Amgen

AMGN

Drug Manufacturers - General · Healthcare

Price

$439.33

+5.60 (+1.29%)

Market Cap

$237.11B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

Dividends

Good

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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

34 trades / 12mo

18 Congressional buys and 16 sells on AMGN in the last 12 months.

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Growth Profile

For growth stock investors

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)

27.1x

Growth-priced — P/E 27.1

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

Cheaper or dearer next year

P/E vs Forward

+11.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.1 → 15.8)

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Dividends

Dividend

Dividend Yield

2.54%

Moderate income — 2.54% 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)

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