Amgen (NAS:AMGN) Cyclically Adjusted Revenue per Share

: $43.81 (As of Sep. 2023)

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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Revenue per Share and the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted Revenue per Share of a company over the past 10 years.

Amgen's adjusted revenue per share for the three months ended in Sep. 2023 was $12.831. Add all the adjusted revenue per share for the past 10 years together and divide the count will get our Cyclically Adjusted Revenue per Share, which is $43.81 for the trailing ten years ended in Sep. 2023.

During the past 12 months, Amgen's average Cyclically Adjusted Revenue Growth Rate was 8.50% per year. During the past 3 years, the average Cyclically Adjusted Revenue Growth Rate was 12.30% per year. During the past 5 years, the average Cyclically Adjusted Revenue Growth Rate was 11.50% per year. During the past 10 years, the average Cyclically Adjusted Revenue Growth Rate was 10.70% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted Revenue Growth Rate using Cyclically Adjusted Revenue per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted Revenue Growth Rate of Amgen was 33.60% per year. The lowest was 9.80% per year. And the median was 16.80% per year.

As of today (2023-12-03), Amgen's current stock price is $272.49. Amgen's Cyclically Adjusted Revenue per Share for the quarter that ended in Sep. 2023 was $43.81. Amgen's Cyclically Adjusted PS Ratio of today is 6.22.

During the past 13 years, the highest Cyclically Adjusted PS Ratio of Amgen was 9.60. The lowest was 5.09. And the median was 7.32.

Amgen Cyclically Adjusted Revenue per Share Historical Data

The historical data trend for Amgen's Cyclically Adjusted Revenue per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Amgen Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Cyclically Adjusted Revenue per Share

26.11

28.85

31.71

36.47

40.90

Amgen Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Cyclically Adjusted Revenue per Share																40.36	40.90	42.01	42.96	43.81

Competitive Comparison

For the Drug Manufacturers - General subindustry, Amgen's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Amgen Cyclically Adjusted PS Ratio Distribution

For the Drug Manufacturers industry and Healthcare sector, Amgen's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Amgen's Cyclically Adjusted PS Ratio falls into.

Amgen Cyclically Adjusted Revenue per Share Calculation

What is Cyclically Adjusted Revenue per Share? How do we calculate Cyclically Adjusted Revenue per Share?

Cyclically Adjusted Revenue per Share is the average of the inflation adjusted Revenue per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted Revenue per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the revenue per share from 2001 through 2010.

We adjusted the 2001 revenue per share data with the total inflation from 2001 through 2010 to the equivalent revenue in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's revenue is $1 a share in 2001, then the 2001's equivalent revenue in 2010 is $1.4 a share. If Wal-Mart's revenue is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 revenue in 2010 is $1.35. So on and so forth, you get the equivalent revenue per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Amgen's adjusted Revenue per Share data for the three months ended in Sep. 2023 was:

Adj_RevenuePerShare	=	Revenue per Share	/	CPI of Sep. 2023 (Change)	*	Current CPI (Sep. 2023)
	=	12.831	/	129.8595	*	129.8595
	=	12.831

Current CPI (Sep. 2023) = 129.8595.

Amgen Quarterly Data

	Revenue per Share	CPI	Adj_RevenuePerShare
201312	6.525	98.326	8.618
201403	5.887	99.695	7.668
201406	6.745	100.560	8.710
201409	6.525	100.428	8.437
201412	6.897	99.070	9.041
201503	6.536	99.621	8.520
201506	6.992	100.684	9.018
201509	7.491	100.392	9.690
201512	7.256	99.792	9.442
201603	7.272	100.470	9.399
201606	7.524	101.688	9.608
201609	7.717	101.861	9.838
201612	8.039	101.863	10.249
201703	7.374	102.862	9.309
201706	7.873	103.349	9.893
201709	7.876	104.136	9.822
201712	7.992	104.011	9.978
201803	7.812	105.290	9.635
201806	9.180	106.317	11.213
201809	9.097	106.507	11.092
201812	9.719	105.998	11.907
201903	8.877	107.251	10.748
201906	9.625	108.070	11.566
201909	9.530	108.329	11.424
201912	10.380	108.420	12.433
202003	10.372	108.902	12.368
202006	10.483	108.767	12.516
202009	10.905	109.815	12.895
202012	11.360	109.897	13.424
202103	10.157	111.754	11.803
202106	11.330	114.631	12.835
202109	11.765	115.734	13.201
202112	12.138	117.630	13.400
202203	11.321	121.301	12.120
202206	12.279	125.017	12.755
202209	12.364	125.227	12.821
202212	12.712	125.222	13.183
202303	11.348	127.348	11.572
202306	13.009	128.729	13.123
202309	12.831	129.860	12.831

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Amgen (NAS:AMGN) Cyclically Adjusted Revenue per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted Revenue per Share may underestimate the company's revenue. Cyclically Adjusted PS Ratio can seem to be too high even the actual PS Ratio is low.

For the Cyclically Adjusted PS Ratio, the revenue per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/S calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PS Ratio is also called CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

Amgen's Cyclically Adjusted PS Ratio of today is calculated as

Cyclically Adjusted PS Ratio	=	Share Price	/	Cyclically Adjusted Revenue per Share
	=	272.49	/	43.81
	=	6.22

During the past 13 years, the highest Cyclically Adjusted PS Ratio of Amgen was 9.60. The lowest was 5.09. And the median was 7.32.

Be Aware

Cyclically Adjusted PS Ratio works better for cyclical companies. It gives you a better idea on the company's real revenue value.

Amgen Cyclically Adjusted Revenue per Share Related Terms

Thank you for viewing the detailed overview of Amgen's Cyclically Adjusted Revenue per Share provided by GuruFocus.com. Please click on the following links to see related term pages.

Amgen (NAS:AMGN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Amgen Inc (NAS:AMGN) » Definitions » Cyclically Adjusted Revenue per Share

Comparable Companies

Traded in Other Exchanges

AMG N:Mexico AMGd:UK 0R0T:UK AMG:Germany AMG:Germany AMG:Germany AMG:Germany AMGN34:Brazil AMGN:Austria AMGN:Argentina

Address

One Amgen Center Drive, Thousand Oaks, CA, USA, 91320-1799

Website

https://www.amgen.com

Amgen is a leader in biotechnology-based human therapeutics, with historical expertise in renal disease and cancer supportive-care products. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel and Otezla for inflammatory diseases. Amgen introduced its first cancer therapeutic, Vectibix, in 2006 and markets bone-strengthening drug Prolia/Xgeva (approved 2010) and Evenity (2019). The acquisition of Onyx bolstered the firm's therapeutic oncology portfolio with Kyprolis. Recent launches include Repatha (cholesterol-lowering), Aimovig (migraine), Lumakras (lung cancer), and Tezspire (asthma). Amgen's biosimilar portfolio includes Mvasi (biosimilar Avastin), Kanjinti (biosimilar Herceptin), and Amjevita (biosimilar Humira).

Executives

Matthew C. Busch	officer: VP, Finance & CAO	ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320
Michael V Drake	director	ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320
Derek Miller	officer: SVP, Human Resources	ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320
Rachna Khosla	officer: SVP, Business Development	ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320
Omar Ishrak	director	710 MEDTRONIC PKWY, MS LC300, MINNEAPOLIS MN 55432
Amy E Miles	director
Linda H. Louie	officer: VP, Finance & CAO	ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320
Nancy A. Grygiel	officer: SVP & CCO	ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320
Peter H. Griffith	officer: EVP & CFO	ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320
Murdo Gordon	officer: EVP Global Commercial Ops	C/O BRISTOL-MYERS SQUIBB COMPANY, 345 PARK AVE, NEW YORK NY 10154
David M Reese	officer: EVP, Research and Development	ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320
Brian Druker	director	ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320-1799
Wanda M Austin	director	6001 BOLLINGER CANYON ROAD, SAN RAMON CA 94583
Charles M Holley	director
Lori A Johnston	officer: SVP, HR	C/O AMGEN INC., ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320