelve months it generated $38.09 billion in revenue (+10% year over year) and $10.18 billion in free cash flow. The stock trades at 27.3x trailing earnings and 17.9x forward earnings.
- 1-year total return: +54.1% (dividends reinvested)
- 5-year return: +19.7% a year
- 52-week range: $288.00 – $450.98
- Gross margin 71.9%, operating margin 35.5%
- Dividend yield: 2.29%, 14 straight years of increases
- FI Handbook report card: B- across 10 metrics
- 7th largest of 60 Health Care stocks in the S&P 500
AMGN price chart
1Y price change: +50.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| AMGN | +8.2% | +36.9% | +54.1% | +20.7% | +19.7% | +14.1% | +19.0% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1983.
AMGN key statistics
- Market cap
- $237.5B
- #49 in S&P 500
- P/E (TTM)
- 27.3x
- Forward P/E
- 17.9x
- EPS (TTM)
- $16.10
- Revenue (TTM)
- $38.1B
- +10%
- Free cash flow
- $10.2B
- Gross margin
- 71.9%
- Operating margin
- 35.5%
- Return on equity
- 91.5%
- Dividend yield
- 2.29%
- 52-week range
- $288.00 – $450.98
- Beta
- 0.41
- Price / sales
- 6.2x
- EV / EBITDA
- 16.3x
- Debt / equity
- 4.90x
- Employees
- 31,500
AMGN report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth9.5%C
- Gross margin71.9%A
- Operating margin35.5%A
- FCF margin26.7%A
- Return on equity91.5%A
- Net debt / EBITDA2.5xD
- Forward P/E17.9xB
- PEG ratio2.3xD
- Shareholder yield2.3%C
- Share count change / yr-1.7%B
Amgen financials
Revenue went from $23.0B in fiscal 2016 to $36.8B in fiscal 2025, growing 5.4% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.0B | $22.8B | $23.7B | $23.4B | $25.4B | $26.0B | $26.3B | $28.2B | $33.4B | $36.8B |
| Gross profit | $18.8B | $18.8B | $19.6B | $19.0B | $19.3B | $19.5B | $19.9B | $19.7B | $20.6B | $24.7B |
| Operating income | $9.8B | $10.0B | $10.3B | $9.7B | $9.1B | $7.6B | $9.6B | $7.9B | $7.3B | $9.1B |
| Net income | $7.7B | $2.0B | $8.4B | $7.8B | $7.3B | $5.9B | $6.6B | $6.7B | $4.1B | $7.7B |
| EPS (diluted) | $10.24 | $2.69 | $12.62 | $12.88 | $12.31 | $10.28 | $12.11 | $12.49 | $7.56 | $14.23 |
| Free cash flow | $9.6B | $10.5B | $10.6B | $8.5B | $9.9B | $8.4B | $8.8B | $7.4B | $10.4B | $8.1B |
| Buybacks | $3.0B | $3.2B | $17.8B | $7.7B | $3.5B | $5.0B | $6.4B | $0 | $200.0M | $0 |
| Dividends paid | $3.0B | $3.4B | $3.5B | $3.5B | $3.8B | $4.0B | $4.2B | $4.6B | $4.8B | $5.1B |
| Diluted shares | 754.0M | 735.0M | 665.0M | 609.0M | 590.0M | 573.0M | 541.0M | 538.0M | 541.0M | 542.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into AMGN?
A reverse DCF asks what growth the current price requires. With an enterprise value of $280.8B and $10.2B of trailing free cash flow, Amgen needs to grow free cash flow about 18.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -3.9% a year over the last five years.
P/E ratio history
Current 30.9x vs. median 19.5x (10th–90th percentile 13.2x–37.2x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
AMGN dividend
- Dividend yield
- 2.29%
- Annual dividend
- $10.08
- Years of increases
- 14
- 5-yr dividend growth
- 8.3%
- per year
- Payout ratio
- 61%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
AMGN earnings
Next report: November 3, 2026. Amgen has beaten EPS estimates 8 quarters in a row. Last quarter's revenue was $10.1B (+10% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 4, 2026 | $5.62 | $6.29 | +12.0% |
| Apr 30, 2026 | $4.77 | $5.15 | +8.0% |
| Feb 3, 2026 | $4.73 | $5.29 | +11.9% |
| Nov 4, 2025 | $5.01 | $5.64 | +12.5% |
| Aug 5, 2025 | $5.28 | $6.02 | +14.1% |
| May 1, 2025 | $4.26 | $4.90 | +15.0% |
| Feb 4, 2025 | $5.08 | $5.31 | +4.6% |
| Oct 30, 2024 | $5.11 | $5.58 | +9.3% |
Stocks like AMGN
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 ABBV AbbVie | +0.16% | +29% | $504.8B | 80.7x | Compare |
 GILD Gilead Sciences | -0.73% | +32% | $193.5B | — | Compare |
 VRTX Vertex Pharmaceuticals Incorpor | -2.10% | +24% | $132.8B | 29.9x | Compare |
 REGN Regeneron Pharmaceuticals | -1.72% | +41% | $82.9B | 19.9x | Compare |
 MRNA Moderna | -1.25% | +662% | $79.9B | — | Compare |
 BIIB Biogen | -1.24% | +67% | $37.0B | 44.5x | Compare |
 INCY Incyte | -1.04% | +30% | $23.5B | 14.7x | Compare |
 LLY Eli Lilly and | -2.54% | +56% | $1.1T | 42.7x | Compare |
AMGN news
- Amgen vs. Gilead Sciences: Which Biotech Dividend Stock Is the Better Buy? · Oct 25, 2026
- Amgen’s Imdelltra Cut Lung Cancer Deaths by 58%. Is It Already in the Stock? · Oct 24, 2026
- Amgen vs. Johnson & Johnson: Which Healthcare Giant Has the Better Stock to Buy? · Oct 24, 2026
- IMDELLTRA® IN COMBINATION WITH IMFINZI® REDUCED RISK OF DEATH BY AN UNPRECEDENTED 58% IN FIRST-LINE EXTENSIVE STAGE SMALL CELL LUNG CANCER · Oct 24, 2026
- Amgen (AMGN) Reports Positive Phase 3 TEZSPIRE Results In Eosinophilic Esophagitis · Oct 24, 2026
AMGN stock FAQ
What is AMGN's market cap?
Amgen's market capitalization is $237.48 billion as of October 23, 2026, ranking 49th in the S&P 500.
What is AMGN's P/E ratio?
AMGN trades at a trailing price-to-earnings ratio of 27.3x and a forward P/E of 17.9x. Its median P/E over the period we track is 19.5x.
Does AMGN pay a dividend?
Yes. Amgen pays $10.08 per share a year, a 2.29% yield. It has raised its dividend 14 years in a row. Dividends grew 8.3% a year over the last five years.
How much has AMGN stock returned?
Including reinvested dividends, AMGN returned +54.1% over one year, +19.7% a year over five years, +14.1% a year over ten years through October 23, 2026.
Is AMGN stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Amgen must grow free cash flow about 19% a year for the next decade. Its free cash flow fell 4% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does AMGN report earnings?
Amgen is expected to report earnings on November 3, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Amgen have?
Amgen has about 31,500 full-time employees, or $1.2 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology