Company Valuation: Amgen Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 126,718 140,139 154,142 140,103 176,250 204,007 - -
Change - 10.59% 9.99% -9.11% 25.8% 15.75% - -
Enterprise Value (EV) 1 151,990 169,779 207,811 188,229 221,725 245,493 239,824 234,820
Change - 11.7% 22.4% -9.42% 17.8% 10.72% -2.31% -2.09%
P/E 21.9x 21.7x 23.1x 34.5x 23x 23.9x 21.3x 20.6x
PBR 18.7x 38.3x 24.7x 23.8x 20.4x 18x 14.7x 11.9x
PEG - 1.2x 7.36x -0.9x 0.3x 2.2x 1.8x 5.54x
Capitalization / Revenue 4.88x 5.32x 5.47x 4.19x 4.8x 5.24x 5.07x 4.91x
EV / Revenue 5.85x 6.45x 7.37x 5.63x 6.03x 6.3x 5.96x 5.65x
EV / EBITDA 9.61x 10.5x 11.9x 9.13x 10.4x 11.2x 10.8x 10.5x
EV / EBIT 12.2x 13.3x 15.5x 12.5x 13.7x 14.5x 13.6x 12.8x
EV / FCF 18.1x 19.3x 28.2x 18.1x 27.4x 22.1x 16.3x 15.3x
FCF Yield 5.51% 5.17% 3.54% 5.52% 3.65% 4.53% 6.14% 6.55%
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% 2.67% 2.82% 2.95%
EPS 2 10.28 12.11 12.49 7.56 14.23 15.81 17.68 18.34
Distribution rate 68.5% 64.1% 68.2% 119% 66.9% 63.8% 60.3% 60.6%
Net sales 1 25,979 26,323 28,190 33,424 36,751 38,938 40,232 41,543
EBITDA 1 15,822 16,178 17,470 20,620 21,370 21,864 22,215 22,327
EBIT 1 12,424 12,761 13,399 15,028 16,203 16,964 17,664 18,357
Net income 1 5,893 6,552 6,717 4,090 7,711 8,691 9,363 9,994
Net Debt 1 25,272 29,640 53,669 48,126 45,475 41,485 35,816 30,812
Reference price 2 224.97 262.64 288.02 260.64 327.31 377.35 377.35 377.35
Nbr of stocks (in thousands) 563,266 533,579 535,178 537,533 538,481 540,632 - -
Announcement Date 07/02/22 31/01/23 06/02/24 04/02/25 03/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
31.77x11.54x23.41x0.62% 994B
29.54x - - 2.02% 640B
32.92x7.63x15.78x2.67% 454B
18.71x4.57x11.31x2.91% 337B
19.41x5.08x12.59x3.23% 261B
20.34x4.19x11.96x2.11% 246B
23.87x6.3x11.23x2.67% 204B
12.3x4.48x9.37x4.08% 190B
-43.47x6.35x24.81x2.29% 178B
Average 16.16x 6.27x 15.06x 2.51% 389.42B
Weighted average by Cap. 23.19x 7.72x 17.10x 2.05%

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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