Amgen (AMGN) Stock Analysis

September 7, 2026

This is a peer-relative look at Amgen (AMGN): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Pharmaceuticals, Biotechnology & Life Sciences peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Amgen (AMGN)
Profile Item	AMGN
Name	Amgen Inc.
Country/Region	United States
GICS Sector	Health Care
GICS Industry Group	Pharmaceuticals, Biotechnology & Life Sciences
GICS Industry	Biotechnology
GICS Sub-Industry	Biotechnology
Market Capitalization	236.38 billion USD
Currency	USD
Exchange	Nasdaq
Listing Date	June 17, 1983
Security Type	Common Stock

Price Performance

Cumulative Growth

AMGN

GSPC

Amgen (AMGN) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Amgen (AMGN) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Amgen (AMGN) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Amgen (AMGN) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: AMGN	Industry group median
Total Return (1Y)	60.43%	48.26%
Total Return (3Y, Annualized)	23.06%	12.46%
Total Return (5Y, Annualized)	17.68%	-4.88%

Risk Profile

Drawdown History

AMGN

GSPC

Amgen (AMGN) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Amgen (AMGN) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Amgen (AMGN) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: AMGN	Industry group median
Volatility (1Y, Annualized)	27.61%	67.21%
Beta (5Y)	0.41	0.93
Max Drawdown (5Y)	-24.86%	-82.64%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. AMGN is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Amgen (AMGN) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: AMGN	Industry group median
Sharpe Ratio (1Y)	2.04	0.78
Sortino Ratio (1Y)	3.64	1.30

Profitability

ROE (TTM)

Amgen (AMGN) posts ROE of 91.47%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

91.47%

Group distribution

Max: 102.29%
AMGN: 91.47%
Q3: 3.16%
Median: -32.34%
Q1: -64.79%
Min: -157.61%

Largest peers

LLY: 102.29%
AMGN: 91.47%
NVS: 30.35%
JNJ: 25.74%
AZN: 21.97%
MRK: 6.96%
ABBV: --

Where Amgen (AMGN) stands on ROE within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Amgen (AMGN) keeps 22.95% of revenue as net profit on net margin, above the industry benchmark range. That is unusually strong bottom-line conversion, though tax effects, asset sales, or other one-off gains should be checked before treating it as durable.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

22.95%

Group distribution

AMGN: 22.95%
Max: 12.02%
Q3: 2.44%
Median: 0.00%
Q1: -4.89%
Min: -13.51%

Largest peers

LLY: 33.53%
AMGN: 22.95%
NVS: 22.50%
JNJ: 21.48%
AZN: 17.02%
ABBV: 9.80%
MRK: 4.77%

Where Amgen (AMGN) stands on net margin within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Amgen (AMGN) turns 35.55% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

35.55%

Group distribution

Max: 76.04%
AMGN: 35.55%
Q3: 10.45%
Median: 0.00%
Q1: -120.32%
Min: -308.66%

Largest peers

LLY: 54.22%
ABBV: 40.04%
AMGN: 35.55%
NVS: 34.62%
JNJ: 29.19%
AZN: 23.46%
MRK: -0.24%

Where Amgen (AMGN) stands on operating margin within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Amgen (AMGN) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: AMGN	Industry group median
ROE (TTM)	91.47%	-32.34%
ROA (TTM)	8.67%	-14.69%
Net Margin (TTM)	22.95%	0.00%
Operating Margin (TTM)	35.55%	0.00%
Gross Margin (TTM)	71.89%	33.96%

Growth

Revenue Growth

Amgen (AMGN) grew revenue 9.95%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Amgen (AMGN): Revenue Growth across different time periods, set against Pharmaceuticals, Biotechnology & Life Sciences industry-group medians.

EPS Growth

Amgen (AMGN) grew earnings per share 88.23%, in the upper peer quartile. Per-share profits are compounding faster than at most industry peers.

Amgen (AMGN): EPS Growth across different time periods, set against Pharmaceuticals, Biotechnology & Life Sciences industry-group medians.

Growth Metrics

Amgen (AMGN) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: AMGN	Industry group median
Revenue Growth (YoY)	9.95%	10.61%
Revenue Growth (3Y CAGR)	11.77%	10.96%
EPS Growth (YoY)	88.23%	3.16%
EPS Growth (3Y CAGR)	5.52%	3.62%

Financial Strength

Current Ratio (MRQ)

Amgen (AMGN) has current ratio of 1.37, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.37

Group distribution

Max: 26.10
Q3: 12.34
Median: 5.72
Q1: 2.80
AMGN: 1.37
Min: 0.10

Largest peers

AMGN: 1.37
LLY: 1.36
MRK: 1.32
JNJ: 1.09
AZN: 0.89
NVS: 0.86
ABBV: 0.81

Where Amgen (AMGN) stands on current ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Amgen (AMGN) has debt-to-equity ratio of 4.90, above the industry benchmark range. Debt sits unusually high against shareholders’ equity, leaving the balance sheet more exposed to rate, refinancing, or earnings shocks.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

4.90

Group distribution

AMGN: 4.90
Max: 1.56
Q3: 0.64
Median: 0.14
Q1: 0.02
Min: 0.00

Largest peers

AMGN: 4.90
LLY: 1.62
MRK: 1.28
NVS: 1.17
AZN: 0.64
JNJ: 0.58
ABBV: --

Where Amgen (AMGN) stands on debt-to-equity ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Amgen (AMGN) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: AMGN	Industry group median
Current Ratio (MRQ)	1.37	5.72
Debt / Equity (MRQ)	4.90	0.14
Net Debt / EBITDA	2.51	1.15

Dividends

Dividend Yield (TTM)

Amgen (AMGN) has dividend yield of 2.21%, above the entire industry range. That headline income is large, but yields this far above peers often come from a falling share price or an at-risk payout, so dividend safety matters more than the percentage itself.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.21%

Group distribution

AMGN: 2.21%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

NVS: 2.86%
ABBV: 2.62%
AMGN: 2.21%
MRK: 2.18%
AZN: 1.96%
JNJ: 1.88%
LLY: 0.56%

Where Amgen (AMGN) stands on dividend yield within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Amgen (AMGN) has payout ratio of 60.87%, above the peer distribution for its industry. The dividend consumes more reported earnings than peers normally do, leaving unusually thin earnings cover.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

60.87%

Group distribution

AMGN: 60.87%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

MRK: 268.80%
ABBV: 190.40%
NVS: 71.60%
AMGN: 60.87%
JNJ: 60.79%
AZN: 47.41%
LLY: 21.69%

Where Amgen (AMGN) stands on payout ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Amgen (AMGN) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: AMGN	Industry group median
Dividend Yield (TTM)	2.21%	0.00%
Dividend Payout Ratio (TTM)	60.87%	0.00%

Valuation

P/E Ratio (TTM)

Amgen (AMGN) trades at P/E ratio of 27.17, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

27.17

Group distribution

Max: 83.73
Q3: 44.68
Median: 28.50
AMGN: 27.17
Q1: 15.51
Min: 0.14

Largest peers

MRK: 120.26
ABBV: 72.45
LLY: 38.61
JNJ: 31.97
AMGN: 27.17
AZN: 24.32
NVS: 24.17

Where Amgen (AMGN) stands on P/E ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Amgen (AMGN) trades at 6.21 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

6.21

Group distribution

Max: 65.27
Q3: 29.50
Median: 7.31
AMGN: 6.21
Q1: 3.49
Min: 0.01

Largest peers

LLY: 12.86
ABBV: 7.04
JNJ: 6.77
AMGN: 6.21
MRK: 5.57
NVS: 5.36
AZN: 4.11

Where Amgen (AMGN) stands on P/S ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Amgen (AMGN) trades at 20.22 on P/B ratio, above the industry benchmark range. Investors are putting an unusually rich price on each dollar of book equity relative to peers.

AMGN

Pharmaceuticals, Biotechnology & Life Sciences industry group

20.22

Group distribution

AMGN: 20.22
Max: 15.46
Q3: 7.32
Median: 4.02
Q1: 1.90
Min: -5.81

Largest peers

LLY: 30.24
AMGN: 20.22
MRK: 8.85
JNJ: 7.80
NVS: 7.32
AZN: 5.02
ABBV: -76.35

Where Amgen (AMGN) stands on P/B ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Amgen (AMGN) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: AMGN	Industry group median
P/E Ratio (TTM)	27.17	28.50
P/S Ratio (TTM)	6.21	7.31
P/B Ratio (MRQ)	20.22	4.02
Free Cash Flow Yield (TTM)	3.66%	-1.84%