Company Valuation: Amgen Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 126,718 140,139 154,142 140,103 176,250 236,862 - -
Change - 10.59% 9.99% -9.11% 25.8% 34.39% - -
Enterprise Value (EV) 1 151,990 169,779 207,811 188,229 221,725 278,347 272,690 267,693
Change - 11.7% 22.4% -9.42% 17.8% 25.54% -2.03% -1.83%
P/E 21.9x 21.7x 23.1x 34.5x 23x 27.7x 24.8x 23.9x
PBR 18.7x 38.3x 24.7x 23.8x 20.4x 20.9x 17.1x 13.8x
PEG - 1.2x 7.36x -0.9x 0.3x 2.5x 2.1x 6.45x
Capitalization / Revenue 4.88x 5.32x 5.47x 4.19x 4.8x 6.08x 5.89x 5.7x
EV / Revenue 5.85x 6.45x 7.37x 5.63x 6.03x 7.15x 6.78x 6.45x
EV / EBITDA 9.61x 10.5x 11.9x 9.13x 10.4x 12.7x 12.3x 12x
EV / EBIT 12.2x 13.3x 15.5x 12.5x 13.7x 16.4x 15.4x 14.6x
EV / FCF 18.1x 19.3x 28.2x 18.1x 27.4x 25x 18.5x 17.4x
FCF Yield 5.51% 5.17% 3.54% 5.52% 3.65% 3.99% 5.4% 5.75%
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% 2.3% 2.43% 2.54%
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 2 224.97 262.64 288.02 260.64 327.31 438.12 438.12 438.12
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.($)
27.71x7.15x12.7x2.3% 237B
33.02x11.99x24.3x0.6% 1,034B
29.7x - - 1.98% 654B
33.18x7.69x15.99x2.64% 459B
19.36x4.61x11.42x2.88% 343B
22.91x5.89x14.6x2.71% 307B
20.82x4.27x12.21x2.06% 251B
13.18x4.74x9.88x3.82% 202B
-45.81x6.6x25.78x2.2% 186B
17.89x3.38x8.62x6.03% 163B
Average 17.20x 6.26x 15.06x 2.72% 383.43B
Weighted average by Cap. 23.81x 7.80x 17.33x 2.13%

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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