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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 was driven by strong Q3 results, with double-digit revenue and volume growth across key segments. The company's revenue increased 12% year-over-year to $9.6 billion, with a non-GAAP operating margin of 47%. A 31% year-over-year growth in R&D investment underscores Amgen's commitment to future growth. The company raised its 2025 outlook, implying resilient bottom-line growth. With a 3.2% dividend yield and favorable valuation metrics, Amgen remains a compelling long-term buy (Source: Amgen: Q3 Earnings Indicate Strong Emphasis On R&D).

1.c. Company Highlights

2. Amgen's Q3 2025 Earnings: Strong Performance and Pipeline Progress

Amgen reported a robust Q3 2025, with revenues increasing 12% year-over-year to $9.6 billion, driven by a 14% volume growth. The company's non-GAAP operating margin was 47%, reflecting significant investments across the business. Earnings per share (EPS) came in at $5.64, beating analyst estimates of $5.02. The company's free cash flow generation was strong, at $4.2 billion, and it returned capital to shareholders through a competitive dividend payment of $2.38 per share, representing a 6% increase.

Publication Date: Nov -06

📋 Highlights
  • Revenue Growth:: Q3 revenue rose 12% YoY to $9.6 billion, driven by 14% volume growth and 16 products with double-digit growth.
  • Repatha Sales Surge:: Repatha sales jumped 40% YoY to $794 million, supported by the AmgenNow platform for lower pricing and expanded access.
  • Biosimilars Expansion:: Biosimilar portfolio sales surged 52% YoY to $775 million, annualizing at $3 billion, with PAVBLU contributing $213 million in Q3.
  • 2025 Guidance Raised:: Revenue guidance raised to $35.8–36.6 billion, and non-GAAP EPS guidance set at $20.60–21.40, reflecting confidence in growth.
  • R&D & Capital Returns:: Generated $4.2 billion in free cash flow, returned $2.38/share dividend (6% increase), and invested $40 billion in R&D since 2017.

Revenue Growth Drivers

The revenue growth was driven by 16 products that grew at double-digit rates, with 14 now annualizing at over $1 billion in sales. Repatha delivered $794 million in sales, up 40% year-over-year, while EVENITY delivered $541 million, up 36%. The rare disease portfolio grew 13% year-over-year to $1.4 billion, driven by UPLIZNA, which increased 46% year-over-year to $155 million. The biosimilar portfolio also showed significant growth, increasing 52% year-over-year to $775 million.

Pipeline Progress

Amgen's late-stage programs advanced, including MariTide, which has six global Phase III studies underway. The VESALIUS-CV trial, which studied Repatha, met its dual primary endpoints, demonstrating significant reductions in major adverse cardiovascular events. The company expects to share full results at the American Heart Association Scientific Sessions on November 8. IMDELLTRA, a therapy for small cell lung cancer, was updated in NCCN guidelines as the highest recommended therapy in the second-line setting.

Valuation and Outlook

Amgen's valuation metrics indicate a premium, with a P/E Ratio of 24.57 and P/S Ratio of 4.79. The company's ROE is high at 96.19%, but ROIC is more modest at 10.44%. Analysts estimate next year's revenue growth at 1.5%. The company's guidance for 2025 was raised, with total revenues expected to be in the range of $35.8 billion to $36.6 billion and non-GAAP earnings per share between $20.60 and $21.40.

Future Prospects

Amgen is well-positioned to capitalize on the growing opportunity in autoimmune diseases, with two in-market brands and a dynamic pipeline. The company's pipeline has several impactful cards turning over in the next 6-12 months, including the VESALIUS-CV trial results and forthcoming data on the IMDELLTRA platform. The obesity market also presents a significant opportunity, with MariTide having a differentiated profile compared to existing treatments.

3. NewsRoom

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3 Potential Mid-Cap Biotech Buyout Targets In 2026

Dec -03

Source: seekingalpha.com

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Amgen Inc. (AMGN) Presents at Citi Annual Global Healthcare Conference 2025 Transcript

Dec -03

Source: seekingalpha.com

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Amgen Inc. (AMGN) Presents at Evercore 8th Annual Healthcare Conference Transcript

Dec -03

Source: seekingalpha.com

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Analyst Says Viridian's New Thyroid Eye Drug Could Outperform Amgen's Tepezza

Dec -03

Source: feeds.benzinga.com

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30% of the S&P 500 Is Mag 7 Tech Stocks, but This ETF Refuses to Own a Single One

Dec -02

Source: 247wallst.com

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Beacon Pointe Advisors LLC Sells 4,768 Shares of Amgen Inc. $AMGN

Dec -02

Source: defenseworld.net

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2 Dividend Stocks to Double Up On Right Now

Dec -02

Source: fool.com

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AMGN Up Almost 16% in a Month: Should You Buy, Sell or Hold the Stock?

Dec -01

Source:

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
AbbVie

A-Score: 6.6/10

Value: 3.0

Growth: 4.7

Quality: 7.5

Yield: 7.0

Momentum: 8.5

Volatility: 9.0

1-Year Total Return ->

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Gilead Sciences

A-Score: 6.5/10

Value: 3.3

Growth: 3.0

Quality: 8.6

Yield: 7.0

Momentum: 9.0

Volatility: 8.3

1-Year Total Return ->

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J&J

A-Score: 6.4/10

Value: 3.0

Growth: 4.0

Quality: 7.7

Yield: 6.0

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

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Merck

A-Score: 5.9/10

Value: 4.8

Growth: 6.2

Quality: 7.8

Yield: 7.0

Momentum: 1.5

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Bristol-Myers Squibb

A-Score: 5.6/10

Value: 5.0

Growth: 3.9

Quality: 6.4

Yield: 8.0

Momentum: 2.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Amgen

A-Score: 5.4/10

Value: 2.9

Growth: 5.2

Quality: 6.8

Yield: 6.0

Momentum: 3.0

Volatility: 8.3

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

329.89$

Current Price

329.89$

Potential

-0.00%

Expected Cash-Flows