Amgen Inc. (AMGN)
Healthcare · Thousand Oaks, California · NASDAQ
Company Description
Financial Performance — 5 Years
Financial Statements
| Item | FY-4 | FY-3 | FY-2 | FY-1 | FY (latest) | Source |
|---|---|---|---|---|---|---|
| Revenue | $26.0B | $26.3B | $28.2B | $33.4B | $36.8B | [AMGN 10-K filed 2026-02-13 · accession 0000318154-26-000010] |
| Gross Profit | $19.2B | $19.1B | $17.9B | $20.4B | $21.5B | [AMGN 10-K filed 2026-02-13 · accession 0000318154-26-000010] |
| Operating Income | $9.1B | $9.6B | $7.9B | $7.3B | $9.1B | [AMGN 10-K filed 2026-02-13 · accession 0000318154-26-000010] |
| Operating Margin % | 35.2% | 36.3% | 29.2% | 25.6% | 26.9% | [AMGN 10-K filed 2026-02-13 · accession 0000318154-26-000010] |
| EBITDA | $12.2B | $12.7B | $12.5B | $13.4B | $14.5B | [AMGN 10-K filed 2026-02-13 · accession 0000318154-26-000010] |
| Net Income | $5.9B | $6.6B | $6.7B | $4.1B | $7.7B | [AMGN 10-K filed 2026-02-13 · accession 0000318154-26-000010] |
| EPS ($) | $10.28 | $12.11 | $12.49 | $7.56 | $14.23 | [AMGN 10-K filed 2026-02-13 · accession 0000318154-26-000010] |
| FCF | $8.4B | $8.7B | $7.5B | $9.3B | $10.3B | [AMGN 10-K filed 2026-02-13 · accession 0000318154-26-000010] |
Economic Moat
Multiples & Valuation
| Multiple | Company | Own 5Y Average | Delta vs 5Y Avg |
|---|---|---|---|
| P/E (TTM) [yfinance snapshot · 5Y computed 2026-04-18] | 19.0x | 25.6x (5Y) | -25.6% |
| P/E (Fwd) [yfinance forward consensus] | 16.1x | N/A | N/A |
| EV/EBITDA [yfinance snapshot · 5Y computed 2026-04-18] | 14.1x | 13.8x (5Y) | +2.2% |
| P/S [yfinance snapshot · 5Y computed 2026-04-18] | 4.2x | 5.0x (5Y) | -16.0% |
| P/B [yfinance snapshot · 5Y computed 2026-04-18] | 22.3x | 26.8x (5Y) | -16.8% |
| Div Yield [yfinance snapshot · 5Y computed 2026-04-18] | 3.50% | 3.08% (5Y) | +0.42pp |
| FCF Yield (snapshot) [computed · 2026-04-18] | 7.09% | 5.76% (5Y) | +23.1% |
The 5Y statistical averages are computed from yfinance annual data (annual income_stmt × balance_sheet × cash_flow + price snapshots at FY-end). Source: lib/compute_5y_multiples.py · Refresh: 2026-04-18 | |||
How to Think About This Company
The full How to Think About This Company analysis for AMGN — covering an examination of the essence, the central variables, potential analytical pitfalls, and what distinguishes professional thinking from noise — is available within the Family Office content.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
Risks & Items Under Watch
Scenario Framework
The framework below describes which conditions would need to hold in each scenario — not a price forecast.
Scenarios are descriptive, not predictive. They outline possible conditions, not expected outcomes. These scenarios contain no probability assessment, no preferred direction, and no expectation as to which one will materialize.
Analytical Lens — The Questions We Ask
In professional company analysis, the question is not "is this good", but rather "what angles must we examine in order not to miss the essentials". Every analysis at Bakshi Finance passes through six angles. The text below is not an assessment — it is the mapping of the questions this analysis is intended to answer.
The analysis is based on an internal multi-factor analytical framework used in professional portfolio management. The framework maps the questions; the answers appear woven through the analysis above.
What the lens is not: there is no rating here, no score, no comparison between this company and any other, and no preference. The same six questions are asked of every company on the site — what differs is the answers, not the tool.
This framework is intended to structure analysis, not to produce an investment conclusion.
Key Observations
This summary is not a recommendation. It is a factual list of what the analysis identified. The decision — belongs to the client.
Disclosure — Family Office Format
Bakshi Finance operates as a Family Office for qualified investors only. Mr. Yaron Bakshi held a licensed investment advisory license from 2008 to 2023. As of the publication date of this document, the firm does not hold a license for investment advice, investment marketing, or portfolio management.
This document is intended for research and professional study purposes only. Nothing herein constitutes a recommendation to buy, sell, hold, or take any other action in any security. Nothing herein substitutes for advice that takes into account each individual's data and needs. Every decision — rests solely with the investor.
Past performance is no indication of future performance. Scenarios are descriptive, not predictive, and do not represent price targets or expected outcomes.