Amgen Inc (AMGN) fair value: what the stock is really worth
We calculate from audited financials what Amgen Inc is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Amgen Inc
AMGN · USNeutralQuality growthThe stock looks roughly fairly valued with average quality.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 17, 2026.
How to read this chart
60‑month range $172.66 – $444.12 · fair‑value band $213.89 – $780.67 · the $393.16 price screens below the $413.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 17, 2026.
Company profile
Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide.
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Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel for the treatment of rheumatoid arthritis, plaque psoriasis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout. It also markets other products, including PROLIA, REPATHA, OTEZLA, ENBREL, EVENITY, XGEVA, TEPEZZA, BLINCYTO, NPLATE, TEZSPIRE, KYPROLIS, ARANESP, KRYSTEXXA AND VECTIBIX, MVASI, PAVBLU, UPLIZNA, IMDELLTRA/IMDYLLTRA, AMJEVITA/AMGEVITA, TAVNEOS, NEULASTA, LUMAKRAS/LUMYKRAS, RAVICTI, PARSABIV, AIMOVIG, WEZLANA/WEZENLA, AND PROCYSBI. The company serves healthcare providers, including physicians or their clinics, dialysis centers, hospitals, and pharmacies. It distributes its products through pharmaceutical wholesale distributors. The company has collaboration agreements with AstraZeneca plc for the development and commercialization of TEZSPIRE; BEONE MEDICINES LTD. to develop and commercialize Aimovig; UCB for the development and commercialization of EVENITY; Kyowa Kirin Co., Ltd. for rocatinlimab development and commercialization; and BeiGene, Ltd. for oncology products expansion and development. The company was incorporated in 1980 and is he
Stock analysis
Amgen Inc (AMGN) currently trades at $393.16, while our model-based Fair Value estimate is $413.22, implying the stock looks roughly 4.9% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $261.59 per share, and 1 of the 26 models we run sit above the $393.16 price.
Bear case: the Economic Profit group reads lowest at $85.31, and 25 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $213.89 (bear) to $780.67 (bull), the price of $393.16 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Amgen Inc reported revenue of $36.7B in FY2025 versus $26.0B in FY2021, a compound +9.1%/yr. Reported net income was $7.7B in FY2025, compounding +7.0%/yr from FY2021.
Key figures
Market cap $213B · P/E ratio 27.3 · P/S ratio 5.74 · EPS (TTM) $14.38 · Dividend yield 2.5% · Net margin 21.0% · Return on equity 101% · Return on assets (EBIT) 11.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades near its 52-week high and 51% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −1% fair-value upside, at 5%, AMGN screens cheaper than that median.
Fair Value models
All 26 models by family
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Set up alert →Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 81
Revenue & earnings trend
Growth Forecast
Watch AMGN, get fair value alerts →
Recent news
- Amgen or Merck: Which Drugmaker Has the Stronger Dividend Growth Story?
- Amgen (AMGN) Stock Sees Modest Fair Value Lift As Analysts Weigh Pipeline Risks
- Amgen (AMGN) Surpasses Market Returns: Some Facts Worth Knowing
Compare Amgen Inc with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - General · 72 stocks
Valuation Multiplesvs Drug Manufacturers - General median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Health Care sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Drug Manufacturers - General stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Eli Lilly and Company LLY | $1,136 | $778.94 | −31% |
| Johnson & Johnson, JNJ | $267.20 | $169.04 | −37% |
| AbbVie Inc ABBV | $263.04 | $259.66 | −1% |
| Roche Holding RO | CHF 369.80 | CHF 306.54 | −17% |
| Merck & Co MRK | €124.22 | €101.89 | −18% |
| Novartis AG NVS | $140.37 | $138.70 | −1% |
| Novo Nordisk A/S NOVOB | kr 272.60 | kr 409.46 | +50% |
| Gilead Sciences, Inc GILD | $146.30 | $198.51 | +36% |
| Pfizer Inc PFE | $27.55 | $20.39 | −26% |
| Bristol-Myers Squibb Company BMY | $63.73 | $75.98 | +19% |
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Frequently asked questions
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Key figures of Amgen Inc
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