Amgen (AMGN) Stock Price vs Operating Income
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In the year ended March 31, 2026, Amgen's Operating Income reached $2.7B, up 127% from $1.2B in the same quarter a year prior. Over that same twelve-month period, the stock price rose from $311.55 to $351.85, a 13% gain. This means Operating Income growth significantly outpaced stock price appreciation, indicating valuation compression—investors paid less per dollar of operating income in Q1 2026 than they did in Q1 2025. The stock's recent price of $326.42 as of June 2, 2026 reflects a modest pullback from the March quarter level. Since the company's IPO in 1983, the correlation between stock price and quarterly Operating Income stands at 0.49, reflecting periods where the two metrics have moved in divergent directions.
Operating Income was $2.7B as of 2026-03-31, +126% year over year. The stock moved +13% over the same window ($311.55 -> $351.85). The stock is now cheaper relative to Operating Income than a year ago (multiple compression).
Latest close: 326.62 USD (2026-06-02).
Operating Income | recent SEC reports
| Report date | Operating Income | Period |
|---|
| 2026-03-31 | 2.7B USD | Q1 10-Q |
| 2025-09-30 | 2.5B USD | Q3 10-Q |
| 2025-06-30 | 2.7B USD | Q2 10-Q |
| 2025-03-31 | 1.2B USD | Q1 10-Q |
| 2024-09-30 | 2.0B USD | Q3 10-Q |
| 2024-06-30 | 1.9B USD | Q2 10-Q |
| 2024-03-31 | 991.0M USD | Q1 10-Q |
| 2023-09-30 | 2.0B USD | Q3 10-Q |
Sources: autario.com/data/stock-amgn-amgen-daily-prices · autario.com/data/amgen-operating-income-sec-filings | data verified and hosted on autario.com.