Question 1

What is Amgen's P/B ratio?

Accepted Answer

Amgen (AMGN) P/B ratio is 20.7× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Amgen?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Amgen specifically, the relevant sector benchmark is the current sector median of 3.4×.

Question 5

Is Amgen's P/B ratio high or low?

Accepted Answer

Amgen's P/B ratio of 20.7× is below its own 5-year average of 30.7× and above the sector median of 3.4×. That places the current reading at the 34th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Amgen's historical P/B ratio range?

Accepted Answer

In the available daily series, Amgen (AMGN) P/B ratio has ranged from a low of 2.0× in 2011 to a high of 154.4× in 2022. The 5-year average is 30.7× and the 5-year median is 23.5×.

Question 7

What was Amgen's P/B ratio in 2025?

Accepted Answer

Amgen (AMGN) P/B ratio at the end of 2025 was 20.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Amgen's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$176.42B	$8.66B	20.4×	-3.6×	Dec 31, 2025
2024	$140.88B	$5.88B	24.0×	-0.8×	Dec 31, 2024
2023	$154.09B	$6.23B	24.7×	-13.7×	Dec 31, 2023
2022	$140.51B	$3.66B	38.4×	+19.5×	Dec 31, 2022
2021	$126.43B	$6.70B	18.9×	+4.7×	Dec 31, 2021
2020	$133.58B	$9.41B	14.2×	-0.6×	Dec 31, 2020
2019	$142.95B	$9.67B	14.8×	+4.9×	Dec 31, 2019
2018	$123.62B	$12.50B	9.9×	+4.9×	Dec 31, 2018
2017	$125.83B	$25.24B	5.0×	+1.4×	Dec 31, 2017
2016	$108.49B	$29.88B	3.6×	-0.7×	Dec 31, 2016
2015	$122.40B	$28.08B	4.4×	-0.3×	Dec 31, 2015
2014	$121.22B	$25.78B	4.7×	+0.8×	Dec 31, 2014
2013	$86.02B	$22.10B	3.9×	+0.4×	Dec 31, 2013
2012	$65.77B	$19.06B	3.5×	+0.8×	Dec 31, 2012
2011	$50.79B	$19.03B	2.7×	+0.5×	Dec 31, 2011
2010	$51.22B	$23.94B	2.1×	-0.3×	Dec 31, 2010
2009	$55.55B	$22.67B	2.5×	-0.5×	Dec 31, 2009
2008	$59.60B	$20.39B	2.9×	+0.1×	Dec 31, 2008
2007	$50.57B	$17.87B	2.8×	-1.4×	Dec 31, 2007
2006	$79.72B	$18.96B	4.2×	-0.4×	Dec 31, 2006
2005	$94.79B	$20.45B	4.6×	+0.6×	Dec 31, 2005
2004	$80.12B	$19.70B	4.1×	-0.0×	Dec 31, 2004
2003	$79.05B	$19.39B	4.1×	+0.7×	Dec 31, 2003
2002	$62.38B	$18.29B	3.4×	-7.9×	Dec 31, 2002
2001	$58.90B	$5.22B	11.3×	—	Dec 31, 2001


Quest Diagnostics (DGX)	2.9×
Moderna (MRNA)	2.7×
Charles River (CRL)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Danaher (DHR)	2.4×
UnitedHealth Group (UNH)	2.4×
Solventum (SOLV)	2.3×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Molina Healthcare (MOH)	1.7×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Elevance Health (ELV)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Revvity (RVTY)	1.4×
Zimmer Biomet Holdings (ZBH)	1.2×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Centene (CNC)	0.8×

P/B Ratio for Amgen (AMGN)

P/B Ratio daily chart for Amgen (AMGN)

Historical P/B Ratio for Amgen (AMGN) from 2001 to 2025

About P/B Ratio at Amgen (AMGN)

Amgen P/B Ratio by Year

Amgen P/B Ratio 2025: 20.4×

Amgen P/B Ratio 2024: 24.0×

Amgen P/B Ratio 2023: 24.7×

Amgen P/B Ratio 2022: 38.4×

Amgen P/B Ratio 2021: 18.9×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Amgen (AMGN) Key Financials

P/B Ratio daily chart for Amgen (AMGN)

Historical P/B Ratio for Amgen (AMGN) from 2001 to 2025

About P/B Ratio at Amgen (AMGN)

Amgen P/B Ratio by Year

Amgen P/B Ratio 2025: 20.4×

Amgen P/B Ratio 2024: 24.0×

Amgen P/B Ratio 2023: 24.7×

Amgen P/B Ratio 2022: 38.4×

Amgen P/B Ratio 2021: 18.9×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Amgen's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for Amgen?

+Is Amgen's P/B ratio high or low?

+What is Amgen's historical P/B ratio range?

+What was Amgen's P/B ratio in 2025?

+Why does Amgen's P/B ratio change over time?

Amgen (AMGN) Key Financials