AMGEN INC (AMGN)

Biological Products, (No Diagnostic Substances)

Latest Price

$382.47

TTM P/E

24.32

Normalized P/E

32.21

Div Yield

1.90%

Book Value

21.64

P/B Ratio

17.67

Valuation metrics

EPS: $14.23

Book value / share: $16.07

Formula: √(22.5 × EPS × BVPS)

Graham Number

$71.73

81% downside

Norm. op. income: $9.1B (median of 7yr)

Tax rate: 12%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$63.80

83% downside

Base FCF: $8.4B (median of recent 5yr)

Growth: -5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$43.40

89% downside

EPS: $14.23

Target P/E: 32×

Formula: EPS × P/E

P/E Fair Value

$455.36

+19% upside

85.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	49.36M	$17.87B	9.13%	+2.26M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	35.25M	$12.76B	6.52%	+235.9K	2026-06-30
STATE STREET CORP	30.56M	$11.07B	5.65%	+12.0K	2026-06-30
Capital World Investors	29.08M	$10.53B	5.38%	-213.0K	2026-06-30
Invesco Ltd.	16.32M	$5.91B	3.02%	+11.75M	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	15.70M	$5.67B	2.90%	+265.5K	2026-06-30
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	15.03M	$5.44B	2.78%	+2.26M	2026-06-30
Sixth Street Partners Management Company, L.P.	15.03M	$5.44B	2.78%	--	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	14.85M	$5.38B	2.75%	+232.2K	2026-06-30
MORGAN STANLEY	13.65M	$4.94B	2.53%	-2.18M	2026-06-30