Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the first person by Warren and Charlie. Current price used throughout: $410.68 (close of August 5, 2026), market capitalization roughly $221 billion on 540.6 million shares outstanding. Amgen is one of the founding companies of the biotechnology industry. It discovers, manufactures, and sells complex protein-based medicines — biologics — across six therapeutic areas: general medicine (cardiovascular, bone health), inflammation, oncology, rare disease, and, most recently, a large biosimilars operation. It operates as a single reportable segment: "human therapeutics." A patient gets a Repatha injection to lower cholesterol, a hospital infuses Blincyto to treat leukemia, an endocrinologist prescribes Evenity to rebuild bone.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-08-04), 8-K (2026-07-31), 8-K (2026-05-20).
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