# Amgen Inc. (AMGN)

> Source: Nexqual · https://nexqual.com/AMGN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Amgen Inc. (AMGN), nexqual.com/AMGN" · informational, not investment advice.

**Price:** USD 447.28 (+2.04% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 447.28 · day 437.19–450.98 · 52w 288–450.98 · market cap null · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $38.1B, net income $8.74B (23.0% margin), free cash flow $10.2B (SEC filings).
- 4 of 80 tracked superinvestors hold AMGN (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 1 added, 3 reduced, 0 unchanged.
- Analysts: Hold (mean 2.74 on a 1–5 scale) (34 analysts), mean target USD 396.7 (range 225–500).
- Total return with dividends: 1Y +57.0% vs S&P 500 +14.9%; 5Y +149.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 5.79, revenue estimate $10.1B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $26.0B | $26.3B | $28.2B | $33.4B | $36.8B | $38.1B |
| Gross profit | $19.5B | $19.9B | $19.7B | $20.6B | $24.7B | — |
| Operating income | $7.64B | $9.57B | $7.90B | $7.26B | $9.08B | $11.4B |
| Net income | $5.89B | $6.55B | $6.72B | $4.09B | $7.71B | $8.74B |
| EPS (diluted) | $10.28 | $12.11 | $12.49 | $7.56 | $14.23 | — |
| Free cash flow | $8.38B | $8.79B | $7.36B | $10.4B | $8.10B | $10.2B |
| Gross margin | 75.2% | 75.7% | 70.0% | 61.5% | 67.2% | — |
| Operating margin | 29.4% | 36.3% | 28.0% | 21.7% | 24.7% | 30.0% |
| Net margin | 22.7% | 24.9% | 23.8% | 12.2% | 21.0% | 23.0% |
| Revenue growth | +2.2% | +1.3% | +7.1% | +18.6% | +10.0% | — |
| Cash + short-term investments | $8.04B | $9.30B | $10.9B | — | — | — |
| Total debt | $33.3B | $38.9B | $64.6B | $60.1B | $54.6B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 23.0x, Dec 2024 34.5x, Dec 2023 23.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold AMGN (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Torray Funds |  | 2.92% | $21.6M | Added +10.7% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 2.91% | $35.4M | Reduced -18.4% | Q3 2026 |
| Mairs & Power | Mairs & Power Funds | 0.02% | $1.8M | Reduced -0.8% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $4.6M | Reduced -4.1% | Q2 2026 |

## Analysts
Consensus Hold (mean 2.74 on a 1–5 scale), 34 analysts; mean target USD 396.7 (low 225, high 500).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Barclays | Target raised | Equal-Weight | $380 → $400 |
| 2026-10-13 | Guggenheim | Target lowered | Neutral | $388 → $378 |
| 2026-10-12 | BMO Capital | Target lowered | Market Perform | $450 → $415 |
| 2026-10-12 | Wells Fargo | Target lowered | Equal-Weight | $435 → $430 |
| 2026-10-09 | UBS | Target raised | Buy | $430 → $470 |
| 2026-10-08 | RBC Capital | Target raised | Outperform | $400 → $430 |
| 2026-10-08 | Cantor Fitzgerald | Target raised | Neutral | $400 → $440 |
| 2026-10-07 | Truist Securities | Target raised | Hold | $362 → $380 |
| 2026-10-07 | Morgan Stanley | Target lowered | Equal-Weight | $362 → $359 |
| 2026-09-29 | Scotiabank | Target raised | Sector Outperform | $450 → $500 |
| 2026-09-10 | HSBC | Downgrade | Buy → Hold | $445 → $425 |
| 2026-09-08 | BMO Capital | Downgrade | Outperform → Market Perform | $450 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +57.0% | +149.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +57.2% | +20.0% |
| Volatility (annualized) | 29.6% | 25.3% |
| Max drawdown | -16.6% (Feb 2026→May 2026) | -23.1% (Nov 2022→May 2023) |

## Peers (Drug Manufacturers - General)
AZN (AstraZeneca PLC) USD 172.57 +2.45% · NVS (Novartis AG) USD 156.27 +1.52% · GILD (Gilead Sciences, Inc.) USD 157.19 +2.36% · NVO (Novo Nordisk A/S) USD 39.43 +0.95% · PFE (Pfizer, Inc.) USD 30.42 +1.91% · MRK (Merck & Company, Inc.) USD 147.24 -1.76%

## More
Full page: https://nexqual.com/AMGN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name AMGN in their own reports (relationship from AMGN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Neumora Therapeutics, Inc. (NMRA) | 10-K 2026-03-30 | "Until a specified period of time following the achievement of the first successful Phase 2 clinical trial for any licensed product, if we choose to sell, transfer, sublicense or divest rights to a lic…" |
| partner | Jasper Therapeutics, Inc. (JSPR) | 10-K 2026-03-30 | "have an exclusive license agreement with Amgen Inc. ("Amgen") for the development and commercialization of the briquilimab" |
| partner | CytomX Therapeutics, Inc. (CTMX) | 10-K 2026-03-16 | "We currently have several strategic alliances with major multinational drug companies, including Amgen, Inc. ("Amgen"), Bristol Myers Squibb, Astellas Pharma Inc. ("Astellas"), Regeneron Pharmaceutica…" |
| partner | Q32 Bio Inc. (QTTB) | 10-K 2026-03-10 | "Following the acquisition, Legacy Q32 agreed with Amgen to mutually terminate the Collaboration and Option Agreement (the "Horizon Collaboration Agreement") and the Asset Purchase Agreement (the "Purc…" |
| partner | Verastem, Inc. (VSTM) | 10-K 2026-03-04 | "In September 2021, we entered into a clinical collaboration agreement with Amgen, Inc. ("Amgen") to evaluate avutometinib in combination with Amgen's KRAS G12C inhibitor LUMAKRAS® (sotorasib) with and…" |
| partner | TScan Therapeutics, Inc. (TCRX) | 10-K 2026-03-04 | "In addition, the Company is continuing to discover targets for Crohn's disease in partnership with Amgen." |
| related | Zymeworks Inc. (ZYME) | 10-K 2026-03-02 | "Dr. Cesano has also held various management positions at Amgen Inc., Biogen Inc. (formerly Biogen Idec) and SmithKline Beecham Pharmaceuticals, where she helped to advance various oncology drugs throu…" |
| partner | BeOne Medicines Ltd. (ONC) | 10-K 2026-02-26 | "On October 31, 2019, our wholly-owned subsidiary, BeOne Medicines I GmbH, entered into a Collaboration Agreement with Amgen, which became effective on January 2, 2020 (as amended, the "Amgen Collabora…" |
| partner | Revolution Medicines, Inc. (RVMD) | 10-K 2026-02-25 | "In February 2025, we entered into a clinical collaboration with Amgen Inc. (Amgen) pursuant to which Amgen is evaluating its compound AMG 193, an MTA-cooperative PRMT5 inhibitor, in combination with d…" |
| partner | Xencor Inc (XNCR) | 10-K 2026-02-25 | "Amgen: Xaluritamig is a STEAP1 x CD3 2+1 XmAb bispecific T-cell engager that our partner Amgen is advancing for the treatment of patients with prostate cancer." |
| partner | GENMAB A/S (GMAB) | 20-F 2026-02-17 | "Roche / Amgen Teprotumumab Collaboration" |
| partner | ALNYLAM PHARMACEUTICALS, INC. (ALNY) | 10-K 2026-02-12 | "Companies working on chemically synthesized siRNAs include but are not limited to ADARx Pharmaceuticals, Inc., or ADARx, Amgen Inc., Argo Biopharmaceutical Co., Ltd., or Argo, Aro Biotherapeutics, Arr…" |
| partner | ARROWHEAD PHARMACEUTICALS, INC. (ARWR) | 10-K 2025-11-25 | "The Company has entered into multiple license and collaboration agreements with leading biotech and pharmaceutical companies, including Sarepta Therapeutics, Inc., Amgen Inc., Takeda Pharmaceutical Co…" |
| customer | DAXOR CORP (DXR) | 10-K 2012-03-28 | "manufactured by Amgen) to stimulate rapid red cell replacement; (c) if the patient is suitable for blood donation, remove one unit" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $5.79 | $5.74 | +0.8% | $10.08B | 28 |
| Next quarter (ends 2026-12-31) | $5.77 | $5.77 | +0.1% | $10.27B | 26 |
| Current fiscal year (ends 2026-12-31) | $23.03 | $22.34 | +3.1% | $38.97B | 33 |
| Next fiscal year (ends 2027-12-31) | $24.49 | $23.46 | +4.4% | $40.38B | 31 |