AMGN
Amgen Inc.Evidence as of 2026-09-09The desk's Snapshot
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Overview · Amgen Inc.
Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta that reduces the chance of infection due a low white blood cell count in patients cancer…
Management team
- Dr. James E. Bradner M.D. · Executive Vice President of Research & DevelopmentFind on LinkedIn
- Mr. Murdo Gordon · Executive Vice President of Global Commercial OperationsFind on LinkedIn
- Dr. David M. Reese M.D. · Executive VP & CTOFind on LinkedIn
- Mr. Peter H. Griffith · Executive VP & CFOFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
−0.4 on a −2 to +2 scale (was −0.3 before the debate changed the read).
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
Revenue moved from $ 8,618,000,000 in fiscal Q1 2026 (quarter ended 2026-04-27) to $ 10,054,000,000 in fiscal Q2 2026 (quarter ended 2026-07-30), with fiscal Q3 2025 (quarter ended 2025-10-30) at $ 9,557,000,000 between those levels. Diluted EPS followed a similar intra-year pattern at $ 3.34 in fiscal Q1 2026 and $ 4.37 in fiscal Q2 2026, down from $ 5.93 in fiscal Q3 2025; net income was $ 1,819,000,000, $ 2,375,000,000 and $ 3,216,000,000 for those same quarters respectively.
Balance-sheet and flow items show long-term debt of $ 54,604,000,000 as of 2025-12-31 rising to $ 57,323,000,000 as of 2026-03-31 and $ 57,304,000,000 as of 2026-06-30, while cash and equivalents increased from $ 9,129,000,000 to $ 12,038,000,000 and $ 13,989,000,000 across the same dates. The filings confirm elevated R&D spending — $ 7.3 billion in FY 2025 versus $ 6.0 billion in FY 2024 — a decline in Phase 3 programs from 25 to 23 year over year, and a 10-K risk-factor callout to manufacturing and global supply risks. Market signals are mixed: a +48.7% 12-month minus 1-month momentum (81st percentile) and a golden cross with the stock +10.3% above its 200-day SMA coexist with elevated volatility (30-day annualized 41.4%) and a valuation that implies a steep FCF growth rate (implied FCF growth of 37.66% p.a.; price / FCF ttm = 58.82).
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Revenue was $8,618,000,000 in the quarter ended 31 March 2026 (fiscal Q1 2026) and increased to $10,054,000,000 in the quarter ended 30 June 2026 (fiscal Q2 2026).
XBRL companyfacts · 0000318154-26-000057Reported revenue for the quarter ended 30 September 2025 (fiscal Q3 2025) was $9,557,000,000, which sits between the two later quarters (Q1 2026 and Q2 2026).
XBRL companyfacts · 0000318154-25-000072Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
The 10-K filed 13 February 2026 adds Item 1A. Risk Factors language explicitly calling out factors that could adversely impact Amgen's manufacturing operations and the global supply of its products.
10-K filed 2026-02-13Amgen reported R&D expenses of $7.3 billion, $6.0 billion and $4.8 billion for the years ended December 31, 2025, 2024 and 2023, respectively, in the 10-K filed 13 February 2026.
10-K filed 2026-02-13Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
Momentum over the 12-month minus 1-month period is +48.7% and ranks in the 81th percentile of a 548-stock research universe as of 2026-09-08.
Moneyta signal set · 2026-09-08weakened in debateThe stock is trading +10.3% above its 200-day simple moving average and a golden cross is present, with the cross age at 209 days, as of 2026-09-08.
Moneyta signal set · 2026-09-08Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
The aggregated 13F-reported institutional holdings total $74.2M as of the reporting period 2026-03-31 (13F filings carry a 45-day reporting lag).
13F holdings · 4 filers · as of 2026-03-31M&T Bank Corp is listed as a top holder with $58.9M and is marked as a new position in the 13F data as of 2026-03-31.
13F holdings · 4 filers · as of 2026-03-31Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Several headlines on 8 September 2026 report that Amgen shares fell about 10% during trading after news tied to a cholesterol (Lp(a)) drug trial outcome.
News · 247wallst.com · 2026-09-08Coverage in multiple outlets frames the story as a class-wide issue for Lp(a) cholesterol drugs, saying a Novartis trial failure is dragging the entire drug class lower.
News · finance.yahoo.com · 2026-09-08Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
No insider transactions on file in the trailing 180 days.
Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The model reports an implied free-cash-flow (FCF) growth rate of 37.66% per year that today's price would justify under the stated discount and terminal assumptions.
Valuation inputs · SEC XBRL + stored EOD closePrice-to-FCF (price / FCF ttm) is 58.82, which implies a historical FCF yield of roughly 1.7% at the reported price of $393.17.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
Several company-specific fundamentals and market signals together present a favorable read: sequential revenue and operating-income increases between fiscal Q1 and Q2 2026 alongside rising cash balances indicate improving core cash generation and liquidity, while high R&D spend and a substantial Phase 3 program count reflect continued investment in product pipelines. Market-momentum metrics and a long-lived golden cross show positive technical breadth versus a broad research universe, and defensive attributes (low beta, meaningful dividend yield and recent dividend growth) support an income/defensive framing amid market moves. These points counter headline-driven volatility and valuation metrics by emphasizing recent operating improvement, balance-sheet cash accumulation, ongoing pipeline activity, and institutional/ETF allocations that align with a durable ownership base. Financial advisors often suggest that when operating income, revenue and cash flow directions align with significant R&D investment and institutional support, it can be read as constructive on a company’s capacity to fund pipelines and shareholder distributions.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.36
35 surviving claims rest on 15 distinct sources; the heaviest analyst carries 23% of them, and 97% of what the desk raised survived the debate.
The evidence set is moderately concentrated: 35 surviving claims draw from 15 distinct sources, so multiple claims rely on the same documents and a single analyst carries nearly a quarter of the claims — that raises the risk that any single source or analyst error would shift many conclusions. The very high debate survival rate (97%) means most points passed internal scrutiny, which supports reliability, but the combination of source overlap and analyst influence reduces how much independent weight to place on the aggregate read.
Peer context · computed, not argued
12-1 momentum ranks 6th of 10 in Drug Manufacturers—General (as of 2026-09-08).
90-day volatility ranks 3rd of 10 in Drug Manufacturers—General (as of 2026-09-08).
dividend yield ranks 6th of 10 in Drug Manufacturers—General (as of 2026-09-08).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
10 filings· 3 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer+0.1 to the score
5 documents· 3 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes−0.2 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash+0.3 to the score
2 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.0 to the score
5 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
The full terminal on AMGN Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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