Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

Price to Earnings (P/E) 
since 2005

Microsoft Excel

Calculation

Amgen Inc., P/E, long-term trends, calculation

Microsoft Excel

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 notable fluctuations and trends in share price, earnings per share (EPS), and the price-to-earnings (P/E) ratio over the analyzed periods.

Share Price
The share price started at $73.49 in March 2006, exhibiting a declining trend until February 2008, where it reached $45.53. From that point, the share price demonstrated a general upward trajectory, increasing substantially to $290.07 by February 2024. There were some fluctuations along the way, with minor dips in 2011 and 2022, but the overall trend was markedly positive over the long term.
Earnings Per Share (EPS)
EPS displayed variability across the years. It initially fluctuated between 2.53 and 4.96 from 2006 to 2011, then showed a steady rise peaking at 13.49 in 2019. Notably, there was a sharp drop in 2018 to 2.75 before this peak. Post-2019, EPS gradually declined, reaching 7.61 by 2025. This pattern suggests periods of strong profitability growth punctuated by volatility, possibly linked to extraordinary events or restructuring.
Price-to-Earnings (P/E) Ratio
The P/E ratio varied significantly. Initially high at 23.7 in 2006, it decreased to a low of 10.53 in 2011, indicating relatively cheaper valuations relative to earnings during that period. Subsequently, the ratio increased again, with some pronounced spikes, especially in 2018 (64.06) and 2025 (38.24), suggesting moments of investor optimism or expectations of future earnings growth despite EPS fluctuations. Intriguingly, the high P/E in 2018 coincides with EPS dropping to 2.75, reflecting elevated valuation during a low earnings phase.

Overall, the share price exhibited strong upward momentum over the long term, driven by generally improving earnings despite volatility. The P/E ratios indicate periods of changing market sentiment, with valuation swings reflective of underlying earnings fluctuations. The sharp variations in EPS and P/E during some years hint at episodic events impacting profitability and market perceptions.


Comparison to Competitors

Amgen Inc., P/E, long-term trends, comparison to competitors

Microsoft Excel

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/E, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

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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/E, long-term trends, comparison to industry (health care)

Microsoft Excel

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).