Amgen Inc
AMGN—
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Amgen Inc AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 5.7x with 54.6B total debt vs 9.6B equity - tangible book value is NEGATIVE (-32.2B) due to 41.8B intangibles from Horizon acquisition[Debt to Equity]
- ROE of 82% TTM is optically high but driven by thin equity base (9.6B) - ROIC of 10.6% on 64.2B invested capital is more realistic profitability measure[Return on Equity TTM]
- FCF of 11.5B TTM (32% conversion from revenue) covers 5.1B dividend obligation 2.3x despite 2.8B interest expense[Free Cash Flow TTM]
Watch Triggers
- Total Debt: Falls below 50B within 18 months — Signals successful deleveraging; failure suggests FCF diverted or earnings pressure
- Interest Expense TTM: Exceeds 3B or 9% of revenue — Would compress FCF available for dividends and debt paydown
- Goodwill: Any impairment charge announced — Would signal Horizon deal value destruction and further erode equity cushion
Bull Case
FCF machine generating 11.5B TTM (32% margin) with only 1.6B capex - provides firepower to delever while maintaining 9.39/share dividend
Free Cash Flow TTMCapital Expenditure TTMDividends Paid Per Share TTM
Operating margin of 24% vs industry median near 0% reflects durable pricing power in biologics portfolio with 6.9B R&D pipeline investment
Operating Margin TTMResearch and Development TTM
Bear Case
Goodwill of 18.7B (194% of equity) creates impairment risk if Horizon assets underperform - would directly hit already-thin equity base
GoodwillCommon Stockholders Equity
Negative tangible book (-32.2B) and 5.7x debt/equity leave no margin for error - any earnings miss amplifies balance sheet stress
Tangible Book ValueDebt to Equity
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
Debt reduction will be primary capital allocation priority over next 3 years, limiting buybacks and M&A
1-3yhigh
- 54.6B debt load post-Horizon
- 2.8B annual interest expense
- Net debt 4.7x EBITDA
FCF of 11.5B vs 5.1B dividends leaves 6.4B for debtInterest expense 8% of revenue TTMInvestment grade rating at risk above 4x leverage
Valuation Context
Caveats
AMGN Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$181.31B | — | ||
$226.59B | — | ||
23 | — | ||
$37.22B | +9.1% | — | |
$14.37 | +31.0% | — | |
28.4% | +6.6% | — | |
21.0% | +3.6% | — | |
$8.6B | -21.2% | — | |
101% | -4.4% | — | |
Beta 5Y (Monthly) | unknown | — |
AMGN Dividend History
60 dividends
2026
$5.040005/15/26$2.5200
02/13/26$2.5200
2025
$9.520011/21/25$2.3800
08/22/25$2.3800
05/16/25$2.3800
02/14/25$2.3800
2024
$9.000011/18/24$2.2500
08/16/24$2.2500
05/16/24$2.2500
02/15/24$2.2500
2023
$8.520011/16/23$2.1300
08/17/23$2.1300
05/17/23$2.1300
02/14/23$2.1300
2022
$7.760011/16/22$1.9400
08/17/22$1.9400
05/16/22$1.9400
02/14/22$1.9400
2021
$7.040011/15/21$1.7600
08/16/21$1.7600
05/14/21$1.7600
02/11/21$1.7600
2020
$6.400011/13/20$1.6000
08/14/20$1.6000
05/15/20$1.6000
02/13/20$1.6000
2019
$5.800011/14/19$1.4500
08/14/19$1.4500
05/16/19$1.4500
02/14/19$1.4500
2018
$5.280011/15/18$1.3200
08/16/18$1.3200
05/16/18$1.3200
02/14/18$1.3200
2017
$4.600011/16/17$1.1500
08/15/17$1.1500
05/15/17$1.1500
02/13/17$1.1500
2016
$4.000011/14/16$1.0000
08/15/16$1.0000
05/13/16$1.0000
02/11/16$1.0000
2015
$3.160011/12/15$0.7900
08/13/15$0.7900
05/12/15$0.7900
02/10/15$0.7900
2014
$2.440011/10/14$0.6100
08/12/14$0.6100
05/13/14$0.6100
02/11/14$0.6100
2013
$1.880011/12/13$0.4700
08/14/13$0.4700
05/14/13$0.4700
02/11/13$0.4700
2012
$1.440011/13/12$0.3600
08/14/12$0.3600
05/14/12$0.3600
02/13/12$0.3600
2011
$0.560011/15/11$0.2800
08/16/11$0.2800
AMGN Stock Splits
No stock splits
AMGN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/01/26 | 03/31/26 | 10-Q | |
02/13/26 | 12/31/25 | 10-K | |
11/05/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/02/25 | 03/31/25 | 10-Q | |
02/14/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/03/24 | 03/31/24 | 10-Q | |
02/14/24 | 12/31/23 | 10-K | |
10/31/23 | 09/30/23 | 10-Q | |
08/04/23 | 06/30/23 | 10-Q | |
04/28/23 | 03/31/23 | 10-Q | |
02/09/23 | 12/31/22 | 10-K | |
11/04/22 | 09/30/22 | 10-Q | |
08/05/22 | 06/30/22 | 10-Q | |
04/28/22 | 03/31/22 | 10-Q | |
02/16/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
04/28/21 | 03/31/21 | 10-Q | |
02/09/21 | 12/31/20 | 10-K | |
10/29/20 | 09/30/20 | 10-Q | |
07/29/20 | 06/30/20 | 10-Q | |
05/01/20 | 03/31/20 | 10-Q | |
02/12/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
07/31/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/13/19 | 12/31/18 | 10-K | |
10/31/18 | 09/30/18 | 10-Q | |
07/27/18 | 06/30/18 | 10-Q | |
04/25/18 | 03/31/18 | 10-Q | |
02/13/18 | 12/31/17 | 10-K | |
10/26/17 | 09/30/17 | 10-Q | |
07/26/17 | 06/30/17 | 10-Q | |
04/27/17 | 03/31/17 | 10-Q | |
02/14/17 | 12/31/16 | 10-K | |
10/28/16 | 09/30/16 | 10-Q | |
07/29/16 | 06/30/16 | 10-Q | |
05/02/16 | 03/31/16 | 10-Q | |
02/16/16 | 12/31/15 | 10-K | |
11/02/15 | 09/30/15 | 10-Q | |
08/05/15 | 06/30/15 | 10-Q | |
04/27/15 | 03/31/15 | 10-Q | |
02/19/15 | 12/31/14 | 10-K | |
10/29/14 | 09/30/14 | 10-Q | |
08/05/14 | 06/30/14 | 10-Q | |
04/30/14 | 03/31/14 | 10-Q | |
02/24/14 | 12/31/13 | 10-K | |
10/29/13 | 09/30/13 | 10-Q | |
08/06/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
02/27/13 | 12/31/12 | 10-K | |
11/06/12 | 09/30/12 | 10-Q | |
08/08/12 | 06/30/12 | 10-Q | |
05/08/12 | 03/31/12 | 10-Q | |
02/29/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/08/11 | 06/30/11 | 10-Q | |
05/10/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/04/11 | 09/30/10 | 10-Q | |
08/09/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
03/01/10 | 12/31/09 | 10-K | |
11/06/09 | 09/30/09 | 10-Q | |
11/08/10 | 09/30/09 | 10-Q | |
08/10/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/30/09 | 10-Q | |
02/27/09 | 12/31/08 | 5 | |
11/07/08 | 09/30/08 | 10-Q | |
08/08/08 | 06/30/08 | 10-Q | |
05/12/08 | 03/30/08 | Unknown | -- |
02/28/08 | 12/31/07 | 10-K | |
11/09/07 | 09/30/07 | 10-Q | |
08/09/07 | 06/30/07 | 10-Q | |
05/09/07 | 03/30/07 | Unknown | -- |
02/28/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/10/06 | 03/30/06 | Unknown | -- |
03/10/06 | 12/31/05 | 10-K | |
11/09/05 | 09/30/05 | 10-Q | |
08/08/05 | 06/30/05 | 10-Q | |
05/04/05 | 03/30/05 | Unknown | -- |
03/09/05 | 12/31/04 | 5 | |
11/09/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 10-Q | |
05/03/04 | 03/30/04 | Unknown | -- |
03/11/04 | 12/31/03 | 10-K | |
10/30/03 | 09/30/03 | 10-Q | |
07/30/03 | 06/30/03 | 10-Q | |
05/02/03 | 03/30/03 | Unknown | -- |
03/10/03 | 12/31/02 | 10-K | |
11/05/02 | 09/30/02 | 10-Q | |
08/13/02 | 06/30/02 | 10-Q | |
04/29/02 | 03/30/02 | Unknown | -- |
02/26/02 | 12/31/01 | 10-K | |
10/26/01 | 09/30/01 | 10-Q | |
07/27/01 | 06/30/01 | 10-Q | |
05/14/01 | 03/30/01 | Unknown | -- |
03/07/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/01/00 | 06/30/00 | 10-Q | |
04/27/00 | 03/30/00 | Unknown | -- |