Question 1

What is Amgen's P/B ratio?

Accepted Answer

Amgen (AMGN) P/B ratio is 21.7× as of July 22, 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 3.2×.

Question 5

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

Accepted Answer

Amgen's P/B ratio of 21.7× is below its own 5-year average of 30.7× and above the sector median of 3.2×. That places the current reading at the 44th 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	$176B	$8.66B	20.4×	-3.6×	Dec 31, 2025
2024	$141B	$5.88B	24.0×	-0.8×	Dec 31, 2024
2023	$154B	$6.23B	24.7×	-13.7×	Dec 31, 2023
2022	$141B	$3.66B	38.4×	+19.5×	Dec 31, 2022
2021	$126B	$6.7B	18.9×	+4.7×	Dec 31, 2021
2020	$134B	$9.41B	14.2×	-0.6×	Dec 31, 2020
2019	$143B	$9.67B	14.8×	+4.9×	Dec 31, 2019
2018	$124B	$12.5B	9.9×	+4.9×	Dec 31, 2018
2017	$126B	$25.2B	5.0×	+1.4×	Dec 31, 2017
2016	$108B	$29.9B	3.6×	-0.7×	Dec 31, 2016
2015	$122B	$28.1B	4.4×	-0.3×	Dec 31, 2015
2014	$121B	$25.8B	4.7×	+0.8×	Dec 31, 2014
2013	$86B	$22.1B	3.9×	+0.4×	Dec 31, 2013
2012	$65.8B	$19.1B	3.5×	+0.8×	Dec 31, 2012
2011	$50.8B	$19B	2.7×	+0.5×	Dec 31, 2011
2010	$51.2B	$23.9B	2.1×	-0.3×	Dec 31, 2010
2009	$55.6B	$22.7B	2.5×	-0.5×	Dec 31, 2009
2008	$59.6B	$20.4B	2.9×	+0.1×	Dec 31, 2008
2007	$50.6B	$17.9B	2.8×	-1.4×	Dec 31, 2007
2006	$79.7B	$19B	4.2×	-0.4×	Dec 31, 2006
2005	$94.8B	$20.5B	4.6×	+0.6×	Dec 31, 2005
2004	$80.1B	$19.7B	4.1×	-0.0×	Dec 31, 2004
2003	$79.1B	$19.4B	4.1×	+0.7×	Dec 31, 2003
2002	$62.4B	$18.3B	3.4×	—	Dec 31, 2002


Charles River (CRL)	2.6×
Danaher (DHR)	2.6×
Spruce Biosciences (SPRB)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Solventum (SOLV)	2.3×
Medtronic (MDT)	2.2×
Elevance Health (ELV)	1.9×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Zimmer Biomet Holdings (ZBH)	1.4×
Revvity (RVTY)	1.4×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Ovid Therapeutics (OVID)	0.8×
Centene (CNC)	0.8×
Teladoc Health (TDOC)	0.7×

P/B Ratio for Amgen (AMGN) 2002-2026

P/B Ratio daily chart for Amgen (AMGN)

Historical P/B Ratio for Amgen (AMGN) from 2002 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