Price to Earnings (P/E)
since 2005
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Amgen Inc. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
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Calculation
Amgen Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 13, 2026 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 29, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2011 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 10, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-12-31), 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 price-to-earnings (P/E) ratio exhibited considerable fluctuation over the observed period. Initially, the ratio demonstrated a moderate level, followed by periods of both increase and decrease, ultimately concluding with a substantial increase in recent years.
- Initial Period (2006-2008)
- From 2006 to 2008, the P/E ratio began at 23.70, increased to 25.43, and then decreased significantly to 15.64. This initial decline suggests a potential shift in investor sentiment, possibly due to emerging economic concerns or company-specific factors impacting earnings expectations relative to share price.
- Period of Stability and Moderate Growth (2009-2013)
- Between 2009 and 2013, the P/E ratio remained relatively stable, fluctuating between approximately 12.06 and 18.69. This period indicates a period of consolidation, with earnings and share price moving in a somewhat synchronized manner. A slight upward trend is observable during this timeframe.
- Increased Volatility (2014-2017)
- The years 2014 through 2017 witnessed increased volatility in the P/E ratio. It rose sharply from 22.96 in 2014 to a peak of 64.06 in 2017. This dramatic increase was likely driven by a combination of factors, including significant growth in earnings per share (EPS) and potentially heightened investor expectations. However, the substantial increase also suggests a possible overvaluation of the stock.
- Normalization and Recent Increase (2018-2026)
- Following the peak in 2017, the P/E ratio experienced a considerable correction, falling to 14.01 in 2018. It then fluctuated between approximately 14 and 23 for several years, indicating a return to more normalized valuation levels. More recently, from 2024 to 2026, the P/E ratio has increased significantly, reaching 38.24 and then 25.81. This recent increase could be attributed to renewed investor optimism, changes in growth prospects, or broader market conditions.
Overall, the P/E ratio demonstrates a non-linear trajectory. While periods of stability and moderate growth are evident, the ratio has also experienced significant swings, particularly in the mid-2010s and recently. These fluctuations suggest that investor sentiment and earnings expectations have played a crucial role in determining the company’s valuation over time.
Comparison to Competitors
Amgen Inc., P/E, 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 13, 2026 | ||||||||||||
| Feb 14, 2025 | ||||||||||||
| Feb 14, 2024 | ||||||||||||
| Feb 9, 2023 | ||||||||||||
| Feb 16, 2022 | ||||||||||||
| Feb 9, 2021 | ||||||||||||
| Feb 12, 2020 | ||||||||||||
| Feb 13, 2019 | ||||||||||||
| Feb 13, 2018 | ||||||||||||
| Feb 14, 2017 | ||||||||||||
| Feb 16, 2016 | ||||||||||||
| Feb 19, 2015 | ||||||||||||
| Feb 24, 2014 | ||||||||||||
| Feb 27, 2013 | ||||||||||||
| Feb 29, 2012 | ||||||||||||
| Feb 25, 2011 | ||||||||||||
| Mar 1, 2010 | ||||||||||||
| Feb 27, 2009 | ||||||||||||
| Feb 28, 2008 | ||||||||||||
| Feb 28, 2007 | ||||||||||||
| Mar 10, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 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/E, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Amgen Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 13, 2026 | ||
| Feb 14, 2025 | ||
| Feb 14, 2024 | ||
| Feb 9, 2023 | ||
| Feb 16, 2022 | ||
| Feb 9, 2021 | ||
| Feb 12, 2020 | ||
| Feb 13, 2019 | ||
| Feb 13, 2018 | ||
| Feb 14, 2017 | ||
| Feb 16, 2016 | ||
| Feb 19, 2015 | ||
| Feb 24, 2014 | ||
| Feb 27, 2013 | ||
| Feb 29, 2012 | ||
| Feb 25, 2011 | ||
| Mar 1, 2010 | ||
| Feb 27, 2009 | ||
| Feb 28, 2008 | ||
| Feb 28, 2007 | ||
| Mar 10, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 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/E, long-term trends, comparison to industry (health care)
| Amgen Inc. | Health Care | |
|---|---|---|
| Feb 13, 2026 | ||
| Feb 14, 2025 | ||
| Feb 14, 2024 | ||
| Feb 9, 2023 | ||
| Feb 16, 2022 | ||
| Feb 9, 2021 | ||
| Feb 12, 2020 | ||
| Feb 13, 2019 | ||
| Feb 13, 2018 | ||
| Feb 14, 2017 | ||
| Feb 16, 2016 | ||
| Feb 19, 2015 | ||
| Feb 24, 2014 | ||
| Feb 27, 2013 | ||
| Feb 29, 2012 | ||
| Feb 25, 2011 | ||
| Mar 1, 2010 | ||
| Feb 27, 2009 | ||
| Feb 28, 2008 | ||
| Feb 28, 2007 | ||
| Mar 10, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 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).