Company Valuation: Amgen Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 126,718 140,139 154,142 140,103 176,250 236,381 - -
Change - 10.59% 9.99% -9.11% 25.8% 34.12% - -
Enterprise Value (EV) 1 151,990 169,779 207,811 188,229 221,725 277,866 272,209 267,212
Change - 11.7% 22.4% -9.42% 17.8% 25.32% -2.04% -1.84%
P/E 21.9x 21.7x 23.1x 34.5x 23x 27.7x 24.7x 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 6.07x 5.88x 5.69x
EV / Revenue 5.85x 6.45x 7.37x 5.63x 6.03x 7.14x 6.77x 6.43x
EV / EBITDA 9.61x 10.5x 11.9x 9.13x 10.4x 13.1x 12.6x 12.4x
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% 4% 5.41% 5.76%
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% 2.31% 2.44% 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 38,938 40,207 41,556
EBITDA 1 15,822 16,178 17,470 20,620 21,370 21,131 21,558 21,629
EBIT 1 12,424 12,761 13,399 15,028 16,203 16,964 17,669 18,348
Net income 1 5,893 6,552 6,717 4,090 7,711 8,582 9,360 9,885
Net Debt 1 25,272 29,640 53,669 48,126 45,475 41,486 35,828 30,831
Reference price 2 224.97 262.64 288.02 260.64 327.31 437.23 437.23 437.23
Nbr of stocks (in thousands) 563,266 533,579 535,178 537,533 538,481 540,632 - -
Announcement Date 2/7/22 1/31/23 2/6/24 2/4/25 2/3/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.66x7.14x13.15x2.31% 236B
32.72x11.9x24.26x0.6% 1,024B
30.62x - - 1.95% 663B
32.73x7.6x15.8x2.67% 453B
19.89x4.73x11.71x2.8% 352B
22.72x5.84x14.51x2.7% 304B
20.87x4.29x12.24x2.06% 252B
13.33x4.82x10.06x3.78% 206B
-46.14x6.65x25.95x2.18% 187B
17.83x3.37x8.6x6.05% 162B
Average 17.22x 6.26x 15.14x 2.71% 384.05B
Weighted average by Cap. 23.79x 7.75x 17.33x 2.12%

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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  4. Valuation Amgen Inc.