Projected Income Statement: Amgen Inc.

Forecast Balance Sheet: Amgen Inc.

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 20,992 22,339 25,272 29,640 53,669 48,126 45,248 39,199
Change - 6.42% 13.13% 17.28% 81.07% -10.33% -8.35% -13.37%
Announcement Date 1/30/20 2/2/21 2/7/22 1/31/23 2/6/24 2/4/25 - -
1USD in Million
Estimates

Cash Flow Forecast: Amgen Inc.

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
CAPEX 1 618 608 880 936 1,112 1,096 1,740 1,392
Change - -1.62% 44.74% 6.36% 18.8% -1.44% 37.35% -20.01%
Free Cash Flow (FCF) 1 8,532 9,889 8,381 8,785 7,359 10,394 11,537 12,560
Change - 15.9% -15.25% 4.82% -16.23% 41.24% -8.89% 8.87%
Announcement Date 1/30/20 2/2/21 2/7/22 1/31/23 2/6/24 2/4/25 - -
1USD in Million
Estimates

Forecast Financial Ratios: Amgen Inc.

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026

Profitability

        
EBITDA Margin (%) 57.2% 62.68% 60.9% 61.46% 61.97% 61.69% 52.04% 51.87%
EBIT Margin (%) 47.76% 48.51% 47.82% 48.48% 47.53% 44.96% 44.42% 44.48%
EBT Margin (%) 39.11% 31.99% 25.79% 27.91% 27.86% 13.79% 21.85% 25.41%
Net margin (%) 33.57% 28.57% 22.68% 24.89% 23.83% 12.24% 21.39% 23.56%
FCF margin (%) 36.52% 38.9% 32.26% 33.37% 26.11% 31.1% 32.87% 35.16%
FCF / Net Income (%) 108.8% 136.14% 142.22% 134.08% 109.56% 254.13% 153.66% 149.25%

Profitability

        
ROA 14.32% 15.97% 15.79% 15.16% 12.37% 11.36% 8.42% 9.85%
ROE 81.43% 102.66% 121.63% 184.73% 202.85% 177.29% 182.12% 166.06%

Financial Health

        
Leverage (Debt/EBITDA) 1.57x 1.4x 1.6x 1.83x 3.07x 2.33x 2.48x 2.12x
Debt / Free cash flow 2.46x 2.26x 3.02x 3.37x 7.29x 4.63x 3.92x 3.12x

Capital Intensity

        
CAPEX / Current Assets (%) 2.65% 2.39% 3.39% 3.56% 3.94% 3.28% 4.96% 3.9%
CAPEX / EBITDA (%) 4.62% 3.82% 5.56% 5.79% 6.37% 5.32% 9.53% 7.51%
CAPEX / FCF (%) 7.24% 6.15% 10.5% 10.65% 15.11% 10.54% 15.08% 11.08%

Items per share

        
Cash flow per share 1 15.02 17.79 16.16 17.97 15.75 21.24 21.68 26.88
Change - 18.41% -9.16% 11.18% -12.37% 34.89% 0.47% 23.98%
Dividend per Share 1 5.8 6.4 7.04 7.76 8.52 9 9.604 10.23
Change - 10.34% 10% 10.23% 9.79% 5.63% 6.38% 6.51%
Book Value Per Share 1 16.37 16.28 12.01 6.856 11.65 10.94 12.97 19.38
Change - -0.54% -26.24% -42.9% 69.91% -6.05% 7.22% 49.45%
EPS 1 12.88 12.31 10.28 12.11 12.49 7.56 12.77 15.15
Change - -4.43% -16.49% 17.8% 3.14% -39.47% 39.88% 18.63%
Nbr of stocks (in thousands) 594,184 582,169 563,266 533,579 535,178 537,000 537,000 537,000
Announcement Date 1/30/20 2/2/21 2/7/22 1/31/23 2/6/24 2/4/25 - -
1USD
Estimates
2024 2025 *
P/E ratio 34.5x 23.3x
PBR 23.8x 23x
EV / Sales 5.63x 6x
Yield 3.45% 3.23%
More valuation ratios * Estimated data

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Trading Rating
Investor Rating
ESG MSCI
A
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
30
Last Close Price
297.78USD
Average target price
315.97USD
Spread / Average Target
+6.11%
Consensus

Quarterly revenue - Rate of surprise