# Amgen Inc (AMGN) — Stock CV

Amgen Inc is a $224B healthcare company. Revenue grew 9.1% over the last year, it keeps 23¢ of every dollar of sales as profit, and its net debt equals ~4.0 years of free cash flow. It trades at 25.7× earnings — around the middle of its own history.

> Amgen is a leader in biotechnology-based human therapeutics. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel and Otezla for inflammatory diseases.

## Identity

- **Ticker**: AMGN
- **Sector**: Healthcare
- **Industry**: Biotechnology
- **Headquarters**: THOUSAND OAKS, CA
- **Employees**: 31 500
- **Website**: https://www.amgen.com
- **Market cap**: $224B
- **Last price**: $415.01
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $38.1B
- **Net income**: $8.74B
- **Free cash flow**: $10.2B
- **Net debt**: $40.9B
- **P/E**: 25.7
- **Revenue growth (YoY)**: 9.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 41 |
| Growth | 55 |
| Profitability | 95 |
| Health | 52 |
| Quality | 84 |
| Moat | 88 |

## Qualifications (beginner checklist) — 11 of 11 passed

- [x] Revenue growing — +9.1% YoY
- [x] Profitable — $8.74B TTM
- [x] Profit growing — +5.5% YoY
- [x] Generates cash — $10.2B TTM
- [x] Debt under control — ~4.0y of cash flow to repay
- [x] Established company — $224B market cap
- [x] Not printing shares — -8.1% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 1.8 — grey
- [x] Pays a dividend — yield 2.32%
- [x] Valuation not extreme — P/E 25.7

## Experience (career milestones)

- **2023** — Amgen acquired Horizon Therapeutics, specializing in drugs for rare diseases, for $27.8 billion
- **2022** — The company acquired ChemoCentryx, the maker of Tavneos—a drug treatment for rare diseases called…
- **2021** — The company acquired Five Prime Therapeutics and its lead candidate, bemarituzumab, for $1.9 billion
- **2020** — Amgen, Takeda Pharmaceutical Company, and AbbVie
- **FY2018** — Best year on record: $8.39B net income
- **2017** — This joint venture gave way in 2017 to a new joint venture, Kirin-Amgen
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $23.0B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2011** — Amgen acquired a manufacturing facility near Dublin, Ireland
- **1994** — Amgen became the fifth company to receive the National Medal of Technology and Innovation from the United…
- **1993** — Amgen opened a new manufacturing facility in Puerto Rico, in March 1993
- **1989** — The following year, in 1989, Amgen received approval for the first recombinant human erythropoetin product, Epogen…
- **Jun 17, 1983** — Amgen became a public company via an initial public offering, selling two million common shares…

## Strengths

- High gross margin (74.3%)
- Strongly profitable — 23.0% net margin
- Strong cash conversion — FCF is 26.7% of revenue
- Interest covered 12.7× by operating earnings
- High returns on invested capital (ROIC 20.0%)

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $26.0B | $5.89B | $8.38B |
| FY2022 | $26.3B | $6.55B | $8.79B |
| FY2023 | $28.2B | $6.72B | $7.36B |
| FY2024 | $33.4B | $4.09B | $10.4B |
| FY2025 | $36.8B | $7.71B | $8.10B |

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Source: https://stockcv.com/AMGN — derived from company filings; may be delayed or incomplete. Information, not investment advice.