AMGN Full Valuation
SEQH Capital Partners Research
Ticker: AMGN | Date: 11 Oct 2025 | Close: US $292.75 | Rating: BUY
Price Targets: US$330 (DCF) | US$340 (NAV) | US$350 (SOTP) | Down-side US$270 (pipeline miss) | Blue-sky US$370 (accelerated launches)
1. Post-Q2-25 Set-Up
YTD return: +24% vs S&P +23%; trades 14.8× 2026E EPS vs mega-pharma median 16.5× – discount persists despite 5-yr EPS CAGR 9%.
Q2-25 revenue: US$8.5 B (+12% YoY) – ninth straight quarter of double-digit top-line growth; adj-OP margin 48.8% (sector-best).
2. Revenue & Profitability Deep Dive (TTM US$B)
3. Multi-Method Valuation Cluster
A. DCF (7.5% WACC; 2% terminal g; USD)
Assumptions: 48% OP margin, R&D 17% of sales, net capex 5% of revenue, tax 15%.
B. NAV (sum-of-parts DCF of products + pipeline)
Stock = 1.18× NAV → fair value vs 1.3× peer average.
