Amgen Inc.

WBAG:AMGN Stock Report

Market Cap: €152.0b

Amgen Valuation

Is AMGN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AMGN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AMGN (€281.7) is trading below our estimate of fair value (€588.3)

Significantly Below Fair Value: AMGN is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AMGN?

Key metric: As AMGN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AMGN. This is calculated by dividing AMGN's market cap by their current earnings.
What is AMGN's PE Ratio?
PE Ratio37.4x
EarningsUS$4.23b
Market CapUS$158.32b

Price to Earnings Ratio vs Peers

How does AMGN's PE Ratio compare to its peers?

The above table shows the PE ratio for AMGN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average75.7x
CSL CSL
32.9x13.0%AU$133.9b
ABBV AbbVie
61.5x28.1%US$312.7b
REGN Regeneron Pharmaceuticals
17.1x7.6%US$79.4b
A068270 Celltrion
191.2x73.6%₩35.8t
AMGN Amgen
37.4x19.1%€158.3b

Price-To-Earnings vs Peers: AMGN is good value based on its Price-To-Earnings Ratio (37.4x) compared to the peer average (75.7x).

Price to Earnings Ratio vs Industry

How does AMGN's PE Ratio compare vs other companies in the European Biotechs Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AMGN 37.4xIndustry Avg. 27.0xNo. of Companies5PE020406080100+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AMGN is expensive based on its Price-To-Earnings Ratio (37.4x) compared to the European Biotechs industry average (27x).

Price to Earnings Ratio vs Fair Ratio

What is AMGN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AMGN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio37.4x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate AMGN's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AMGN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€281.70
€320.80
+13.9%
14.8%€388.92€192.06n/a27
Nov ’25€295.60
€305.70
+3.4%
14.9%€372.36€183.88n/a26
Oct ’25€287.80
€294.41
+2.3%
15.2%€362.72€179.12n/a25
Sep ’25€300.10
€294.79
-1.8%
15.6%€345.64€163.30n/a24
Aug ’25€311.45
€292.24
-6.2%
15.5%€349.33€156.28n/a24
Jul ’25€291.85
€295.65
+1.3%
15.4%€355.03€158.83n/a24
Jun ’25€280.80
€291.51
+3.8%
15.4%€350.25€156.69n/a24
May ’25€255.45
€284.21
+11.3%
16.7%€356.14€159.32n/a25
Apr ’25€264.40
€281.95
+6.6%
16.7%€350.85€156.96n/a25
Mar ’25€259.80
€282.57
+8.8%
16.9%€352.83€157.85n/a24
Feb ’25€293.80
€268.89
-8.5%
16.1%€323.16€170.81n/a24
Jan ’25€260.60
€255.79
-1.8%
14.8%€305.39€168.15n/a24
Dec ’24€247.40
€253.09
+2.3%
14.5%€308.04€169.61n/a24
Nov ’24€243.20
€259.94
+6.9%
14.4%€317.96€175.07€295.6023
Oct ’24€254.80
€245.58
-3.6%
14.1%€299.49€173.14€287.8020
Sep ’24€238.00
€233.32
-2.0%
14.5%€284.15€160.41€300.1020
Aug ’24€211.00
€225.30
+6.8%
13.7%€266.01€158.34€311.4520
Jul ’24€203.00
€235.80
+16.2%
14.2%€302.25€162.75€291.8520
Jun ’24€200.40
€235.80
+17.7%
14.2%€302.25€162.75€280.8020
May ’24€215.80
€231.25
+7.2%
14.3%€296.24€159.51€255.4520
Apr ’24€220.80
€236.88
+7.3%
14.7%€302.90€163.10€264.4019
Mar ’24€217.75
€237.54
+9.1%
14.8%€303.13€163.22€259.8019
Feb ’24€223.05
€237.40
+6.4%
14.8%€295.85€163.85€293.8019
Jan ’24€246.35
€249.41
+1.2%
15.2%€306.18€169.58€260.6019
Dec ’23€269.10
€247.26
-8.1%
15.0%€311.94€172.76€247.4018
Nov ’23€275.30
€256.47
-6.8%
12.0%€299.10€184.53€243.2021

Analyst Forecast: Target price is less than 20% higher than the current share price.

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