Amgen Inc.

AMGN · Nasdaq · ·

下次财报：2026年11月3日

US$423.54+1.3%9月29日收盘

1M: -2.1%
6M: +23.0%
1Y: +54.2%
5Y: +132.2%

对比

Amgen discovers, makes and sells prescription medicines for serious diseases, along with biosimilar medicines.

Amgen Inc.（AMGN）股票——这是一门好生意吗？ — InspectStocks

Amgen Inc.

AMGN · Nasdaq · ·

下次财报：2026年11月3日

US$423.54+1.3%9月29日收盘

1M: -2.1%
6M: +23.0%
1Y: +54.2%
5Y: +132.2%

对比

Amgen discovers, makes and sells prescription medicines for serious diseases, along with biosimilar medicines.

怎么赚钱

Repatha prescription sales9%
Otezla prescription sales7%
Enbrel prescription sales7%
EVENITY prescription sales7%
XGEVA prescription sales6%
TEPEZZA prescription sales6%

各项收入占比是对year ended 2025-12-31, high confidence的估算，并非来自已提交报告的数字。

竞争对手

卖什么6

Repatha
An injectable medicine that lowers LDL cholesterol and is used to reduce the chance of major heart and blood-vessel events in certain adults.
Prolia
A medicine for osteoporosis that helps reduce fracture risk in certain people, including postmenopausal women and men at high risk of fracture.
Otezla
An oral medicine used for plaque psoriasis, psoriatic arthritis and certain mouth ulcers.

再显示 3 项

ENBREL
A medicine used for rheumatoid arthritis, plaque psoriasis and psoriatic arthritis.
TEZSPIRE
An antibody medicine used as an add-on treatment for severe uncontrolled asthma and, in approved markets, chronic sinus inflammation with nasal polyps.
IMDELLTRA
A cancer medicine for adults with extensive-stage small cell lung cancer that has progressed during or after platinum-based chemotherapy.

谁在买3

In the United States, Amgen sells substantially all its products to pharmaceutical wholesalers, which then distribute them to healthcare providers. McKesson, Cencora and Cardinal Health together accounted for 77% of worldwide gross revenue (year ended 2025-12-31, high confidence).
Outside the United States, Amgen sells to healthcare providers and pharmaceutical wholesalers, depending on local distribution practices.
Healthcare providers, including physicians and their clinics, hospitals, dialysis centers and pharmacies, use or dispense Amgen medicines; some products are also marketed through direct-to-patient channels.

靠什么支撑，什么会击垮它

业务依赖什么

1Amgen relies on large wholesalers for distribution: McKesson, Cencora and Cardinal Health together accounted for 77% of worldwide gross revenue (year ended 2025-12-31, high confidence).
2The United States is its largest market, accounting for 71.9% of revenue by geography (year ended 2025-12-31, high confidence).
3Its sales depend on government and commercial insurers covering its medicines and deciding how much they will reimburse; coverage rules and required discounts can affect use and net prices.
4The 10-K says a substantial majority of commercial manufacturing takes place in Puerto Rico and a substantial majority of clinical manufacturing takes place in Thousand Oaks, California.
5Amgen relies on third-party suppliers for some raw materials, devices and components, including items for which a supplier may be its only source.

可能出什么问题

1Government and private payer policies can limit access or reduce the prices Amgen receives. The filings describe Medicare price setting for ENBREL and Otezla, expanded discounts through the 340B program, and other pricing policies as pressures on sales and profitability.
2Biosimilar and generic competition can reduce sales and prices. The patents for Prolia and XGEVA have expired in key markets, and the 10-Q reports lower sales as biosimilar competitors entered those markets.
3Manufacturing disruption could limit medicine supply and sales. The 10-K identifies concentration of commercial manufacturing in Puerto Rico and clinical manufacturing in Thousand Oaks, California, as potential sources of disruption.

完整财务报表 →

与同行业相比处在什么位置

三项评分，每一项都是相对我们在Drug Manufacturers General覆盖的 21 家公司的百分位。刻意分开而不揉成一个总分：便宜、上涨和经营得好是三件不同的事，一个数字会把它们是哪一件藏起来。

动量

79在同行业中满分 100

高于行业内多数公司

截至一个月前的 12 个月54.5%

截至一个月前的 6 个月12.9%

最近一个月被刻意剔除：回报往往在 7 到 12 个月内延续，而最新的一个月往往反转。这描述的是股价已经走过的路，不说明它接下来会怎么走。

估值

31在同行业中满分 100

低于行业内多数公司

每单位价格对应的利润3.82%

每单位价格对应的现金4.44%

每单位价格对应的营收16.64%

每单位价格对应的资产3.78%

整个企业对应的经营利润5.21%

这些是收益率，所以数值越高越便宜——亏损的公司会排在最后，而不是被剔除。便宜不等于好：高收益率往往意味着股价是有原因才跌下来的。五项指标齐全。

资本配置

4/5大体克制

1 项检验未披露

资本回报率12.4%

股东回报率2.24%

股本数量，3 年-0.1%

净债务 / EBITDA3.12x

内部人，12 个月-US$24.8M

管理层怎么使用这笔钱——只按财报能回答的部分计分，绝不按占总数的比例计分。

六项资本配置检验

投入资金的回报投入资本回报 12.4%
债务与盈利之比净债务为经营利润的 3.12 倍
回馈给股东的现金每年 2.2% 用于回购和分红
三年间的股本数量三年间股本数量减少 0.1%
现金流对派付的覆盖自由现金流覆盖了派付的部分
内部人在公开市场的买入净卖出 US$24.8M——不计入扣分

这是对该公司在同行中所处位置的描述，不是投资建议。评分更新于 2026年9月30日。

关于Amgen Inc.

Amgen researches, develops and manufactures medicines, including biologic medicines made using living cells and small-molecule drugs. It sells treatments for conditions including heart disease, cancer, osteoporosis, asthma and autoimmune diseases. It also sells biosimilar medicines, which are highly similar versions of existing biologic medicines.

总部: Thousand Oaks, California
成立于: 1980 (incorporated in California; high confidence)
上市于: NASDAQ
财年结束: December 31

基于 Amgen Inc. 自己向 SEC 提交的申报文件。数字如实呈报，每股历史已重述到今天的股数口径。这是对一门生意的描述——不是投资建议，也不是买卖任何证券的推荐。

怎么赚钱

Repatha prescription sales9%
Otezla prescription sales7%
Enbrel prescription sales7%
EVENITY prescription sales7%
XGEVA prescription sales6%
TEPEZZA prescription sales6%

各项收入占比是对year ended 2025-12-31, high confidence的估算，并非来自已提交报告的数字。

竞争对手

卖什么6

Repatha
An injectable medicine that lowers LDL cholesterol and is used to reduce the chance of major heart and blood-vessel events in certain adults.
Prolia
A medicine for osteoporosis that helps reduce fracture risk in certain people, including postmenopausal women and men at high risk of fracture.
Otezla
An oral medicine used for plaque psoriasis, psoriatic arthritis and certain mouth ulcers.

再显示 3 项

ENBREL
A medicine used for rheumatoid arthritis, plaque psoriasis and psoriatic arthritis.
TEZSPIRE
An antibody medicine used as an add-on treatment for severe uncontrolled asthma and, in approved markets, chronic sinus inflammation with nasal polyps.
IMDELLTRA
A cancer medicine for adults with extensive-stage small cell lung cancer that has progressed during or after platinum-based chemotherapy.

谁在买3

In the United States, Amgen sells substantially all its products to pharmaceutical wholesalers, which then distribute them to healthcare providers. McKesson, Cencora and Cardinal Health together accounted for 77% of worldwide gross revenue (year ended 2025-12-31, high confidence).
Outside the United States, Amgen sells to healthcare providers and pharmaceutical wholesalers, depending on local distribution practices.
Healthcare providers, including physicians and their clinics, hospitals, dialysis centers and pharmacies, use or dispense Amgen medicines; some products are also marketed through direct-to-patient channels.

靠什么支撑，什么会击垮它

业务依赖什么

1Amgen relies on large wholesalers for distribution: McKesson, Cencora and Cardinal Health together accounted for 77% of worldwide gross revenue (year ended 2025-12-31, high confidence).
2The United States is its largest market, accounting for 71.9% of revenue by geography (year ended 2025-12-31, high confidence).
3Its sales depend on government and commercial insurers covering its medicines and deciding how much they will reimburse; coverage rules and required discounts can affect use and net prices.
4The 10-K says a substantial majority of commercial manufacturing takes place in Puerto Rico and a substantial majority of clinical manufacturing takes place in Thousand Oaks, California.
5Amgen relies on third-party suppliers for some raw materials, devices and components, including items for which a supplier may be its only source.

可能出什么问题

1Government and private payer policies can limit access or reduce the prices Amgen receives. The filings describe Medicare price setting for ENBREL and Otezla, expanded discounts through the 340B program, and other pricing policies as pressures on sales and profitability.
2Biosimilar and generic competition can reduce sales and prices. The patents for Prolia and XGEVA have expired in key markets, and the 10-Q reports lower sales as biosimilar competitors entered those markets.
3Manufacturing disruption could limit medicine supply and sales. The 10-K identifies concentration of commercial manufacturing in Puerto Rico and clinical manufacturing in Thousand Oaks, California, as potential sources of disruption.

完整财务报表 →

与同行业相比处在什么位置

动量

79在同行业中满分 100

高于行业内多数公司

截至一个月前的 12 个月54.5%

截至一个月前的 6 个月12.9%

最近一个月被刻意剔除：回报往往在 7 到 12 个月内延续，而最新的一个月往往反转。这描述的是股价已经走过的路，不说明它接下来会怎么走。

估值

31在同行业中满分 100

低于行业内多数公司

每单位价格对应的利润3.82%

每单位价格对应的现金4.44%

每单位价格对应的营收16.64%

每单位价格对应的资产3.78%

整个企业对应的经营利润5.21%

资本配置

4/5大体克制

1 项检验未披露

资本回报率12.4%

股东回报率2.24%

股本数量，3 年-0.1%

净债务 / EBITDA3.12x

内部人，12 个月-US$24.8M

管理层怎么使用这笔钱——只按财报能回答的部分计分，绝不按占总数的比例计分。

六项资本配置检验

投入资金的回报投入资本回报 12.4%
债务与盈利之比净债务为经营利润的 3.12 倍
回馈给股东的现金每年 2.2% 用于回购和分红
三年间的股本数量三年间股本数量减少 0.1%
现金流对派付的覆盖自由现金流覆盖了派付的部分
内部人在公开市场的买入净卖出 US$24.8M——不计入扣分

这是对该公司在同行中所处位置的描述，不是投资建议。评分更新于 2026年9月30日。

关于Amgen Inc.

总部: Thousand Oaks, California
成立于: 1980 (incorporated in California; high confidence)
上市于: NASDAQ
财年结束: December 31

怎么赚钱

竞争对手

卖什么6

谁在买3

靠什么支撑，什么会击垮它

业务依赖什么

可能出什么问题

与同行业相比处在什么位置

关于Amgen Inc.

怎么赚钱

竞争对手

卖什么6

谁在买3

靠什么支撑，什么会击垮它

业务依赖什么

可能出什么问题

与同行业相比处在什么位置

关于Amgen Inc.

成长与现金——5 项中通过 5 项