Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

Enterprise Value (EV) 

Microsoft Excel

Current Enterprise Value (EV)

Amgen Inc., current enterprise value calculation

Microsoft Excel
Current share price (P) $292.95
No. shares of common stock outstanding 537,706,118
US$ in millions
Common equity (market value)1 157,521
Total equity 157,521
Add: Current portion of long-term debt (per books) 3,550
Add: Long-term debt, excluding current portion (per books) 56,549
Total equity and debt 217,620
Less: Cash and cash equivalents 11,973
Less: Marketable securities
Enterprise value (EV) 205,647

Based on: 10-K (reporting date: 2024-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 292.95 × 537,706,118


Historical Enterprise Value (EV)

Amgen Inc., EV calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Share price1, 2 $291.16 $290.07 $240.00 $222.66 $236.65
No. shares of common stock outstanding1 537,204,943 535,918,901 533,976,238 557,029,370 577,566,383
US$ in millions
Common equity (market value)3 156,413 155,454 128,154 124,028 136,681
Total equity 156,413 155,454 128,154 124,028 136,681
Add: Current portion of long-term debt (book value) 3,550 1,443 1,591 87 91
Add: Long-term debt, excluding current portion (book value) 56,549 63,170 37,354 33,222 32,895
Total equity and debt 216,512 220,067 167,099 157,337 169,667
Less: Cash and cash equivalents 11,973 10,944 7,629 7,989 6,266
Less: Marketable securities 1,676 48 4,381
Enterprise value (EV) 204,539 209,123 157,794 149,300 159,020

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).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Amgen Inc. Annual Report.

3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 291.16 × 537,204,943


The financial data reveals several key trends over the five-year period ending December 31, 2024. The company's common equity, which is also reflected as total equity in this dataset, exhibited fluctuations with an initial decline followed by a recovery and subsequent plateauing. Specifically, common equity decreased from $136,681 million in 2020 to $124,028 million in 2021, then modestly increased to $128,154 million by 2022. A notable rise occurred in 2023, with equity reaching $155,454 million and slightly increasing again to $156,413 million in 2024.

Common Equity and Total Equity
The decrease in equity between 2020 and 2021 may suggest pressures on shareholder value or equity restructuring during that time. However, the significant rebound and growth from 2022 to 2024 indicate a strengthening equity base, potentially driven by retained earnings or capital injections.
Total Equity and Debt
The combined total of equity and debt followed a similar period of decline from 2020 ($169,667 million) to 2021 ($157,337 million). Subsequently, it increased substantially, peaking at $220,067 million in 2023, before a slight reduction to $216,512 million in 2024. This pattern implies increased leverage or debt issuance, especially between 2022 and 2023, contributing to a larger capital base.
Enterprise Value (EV)
Enterprise value trends mirrored those of total equity and debt but at lower absolute amounts. EV decreased from $159,020 million in 2020 to $149,300 million in 2021, rose to $157,794 million in 2022, climbed sharply to $209,123 million in 2023, and then declined slightly to $204,539 million in 2024. This suggests that market perceptions of the company’s total value experienced volatility, with significant appreciation coinciding with the growth in equity and debt during 2023.

Overall, the financial data indicates a period of contraction in 2021 followed by a strong recovery and expansion phase through 2023. The growth in both equity and debt components of the capital structure suggests strategic financial activities, including potential leveraging to fuel expansion or other corporate initiatives. The slight reductions in 2024 across total equity and enterprise value hint at stabilization or cautious market adjustments after the rapid growth phase.