Company Valuation: Amgen Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 1,26,718 1,40,139 1,54,142 1,40,103 1,76,250 2,02,382 - -
Change - 10.59% 9.99% -9.11% 25.8% 14.83% - -
Enterprise Value (EV) 1 1,51,990 1,69,779 2,07,811 1,88,229 2,21,725 2,41,933 2,35,326 2,28,628
Change - 11.7% 22.4% -9.42% 17.8% 9.11% -2.73% -2.85%
P/E ratio 21.9x 21.7x 23.1x 34.5x 23x 25.3x 23.3x 21.4x
PBR 18.7x 38.3x 24.7x 23.8x 20.4x 17x 13.2x 9.87x
PEG - 1.2x 7.36x -0.9x 0.3x 5.67x 2.77x 2.36x
Capitalization / Revenue 4.88x 5.32x 5.47x 4.19x 4.8x 5.35x 5.22x 5.11x
EV / Revenue 5.85x 6.45x 7.37x 5.63x 6.03x 6.39x 6.07x 5.77x
EV / EBITDA 9.61x 10.5x 11.9x 9.13x 10.4x 11.4x 10.8x 10.3x
EV / EBIT 12.2x 13.3x 15.5x 12.5x 13.7x 14.5x 13.8x 13.1x
EV / FCF 18.1x 19.3x 28.2x 18.1x 27.4x 19.5x 18.5x 17.1x
FCF Yield 5.51% 5.17% 3.54% 5.52% 3.65% 5.14% 5.42% 5.86%
Dividend per Share 2 7.04 7.76 8.52 9 - 10.04 10.72 11.43
Rate of return 3.13% 2.95% 2.96% 3.45% - 2.67% 2.86% 3.05%
EPS 2 10.28 12.11 12.49 7.56 14.23 14.86 16.11 17.58
Distribution rate 68.5% 64.1% 68.2% 119% - 67.5% 66.5% 65.1%
Net sales 1 25,979 26,323 28,190 33,424 36,751 37,836 38,746 39,599
EBITDA 1 15,822 16,178 17,470 20,620 21,370 21,278 21,840 22,196
EBIT 1 12,424 12,761 13,399 15,028 16,203 16,661 17,025 17,450
Net income 1 5,893 6,552 6,717 4,090 7,711 7,866 8,612 9,492
Net Debt 1 25,272 29,640 53,669 48,126 45,475 39,550 32,944 26,245
Reference price 2 224.97 262.64 288.02 260.64 327.31 375.43 375.43 375.43
Nbr of stocks (in thousands) 5,63,266 5,33,579 5,35,178 5,37,533 5,38,481 5,39,068 - -
Announcement Date 07/02/22 31/01/23 06/02/24 04/02/25 03/02/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.26x6.39x11.37x2.67% 20TCr
29.43x11.08x22.26x0.66% 89TCr
25.86x6.02x16.39x2.17% 59TCr
24.65x6.75x13.55x3.05% 40TCr
18.04x4.39x10.87x3% 35TCr
21.41x5.76x14.24x2.81% 30TCr
24.8x5.16x14.3x1.69% 31TCr
27.37x4.79x14.99x2.88% 29TCr
20.59x6.26x11.33x2.19% 18TCr
11.53x4.21x8.77x4.36% 17TCr
Average 22.90x 6.08x 13.81x 2.55% 36.81TCr
Weighted average by Cap. 24.57x 6.94x 15.65x 2.18%

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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