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1. Company Snapshot

1.a. Company Description

Amgen Inc.discovers, develops, manufactures, and delivers human therapeutics worldwide.It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas.


The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta that reduces the chance of infection due a low white blood cell count in patients cancer; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Aranesp to treat a lower-than-normal number of red blood cells and anemia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; and Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization.It also markets Nplate, Vectibix, MVASI, Parsabiv, EPOGEN, KANJINTI, BLINCYTO, Aimovig, EVENITY, AMGEVITATM, Sensipar/Mimpara, NEUPOGEN, IMLYGIC, Corlanor, and AVSOLA.Amgen Inc.


serves healthcare providers, including physicians or their clinics, dialysis centers, hospitals, and pharmacies.It distributes its products through pharmaceutical wholesale distributors, as well as direct-to-consumer channels.It has collaboration agreements with Novartis Pharma AG; UCB; Bayer HealthCare LLC; BeiGene, Ltd.; Eli Lilly and Company; Datos Health; and Verastem, Inc.


to evaluate VS-6766 in combination with lumakrastm (Sotorasib) in patients with KRAS G12C-mutant non-small cell lung cancer.It has an agreement with Kyowa Kirin Co., Ltd.to jointly develop and commercialize KHK4083, a Phase 3-ready anti-OX40 fully human monoclonal antibody for the treatment of atopic dermatitis and other autoimmune diseases; and research and development collaboration with Neumora Therapeutics, Inc.


and Plexium, Inc.Amgen Inc.was incorporated in 1980 and is headquartered in Thousand Oaks, California.

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1.b. Last Insights on AMGN

Amgen's recent performance has been driven by strong Q4 earnings and revenue beat, fueled by robust drug volumes. The company's late-stage MariTide obesity studies have garnered attention. A $86 billion capital return program underscores Amgen's commitment to shareholder value. Institutions are showing interest, with Smartleaf Asset Management LLC increasing its stake by 36.4%. The company's broad portfolio, boosted by the Horizon acquisition, and momentum from key drugs like Repatha and Tezspire, position it well in the biotech market.

1.c. Company Highlights

2. Amgen's 2025 Earnings: A Strong Foundation for Future Growth

Amgen Inc. delivered a robust financial performance in 2025, with revenues and earnings per share (EPS) experiencing double-digit growth. The company's EPS came in at $5.29, beating analyst estimates of $4.73. The broad portfolio achieved record results, with 14 products reaching blockbuster status and 18 products achieving record results. Revenues were bolstered by strong sales across various products, including Repatha, Evenity, and Tezspire, which grew by more than 30% year over year. The biosimilar portfolio also delivered $3 billion in sales, a 37% increase, with PAV Blue, a biosimilar to EYLEA, reaching $700 million in sales.

Publication Date: Feb -04

📋 Highlights
  • Revenue & Earnings Growth:: Amgen achieved double-digit revenue and earnings per share growth in 2025, with total sales expected to reach $37–38.4 billion in 2026.
  • Biosimilar Success:: Generated $3 billion in biosimilar sales in 2025 (up 37%), with cumulative sales of $13 billion since 2018.
  • Blockbuster Portfolio:: 14 products reached blockbuster status, 13 delivered double-digit sales growth, and 18 achieved record results in 2025.
  • Repatha Surge:: Repatha sales grew 36% to $3 billion in 2025, driven by demand for secondary/primary prevention of cardiovascular disease.
  • Rare Disease Expansion:: Rare disease portfolio grew 14% to $5.2 billion, led by Eplisna ($655 million in sales) and Tavneos ($459 million, +62%).

Segment Performance

The company's rare disease portfolio grew 14% year over year to nearly $5.2 billion, led by Eplisna, which achieved $655 million in sales. The innovative oncology portfolio grew 11% year over year, driven by Imdeltra, which has become the standard of care in patients with second-line or later small cell lung cancer. The oncology portfolio, including Blincyto, Imlygic, Lumicraz, Vectibix, Kyprolis, and Xgeva, grew 11% to $8.7 billion. Imdelltro delivered $627 million in sales, fueled by strong clinical conviction and rapid adoption.

Guidance and Valuation

For 2026, Amgen expects total revenues in the range of $37 billion to $38.4 billion and non-GAAP earnings per share between $21.6 and $23. With a current P/E Ratio of 23.67, the market is pricing in a certain level of growth. The EV/EBITDA ratio stands at 13.95, indicating a reasonable valuation. The company's ROE is exceptionally high at 96.65%, suggesting efficient use of shareholder capital. As Amgen continues to invest in its products and pipeline, investors will be watching to see if the company can maintain its leadership position in the market.

Pipeline Updates

Amgen's R&D efforts are focused on disciplined data generation, with multiple late-stage programs and a robust pipeline. The company is advancing Miratide, a potential best-in-class treatment for obesity, type two diabetes, and related conditions. The Maritime Phase III program for Miratide is rapidly advancing, with strong enthusiasm from investigators and participants. The company's pipeline also includes opaziran, which targets elevated Lp(a), a heritable risk factor for cardiovascular disease.

3. NewsRoom

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Alps Advisors Inc. Has $5.29 Million Stake in Amgen Inc. $AMGN

Feb -10

Source: defenseworld.net

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Amgen Inc. (NASDAQ:AMGN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Feb -10

Source: defenseworld.net

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Candriam S.C.A. Cuts Holdings in Amgen Inc. $AMGN

Feb -09

Source: defenseworld.net

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Smartleaf Asset Management LLC Raises Stake in Amgen Inc. $AMGN

Feb -09

Source: defenseworld.net

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Profund Advisors LLC Trims Holdings in Amgen Inc. $AMGN

Feb -09

Source: defenseworld.net

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Oppenheimer & Co. Inc. Acquires 2,111 Shares of Amgen Inc. $AMGN

Feb -09

Source: defenseworld.net

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Twin Capital Management Inc. Sells 5,541 Shares of Amgen Inc. $AMGN

Feb -07

Source: defenseworld.net

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Prime Capital Investment Advisors LLC Sells 2,334 Shares of Amgen Inc. $AMGN

Feb -07

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Human Therapeutics

Expected Growth: 3.0%

Amgen's Human Therapeutics growth of 3.0 is driven by strong sales of flagship products like Enbrel and Repatha, as well as newer launches such as Evenity. Increasing demand for innovative treatments in areas like oncology, inflammation, and cardiovascular disease fuels growth. Amgen's robust pipeline and expanding portfolio of biosimilars also contribute to the segment's growth momentum.

7. Detailed Products

Enbrel

A prescription medication used to treat moderate to severe rheumatoid arthritis, psoriatic arthritis, and ankylosing spondylitis.

Neulasta

A prescription medication used to reduce the incidence of infection in patients with non-myeloid malignancies receiving myelosuppressive anti-cancer drugs.

Prolia

A prescription medication used to treat osteoporosis in postmenopausal women and to increase bone mass in men with osteoporosis.

Xgeva

A prescription medication used to prevent skeletal-related events in patients with bone metastases from solid tumors.

Vectibix

A prescription medication used to treat metastatic colorectal cancer (mCRC) in patients with wild-type KRAS tumors.

Nplate

A prescription medication used to treat thrombocytopenia (low platelet count) in patients with chronic immune thrombocytopenia (ITP).

Aranesp

A prescription medication used to treat anemia in patients with chronic kidney disease (CKD) and in patients with cancer undergoing chemotherapy.

EPOGEN

A prescription medication used to treat anemia in patients with chronic kidney disease (CKD) and in patients with cancer undergoing chemotherapy.

Neupogen

A prescription medication used to reduce the incidence of infection in patients with non-myeloid malignancies receiving myelosuppressive anti-cancer drugs.

8. Amgen Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Amgen Inc. faces moderate threat from substitutes due to the presence of alternative treatments and therapies for various diseases.

Bargaining Power Of Customers

Amgen Inc. has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

Amgen Inc. relies on a few key suppliers for raw materials and services, giving them some bargaining power, but the company's size and scale mitigate this risk.

Threat Of New Entrants

The biotechnology industry has high barriers to entry, including significant research and development costs, regulatory hurdles, and the need for specialized expertise, making it difficult for new entrants to compete with Amgen Inc.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players and new entrants vying for market share, leading to intense rivalry among companies like Amgen Inc.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 91.20%
Debt Cost 5.20%
Equity Weight 8.80%
Equity Cost 6.94%
WACC 5.36%
Leverage 1036.79%

11. Quality Control: Amgen Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
J&J

A-Score: 6.9/10

Value: 3.1

Growth: 4.0

Quality: 8.8

Yield: 6.0

Momentum: 9.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Gilead Sciences

A-Score: 6.8/10

Value: 3.3

Growth: 3.0

Quality: 9.3

Yield: 7.0

Momentum: 9.5

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
AbbVie

A-Score: 6.7/10

Value: 3.1

Growth: 4.7

Quality: 7.2

Yield: 7.0

Momentum: 9.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Amgen

A-Score: 6.3/10

Value: 2.9

Growth: 5.0

Quality: 6.8

Yield: 6.0

Momentum: 9.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Merck

A-Score: 6.2/10

Value: 4.6

Growth: 6.2

Quality: 8.2

Yield: 6.0

Momentum: 4.5

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Bristol-Myers Squibb

A-Score: 5.5/10

Value: 5.0

Growth: 3.9

Quality: 6.5

Yield: 8.0

Momentum: 1.5

Volatility: 8.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

364.65$

Current Price

364.65$

Potential

-0.00%

Expected Cash-Flows