Amgen discovers, develops, makes, and sells prescription medicines used around the world. Its drugs treat conditions such as arthritis and psoriasis, osteoporosis, high cholesterol-related heart risk, blood disorders, several cancers, thyroid eye disease, and gout. It sells mainly to doctors, hospitals, dialysis centers, and pharmacies through drug wholesalers.

What is Amgen's fair value?

On an owner-earnings DCF, Amgen's most-likely fair value is about $386, versus a recent price near $415. A margin-of-safety estimate, not a price target. Analysis, not advice.

Healthcare · Drug Manufacturers - General · AMGN

What Amgen Does & How It Makes Money (AMGN)

Updated October 2026 · reflects Amgen's latest reported financials

Large biotech company making medicines for chronic diseases and cancer. Amgen makes money by selling branded prescription drugs and biosimilars through pharmaceutical wholesalers to healthcare providers.

Amgen's story, moat and numbers — in a 3-minute visual book.

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How Amgen makes money

Amgen makes money by selling branded prescription drugs and biosimilars through pharmaceutical wholesalers to healthcare providers. It also works with partners such as AstraZeneca and UCB to develop and sell some products.

What Amgen does

Amgen, founded in 1980 and based in Thousand Oaks, California, is one of the world's largest biotechnology companies. It discovers, develops, manufactures, and sells human therapeutics across inflammation (Enbrel, Otezla, TEZSPIRE), bone health (Prolia, XGEVA, EVENITY), cardiovascular disease (Repatha), oncology and hematology (KYPROLIS, BLINCYTO, Vectibix, LUMAKRAS, IMDELLTRA, Nplate, Aranesp), and rare diseases (TEPEZZA, KRYSTEXXA, UPLIZNA, RAVICTI, PROCYSBI). Besides branded drugs, Amgen sells biosimilars such as AMJEVITA, MVASI, WEZLANA, and PAVBLU. It distributes products through pharmaceutical wholesalers to physicians, hospitals, dialysis centers, and pharmacies. It also has collaboration agreements with AstraZeneca (TEZSPIRE), UCB (EVENITY), Kyowa Kirin (rocatinlimab), and BeiGene/BeOne (oncology and Aimovig).

Products & services

Enbrel
Prolia
Repatha
Otezla
TEPEZZA
EVENITY

What is Amgen worth?

On an owner-earnings DCF, Amgen's most-likely value is about $386 versus a recent price near $415 (7% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$219) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.

Verdict: Fairly priced — no edge

Owner-earnings fair value · recent price ≈ $415

Fair value (most likely)

$386

Range

$301–$591

No-growth floor

$219

Price

~$415

Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.

Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →

Sector Healthcare Industry Drug Manufacturers - General HQ United States Ticker AMGN Moat Wide moat (78/100) Official site

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