Company Valuation: Amgen Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 126,718 140,139 154,142 140,103 176,250 229,033 - -
Change - 10.59% 9.99% -9.11% 25.8% 29.95% - -
Enterprise Value (EV) 1 151,990 169,779 207,811 188,229 221,725 270,519 264,850 259,847
Change - 11.7% 22.4% -9.42% 17.8% 22.01% -2.1% -1.89%
P/E 21.9x 21.7x 23.1x 34.5x 23x 26.8x 24x 23x
PBR 18.7x 38.3x 24.7x 23.8x 20.4x 20.2x 16.5x 13.3x
PEG - 1.2x 7.36x -0.9x 0.3x 2.4x 2.1x 5.54x
Capitalization / Revenue 4.88x 5.32x 5.47x 4.19x 4.8x 5.88x 5.68x 5.5x
EV / Revenue 5.85x 6.45x 7.37x 5.63x 6.03x 6.95x 6.57x 6.24x
EV / EBITDA 9.61x 10.5x 11.9x 9.13x 10.4x 12.4x 11.9x 11.6x
EV / EBIT 12.2x 13.3x 15.5x 12.5x 13.7x 15.9x 15x 14.1x
EV / FCF 18.1x 19.3x 28.2x 18.1x 27.4x 24.3x 18x 16.9x
FCF Yield 5.51% 5.17% 3.54% 5.52% 3.65% 4.11% 5.56% 5.92%
Dividend per Share 2 7.04 7.76 8.52 9 9.52 10.09 10.66 11.12
Rate of return 3.13% 2.95% 2.96% 3.45% 2.91% 2.38% 2.52% 2.63%
EPS 2 10.28 12.11 12.49 7.56 14.23 15.83 17.67 18.41
Distribution rate 68.5% 64.1% 68.2% 119% 66.9% 63.7% 60.3% 60.4%
Net sales 1 25,979 26,323 28,190 33,424 36,751 38,938 40,309 41,654
EBITDA 1 15,822 16,178 17,470 20,620 21,370 21,864 22,213 22,322
EBIT 1 12,424 12,761 13,399 15,028 16,203 16,964 17,686 18,396
Net income 1 5,893 6,552 6,717 4,090 7,711 8,581 9,393 9,971
Net Debt 1 25,272 29,640 53,669 48,126 45,475 41,485 35,817 30,814
Reference price 2 224.97 262.64 288.02 260.64 327.31 423.64 423.64 423.64
Nbr of stocks (in thousands) 563,266 533,579 535,178 537,533 538,481 540,632 - -
Announcement Date 7/2/22 31/1/23 6/2/24 4/2/25 3/2/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
33.68x12.2x24.79x0.59% 1,056B
29.76x6.61x18.5x2% 645B
33.32x7.79x16.11x2.63% 465B
108.6x6.05x25.67x2.29% 368B
19.01x4.64x11.49x2.87% 335B
20.51x5.32x13.17x3.01% 275B
20.92x4.34x12.36x2.04% 255B
26.76x6.95x12.37x2.38% 229B
-45.76x6.66x26x2.18% 188B
Average 27.42x 6.73x 17.83x 2.22% 423.98B
Weighted average by Cap. 32.80x 7.85x 19.23x 1.9%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield