Price to Operating Profit (P/OP)
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Calculation
Amgen Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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.
- Share Price Trends
- The share price demonstrated a notable upward trajectory over the analyzed period, starting from $73.49 in March 2006 and rising to $291.16 by February 2025. There were some fluctuations, particularly a decline between 2006 and 2008 where the price fell from $73.49 to $45.53. Afterward, the price recovered steadily, with significant acceleration post-2012, reaching a peak of $290.07 in February 2024.
- Operating Profit Per Share Trends
- The operating profit per share showed improvement overall but with periods of volatility. Initially, it decreased from $4.09 in 2006 to $3.29 in 2007, then rebounded to a peak of $16.49 in 2019. Following this peak, the operating profit per share exhibited some fluctuations, decreasing to $13.51 in 2025. The general trend indicates growth, but with periods of decline and recovery.
- Price-to-Operating Profit (P/OP) Ratio Trends
- The P/OP ratio fluctuated across the years, reflecting varying market valuation relative to the company’s operating profit per share. Early values show a range from 17.96 in 2006 to a low of 8.79 in 2011, indicating periods of undervaluation. From 2012 onwards, the ratio generally moved between 11 and 20, with the highest ratio of 21.55 observed in 2025. This increase suggests that the share price may be rising at a faster pace than operating profit per share, potentially reflecting higher market expectations or valuation multiples.
- Overall Analysis
- The data indicates that while the share price appreciated significantly over the long term, operating profit per share growth was less consistent and showed signs of recent decline. The increasing P/OP ratio in the last years suggests that the stock may be valued more on growth expectations rather than current operating profitability. This trend warrants caution as higher valuation multiples can imply increased risk if profit growth does not meet market expectations.
Comparison to Competitors
Amgen Inc., P/OP, long-term trends, comparison to competitors
| Amgen Inc. | AbbVie Inc. | Danaher Corp. | Gilead Sciences Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|
| 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: 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).