Price to Book Value (P/BV)
since 2005
Calculation
Amgen Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 14, 2025 | 26.61 | = | 291.16 | ÷ | 10.94 | 10.94 | = | 5,877 | ÷ | 537,204,943 | |
| Feb 14, 2024 | 24.94 | = | 290.07 | ÷ | 11.63 | 11.63 | = | 6,232 | ÷ | 535,918,901 | |
| Feb 9, 2023 | 35.01 | = | 240.00 | ÷ | 6.86 | 6.86 | = | 3,661 | ÷ | 533,976,238 | |
| Feb 16, 2022 | 18.51 | = | 222.66 | ÷ | 12.03 | 12.03 | = | 6,700 | ÷ | 557,029,370 | |
| Feb 9, 2021 | 14.53 | = | 236.65 | ÷ | 16.29 | 16.29 | = | 9,409 | ÷ | 577,566,383 | |
| Feb 12, 2020 | 13.84 | = | 227.00 | ÷ | 16.40 | 16.40 | = | 9,673 | ÷ | 589,806,819 | |
| Feb 13, 2019 | 9.41 | = | 188.98 | ÷ | 20.09 | 20.09 | = | 12,500 | ÷ | 622,278,034 | |
| Feb 13, 2018 | 5.02 | = | 175.94 | ÷ | 35.03 | 35.03 | = | 25,241 | ÷ | 720,562,246 | |
| Feb 14, 2017 | 4.14 | = | 168.05 | ÷ | 40.57 | 40.57 | = | 29,875 | ÷ | 736,452,791 | |
| Feb 16, 2016 | 3.94 | = | 147.15 | ÷ | 37.34 | 37.34 | = | 28,083 | ÷ | 752,091,038 | |
| Feb 19, 2015 | 4.59 | = | 156.05 | ÷ | 33.97 | 33.97 | = | 25,778 | ÷ | 758,861,306 | |
| Feb 24, 2014 | 4.30 | = | 125.79 | ÷ | 29.27 | 29.27 | = | 22,096 | ÷ | 755,007,290 | |
| Feb 27, 2013 | 3.57 | = | 91.03 | ÷ | 25.47 | 25.47 | = | 19,060 | ÷ | 748,430,018 | |
| Feb 29, 2012 | 2.83 | = | 68.01 | ÷ | 24.04 | 24.04 | = | 19,029 | ÷ | 791,432,134 | |
| Feb 25, 2011 | 2.04 | = | 52.26 | ÷ | 25.68 | 25.68 | = | 23,944 | ÷ | 932,452,902 | |
| Mar 1, 2010 | 2.46 | = | 56.90 | ÷ | 23.15 | 23.15 | = | 22,667 | ÷ | 979,301,627 | |
| Feb 27, 2009 | 2.48 | = | 48.93 | ÷ | 19.72 | 19.72 | = | 20,386 | ÷ | 1,033,964,089 | |
| Feb 28, 2008 | 2.77 | = | 45.53 | ÷ | 16.43 | 16.43 | = | 17,869 | ÷ | 1,087,627,536 | |
| Feb 28, 2007 | 3.96 | = | 64.26 | ÷ | 16.24 | 16.24 | = | 18,964 | ÷ | 1,167,458,942 | |
| Mar 10, 2006 | 4.26 | = | 73.49 | ÷ | 17.26 | 17.26 | = | 20,451 | ÷ | 1,184,633,787 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Amgen Inc. Annual Report.
The data reveals key trends related to share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the years from 2006 to 2025. These metrics provide insight into market valuation and equity performance.
- Share Price
- The share price experienced a decline from a high of 73.49 USD in 2006 to a low around 45.53 USD in 2008. Following this trough, there was a notable upward trajectory with intermittent fluctuations, reaching 188.98 USD by 2019 and then continuing to grow steadily beyond 200 USD from 2020 onward. The price peaked at 291.16 USD by 2025, indicating a strong long-term appreciation despite some short-term volatility.
- Book Value Per Share (BVPS)
- BVPS showed an initial gradual increase from 17.26 USD in 2006 to a peak near 40.57 USD in 2017, suggesting growing underlying equity value during this period. However, after 2017, BVPS declined sharply to 6.86 USD in 2023 before partially recovering to 11.63 USD in 2024 and slightly declining again to 10.94 USD in 2025. This significant fluctuation in BVPS indicates considerable changes in net asset values or accounting adjustments in the latter years.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio followed a declining trend initially, dropping from 4.26 in 2006 to about 2.04 in 2011, reflecting a period when the market price was more closely aligned with book value or undervalued. Post-2011, the ratio increased sharply, peaking at an extremely high level of 35.01 in 2023, which correlates with the drastic decline in BVPS while the share price remained high. The ratio moderated slightly to approximately 26.61 by 2025, yet remained significantly elevated compared to the earlier years.
Overall, the analysis highlights a period of equity value growth and solid market price increase until around 2017, followed by a divergence between market valuation and book value. The substantial rise in the P/BV ratio from 2018 onward indicates that the market price has far outpaced the reported net asset value per share, suggesting increased investor optimism, potential intangible asset valuation, or altered financial structure influencing book value. This divergence merits closer examination to understand the underlying causes and sustainability of market valuations.
Comparison to Competitors
Amgen Inc., P/BV, long-term trends, comparison to competitors
| Amgen Inc. | AbbVie Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 14, 2025 | 26.61 | 102.40 | 6.98 | 3.00 | 57.93 | 7.36 | 5.30 | 4.99 | 1.68 | 2.67 | 4.09 | 7.24 |
| Feb 14, 2024 | 24.94 | 29.97 | 3.35 | 3.47 | 65.80 | 4.01 | 5.48 | 8.68 | 1.75 | 3.96 | 4.57 | 6.26 |
| Feb 9, 2023 | 35.01 | 15.52 | 4.88 | 3.64 | 29.36 | 4.90 | 5.37 | 6.07 | 2.48 | 3.77 | 4.83 | 5.50 |
| Feb 16, 2022 | 18.51 | 16.53 | 4.07 | 4.16 | 25.28 | 3.65 | 5.90 | 5.05 | 3.35 | 3.60 | 5.18 | 6.16 |
| Feb 9, 2021 | 14.53 | 14.18 | 3.55 | 3.93 | 35.07 | 4.33 | 6.72 | 7.46 | 2.98 | 4.81 | 5.15 | 6.30 |
| Feb 12, 2020 | 13.84 | — | 2.80 | 3.72 | 51.67 | 3.93 | 6.61 | 7.83 | 3.00 | 3.79 | 4.16 | 10.23 |
| Feb 13, 2019 | 9.41 | — | 5.89 | 2.80 | 12.87 | 3.89 | 6.08 | 7.79 | 3.80 | 5.07 | 3.75 | 10.68 |
| Feb 13, 2018 | 5.02 | 36.95 | 8.88 | 2.58 | 7.33 | 5.15 | 5.79 | 4.30 | 2.94 | 5.66 | 3.30 | 20.14 |
| Feb 14, 2017 | 4.14 | 21.24 | 5.66 | 2.56 | 6.33 | 4.88 | 4.72 | 4.51 | 3.40 | 8.58 | 2.86 | 18.42 |
| Feb 16, 2016 | 3.94 | 22.17 | 7.04 | 2.53 | 5.51 | 6.59 | 4.07 | 3.15 | 2.84 | 10.53 | 2.42 | 22.38 |
| Feb 19, 2015 | 4.59 | 56.09 | 6.72 | 2.63 | 5.14 | 10.08 | 4.01 | 3.42 | 2.95 | 16.22 | 2.51 | 25.60 |
| Feb 24, 2014 | 4.30 | 18.05 | 5.92 | 2.38 | 3.69 | 11.36 | 3.50 | 3.35 | 2.69 | 16.74 | 2.90 | 14.77 |
| Feb 27, 2013 | 3.57 | 18.06 | 4.40 | 2.23 | 4.15 | 7.01 | 3.29 | 2.44 | 2.42 | 12.91 | 1.72 | 10.08 |
| Feb 29, 2012 | 2.83 | — | 3.50 | 2.17 | 3.35 | 5.08 | 3.13 | 2.14 | 1.95 | 19.19 | 1.38 | 10.05 |
| Feb 25, 2011 | 2.04 | — | 2.76 | 2.39 | 3.21 | 5.29 | 2.88 | 1.85 | 1.75 | 6.42 | 1.41 | 16.16 |
| Mar 1, 2010 | 2.46 | — | 2.88 | 2.07 | 4.17 | 6.74 | 3.45 | 1.97 | 1.57 | 5.49 | 1.29 | 7.45 |
| Feb 27, 2009 | 2.48 | — | 3.29 | 1.69 | 5.01 | 9.83 | 3.56 | 2.72 | 1.44 | 2.94 | 1.02 | 21.09 |
| Feb 28, 2008 | 2.77 | — | 4.22 | 2.62 | 4.16 | 11.76 | 4.17 | 5.38 | 2.32 | 3.24 | 1.62 | 8.92 |
| Feb 28, 2007 | 3.96 | — | 5.50 | 3.32 | 5.43 | 18.07 | 4.78 | 5.45 | 2.49 | 5.77 | 1.38 | 7.52 |
| Mar 10, 2006 | 4.26 | — | 4.00 | 3.78 | 5.85 | 9.18 | 4.66 | 4.30 | 2.94 | 8.16 | 2.03 | 18.12 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Amgen Inc., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Amgen Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 14, 2025 | 26.61 | 7.03 |
| Feb 14, 2024 | 24.94 | 6.77 |
| Feb 9, 2023 | 35.01 | 5.66 |
| Feb 16, 2022 | 18.51 | 5.72 |
| Feb 9, 2021 | 14.53 | 5.99 |
| Feb 12, 2020 | 13.84 | 5.82 |
| Feb 13, 2019 | 9.41 | 6.02 |
| Feb 13, 2018 | 5.02 | 5.14 |
| Feb 14, 2017 | 4.14 | 4.58 |
| Feb 16, 2016 | 3.94 | 4.15 |
| Feb 19, 2015 | 4.59 | 4.47 |
| Feb 24, 2014 | 4.30 | 3.97 |
| Feb 27, 2013 | 3.57 | 3.21 |
| Feb 29, 2012 | 2.83 | 2.55 |
| Feb 25, 2011 | 2.04 | 2.25 |
| Mar 1, 2010 | 2.46 | 2.37 |
| Feb 27, 2009 | 2.48 | 2.60 |
| Feb 28, 2008 | 2.77 | 3.42 |
| Feb 28, 2007 | 3.96 | 3.82 |
| Mar 10, 2006 | 4.26 | 4.00 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Amgen Inc., P/BV, long-term trends, comparison to industry (health care)
| Amgen Inc. | Health Care | |
|---|---|---|
| Feb 14, 2025 | 26.61 | 5.48 |
| Feb 14, 2024 | 24.94 | 5.44 |
| Feb 9, 2023 | 35.01 | 78,500.89 |
| Feb 16, 2022 | 18.51 | 5.07 |
| Feb 9, 2021 | 14.53 | 4.90 |
| Feb 12, 2020 | 13.84 | 4.71 |
| Feb 13, 2019 | 9.41 | 4.72 |
| Feb 13, 2018 | 5.02 | 4.35 |
| Feb 14, 2017 | 4.14 | 3.91 |
| Feb 16, 2016 | 3.94 | 3.54 |
| Feb 19, 2015 | 4.59 | 4.01 |
| Feb 24, 2014 | 4.30 | 3.40 |
| Feb 27, 2013 | 3.57 | 2.77 |
| Feb 29, 2012 | 2.83 | 2.42 |
| Feb 25, 2011 | 2.04 | 2.15 |
| Mar 1, 2010 | 2.46 | 2.26 |
| Feb 27, 2009 | 2.48 | 2.47 |
| Feb 28, 2008 | 2.77 | 3.28 |
| Feb 28, 2007 | 3.96 | 3.77 |
| Mar 10, 2006 | 4.26 | 3.94 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).