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Amgen Inc.
AMGNHealthcareGenerated Aug 20, 2026, 04:12 AM UTC
AMGN (Amgen Inc.) analytical snapshot. Revenue grew +10.0% YoY to $36.75B. 5-year revenue CAGR +7.2%; 10y CAGR +5.4%. Net margin at 20.98% (contracting ▼). Market cap $239.15B at $442.36 per share. Trailing P/E 31.09, P/S 6.51, P/B 20.46. EV/Operating income ≈ 31.11 (EV $282.47B). Risk: Moderate. Macro: Risk-on · Supportive. Composite analytical score -9 (data confidence 82%). Descriptive analytics from public filings — not investment advice.
Free SEC analysis
— computed from SEC filings, free to readFilings & Ownership
Latest annual report (10-K) filed Feb 13, 2026. Latest quarterly report (10-Q) filed Aug 5, 2026. 9 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 13, 2026.
- Latest quarterly report (10-Q) filed Aug 5, 2026.
- 9 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 4 sell transactions — net selling $2.9M.
- ~10,000+ recent 13F-HR filings reference Amgen Inc.; broad institutional reporting.
- Recent filers include THURSTON, SPRINGER, MILLER, HERD & TITAK, INC., Visium Asset Management LLC, LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS /MA.
- 12 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 8 recent 13G passive institutional ownership notices.
| Filer | Form | Filed |
|---|---|---|
| THURSTON, SPRINGER, MILLER, HERD & TITAK, INC. | 13F-HR | May 14, 2024 |
| Visium Asset Management LLC | 13F-HR | May 15, 2007 |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS /MA | 13F-HR | Feb 12, 2004 |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS /MA | 13F-HR | May 11, 2004 |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS /MA | 13F-HR | May 15, 2003 |
| Insider | Date | Net | Buys/Sells |
|---|---|---|---|
| Khosla Rachna | Aug 13, 2026 | -$1.3M | 0/2 |
| Miller Derek | Aug 7, 2026 | -$1.6M | 0/2 |
| Date | Form | Description |
|---|---|---|
| Aug 4, 2026 | 8-K | 8-K |
| Jul 31, 2026 | 8-K | 8-K |
| May 20, 2026 | 8-K | 8-K |
| May 19, 2026 | 8-K | 8-K |
| Apr 30, 2026 | 8-K | 8-K |
| Apr 22, 2026 | 8-K | 8-K |
| Feb 19, 2026 | 8-K | 8-K |
| Feb 3, 2026 | 8-K | 8-K |
SEC Filing Deep-Analysis
3 risk signal(s), 1 positive signal(s) detected from XBRL filing diff analysis. Revenue grew +10.0% but receivables grew +41.1% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Receivables outpacing revenue: Accounts receivable grew +41.1% YoY vs revenue growth of +10.0%. The +31.2% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
- Earnings-cash flow divergence: Net income grew +88.5% while operating cash flow declined -13.3%. This divergence may indicate accrual-based earnings inflation — non-cash gains, aggressive revenue recognition, or working capital absorption. The accrual ratio (NI − OCF) is deteriorating.
- Free cash flow deteriorating: FCF declined +22.1% YoY (from $10.39B to $8.10B). With OCF at $9.96B and capex at $1.86B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- Operating cash flow exceeds net income: OCF is 1.29x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Endogenous analysis: Revenue grew +10.0% but receivables grew +41.1% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Endogenous analysis: Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
- 3 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $33.42B | $36.75B | $3.33B | +10.0% |
| Gross profit | $4.54B | $4.74B | $194.0M | +4.3% |
| Operating income | $7.26B | $9.08B | $1.82B | +25.1% |
| Net income | $4.09B | $7.71B | $3.62B | +88.5% |
| Operating cash flow | $11.49B | $9.96B | $-1.53B | -13.3% |
| Capex | $1.10B | $1.86B | $762.0M | +69.5% |
| Total assets | $91.84B | $90.59B | $-1.25B | -1.4% |
| Long-term debt | $60.10B | $54.60B | $-5.50B | -9.1% |
| Cash & equivalents | $11.97B | $9.13B | $-2.84B | -23.8% |
| Stockholders equity | $5.88B | $8.66B | $2.78B | +47.3% |
| Inventory | $7.00B | $6.22B | $-773.0M | -11.0% |
| Accounts receivable | $6.78B | $9.57B | $2.79B | +41.1% |
| SG&A expense | $7.10B | $7.05B | $-46.0M | -0.6% |
| Interest expense | $3.15B | $2.75B | $-400.0M | -12.7% |
| Type | Concepts |
|---|---|
| Added | DebtInstrumentFaceAmount, LineOfCredit, OtherNonrecurringIncomeExpense |
| Removed | AccruedIncomeTaxesCurrent, AdvertisingExpense, AllocatedShareBasedCompensationExpense, BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1, CapitalizedContractCostNet, CommercialPaper, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit, CurrentIncomeTaxExpenseBenefit, CurrentStateAndLocalTaxExpenseBenefit |
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Impairment charge | medium | 5 | 6 | Ongoing |
Fundamentals
Revenue grew +10.0% YoY to $36.75B. 5-year revenue CAGR +7.2%; 10y CAGR +5.4%. Net margin at 20.98% (contracting ▼).
- Revenue grew +10.0% YoY to $36.75B.
- 5-year revenue CAGR +7.2%; 10y CAGR +5.4%.
- Net margin at 20.98% (contracting ▼).
- Return on equity 89.06%, ROA 8.51%, ROIC 14.35%.
- Gross margin 0.00%, operating margin 24.71%.
- Free cash flow margin 22.04% ($8.10B).
- Net income up ▲ +88.5% YoY.
- Debt/equity 4.90, current ratio 1.37, net debt $43.31B.
- Asset turnover 0.38 — capital efficiency.
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2024 | $33.42B | +18.6% | 0.00 | 21.71 | 12.24 | $10.39B | 69.59 |
| 2025 | $36.75B | +10.0% | 0.00 | 24.71 | 20.98 | $8.10B | 89.06 |
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Sep 30, 2019 | $5.74B | -2.8% | — | 34.30% |
| Mar 31, 2020 | $6.16B | +10.9% | +7.4% | 29.62% |
| Jun 30, 2020 | $6.21B | +5.7% | +0.7% | 29.05% |
| Sep 30, 2020 | $6.42B | +12.0% | +3.5% | 31.47% |
| Mar 31, 2021 | $5.90B | -4.2% | -8.1% | 27.89% |
| Jun 30, 2021 | $6.53B | +5.2% | +10.6% | 7.11% |
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Market cap $239.15B at $442.36 per share. Trailing P/E 31.09, P/S 6.51, P/B 20.46. EV/Operating income ≈ 31.11 (EV $282.47B).
- Market cap $239.15B at $442.36 per share.
Price & Technicals
Price $442.36 — uptrend (above 200-DMA); 1-month momentum positive. RSI(14) 80.65 (overbought).
- Price $442.36 — uptrend (above 200-DMA); 1-month momentum positive.
Macro & Rates
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.
- Market regime: Risk-on · Supportive.
Risk Scorecard
Composite risk Moderate. Leverage debt/equity 4.90 (high). Liquidity current ratio 1.37 (adequate).
- Composite risk: Moderate.
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3 sections free · 4 Pro previews · composite -9
Macro exposure
Defensive · Low sensitivityMacro regime: Risk-on · Supportive. Amgen Inc. is a defensive name (low macro sensitivity) — a supportive backdrop, though defensives lag risk-on tapes.
Analytical read
deterministic previewPrice $442.36 — uptrend (above 200-DMA); 1-month momentum positive..
Peer comparison
Defensive groupHow AMGN stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| DexCom Inc. DXCM | 19 | Neutral |
| Bristol-Myers Squibb BMY | 19 | Neutral |
| Eli Lilly & Co. LLY | 17 | Neutral |
| HCA Healthcare HCA | 9 | Neutral |
| Gilead Sciences GILD | 8 | Neutral |
| Johnson & Johnson JNJ | 8 | Neutral |
| Abbott Laboratories ABT | 7 | Neutral |
| Biogen Inc. BIIB | 7 | Neutral |
| Intuitive Surgical Inc. ISRG | 7 | Neutral |
| Coca-Cola Co. KO | 6 | Neutral |
| Zoetis Inc. ZTS | 6 | Neutral |
| Thermo Fisher Scientific TMO | 3 | Neutral |
| Regeneron Pharmaceuticals REGN | 3 | Neutral |
| Danaher Corp. DHR | 1 | Neutral |
| Merck & Co. MRK | 0 | Neutral |
| Illumina Inc. ILMN | 0 | Neutral |
| Colgate-Palmolive CL | -2 | Neutral |
| Vertex Pharmaceuticals VRTX | -2 | Neutral |
| AbbVie Inc. ABBV | -7 | Neutral |
| Procter & Gamble PG | -7 | Neutral |
| CVS Health Corp. CVS | -8 | Neutral |
| Walmart Inc. WMT | -8 | Neutral |
| Amgen Inc. AMGN● you | -9 | Neutral |
| Mondelez International MDLZ | -10 | Neutral |
| Cigna Group CI | -11 | Neutral |
| Kroger Co. KR | -12 | Neutral |
| Costco Wholesale COST | -14 | Neutral |
| Pfizer Inc. PFE | -15 | Neutral |
| PepsiCo Inc. PEP | -16 | Neutral |
| Sysco Corp. SYY | -16 | Neutral |
| Hershey Co. HSY | -17 | Neutral |
| Kimberly-Clark Corp. KMB | -18 | Neutral |
| Moderna Inc. MRNA | -21 | Neutral |
| UnitedHealth Group UNH | -25 | Neutral |