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Amgen

AMGN
68
Drug Manufacturers - General · Healthcare
Price
$432.49
-1.54 (-0.35%)
Market Cap
$233.82B
Exchange
NASDAQ
Winston Score
68
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
27/30
Growth
Exceptional
17/20
Cash Flow
Exceptional
10/10
Stability
Mixed
3/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Good
3/5

68 of 100 counted points = Winston Score 68.

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Share count falling — buybacks

−5.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 573.0M (2021) → 542.0M (2025)

§Winston Score History

The full picture

Amgen is a large biotechnology company that makes medicines to treat serious diseases like cancer, heart disease, kidney disease, and bone loss. Its best-known drugs include Enbrel (for arthritis), Repatha (for high cholesterol), Prolia (for bone loss), and Otezla (for psoriasis). It sells mostly to hospitals, clinics, and specialty pharmacies, primarily in the United States and Europe.

Amgen earns money by selling its branded drugs, which are protected by patents that prevent competitors from making copies for a period of time. The company generates roughly $33 billion in annual revenue and operates globally, with the U.S. accounting for the majority of sales. Its moat comes from the complexity of manufacturing biological drugs and its large portfolio of established medicines, though several key products face growing competition from biosimilars — cheaper copycat versions — which is the main risk to revenue growth going forward.

Politician Trades

33 trades / 12mo

18 Congressional buys and 15 sells on AMGN in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+65.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$7.0B/ year

↑ Rising (+17% vs prior year)

19.0% of revenue

In line with sector average (18%)

Investing heavily in future products and technology

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$14.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Amgen is putting 19% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
72.0%
Premium pricing power — 72.0% gross margin
Profit after running costs
Operating Margin
35.0%
Excellent — 35.0% operating margin
Return on the money invested
ROCE
18.3%
Strong — 18.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+9.2%
Steady sales growth (+9.2% YoY)
Profit growth
EPS YoY
+31.7%
Earnings growing fast (+31.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
143%
Turns 143% of profit into real cash
Spare cash per sale
FCF Margin
26.7%
Converts sales into free cash efficiently (26.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
4.90
Heavy debt load (4.90)
Covers its interest
Interest Cover
4.74x
Adequate interest coverage (4.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
26.7x
Growth-priced — P/E 26.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+10.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (26.7 → 15.8)

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Dividends

Dividend
Dividend Yield
2.48%
Moderate income — 2.48% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+5.9%
Dividend growing modestly (5.9% YoY)
Payout Ratio
60%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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