Company Valuation: Amgen Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 126,718 140,139 154,142 140,103 176,250 191,731 - -
Change - 10.59% 9.99% -9.11% 25.8% 8.78% - -
Enterprise Value (EV) 1 151,990 169,779 207,811 188,229 221,725 233,673 228,022 223,299
Change - 11.7% 22.4% -9.42% 17.8% 5.39% -2.42% -2.07%
P/E 21.9x 21.7x 23.1x 34.5x 23x 23.3x 21.4x 20.5x
PBR 18.7x 38.3x 24.7x 23.8x 20.4x 17.9x 15x 12.4x
PEG - 1.2x 7.36x -0.9x 0.3x 3.26x 2.36x 5.12x
Capitalization / Revenue 4.88x 5.32x 5.47x 4.19x 4.8x 5.08x 4.96x 4.83x
EV / Revenue 5.85x 6.45x 7.37x 5.63x 6.03x 6.19x 5.9x 5.62x
EV / EBITDA 9.61x 10.5x 11.9x 9.13x 10.4x 10.9x 10.6x 10.7x
EV / EBIT 12.2x 13.3x 15.5x 12.5x 13.7x 14.2x 13.4x 12.8x
EV / FCF 18.1x 19.3x 28.2x 18.1x 27.4x 18.4x 15.1x 14.6x
FCF Yield 5.51% 5.17% 3.54% 5.52% 3.65% 5.43% 6.63% 6.83%
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% 2.84% 3% 3.13%
EPS 2 10.28 12.11 12.49 7.56 14.23 15.25 16.63 17.29
Distribution rate 68.5% 64.1% 68.2% 119% 66.9% 66.2% 64.1% 64.3%
Net sales 1 25,979 26,323 28,190 33,424 36,751 37,743 38,668 39,735
EBITDA 1 15,822 16,178 17,470 20,620 21,370 21,359 21,472 20,861
EBIT 1 12,424 12,761 13,399 15,028 16,203 16,491 16,983 17,474
Net income 1 5,893 6,552 6,717 4,090 7,711 8,219 8,851 9,284
Net Debt 1 25,272 29,640 53,669 48,126 45,475 41,942 36,290 31,568
Reference price 2 224.97 262.64 288.02 260.64 327.31 355.25 355.25 355.25
Nbr of stocks (in thousands) 563,266 533,579 535,178 537,533 538,481 539,708 - -
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.($)
23.3x6.19x10.94x2.84% 192B
34.25x12.25x25.43x0.59% 1,028B
27.09x6.22x16.9x2.1% 611B
30.33x7.27x14.9x2.81% 432B
17.47x4.34x10.68x3.06% 323B
21.17x5.44x13.17x2.9% 277B
20.69x4.37x12.08x2.02% 257B
13.99x5.26x10.84x3.55% 217B
-46.85x5.61x31x2.5% 161B
12.32x3.04x7.69x7.12% 138B
Average 15.38x 6.00x 15.36x 2.95% 363.65B
Weighted average by Cap. 22.92x 7.49x 17.50x 2.23%

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

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