AMGEN INC
AMGN · Biological Products, (No Diagnostic Substances) · 539.7M shares · -3%/yr ↓ buyback · EDGAR filings ↗
Reference price $323.73 · est. market cap ~$174.7B — last insider sale, 2026-05-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B80Profitable, cash-generative biotech franchise with top-decile margins and returns but high leverage.
Strengths
- Top-decile FCF $8.1B (99.1st pct), operating margin 24.7% (90.4th), net margin 21% (90.4th) and 10% product-sales growth
- Broad marketed portfolio plus MariTide and biosimilar pipeline (ABP 215/980 biosimilarity confirmed)
Risks
- Very high leverage (D/E 5.78, 90th pct) inflating ROE; biosimilar/generic exposure on Prolia/XGEVA (RANKL LOE 2025)
- IRA price-setting on ENBREL and weak current ratio (1.14, 21.5th pct)
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- High leverageHigh leverage (debt/equity 5.78)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, ARK Investment Management LLC
- Buying back stockNet buyback — share count -3%/yr over 4y
- FDA approvalFDA approval — WEZLANA (2026-05-12)
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 4 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$22M, last 6mo) Form 4 ↗
- Revenue declineRevenue -12.6% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
67.2%
Operating margin
24.7%
Net margin
21.0%
Return on equity
89.1%
Return on assets
8.5%
ROIC
12.2%
Revenue growth (QoQ)
-12.6%
Net-income growth
88.5%
Debt / equity
5.8×
Net debt / EBITDA
2.9×
Current ratio
1.1×
Free cash flow
$8.1B
EBITDA
$14.2B
Tangible book value
-$32.3B
Cash & investments
$9.1B
Stock comp / revenue
1.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-19 | ISHRAK OMAR | Grant | 665 | — |
| 2026-05-19 | HOLLEY CHARLES M | Grant | 665 | — |
| 2026-05-19 | Garland Greg C. | Grant | 665 | — |
| 2026-05-19 | MILES AMY E | Grant | 665 | — |
| 2026-05-19 | ECKERT ROBERT | Grant | 665 | — |
| 2026-05-19 | Druker Brian | Grant | 665 | — |
| 2026-05-19 | Drake Michael V | Grant | 665 | — |
| 2026-05-19 | Austin Wanda M | Grant | 665 | — |
| 2026-05-19 | Kullman Ellen Jamison | Grant | 665 | — |
| 2026-05-19 | Jacks Tyler | Grant | 665 | — |
| 2026-05-19 | Klotman Mary E. | Grant | 665 | — |
| 2026-05-07 | Bradner James E. | Tax withheld | 446 | $331.11 |
| 2026-05-07 | Busch Matthew C. | Tax withheld | 41 | $331.11 |
| 2026-05-07 | Santos Esteban | Tax withheld | 522 | $331.11 |
| 2026-05-07 | REESE DAVID M | Tax withheld | 556 | $331.11 |
| 2026-05-07 | Miller Derek | Tax withheld | 151 | $331.11 |
| 2026-05-07 | Khosla Rachna | Tax withheld | 93 | $331.11 |
| 2026-05-07 | Grygiel Nancy A. | Tax withheld | 88 | $331.11 |
| 2026-05-07 | Griffith Peter H. | Tax withheld | 556 | $331.11 |
| 2026-05-07 | Graham Jonathan P | Tax withheld | 499 | $331.11 |
| 2026-05-07 | Gordon Murdo | Tax withheld | 615 | $331.11 |
| 2026-05-07 | Bradway Robert A | Tax withheld | 2.1K | $331.11 |
| 2026-05-06 | REESE DAVID M | Tax withheld | 454 | $329.59 |
| 2026-05-06 | Bradner James E. | Tax withheld | 407 | $329.59 |
| 2026-05-06 | Bradway Robert A | Tax withheld | 1.7K | $329.59 |
| 2026-05-06 | Busch Matthew C. | Tax withheld | 50 | $329.59 |
| 2026-05-06 | Gordon Murdo | Tax withheld | 502 | $329.59 |
| 2026-05-06 | Graham Jonathan P | Tax withheld | 408 | $329.59 |
| 2026-05-06 | Griffith Peter H. | Tax withheld | 502 | $329.59 |
| 2026-05-06 | Grygiel Nancy A. | Tax withheld | 76 | $329.59 |
| 2026-05-06 | Khosla Rachna | Tax withheld | 79 | $329.59 |
| 2026-05-06 | Miller Derek | Tax withheld | 123 | $329.59 |
| 2026-05-06 | Santos Esteban | Tax withheld | 427 | $329.59 |
| 2026-05-05 | Griffith Peter H. | Grant | 3.6K | — |
| 2026-05-05 | Grygiel Nancy A. | Grant | 485 | — |
| 2026-05-05 | ISHRAK OMAR | Grant | 106 | — |
| 2026-05-05 | Khosla Rachna | Grant | 500 | — |
| 2026-05-05 | HOLLEY CHARLES M | Grant | 129 | — |
| 2026-05-05 | Miller Derek | Grant | 910 | — |
| 2026-05-05 | Bradway Robert A | Grant | 12K | — |
| 2026-05-05 | Drake Michael V | Grant | 80 | — |
| 2026-05-05 | Busch Matthew C. | Grant | 455 | — |
| 2026-05-05 | REESE DAVID M | Grant | 2.9K | — |
| 2026-05-05 | Gordon Murdo | Grant | 3.6K | — |
| 2026-05-05 | Bradner James E. | Grant | 3.3K | — |
| 2026-05-05 | Graham Jonathan P | Grant | 2.6K | — |
| 2026-05-05 | Santos Esteban | Grant | 2.7K | — |
| 2026-05-04 | Grygiel Nancy A. | Sell | 1.2K | $323.73 |
| 2026-05-02 | Gordon Murdo | Tax withheld | 830 | $329.82 |
| 2026-05-02 | Santos Esteban | Tax withheld | 697 | $329.82 |
| 2026-05-02 | Santos Esteban | Tax withheld | 641 | $329.82 |
| 2026-05-02 | REESE DAVID M | Tax withheld | 746 | $329.82 |
| 2026-05-02 | REESE DAVID M | Tax withheld | 687 | $329.82 |
| 2026-05-02 | Miller Derek | Tax withheld | 167 | $329.82 |
| 2026-05-02 | Miller Derek | Tax withheld | 198 | $329.82 |
| 2026-05-02 | Khosla Rachna | Tax withheld | 117 | $329.82 |
| 2026-05-02 | Khosla Rachna | Tax withheld | 108 | $329.82 |
| 2026-05-02 | Grygiel Nancy A. | Tax withheld | 126 | $329.82 |
| 2026-05-02 | Grygiel Nancy A. | Tax withheld | 116 | $329.82 |
| 2026-05-02 | Griffith Peter H. | Tax withheld | 746 | $329.82 |
| 2026-05-02 | Griffith Peter H. | Tax withheld | 687 | $329.82 |
| 2026-05-02 | Graham Jonathan P | Tax withheld | 647 | $329.82 |
| 2026-05-02 | Graham Jonathan P | Tax withheld | 610 | $329.82 |
| 2026-05-02 | Gordon Murdo | Tax withheld | 763 | $329.82 |
| 2026-05-02 | Busch Matthew C. | Tax withheld | 30 | $329.82 |
| 2026-05-02 | Busch Matthew C. | Tax withheld | 38 | $329.82 |
| 2026-05-02 | Bradway Robert A | Tax withheld | 2.6K | $329.82 |
| 2026-05-02 | Bradway Robert A | Tax withheld | 2.4K | $329.82 |
| 2026-03-16 | Santos Esteban | Tax withheld | 5.6K | $366.21 |
| 2026-03-16 | REESE DAVID M | Tax withheld | 6.0K | $366.21 |
| 2026-03-16 | Miller Derek | Tax withheld | 1.6K | $366.21 |
| 2026-03-16 | Khosla Rachna | Tax withheld | 707 | $366.21 |
| 2026-03-16 | Grygiel Nancy A. | Tax withheld | 787 | $366.21 |
| 2026-03-16 | Griffith Peter H. | Tax withheld | 5.7K | $366.21 |
| 2026-03-16 | Graham Jonathan P | Tax withheld | 5.4K | $366.21 |
| 2026-03-16 | Gordon Murdo | Tax withheld | 6.7K | $366.21 |
| 2026-03-16 | Bradway Robert A | Tax withheld | 21K | $366.21 |
| 2026-03-16 | Busch Matthew C. | Tax withheld | 327 | $366.21 |
| 2026-03-04 | Bradway Robert A | Option exercise | 120K | $156.35 |
| 2026-03-04 | Bradway Robert A | Tax withheld | 84K | $379.27 |
| 2026-03-03 | Santos Esteban | Grant | 11K | — |
| 2026-03-03 | REESE DAVID M | Grant | 12K | — |
| 2026-03-03 | Miller Derek | Grant | 3.5K | — |
| 2026-03-03 | Khosla Rachna | Grant | 1.9K | — |
| 2026-03-03 | Grygiel Nancy A. | Grant | 2.0K | — |
| 2026-03-03 | Griffith Peter H. | Grant | 12K | — |
| 2026-03-03 | Graham Jonathan P | Grant | 11K | — |
| 2026-03-03 | Gordon Murdo | Grant | 13K | — |
| 2026-03-03 | Bradway Robert A | Grant | 43K | — |
| 2026-03-03 | Busch Matthew C. | Grant | 938 | — |
| 2026-02-26 | Santos Esteban | Option exercise | 31K | $162.60 |
| 2026-02-26 | Santos Esteban | Sell | 31K | $379.12 |
| 2026-02-26 | Santos Esteban | Option exercise | 24K | $177.46 |
| 2026-02-26 | Santos Esteban | Sell | 24K | $379.12 |
| 2026-02-19 | Busch Matthew C. | Sell | 1.0K | $375.79 |
| 2026-02-09 | Bradner James E. | Tax withheld | 2.2K | $384.32 |
| 2026-02-09 | Bradner James E. | Tax withheld | 953 | $384.32 |
| 2025-11-20 | Grygiel Nancy A. | Option exercise | 1.5K | $177.46 |
| 2025-11-20 | Grygiel Nancy A. | Sell | 1.5K | $337.26 |
| 2025-11-20 | Grygiel Nancy A. | Option exercise | 1.6K | $162.60 |
| 2025-11-20 | Grygiel Nancy A. | Sell | 1.6K | $337.26 |
| 2025-11-12 | Khosla Rachna | Sell | 890 | $336.24 |
| 2025-11-12 | Gordon Murdo | Sell | 6.9K | $336.83 |
| 2025-11-12 | REESE DAVID M | Gift | 309 | — |
| 2025-11-11 | REESE DAVID M | Gift | 6.5K | — |
| 2025-11-07 | ISHRAK OMAR | Grant | 219 | — |
| 2025-11-07 | HOLLEY CHARLES M | Grant | 265 | — |
| 2025-11-07 | Drake Michael V | Grant | 219 | — |
| 2025-11-05 | Khosla Rachna | Tax withheld | 226 | $296.70 |
| 2025-11-05 | Busch Matthew C. | Tax withheld | 202 | $296.70 |
| 2025-08-20 | Grygiel Nancy A. | Sell | 1.3K | $296.99 |
| 2025-08-08 | HOLLEY CHARLES M | Grant | 147 | — |
| 2025-08-08 | ISHRAK OMAR | Grant | 121 | — |
| 2025-08-08 | Drake Michael V | Grant | 121 | — |
| 2025-06-05 | Khosla Rachna | Sell | 1.5K | $289.68 |
| 2025-05-23 | ECKERT ROBERT | Grant | 809 | — |
| 2025-05-23 | MILES AMY E | Grant | 809 | — |
| 2025-05-23 | Kullman Ellen Jamison | Grant | 809 | — |
| 2025-05-23 | Klotman Mary E. | Grant | 809 | — |
| 2025-05-23 | ISHRAK OMAR | Grant | 809 | — |
| 2025-05-23 | Jacks Tyler | Grant | 809 | — |
| 2025-05-23 | HOLLEY CHARLES M | Grant | 809 | — |
| 2025-05-23 | Garland Greg C. | Grant | 809 | — |
| 2025-05-23 | Druker Brian | Grant | 809 | — |
| 2025-05-23 | Drake Michael V | Grant | 809 | — |
| 2025-05-23 | Austin Wanda M | Grant | 809 | — |
| 2025-05-06 | Bradway Robert A | Grant | 13K | — |
| 2025-05-06 | Santos Esteban | Grant | 3.3K | — |
| 2025-05-06 | REESE DAVID M | Grant | 3.5K | — |
| 2025-05-06 | Miller Derek | Grant | 961 | — |
| 2025-05-06 | Khosla Rachna | Grant | 610 | — |
| 2025-05-06 | Grygiel Nancy A. | Grant | 591 | — |
| 2025-05-06 | Griffith Peter H. | Grant | 3.9K | — |
| 2025-05-06 | Graham Jonathan P | Grant | 3.2K | — |
| 2025-05-06 | Gordon Murdo | Grant | 3.9K | — |
| 2025-05-06 | Busch Matthew C. | Grant | 554 | — |
| 2025-05-06 | Bradner James E. | Grant | 3.5K | — |
| 2025-05-06 | HOLLEY CHARLES M | Grant | 157 | — |
| 2025-05-06 | ISHRAK OMAR | Grant | 129 | — |
| 2025-05-06 | Drake Michael V | Grant | 129 | — |
| 2025-05-02 | Santos Esteban | Tax withheld | 621 | $283.78 |
| 2025-05-02 | Santos Esteban | Tax withheld | 655 | $283.78 |
| 2025-05-02 | REESE DAVID M | Tax withheld | 702 | $283.78 |
| 2025-05-02 | REESE DAVID M | Tax withheld | 665 | $283.78 |
| 2025-05-02 | Miller Derek | Tax withheld | 157 | $283.78 |
| 2025-05-02 | Miller Derek | Tax withheld | 192 | $283.78 |
| 2025-05-02 | Khosla Rachna | Tax withheld | 110 | $283.78 |
| 2025-05-02 | Khosla Rachna | Tax withheld | 104 | $283.78 |
| 2025-05-02 | Grygiel Nancy A. | Tax withheld | 118 | $283.78 |
| 2025-05-02 | Grygiel Nancy A. | Tax withheld | 111 | $283.78 |
| 2025-05-02 | Griffith Peter H. | Tax withheld | 702 | $283.78 |
| 2025-05-02 | Griffith Peter H. | Tax withheld | 665 | $283.78 |
| 2025-05-02 | Graham Jonathan P | Tax withheld | 609 | $283.78 |
| 2025-05-02 | Graham Jonathan P | Tax withheld | 592 | $283.78 |
| 2025-05-02 | Gordon Murdo | Tax withheld | 780 | $283.78 |
| 2025-05-02 | Gordon Murdo | Tax withheld | 740 | $283.78 |
| 2025-05-02 | Busch Matthew C. | Tax withheld | 28 | $283.78 |
| 2025-05-02 | Busch Matthew C. | Tax withheld | 37 | $283.78 |
| 2025-05-02 | Busch Matthew C. | Sell | 1.0K | $279.69 |
| 2025-05-02 | Bradway Robert A | Tax withheld | 2.5K | $283.78 |
| 2025-05-02 | Bradway Robert A | Tax withheld | 2.4K | $283.78 |
| 2025-04-30 | REESE DAVID M | Tax withheld | 768 | $288.56 |
| 2025-04-30 | Miller Derek | Tax withheld | 77 | $288.56 |
| 2025-04-30 | Khosla Rachna | Tax withheld | 74 | $288.56 |
| 2025-04-30 | Grygiel Nancy A. | Tax withheld | 113 | $288.56 |
| 2025-04-30 | Griffith Peter H. | Tax withheld | 640 | $288.56 |
| 2025-04-30 | Graham Jonathan P | Tax withheld | 728 | $288.56 |
| 2025-04-30 | Santos Esteban | Tax withheld | 759 | $288.56 |
| 2025-04-30 | Gordon Murdo | Tax withheld | 800 | $288.56 |
| 2025-04-30 | Busch Matthew C. | Tax withheld | 18 | $288.56 |
| 2025-04-30 | Bradway Robert A | Tax withheld | 2.5K | $288.56 |
| 2025-03-17 | Santos Esteban | Tax withheld | 3.4K | $313.71 |
| 2025-03-17 | REESE DAVID M | Tax withheld | 3.6K | $313.71 |
| 2025-03-17 | Miller Derek | Tax withheld | 930 | $313.71 |
| 2025-03-17 | Khosla Rachna | Tax withheld | 489 | $313.71 |
| 2025-03-17 | Grygiel Nancy A. | Tax withheld | 524 | $313.71 |
| 2025-03-17 | Griffith Peter H. | Tax withheld | 3.3K | $313.71 |
| 2025-03-17 | Graham Jonathan P | Tax withheld | 3.1K | $313.71 |
| 2025-03-17 | Gordon Murdo | Tax withheld | 4.0K | $313.71 |
| 2025-03-17 | Bradway Robert A | Tax withheld | 13K | $313.71 |
| 2025-03-17 | Busch Matthew C. | Tax withheld | 174 | $313.71 |
| 2025-03-03 | Graham Jonathan P | Grant | 6.3K | — |
| 2025-03-03 | Santos Esteban | Grant | 6.8K | — |
| 2025-03-03 | REESE DAVID M | Grant | 7.3K | — |
| 2025-03-03 | Miller Derek | Grant | 2.0K | — |
| 2025-03-03 | Khosla Rachna | Grant | 1.4K | — |
| 2025-03-03 | Grygiel Nancy A. | Grant | 1.5K | — |
| 2025-03-03 | Griffith Peter H. | Grant | 7.3K | — |
| 2025-03-03 | Gordon Murdo | Grant | 8.1K | — |
| 2025-03-03 | Busch Matthew C. | Grant | 497 | — |
| 2025-03-03 | Bradway Robert A | Grant | 26K | — |
| 2025-02-21 | REESE DAVID M | Sell | 25K | $304.44 |
| 2025-02-19 | Santos Esteban | Sell | 8.7K | $292.84 |
| 2025-02-19 | REESE DAVID M | Option exercise | 8.7K | $156.35 |
| 2025-02-19 | REESE DAVID M | Sell | 8.7K | $293.22 |
| 2025-02-19 | Santos Esteban | Option exercise | 8.7K | $156.35 |
| 2025-02-19 | Miller Derek | Option exercise | 1.5K | $156.35 |
| 2025-02-19 | Miller Derek | Sell | 1.5K | $293.74 |
| 2025-02-18 | Miller Derek | Sell | 500 | $292.56 |
| 2025-02-11 | Gordon Murdo | Sell | 8.8K | $294.79 |
| 2025-02-07 | Graham Jonathan P | Option exercise | 25K | $156.35 |
| 2025-02-07 | Graham Jonathan P | Sell | 25K | $293.12 |
| 2025-02-05 | Grygiel Nancy A. | Sell | 1.6K | $304.47 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07037758 ↗ | A Study of Tarlatamab in Combination With AB248 in Participants With Extensive Stage Small Cell Lung Cancer (DeLLphi-311) Extensive Stage Small Cell Lung Cancer | PHASE1 | Recruiting | 2028-03-18 |
| NCT02520362 ↗ | Denosumab Safety Assessment in Multiple Observational Databases Osteoporosis | — | Completed | 2023-07-21 |
| NCT03301467 ↗ | Controlled Trial Evaluating Avacopan in C3 Glomerulopathy C3 Glomerulopathy (C3G) | PHASE2 | Completed | 2021-03-03 |
| NCT03029234 ↗ | Carfilzomib in Combination With Dexamethasone (Kd) in Chinese Patients With Relapsed & Refractory Multiple Myeloma Relapsed and Refractory Multiple Myeloma | PHASE3 | Completed | 2018-11-05 |
| NCT01901146 ↗ | Efficacy and Safety Study of ABP 980 Compared With Trastuzumab in Women With HER2-positive Early Breast Cancer Breast Cancer | PHASE3 | Completed | 2016-05-05 |
| NCT01966003 ↗ | Efficacy and Safety Study of ABP 215 Compared With Bevacizumab in Patients With Advanced Non-Small Cell Lung Cancer Non-small Cell Lung Cancer Metastatic | PHASE3 | Completed | 2015-07-23 |
| NCT00508625 ↗ | A Study of AMG 951 [rhApo2L/TRAIL] in Subjects With Previously Untreated Non-Small Cell Lung Cancer (NSCLC) Treated With Chemotherapy +/- Bevacizumab Non-Small Cell Lung Cancer | PHASE2 | Completed | 2009-03-01 |
| NCT00986895 ↗ | A Study of Glyceryl Tri-(4-phenylbutyrate) Administered Orally as a Single Dose, and Twice Daily for Seven Consecutive Days to Subjects With Hepatic Impairment With Cirrhosis and to a Control Group Hepatic Encephalopathy, Urea Cycle Disorders | PHASE1 | Completed | |
| NCT00977600 ↗ | A Study of Glyceryl Tri-(4-phenylbutyrate) (GT4P) Healthy | PHASE1 | Completed |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-20 | Shareholder vote | filing ↗ |
| 2026-05-19 | Exec/director change | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-04-22 | Exec/director changeExhibits | filing ↗ |
| 2026-02-19 | Material agreementExhibits | filing ↗ |
| 2026-02-03 | ResultsExhibits | filing ↗ |
| 2026-01-30 | 1.02Exhibits | filing ↗ |
| 2025-11-04 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-20 | 2026-05-19 | 0001193125-26-232786 ↗ |
| 8-K | 2026-05-19 | 2026-05-19 | 0000318154-26-000097 ↗ |
| 10-Q | 2026-05-01 | 2026-03-31 | 0000318154-26-000057 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0000318154-26-000054 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0000318154-26-000048 ↗ |
| 8-K | 2026-02-19 | 2026-02-17 | 0001193125-26-059490 ↗ |
| 10-K | 2026-02-13 | 2025-12-31 | 0000318154-26-000010 ↗ |
| 8-K | 2026-02-03 | 2026-02-03 | 0000318154-26-000003 ↗ |
| 8-K | 2026-01-30 | 2026-01-30 | 0001193125-26-030518 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0000318154-25-000072 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0000318154-25-000070 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0000318154-25-000056 ↗ |