Company Valuation: Amgen Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 126,718 140,139 154,142 140,103 176,250 208,495 - -
Change - 10.59% 9.99% -9.11% 25.8% 18.29% - -
Enterprise Value (EV) 1 151,990 169,779 207,811 188,229 221,725 249,980 244,311 239,308
Change - 11.7% 22.4% -9.42% 17.8% 12.74% -2.27% -2.05%
P/E 21.9x 21.7x 23.1x 34.5x 23x 24.4x 21.9x 21.1x
PBR 18.7x 38.3x 24.7x 23.8x 20.4x 18.4x 15x 12.1x
PEG - 1.2x 7.36x -0.9x 0.3x 2.2x 1.9x 5.74x
Capitalization / Revenue 4.88x 5.32x 5.47x 4.19x 4.8x 5.35x 5.18x 5.02x
EV / Revenue 5.85x 6.45x 7.37x 5.63x 6.03x 6.42x 6.07x 5.76x
EV / EBITDA 9.61x 10.5x 11.9x 9.13x 10.4x 11.4x 11x 10.7x
EV / EBIT 12.2x 13.3x 15.5x 12.5x 13.7x 14.7x 13.8x 13x
EV / FCF 18.1x 19.3x 28.2x 18.1x 27.4x 22.5x 16.6x 15.6x
FCF Yield 5.51% 5.17% 3.54% 5.52% 3.65% 4.45% 6.03% 6.43%
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% 2.62% 2.76% 2.88%
EPS 2 10.28 12.11 12.49 7.56 14.23 15.79 17.65 18.3
Distribution rate 68.5% 64.1% 68.2% 119% 66.9% 63.9% 60.4% 60.8%
Net sales 1 25,979 26,323 28,190 33,424 36,751 38,938 40,233 41,542
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 17,664 18,357
Net income 1 5,893 6,552 6,717 4,090 7,711 8,678 9,342 9,972
Net Debt 1 25,272 29,640 53,669 48,126 45,475 41,485 35,817 30,814
Reference price 2 224.97 262.64 288.02 260.64 327.31 385.65 385.65 385.65
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.($)
32.78x11.92x24.16x0.6% 1,028B
30.03x6.68x18.7x1.99% 651B
33.38x7.81x16.15x2.6% 466B
19.33x4.72x11.71x2.81% 346B
19.72x5.16x12.79x3.11% 266B
21.26x4.42x12.58x1.99% 259B
24.43x6.42x11.43x2.62% 208B
12.52x4.56x9.46x4.01% 191B
-45.4x6.61x25.81x2.19% 186B
Average 16.45x 6.48x 15.87x 2.44% 400.19B
Weighted average by Cap. 23.68x 7.73x 17.83x 1.99%

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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