Amgen Inc.
AI Valuation
AI-generated fair value estimate for this company.
AI Fair Value
$343.50
Market Price
$403.94
Overvalued By
17.6%
Method: 10-year unlevered FCF DCF: ~$12.0B normalized unlevered FCF base (FY2025 levered FCF $8.1B, plus after-tax interest add-back on $57.3B debt); 4%/yr growth yrs 1-5; 3%/yr yrs 6-10; 8% WACC; 2% terminal growth; net debt $43.3B ($57.3B debt less $14.0B cash, 6/30/26); 544M diluted shares.
Reasoning: Amgen is a mature, moderately-levered large-cap biopharma with diversified, relatively stable cash flow, so a classic multi-stage unlevered DCF is appropriate; growth is capped by looming biosimilar erosion (Prolia/Xgeva) partly offset by new launches (Tezspire, Imdelltra, MariTide).