Company Valuation: Amgen Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 126,718 140,139 154,142 140,103 176,250 233,780 - -
Change - 10.59% 9.99% -9.11% 25.8% 32.64% - -
Enterprise Value (EV) 1 151,990 169,779 207,811 188,229 221,725 275,266 269,608 264,611
Change - 11.7% 22.4% -9.42% 17.8% 24.15% -2.06% -1.85%
P/E 21.9x 21.7x 23.1x 34.5x 23x 27.4x 24.5x 23.6x
PBR 18.7x 38.3x 24.7x 23.8x 20.4x 20.7x 16.9x 13.6x
PEG - 1.2x 7.36x -0.9x 0.3x 2.5x 2.1x 6.37x
Capitalization / Revenue 4.88x 5.32x 5.47x 4.19x 4.8x 6x 5.82x 5.63x
EV / Revenue 5.85x 6.45x 7.37x 5.63x 6.03x 7.07x 6.71x 6.37x
EV / EBITDA 9.61x 10.5x 11.9x 9.13x 10.4x 12.6x 12.2x 11.9x
EV / EBIT 12.2x 13.3x 15.5x 12.5x 13.7x 16.2x 15.3x 14.4x
EV / FCF 18.1x 19.3x 28.2x 18.1x 27.4x 24.8x 18.3x 17.2x
FCF Yield 5.51% 5.17% 3.54% 5.52% 3.65% 4.04% 5.47% 5.82%
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% 2.33% 2.46% 2.57%
EPS 2 10.28 12.11 12.49 7.56 14.23 15.81 17.68 18.33
Distribution rate 68.5% 64.1% 68.2% 119% 66.9% 63.8% 60.3% 60.7%
Net sales 1 25,979 26,323 28,190 33,424 36,751 38,939 40,196 41,525
EBITDA 1 15,822 16,178 17,470 20,620 21,370 21,919 22,189 22,265
EBIT 1 12,424 12,761 13,399 15,028 16,203 16,964 17,660 18,321
Net income 1 5,893 6,552 6,717 4,090 7,711 8,598 9,394 9,890
Net Debt 1 25,272 29,640 53,669 48,126 45,475 41,486 35,828 30,831
Reference price 2 224.97 262.64 288.02 260.64 327.31 432.42 432.42 432.42
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.($)
27.35x7.07x12.56x2.33% 234B
33.44x12.14x24.6x0.59% 1,047B
29.82x - - 2% 646B
32.61x7.57x15.74x2.68% 451B
19.99x4.75x11.76x2.79% 355B
21.76x5.62x13.93x2.85% 291B
20.88x4.29x12.24x2.06% 252B
13.25x4.77x9.95x3.83% 203B
-44.51x6.43x25.11x2.26% 181B
17.52x3.32x8.48x6.16% 159B
Average 17.21x 6.22x 14.93x 2.76% 381.86B
Weighted average by Cap. 23.96x 7.83x 17.34x 2.14%

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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