Amgen
Develops and manufactures medicines and biosimilars across general medicine, rare disease, inflammation, and oncology.
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Profile
Discovers, develops, manufactures, and sells medicines and biosimilars across general medicine, rare disease, inflammation, and oncology. A single human-therapeutics segment earns primarily from product sales, with the United States as its largest market and an internal biologics-manufacturing network supporting global supply.
Discovers, develops, manufactures, and sells medicines across general medicine, rare disease, inflammation, oncology, and biosimilars. Core franchises include Prolia and EVENITY in bone health, Repatha in cardiovascular disease, Otezla and TEZSPIRE in inflammation, TEPEZZA, KRYSTEXXA, and UPLIZNA in rare disease, and BLINCYTO and IMDELLTRA in oncology. Most products are biologics, supported by specialized cell-based manufacturing and a commercial presence spanning the United States, Europe, Asia, Latin America, and the Middle East.
Operates as a single human-therapeutics segment, earning primarily from product sales. The United States is its largest market. Performance depends on regulatory approvals, payer coverage and pricing, patent protection, and reliable manufacturing; biosimilar competition is eroding Prolia and XGEVA, while a small group of large wholesalers handles most worldwide gross revenue.
Company facts
Key statistics
Year to date +32.0% · Average volume (30d) 2.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 20, 2026 | Piper Sandler | Reiterate | Overweight | $427 | $457 |
| Aug 19, 2026 | Morgan Stanley | Reiterate | Overweight | $333 | $362 |
| Aug 19, 2026 | Argus Research | Reiterate | Buy | $460 | |
| Aug 18, 2026 | Cantor Fitzgerald | Reiterate | Neutral | $315 | $400 |
| Aug 18, 2026 | Mizuho Securities | Target | $303 | $352 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $5.62 | $6.29 | +11.9% | $9.43B | $10.05B | +6.7% | +4.57% |
| Apr 30, 2026Q1 FY26 | $4.77 | $5.15 | +8.0% | $8.58B | $8.62B | +0.5% | −4.75% |
| Feb 3, 2026Q4 FY25 | $4.73 | $5.29 | +11.8% | $9.47B | $9.87B | +4.1% | +8.15% |
| Nov 4, 2025Q3 FY25 | $5.02 | $5.64 | +12.4% | $8.97B | $9.56B | +6.6% | +7.81% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $8.15B | $9.17B | $9.56B | $9.90B | $8.62B | $10.05B | |
| Gross profit | $5.18B | $6.16B | $6.48B | $8.11B | $5.87B | $7.24B | |
| Operating income | $1.18B | $2.64B | $2.53B | $3.94B | $2.67B | $3.51B | |
| Net income | $1.73B | $1.43B | $3.22B | $1.33B | $1.82B | $2.38B | |
| Diluted EPS | $3.20 | $2.65 | $5.93 | $2.45 | $3.34 | $4.37 | |
| Gross margin | 63.6% | 67.2% | 67.8% | 81.9% | 68.2% | 72.0% | |
| Operating margin | 14.5% | 28.8% | 26.4% | 39.8% | 30.9% | 35.0% |
Fiscal years (4-quarter sums)FY21 $25.98B · FY22 $26.32B · FY23 $28.19B · FY24 $33.42B · FY25 $36.77B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $13.99B · Total debt $57.30B · Total assets $95.64B · Shareholders' equity $11.69B
Dividends
Raised for 13 straight years — most recently to $2.52 from $2.38 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 21, 2026 | Aug 21 | Sep 11 | $2.52 | |
| May 15, 2026 | May 15 | Jun 5 | $2.52 | |
| Feb 13, 2026 | Feb 13 | Mar 6 | $2.52 | raised from $2.38 |
| Nov 21, 2025 | Nov 21 | Dec 12 | $2.38 | |
| Aug 22, 2025 | Aug 22 | Sep 12 | $2.38 | |
| May 16, 2025 | May 16 | Jun 6 | $2.38 | |
| Feb 14, 2025 | Feb 14 | Mar 7 | $2.38 | raised from $2.25 |
| Nov 18, 2024 | Nov 18 | Dec 9 | $2.25 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 539.71M · Float 538.22M · 99.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 49.36M | 9.15% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 35.25M | 6.53% | 13F | Aug 13, 2026 |
| State Street Corp | 30.56M | 5.66% | 13F | Aug 7, 2026 |
| Capital World Investors | 29.08M | 5.39% | 13F | Aug 12, 2026 |
| Invesco Ltd. | 16.32M | 3.02% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | Rachna Khosla | officer: SVP, Business Development | −1,252 | $416.43 |
| Aug 11, 2026 | Rachna Khosla | officer: SVP, Business Development | −2,000 | $412.57 |
| Aug 6, 2026 | Nancy A. Grygiel | officer: SVP & CCO | −1,000 | $402.16 |
| Aug 6, 2026 | Derek Miller | officer: SVP, Human Resources | −1,821 | $402.54 |
| May 4, 2026 | Nancy A. Grygiel | officer: SVP & CCO | −1,237 | $323.73 |
Peers
- AbbVie
Dominant in inflammation with Skyrizi/Rinvoq displacing the TNF class.
- Eli Lilly
Head-to-head in obesity pipeline and dermatology/colorectal oncology.
- Novo Nordisk (ADR)
Dominant GLP-1 incumbent that MariTide must displace in the obesity market.
- Johnson & Johnson
DARZALEX dominates multiple myeloma, contesting Kyprolis regimen slots.
- Regeneron
Direct PCSK9 rival via PRALUENT; Dupixent contests asthma and atopy.
- Merck
KEYTRUDA's checkpoint dominance competes for oncology regimen allocation.
- Novartis (ADR)
Named rival in PCSK9 (siRNA), psoriasis (IL-17), and ITP across three products.
- Bristol-Myers Squibb
IMiD / myeloma franchise contests Kyprolis; SOTYKTU targets Otezla.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Amgen | $430.27 | −0.49% | $233.38B | 26.9 | 18.4 | 6.1 | +9.7% |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Eli Lilly | $1,173.00 | −0.08% | $1.10T | 39.4 | 28.7 | 13.9 | +47.7% |
| Novo Nordisk (ADR) | $45.60 | +0.00% | $202.54B | 11.2 | 18.4 | 4.0 | +0.0% |
| Johnson & Johnson | $268.40 | +0.13% | $645.95B | 31.1 | 22.4 | 6.6 | +6.6% |
| Regeneron | $793.21 | −0.11% | $81.82B | 19.6 | 13.1 | 5.3 | +16.7% |
| Merck | $148.19 | −0.08% | $366.18B | 118.7 | 17.2 | 5.5 | +5.1% |
| Novartis (ADR) | $153.81 | 0.00% | $292.35B | 23.2 | 16.4 | 5.3 | +0.9% |
| Bristol-Myers Squibb | $66.60 | +0.05% | $136.00B | 14.7 | 10.5 | 2.8 | +5.7% |
| Median | 27.1 | 17.0 | 5.4 | +6.2% |