AMGN AMGN

Name: AMGN Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 18, 2026

Price at analysis: $353.93

Crucible Score

63.0

C+

Quality × Value Composite

KQI — Quality

70.8

Fundamental Quality Index

KVI — Value

53.4

C-

Valuation Attractiveness Index

Crucible Verdict — AMGN

Amgen delivers solid fundamentals with strong financial quality (84) and an impressive 91% earnings beat rate under longtime CEO Robert Bradway, but AMGN trades at a modest discount to its $378 fair value despite quality metrics exceeding value scores. The biotech giant's diversified pipeline and market position provide defensive characteristics, though growth acceleration remains the key catalyst for closing the valuation gap.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

84.4

Growth Profile

63.6

Moat Durability

62.0

Management Effectiveness

66.9

Diversification & Resilience⚠

74.0

Market Position

72.0

Weakest dimension: Moat Durability (62.0)

◆ KVI Value Dimensions

DCF Margin of Safety

60.9

FCF Yield & Cash Returns

40.9

Relative Valuation

72.7

Growth-Adjusted Value

27.6

Historical Valuation

65.9

Macro Context

47.1

◆ DCF Valuation Scenarios

Bear Case

$268.45

Base Case

$378.12

Bull Case

$521.88

Price at Analysis

$353.93

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$268.45	4.0%	27.0%	7.0%
🟢 Base	$378.12	6.0%	30.0%	6.6%
🟢 Bull	$521.88	8.0%	34.0%	6.2%

Key Assumptions: WACC derived from CAPM using 4.39% risk-free rate, 0.42 beta, and 5.25% ERP yielding ~6.6% base WACC, reflecting Amgen's low-beta defensive profile. Revenue growth anchored to recent trajectory where the Horizon Therapeutics acquisition drove a step-up from ~$26B to ~$37B; base case assumes mid-single-digit organic growth going forward. Operating margins reflect the historical range of 27-36%, with bear case assuming biosimilar competition compresses margins while bull case assumes pipeline success and synergy realization expand margins toward the higher end.

◆ Financial Snapshot

Profitability

Gross Margin70.5%

Operating Margin28.0%

Net Margin21.0%

ROIC12.3%

ROE79.3%

Balance Sheet

Balance SheetCR: 1.14

Cash ConversionFCF/EPS: 1.05x

Capital IntensityCapex/Rev: 5.1%

Altman Z-Score2.35 (Grey)

Piotroski F-Score8/9 (Strong)

Growth

Revenue CAGR9.1% CAGR

Earnings CAGR7.0% CAGR

Growth ConsistencyCV: 1.09

Segment Breadth13/15 growing (87%)

Quarterly TrendRev∆, Margin↑, WC↓, Exp↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

CEORobert A. Bradway · 14 years

CEO Ownership< 1%

Compensation88% performance-based

Insider ActivitySelling

Capital AllocationROIC 12.3% vs WACC 4.0%

Earnings Beat Rate91% (20/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 18, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.