Company Valuation: Amgen Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 126,718 140,139 154,142 140,103 176,250 217,896 - -
Change - 10.59% 9.99% -9.11% 25.8% 23.63% - -
Enterprise Value (EV) 1 151,990 169,779 207,811 188,229 221,725 259,382 253,713 248,710
Change - 11.7% 22.4% -9.42% 17.8% 16.98% -2.19% -1.97%
P/E 21.9x 21.7x 23.1x 34.5x 23x 25.5x 22.8x 21.9x
PBR 18.7x 38.3x 24.7x 23.8x 20.4x 19.3x 15.7x 12.7x
PEG - 1.2x 7.36x -0.9x 0.3x 2.3x 2x 5.28x
Capitalization / Revenue 4.88x 5.32x 5.47x 4.19x 4.8x 5.6x 5.41x 5.23x
EV / Revenue 5.85x 6.45x 7.37x 5.63x 6.03x 6.66x 6.29x 5.97x
EV / EBITDA 9.61x 10.5x 11.9x 9.13x 10.4x 11.9x 11.4x 11.1x
EV / EBIT 12.2x 13.3x 15.5x 12.5x 13.7x 15.3x 14.3x 13.5x
EV / FCF 18.1x 19.3x 28.2x 18.1x 27.4x 23.3x 17.2x 16.2x
FCF Yield 5.51% 5.17% 3.54% 5.52% 3.65% 4.28% 5.81% 6.19%
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% 2.5% 2.64% 2.76%
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 2 224.97 262.64 288.02 260.64 327.31 403.04 403.04 403.04
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.45x11.78x23.93x0.61% 1,019B
28.48x6.32x17.7x2.09% 617B
33.26x7.78x16.08x2.64% 464B
104.98x5.87x24.89x2.36% 356B
18.81x4.58x11.36x2.9% 333B
19.83x5.17x12.78x3.09% 267B
20.02x4.17x11.86x2.13% 244B
25.46x6.66x11.86x2.5% 218B
-43.78x6.39x24.97x2.27% 179B
Average 26.61x 6.52x 17.27x 2.29% 410.8B
Weighted average by Cap. 31.80x 7.61x 18.61x 1.96%

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