Amgen - Public Comps and Valuation Multiples

Amgen Overview

About Amgen

Amgen is a leader in biotechnology-based human therapeutics. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel and Otezla for inflammatory diseases. Amgen introduced its first cancer therapeutic, Vectibix, in 2006 and markets bone-strengthening drugs Prolia/Xgeva (approved 2010) and Evenity (2019). The acquisition of Onyx Pharmaceuticals bolstered the firm's therapeutic oncology portfolio with Kyprolis. Recent launches include Repatha (cholesterol-lowering), Aimovig (migraine), Lumakras (lung cancer), and Tezspire (asthma). The 2023 Horizon acquisition brought several rare-disease drugs, including thyroid eye disease drug Tepezza. Amgen also has a growing biosimilar portfolio.

Founded

1980

HQ

Employees

28K+

Website

amgen.com

Sectors

Biopharmaceuticals
Drug Development & Therapeutics
BioTech

Financials

LTM Revenue $35.0B

LTM EBITDA $18.5B

EV

$197B

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Amgen Financials

As of August 2025, Amgen reported last 12-month revenue of $35.0B and EBITDA of $18.5B.

In the same period, Amgen generated $28.6B in LTM gross profit and $11.2B in net income.

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Amgen P&L

In the most recent fiscal year, Amgen reported revenue of $33.4B and EBITDA of $13.4B.

Amgen expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$35.0B	XXX	$33.4B	XXX	XXX	XXX
Gross Profit	$28.6B	XXX	$20.6B	XXX	XXX	XXX
Gross Margin	82%	XXX	62%	XXX	XXX	XXX
EBITDA	$18.5B	XXX	$13.4B	XXX	XXX	XXX
EBITDA Margin	53%	XXX	40%	XXX	XXX	XXX
EBIT	$15.4B	XXX	$7.3B	XXX	XXX	XXX
EBIT Margin	44%	XXX	22%	XXX	XXX	XXX
Net Profit	$11.2B	XXX	$4.1B	XXX	XXX	XXX
Net Margin	32%	XXX	12%	XXX	XXX	XXX
Net Debt	XXX	XXX	$48.1B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Amgen including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $35.0B. EBITDA for the last twelve months was $18.5B. In the most recent fiscal year, Amgen achieved $33.4B in revenue and $13.4B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$35.0B	Analyst estimates available to subscribers	$33.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$28.6B	Analyst estimates available to subscribers	$20.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	81.7% gross margin	Analyst estimates available to subscribers	61.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$18.5B	Analyst estimates available to subscribers	$13.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	52.7% EBITDA margin	Analyst estimates available to subscribers	40.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$15.4B	Analyst estimates available to subscribers	$7.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	44.0% EBIT margin	Analyst estimates available to subscribers	21.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$11.2B	Analyst estimates available to subscribers	$4.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	32.0% net profit margin	Analyst estimates available to subscribers	12.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$48.1B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Amgen

This financial data table provides comprehensive performance metrics for Amgen, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Amgen generated $35.0B in revenue over the last twelve months.
The company achieved $18.5B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $28.6B.
Net income over the last twelve months reached $11.2B.

Fiscal Year Performance

In the most recent fiscal year, Amgen reported $33.4B in total revenue.
Fiscal year EBITDA was $13.4B.
The company maintained a gross profit margin of 61.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was 40.0%.
Net profit margin reached 12.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Amgen. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Amgen Stock Performance

Amgen has current market cap of $149B, and EV of $197B.

Market Cap Evolution

Amgen Stock Data

As of September 12, 2025, Amgen's stock price is $276.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$197B	$149B	XXX	XXX	XXX	XXX	$20.72

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Amgen Valuation Multiples

Amgen's trades at 5.9x EV/Revenue multiple, and 14.7x EV/EBITDA.

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Amgen Financial Valuation Multiples

As of September 12, 2025, Amgen has market cap of $149B and EV of $197B.

Equity research analysts estimate Amgen's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Amgen has a P/E ratio of 13.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$149B	XXX	$149B	XXX	XXX	XXX
EV (current)	$197B	XXX	$197B	XXX	XXX	XXX
EV/Revenue	5.6x	XXX	5.9x	XXX	XXX	XXX
EV/EBITDA	10.7x	XXX	14.7x	XXX	XXX	XXX
EV/EBIT	12.8x	XXX	27.1x	XXX	XXX	XXX
EV/Gross Profit	6.9x	XXX	n/a	XXX	XXX	XXX
P/E	13.3x	XXX	36.4x	XXX	XXX	XXX
EV/FCF	19.1x	XXX	19.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Amgen Margins & Growth Rates

Amgen's last 12 month revenue growth is 3%

Amgen's revenue per employee in the last FY averaged $1.2M, while opex per employee averaged $0.5M for the same period.

Amgen's rule of 40 is 56% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Amgen's rule of X is 61% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Amgen Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	4%	XXX	XXX	XXX
EBITDA Margin	53%	XXX	40%	XXX	XXX	XXX
EBITDA Growth	-4%	XXX	9%	XXX	XXX	XXX
Rule of 40	56%	XXX	43%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	61%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	18%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	40%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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