Amgen management check
AMGN · Health Care · Biotechnology · CEO Robert A Bradway
Filings as of
4 good · 3 to watch · 0 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $167, against $192 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.67 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.3% of net income$24.7m of reported pay in fiscal 2025, against $7.7bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 6.8 years of payThe CEO holds 505,160 shares, directly or through trusts (unvested awards not counted): about 6.8 years of pay. 3 insiders sold $4.5m in the last six months and none bought.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.4% a year over the last three fiscal years. Stock-based pay was 1.3% of revenue in the latest year.
- Good
Is leadership stable?
4 leadership filings in 3 yearsCEO in the pay table: Mr. Bradway. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 33 | 26 | |
| Pay for performance | 83 | 85 | |
| CEO cost | 91 | 44 | |
| Skin in the game | 56 | 46 | |
| Dilution | 45 | 68 | |
| Stable leadership | 100 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Biotechnology, by management score. Amgen is 13th of 60 in its sector.
- 19VRTXVertex Pharmaceuticals86
- 43GILDGilead Sciences82
- 93REGNRegeneron Pharmaceuticals77
- 136AMGNAmgen73
- 199ABBVAbbVie69
- 298INCYIncyte61
- 401MRNAModerna53
- 447BIIBBiogen47
Pay versus performance
From the proxy statement filed April 7, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Bradway | $24.7m | $49.4m | $8.5m | $167 | $192 | $7.7bn |
| 2024 | — | $24.4m | $12.7m | $9.8m | $129 | $150 | $4.1bn |
| 2023 | — | $22.6m | $29.1m | $7.7m | $138 | $138 | $6.7bn |
| 2022 | — | $21.4m | $41.7m | $7.2m | $121 | $136 | $6.6bn |
| 2021 | — | $21.7m | $17.0m | $7.4m | $101 | $123 | $5.9bn |
The board says pay is tied most to non-GAAP, earnings per share, or EPS. Its other key measures: Non-GAAP earnings per share (EPS), Non-GAAP return on invested capital (ROIC), Total shareholder return (TSR) relative to that of the S&P 500, Revenues, Non-GAAP net income, Pipeline, clinical study, and regulatory goals, Workforce and technology goals.
Insiders and the CEO's stake
Robert A Bradway (Chairman, CEO and President) held 505,160 shares directly after their latest Form 4 on May 7, 2026, roughly $167.3m at that filing's price.
3 insiders sold $4.5m in the last six months and none bought.
- SoldNancy A. GrygielSVP & CCO$1.6mAug 6, 2026
- SoldDerek MillerSVP, Human Resources$1.6mAug 6, 2026
- SoldRachna KhoslaSVP, Business Development$1.3mAug 13, 2026
Leadership and governance on file
- May 19, 2026Leadership change8-K 5.02
- Apr 22, 2026Leadership change8-K 5.02
- Jun 3, 2024Leadership change8-K 5.02
- Dec 14, 2023Leadership change8-K 5.02
- Aug 4, 2023Leadership change8-K 5.02
- Aug 3, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 20, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $34.3bn returned to owners in buybacks and dividends, 111% of net income, and $2.2bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $26.0bn | $26.3bn | $28.2bn | $33.4bn | $36.8bn |
| Net income | $5.9bn | $6.6bn | $6.7bn | $4.1bn | $7.7bn |
| Stock-based pay | $341.0m | $401.0m | $431.0m | $530.0m | $494.0m |
| Buybacks | $5.0bn | $6.4bn | $0 | $200.0m | $0 |
| Dividends | $4.0bn | $4.2bn | $4.6bn | $4.8bn | $5.1bn |
| Diluted shares | 573m | 541m | 538m | 541m | 542m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.