Stock Analysis on Net
Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Beginner level

Historical Valuation Ratios (Summary)

Amgen Inc., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Price to earnings (P/E) 19.97 17.70 17.07 15.53 14.06 13.30 14.01 55.79 52.69 52.13 64.06 15.67 15.70 15.16 16.03 14.24 17.32 16.55 15.95
Price to operating profit (P/OP) 15.84 14.22 13.84 12.52 11.35 10.73 11.46 12.13 12.16 11.45 12.71 12.55 12.46 11.99 12.64 11.56 14.06 13.50 13.07
Price to sales (P/S) 6.30 5.96 6.03 5.61 5.00 4.78 5.22 5.56 5.65 5.27 5.82 5.85 5.85 5.48 5.65 5.01 5.97 5.60 5.28
Price to book value (P/BV) 13.67 14.33 13.84 11.47 10.37 9.92 9.41 8.56 8.35 7.41 5.02 3.98 4.05 3.91 4.14 3.51 4.27 4.16 3.94 4.38 4.87 4.66

Based on: 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-05-01), 10-K (filing date: 2020-02-12), 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-13), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-28), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-05-02), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-04-27).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Amgen Inc.’s P/E ratio increased from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Amgen Inc.’s P/OP ratio increased from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Amgen Inc.’s P/S ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Amgen Inc.’s P/BV ratio increased from Q4 2019 to Q1 2020 but then decreased significantly from Q1 2020 to Q2 2020.

Price to Earnings (P/E)

Amgen Inc., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 585,693,775 588,247,399 589,806,819 594,183,541 599,701,222 609,935,682 622,278,034 637,219,244 647,272,067 661,706,007 720,562,246 725,910,575 729,674,773 735,399,128 736,452,791 743,922,473 748,360,906 751,217,078 752,091,038 754,327,866 758,250,346 760,323,664
Selected Financial Data (US$)
Net income (in millions) 1,803  1,825  1,703  1,968  2,179  1,992  1,928  1,859  2,296  2,311  (4,264) 2,021  2,151  2,071  1,935  2,017  1,870  1,900  1,800  1,863  1,653  1,623 
Earnings per share (EPS)2 12.46 13.05 13.30 13.58 13.27 13.24 13.49 3.46 3.65 3.35 2.75 11.27 11.20 10.73 10.49 10.20 9.93 9.61 9.23 0.00 0.00 0.00
Share price1, 3 248.85 230.98 227.00 210.88 186.58 176.14 188.98 192.79 192.44 174.83 175.94 176.52 175.89 162.72 168.05 145.18 172.03 158.99 147.15 162.31 176.44 162.38
Valuation Ratio
P/E ratio4 19.97 17.70 17.07 15.53 14.06 13.30 14.01 55.79 52.69 52.13 64.06 15.67 15.70 15.16 16.03 14.24 17.32 16.55 15.95
Benchmarks
P/E Ratio, Competitors5
Abbott Laboratories 58.36 45.61 41.83 44.92 53.17 52.98 56.47 136.66 122.73 213.07 220.29 45.00 73.04 50.48 55.16 41.28 29.01 22.87 12.83
AbbVie Inc. 23.92 14.70 17.82 37.29 23.42 21.71 20.60 17.29 22.09 24.91 35.47 22.56 17.16 16.90 16.54 15.75 18.94 18.46 17.01
Biogen Inc. 7.50 8.11 9.97 9.43 8.40 9.32 14.79 19.99 25.30 18.66 28.83 19.16 18.17 17.49 15.41 16.60 16.21 16.57 16.67
Bristol-Myers Squibb Co. 144.77 41.99 16.53 11.97 14.51 16.81 56.09 251.38 92.56 103.55 23.59 19.40 18.96 20.56 25.80 43.47 76.64 64.22
Eli Lilly & Co. 25.59 26.56 16.19 13.31 13.84 18.38 39.13 249.24 79.88 41.51 37.39 41.29 32.39 33.66 37.12 35.95 33.35
Gilead Sciences Inc. 19.58 16.45 30.72 13.61 14.26 15.26 57.34 45.72 24.66 22.75 8.24 7.85 6.92 6.83 6.47 6.49 6.50 6.75
Illumina Inc. 74.93 47.73 43.43 43.91 46.92 54.25 52.00 62.22 73.58 59.94 44.63 38.26 38.75 36.92 52.01 45.62 56.56 50.34 50.07
Johnson & Johnson 25.68 23.06 25.99 24.03 21.50 25.68 23.74 243.48 256.64 271.47 268.10 23.75 21.91 20.12 20.08 19.64 22.55 20.29 18.80
Merck & Co. Inc. 19.70 19.18 20.60 22.67 23.07 23.97 33.46 56.97 132.14 96.71 61.63 53.20 33.41 39.83 46.14 30.16 33.87 32.46 31.64
Pfizer Inc. 15.01 13.00 11.63 12.60 16.12 19.69 21.58 10.64 10.66 9.43 9.99 21.39 23.88 27.02 28.10 32.43 30.28 26.41 26.37
Regeneron Pharmaceuticals Inc. 22.27 28.35 19.86 17.03 15.94 14.56 18.17 21.53 26.96 22.09 28.99 34.90 43.35 47.93 42.64 45.15 61.42 53.53 60.50
Vertex Pharmaceuticals Inc. 34.05 43.74 52.90 23.44 20.80 20.51 22.59 65.41 108.21 175.96 155.08 193.19 149.56 166.15
Zoetis Inc. 47.41 37.05 45.89 39.46 42.08 35.57 28.68 38.90 39.51 39.53 44.09 35.00 33.42 33.79 31.63 35.08 39.58 62.14 62.14

Based on: 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-05-01), 10-K (filing date: 2020-02-12), 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-13), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-28), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-05-02), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-04-27).

1 Data adjusted for splits and stock dividends.

2 Q2 2020 Calculation
EPS = (Net incomeQ2 2020 + Net incomeQ1 2020 + Net incomeQ4 2019 + Net incomeQ3 2019) ÷ No. shares of common stock outstanding
= (1,803,000,000 + 1,825,000,000 + 1,703,000,000 + 1,968,000,000) ÷ 585,693,775 = 12.46

3 Closing price as at the filing date of Amgen Inc.’s Quarterly or Annual Report.

4 Q2 2020 Calculation
P/E ratio = Share price ÷ EPS
= 248.85 ÷ 12.46 = 19.97

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Amgen Inc.’s P/E ratio increased from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Price to Operating Profit (P/OP)

Amgen Inc., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 585,693,775 588,247,399 589,806,819 594,183,541 599,701,222 609,935,682 622,278,034 637,219,244 647,272,067 661,706,007 720,562,246 725,910,575 729,674,773 735,399,128 736,452,791 743,922,473 748,360,906 751,217,078 752,091,038 754,327,866 758,250,346 760,323,664
Selected Financial Data (US$)
Operating income (in millions) 2,323  2,355  2,048  2,476  2,678  2,472  2,382  2,323  2,832  2,726  2,245  2,439  2,698  2,591  2,485  2,527  2,380  2,402  2,033  2,339  2,076  2,022 
Operating profit per share2 15.71 16.25 16.40 16.84 16.43 16.41 16.49 15.89 15.82 15.28 13.84 14.07 14.12 13.57 13.30 12.56 12.23 11.78 11.26 0.00 0.00 0.00
Share price1, 3 248.85 230.98 227.00 210.88 186.58 176.14 188.98 192.79 192.44 174.83 175.94 176.52 175.89 162.72 168.05 145.18 172.03 158.99 147.15 162.31 176.44 162.38
Valuation Ratio
P/OP ratio4 15.84 14.22 13.84 12.52 11.35 10.73 11.46 12.13 12.16 11.45 12.71 12.55 12.46 11.99 12.64 11.56 14.06 13.50 13.07
Benchmarks
P/OP Ratio, Competitors5
Abbott Laboratories 45.19 35.87 34.03 34.32 37.50 36.74 36.64 38.12 38.00 39.99 60.88 47.72 41.32 30.85 24.25 18.51 23.04 20.13 19.80
AbbVie Inc. 15.23 9.13 10.82 18.43 13.53 17.93 18.35 12.32 14.01 15.78 19.63 14.77 11.57 11.19 10.49 10.48 12.51 12.44 11.61
Biogen Inc. 6.03 6.48 8.34 7.58 6.74 7.43 11.13 10.78 12.80 9.45 13.70 14.01 13.19 12.69 11.08 11.87 11.51 11.89 12.09
Bristol-Myers Squibb Co. 33.99 27.33 24.42 13.50 10.89 13.68 16.16 19.56 27.48 23.10 28.87 24.60 20.23 19.09 19.79 24.47 43.34 64.30 53.18
Eli Lilly & Co. 25.58 24.82 27.08 23.37 23.99 38.43 33.99 37.45 47.62 25.86 39.61 33.07 29.23 32.37 25.63 27.59 30.51 28.95 29.86
Gilead Sciences Inc. 21.83 20.66 19.07 9.61 10.14 10.15 9.74 9.58 6.83 7.45 6.02 5.82 5.22 5.23 5.08 5.20 5.25 5.50
Illumina Inc. 60.31 46.36 44.17 46.74 51.96 53.12 48.64 46.46 55.70 44.02 53.47 57.62 58.10 52.79 40.99 34.40 43.07 37.39 37.71
Johnson & Johnson 19.66 18.67 19.83 17.23 19.08 20.36 18.34 20.42 18.93 18.18 18.94 18.71 17.29 15.95 16.09 16.59 18.63 17.98 16.50
Merck & Co. Inc. 17.23 15.88 17.47 17.97 18.21 19.17 25.08 25.60 34.95 27.63 22.58 38.37 25.21 30.01 33.62 21.16 24.34 20.90 20.29
Pfizer Inc. 18.20 15.97 14.36 14.64 13.82 15.62 17.19 18.14 17.36 15.05 15.62 16.20 16.11 16.34 16.88 16.63 16.98 15.88 15.52
Regeneron Pharmaceuticals Inc. 23.98 26.60 19.01 16.21 15.41 14.44 17.53 16.43 18.75 14.23 16.71 23.63 29.60 32.24 28.70 29.64 36.67 30.59 30.74
Vertex Pharmaceuticals Inc. 33.91 40.27 51.98 64.96 52.36 56.45 74.57 66.84 442.93 331.55 1,018.05 112.83 99.84 2,143.58
Zoetis Inc. 36.24 28.78 35.00 30.23 32.11 27.78 22.59 23.98 23.28 21.51 22.33 21.75 20.64 20.42 18.65 18.87 20.90 28.06 28.09

Based on: 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-05-01), 10-K (filing date: 2020-02-12), 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-13), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-28), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-05-02), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-04-27).

1 Data adjusted for splits and stock dividends.

2 Q2 2020 Calculation
Operating profit per share = (Operating incomeQ2 2020 + Operating incomeQ1 2020 + Operating incomeQ4 2019 + Operating incomeQ3 2019) ÷ No. shares of common stock outstanding
= (2,323,000,000 + 2,355,000,000 + 2,048,000,000 + 2,476,000,000) ÷ 585,693,775 = 15.71

3 Closing price as at the filing date of Amgen Inc.’s Quarterly or Annual Report.

4 Q2 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 248.85 ÷ 15.71 = 15.84

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Amgen Inc.’s P/OP ratio increased from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Price to Sales (P/S)

Amgen Inc., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 585,693,775 588,247,399 589,806,819 594,183,541 599,701,222 609,935,682 622,278,034 637,219,244 647,272,067 661,706,007 720,562,246 725,910,575 729,674,773 735,399,128 736,452,791 743,922,473 748,360,906 751,217,078 752,091,038 754,327,866 758,250,346 760,323,664
Selected Financial Data (US$)
Product sales (in millions) 5,908  5,894  5,881  5,463  5,574  5,286  6,001  5,510  5,679  5,343  5,569  5,453  5,574  5,199  5,663  5,516  5,474  5,239  5,329  5,516  5,225  4,874 
Sales per share2 39.52 38.78 37.65 37.57 37.30 36.85 36.21 34.68 34.06 33.16 30.25 30.15 30.08 29.71 29.73 28.98 28.81 28.37 27.85 0.00 0.00 0.00
Share price1, 3 248.85 230.98 227.00 210.88 186.58 176.14 188.98 192.79 192.44 174.83 175.94 176.52 175.89 162.72 168.05 145.18 172.03 158.99 147.15 162.31 176.44 162.38
Valuation Ratio
P/S ratio4 6.30 5.96 6.03 5.61 5.00 4.78 5.22 5.56 5.65 5.27 5.82 5.85 5.85 5.48 5.65 5.01 5.97 5.60 5.28
Benchmarks
P/S Ratio, Competitors5
Abbott Laboratories 5.77 5.09 4.83 4.72 4.98 4.52 4.37 3.98 3.84 3.57 3.84 3.77 3.62 3.40 3.70 2.73 3.21 2.74 2.78
AbbVie Inc. 4.59 3.64 4.22 3.69 2.96 3.56 3.58 4.06 4.60 5.37 6.67 5.50 4.25 4.07 3.84 3.79 4.38 4.25 3.83
Biogen Inc. 3.07 3.31 4.08 3.57 3.16 3.15 4.87 4.81 5.83 4.39 5.96 5.64 5.11 5.28 4.98 5.65 5.51 5.60 5.49
Bristol-Myers Squibb Co. 3.97 4.45 5.52 3.87 3.11 3.21 3.67 3.64 4.38 4.04 5.02 4.85 4.40 4.59 4.72 4.70 7.08 7.13 6.07
Eli Lilly & Co. 6.26 6.36 6.03 4.67 4.67 4.80 5.15 4.62 4.34 3.85 3.71 4.11 4.16 4.18 4.18 3.95 4.44 4.13 4.02
Gilead Sciences Inc. 3.95 4.34 4.00 3.76 3.69 3.84 3.84 4.17 4.43 3.52 4.10 3.54 3.42 3.05 3.08 3.13 3.32 3.48 3.80
Illumina Inc. 15.50 12.64 12.28 12.35 12.92 13.59 12.89 13.12 15.36 11.58 11.77 11.53 11.65 11.27 10.03 8.53 10.58 9.26 10.41
Johnson & Johnson 4.84 4.78 4.79 4.16 4.32 4.62 4.45 4.61 4.36 4.29 4.56 5.06 4.93 4.60 4.62 4.37 4.78 4.49 4.13
Merck & Co. Inc. 4.38 4.05 4.33 4.59 4.87 4.67 4.92 4.57 4.29 3.75 3.68 3.80 4.25 4.34 4.54 4.15 4.41 3.80 3.56
Pfizer Inc. 4.32 4.05 3.66 3.85 3.80 4.20 4.49 4.75 4.51 3.89 4.05 4.00 3.80 3.75 3.84 3.82 4.08 3.95 3.76
Regeneron Pharmaceuticals Inc. 8.31 8.10 5.34 4.79 4.56 5.11 6.62 6.08 6.92 5.20 5.92 8.09 9.56 9.27 7.86 7.61 9.82 8.95 9.38
Vertex Pharmaceuticals Inc. 13.11 13.71 14.95 13.89 13.34 13.54 15.54 14.96 17.14 16.47 16.42 16.47 18.23 14.60 12.51 11.33 15.62 15.73 20.38
Zoetis Inc. 12.09 9.42 11.00 9.37 9.57 8.35 7.03 7.92 7.88 7.10 7.18 6.40 5.85 5.83 5.31 4.95 5.21 4.87 4.42

Based on: 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-05-01), 10-K (filing date: 2020-02-12), 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-13), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-28), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-05-02), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-04-27).

1 Data adjusted for splits and stock dividends.

2 Q2 2020 Calculation
Sales per share = (Product salesQ2 2020 + Product salesQ1 2020 + Product salesQ4 2019 + Product salesQ3 2019) ÷ No. shares of common stock outstanding
= (5,908,000,000 + 5,894,000,000 + 5,881,000,000 + 5,463,000,000) ÷ 585,693,775 = 39.52

3 Closing price as at the filing date of Amgen Inc.’s Quarterly or Annual Report.

4 Q2 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 248.85 ÷ 39.52 = 6.30

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Amgen Inc.’s P/S ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Price to Book Value (P/BV)

Amgen Inc., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 585,693,775 588,247,399 589,806,819 594,183,541 599,701,222 609,935,682 622,278,034 637,219,244 647,272,067 661,706,007 720,562,246 725,910,575 729,674,773 735,399,128 736,452,791 743,922,473 748,360,906 751,217,078 752,091,038 754,327,866 758,250,346 760,323,664
Selected Financial Data (US$)
Stockholders’ equity (in millions) 10,659  9,485  9,673  10,927  10,794  10,832  12,500  14,349  14,909  15,620  25,241  32,229  31,722  30,637  29,875  30,773  30,133  28,682  28,083  27,967  27,484  26,506 
Book value per share (BVPS)2 18.20 16.12 16.40 18.39 18.00 17.76 20.09 22.52 23.03 23.61 35.03 44.40 43.47 41.66 40.57 41.37 40.27 38.18 37.34 37.08 36.25 34.86
Share price1, 3 248.85 230.98 227.00 210.88 186.58 176.14 188.98 192.79 192.44 174.83 175.94 176.52 175.89 162.72 168.05 145.18 172.03 158.99 147.15 162.31 176.44 162.38
Valuation Ratio
P/BV ratio4 13.67 14.33 13.84 11.47 10.37 9.92 9.41 8.56 8.35 7.41 5.02 3.98 4.05 3.91 4.14 3.51 4.27 4.16 3.94 4.38 4.87 4.66
Benchmarks
P/BV Ratio, Competitors5
Abbott Laboratories 5.94 5.40 4.96 4.65 4.86 4.49 4.38 3.94 3.72 3.23 3.40 2.95 2.71 2.42 3.76 2.72 3.20 2.70 2.68 3.19 3.27 3.17
AbbVie Inc. 11.31 44.74 36.95 22.43 18.89 21.33 21.24 14.80 19.21 21.77 22.17 21.56 20.64 75.48
Biogen Inc. 3.93 3.80 4.40 3.63 3.44 3.15 5.03 4.63 6.13 3.94 5.80 5.19 5.16 5.30 4.70 5.32 5.43 5.93 6.31 5.83 5.61 8.10
Bristol-Myers Squibb Co. 2.82 2.77 2.80 5.30 4.63 4.91 5.89 5.89 7.67 6.65 8.88 6.75 6.05 6.36 5.66 5.56 8.36 8.38 7.04 7.39 7.52 6.92
Eli Lilly & Co. 35.12 47.73 51.67 31.28 39.03 46.37 12.87 8.58 8.96 6.18 7.33 6.20 6.49 6.43 6.33 5.28 6.25 5.55 5.51 5.94 6.39 5.35
Gilead Sciences Inc. 4.79 4.40 3.93 4.02 3.58 3.83 3.89 3.98 4.66 4.15 5.15 3.85 4.23 4.28 4.88 5.78 6.83 8.42 6.59 9.02 10.69 8.88
Illumina Inc. 11.38 9.70 9.43 9.62 10.16 11.58 11.43 12.15 14.64 11.30 11.79 10.48 10.67 10.71 10.95 9.03 11.90 10.48 12.50 11.25 17.69 16.98
Johnson & Johnson 6.19 6.46 6.61 5.84 5.78 6.39 6.08 5.81 5.60 5.34 5.79 5.08 4.98 4.72 4.72 4.30 4.68 4.34 4.07 3.91 3.90 4.09
Merck & Co. Inc. 7.47 7.43 7.83 7.87 7.82 7.31 7.79 5.88 5.44 4.54 4.30 3.96 4.31 4.35 4.51 3.78 4.01 3.42 3.15 3.37 3.54 3.57
Pfizer Inc. 3.31 3.16 3.00 3.14 3.42 3.84 3.80 3.55 3.44 2.80 2.98 3.45 3.41 3.37 3.40 3.21 3.40 3.19 2.84 3.15 3.24 3.07
Regeneron Pharmaceuticals Inc. 7.34 5.33 3.79 3.48 3.38 3.74 5.07 4.92 5.97 4.80 5.66 7.37 9.07 9.49 8.58 8.02 11.19 10.54 10.53 17.80 18.04 16.29
Vertex Pharmaceuticals Inc. 9.42 10.23 10.23 9.57 9.09 9.36 10.68 14.56 16.73 16.56 20.14 21.11 23.25 19.64 18.42 18.42 24.79 21.23 22.38 33.24 38.35 31.53
Zoetis Inc. 25.71 21.68 25.42 21.53 24.00 21.31 18.74 21.38 22.36 19.72 21.52 16.49 17.11 17.96 17.46 15.25 18.64 20.16 19.72 18.42 20.48 17.82

Based on: 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-05-01), 10-K (filing date: 2020-02-12), 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-13), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-28), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-05-02), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-04-27).

1 Data adjusted for splits and stock dividends.

2 Q2 2020 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 10,659,000,000 ÷ 585,693,775 = 18.20

3 Closing price as at the filing date of Amgen Inc.’s Quarterly or Annual Report.

4 Q2 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 248.85 ÷ 18.20 = 13.67

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Amgen Inc.’s P/BV ratio increased from Q4 2019 to Q1 2020 but then decreased significantly from Q1 2020 to Q2 2020.