Subtext

Amgen Inc. AMGN

SectorHealth Care
Transcripts77
Date range2006-04-19 – 2025-05-01
Calls charted77

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-16-8+0+8+162006 Q12008 Q32011 Q12013 Q32016 Q12018 Q32021 Q12023 Q32006 Q1 · Overall: -2.62006 Q2 · Overall: -0.72006 Q3 · Overall: -0.52006 Q4 · Overall: +0.82007 Q1 · Overall: -0.92007 Q2 · Overall: -1.62007 Q3 · Overall: -5.62007 Q4 · Overall: -1.02008 Q1 · Overall: -2.92008 Q2 · Overall: -2.52008 Q3 · Overall: +2.32008 Q4 · Overall: -1.52009 Q1 · Overall: -7.62009 Q2 · Overall: -0.92009 Q3 · Overall: -4.92009 Q4 · Overall: -2.62010 Q1 · Overall: +2.32010 Q2 · Overall: +1.62010 Q3 · Overall: +1.82010 Q4 · Overall: +1.52011 Q1 · Overall: +3.52011 Q2 · Overall: +0.42011 Q3 · Overall: +1.72011 Q4 · Overall: +6.72012 Q1 · Overall: +10.02012 Q2 · Overall: +4.52012 Q3 · Overall: +2.12012 Q4 · Overall: +5.92013 Q1 · Overall: +0.32013 Q2 · Overall: -1.52013 Q3 · Overall: +1.82013 Q4 · Overall: +1.52014 Q1 · Overall: +0.42014 Q2 · Overall: +2.92014 Q3 · Overall: -4.42014 Q4 · Overall: +3.52015 Q1 · Overall: +5.22015 Q2 · Overall: +10.22015 Q3 · Overall: +3.12015 Q4 · Overall: +2.92016 Q1 · Overall: +3.32016 Q2 · Overall: +6.32016 Q3 · Overall: +3.32016 Q4 · Overall: +5.02017 Q1 · Overall: +5.02017 Q2 · Overall: +7.32017 Q3 · Overall: +4.52017 Q4 · Overall: +8.22018 Q1 · Overall: +3.62018 Q2 · Overall: +1.82018 Q3 · Overall: +0.12018 Q4 · Overall: +2.32019 Q1 · Overall: +3.72019 Q2 · Overall: +7.42019 Q3 · Overall: +0.32019 Q4 · Overall: +9.42020 Q1 · Overall: +3.02020 Q2 · Overall: -0.12020 Q3 · Overall: +3.22020 Q4 · Overall: +5.52021 Q1 · Overall: +1.52021 Q2 · Overall: +4.62021 Q3 · Overall: +6.82021 Q4 · Overall: +2.72022 Q1 · Overall: +1.02022 Q2 · Overall: +4.02022 Q3 · Overall: -1.62022 Q4 · Overall: +0.02023 Q1 · Overall: +9.42023 Q2 · Overall: +9.62023 Q3 · Overall: +6.92023 Q4 · Overall: +3.42024 Q1 · Overall: -0.82024 Q2 · Overall: +8.22024 Q3 · Overall: +7.92024 Q4 · Overall: +13.72025 Q1 · Overall: +10.2
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-37-19+0+19+372006 Q12008 Q32011 Q12013 Q32016 Q12018 Q32021 Q12023 Q32006 Q2 · CEO: +6.62006 Q3 · CEO: +4.02006 Q4 · CEO: +11.32007 Q1 · CEO: +7.32007 Q2 · CEO: +6.52007 Q3 · CEO: -1.92008 Q4 · CEO: +6.82009 Q1 · CEO: +1.32009 Q2 · CEO: +12.12009 Q3 · CEO: +2.82009 Q4 · CEO: +0.92010 Q1 · CEO: +16.42010 Q2 · CEO: +3.02010 Q3 · CEO: +7.02010 Q4 · CEO: +7.82011 Q1 · CEO: +22.82011 Q2 · CEO: +8.52011 Q3 · CEO: +16.52011 Q4 · CEO: +21.22012 Q1 · CEO: +20.22012 Q2 · CEO: +16.22012 Q3 · CEO: +7.02012 Q4 · CEO: +14.52013 Q1 · CEO: +0.82013 Q2 · CEO: +8.82013 Q3 · CEO: +5.42013 Q4 · CEO: +15.62014 Q1 · CEO: +1.02014 Q2 · CEO: +5.22014 Q3 · CEO: +5.92014 Q4 · CEO: +8.52015 Q1 · CEO: +14.92015 Q2 · CEO: +32.22015 Q3 · CEO: +9.02016 Q3 · CEO: +15.52016 Q4 · CEO: +11.42017 Q1 · CEO: +19.52017 Q4 · CEO: +19.42018 Q1 · CEO: +22.22018 Q2 · CEO: +9.32018 Q3 · CEO: +2.32018 Q4 · CEO: +5.02019 Q1 · CEO: +13.32019 Q2 · CEO: +14.22019 Q3 · CEO: +2.62019 Q4 · CEO: +15.22020 Q1 · CEO: +11.52020 Q2 · CEO: +1.22020 Q3 · CEO: +16.62020 Q4 · CEO: +12.42021 Q1 · CEO: +8.52021 Q2 · CEO: +22.92021 Q3 · CEO: +14.62021 Q4 · CEO: +3.22022 Q1 · CEO: +14.82022 Q2 · CEO: +19.12022 Q3 · CEO: +10.52022 Q4 · CEO: -4.92023 Q1 · CEO: +24.02023 Q2 · CEO: +13.82006 Q2 · CFO: +4.22006 Q3 · CFO: +9.82006 Q4 · CFO: +1.02007 Q1 · CFO: -5.52007 Q2 · CFO: +1.52007 Q3 · CFO: -5.22008 Q4 · CFO: +2.22009 Q1 · CFO: +1.72009 Q2 · CFO: +2.22009 Q3 · CFO: +5.62009 Q4 · CFO: +4.62010 Q1 · CFO: +9.12010 Q2 · CFO: +3.42010 Q3 · CFO: -5.62010 Q4 · CFO: +0.92011 Q1 · CFO: +4.92011 Q2 · CFO: -1.02011 Q3 · CFO: +5.22011 Q4 · CFO: +4.52012 Q1 · CFO: +8.82012 Q2 · CFO: -1.62012 Q3 · CFO: +18.22012 Q4 · CFO: +4.82013 Q1 · CFO: +8.82013 Q2 · CFO: -2.42013 Q3 · CFO: +5.62013 Q4 · CFO: +7.72014 Q1 · CFO: -7.92014 Q2 · CFO: +7.02014 Q3 · CFO: +2.02014 Q4 · CFO: -5.52015 Q1 · CFO: +7.92015 Q3 · CFO: +5.42016 Q3 · CFO: +14.02016 Q4 · CFO: +11.22017 Q1 · CFO: +17.22017 Q2 · CFO: +18.62017 Q3 · CFO: +10.62017 Q4 · CFO: +12.02018 Q1 · CFO: +4.52018 Q2 · CFO: +9.72018 Q3 · CFO: +4.92018 Q4 · CFO: -2.62019 Q1 · CFO: -0.82019 Q2 · CFO: -2.52019 Q3 · CFO: -3.32019 Q4 · CFO: +10.72020 Q1 · CFO: +10.22020 Q2 · CFO: -11.32021 Q1 · CFO: +8.52021 Q4 · CFO: -6.02022 Q3 · CFO: +5.8
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-39-19+0+19+392006 Q12008 Q32011 Q12013 Q32016 Q12018 Q32021 Q12023 Q32006 Q1 · Prepared remarks: +2.12006 Q2 · Prepared remarks: +3.62006 Q3 · Prepared remarks: +6.82006 Q4 · Prepared remarks: +6.72007 Q1 · Prepared remarks: +6.02007 Q2 · Prepared remarks: +2.12007 Q3 · Prepared remarks: -2.82007 Q4 · Prepared remarks: +1.62008 Q1 · Prepared remarks: +0.32008 Q2 · Prepared remarks: +1.02008 Q3 · Prepared remarks: +6.02008 Q4 · Prepared remarks: +1.02009 Q1 · Prepared remarks: -5.22009 Q2 · Prepared remarks: +3.22009 Q3 · Prepared remarks: -1.72009 Q4 · Prepared remarks: +1.52010 Q1 · Prepared remarks: +6.72010 Q2 · Prepared remarks: +6.62010 Q3 · Prepared remarks: +5.92010 Q4 · Prepared remarks: +6.02011 Q1 · Prepared remarks: +9.42011 Q2 · Prepared remarks: +4.42011 Q3 · Prepared remarks: +6.02011 Q4 · Prepared remarks: +10.42012 Q1 · Prepared remarks: +14.92012 Q2 · Prepared remarks: +17.32012 Q3 · Prepared remarks: +15.12012 Q4 · Prepared remarks: +4.92013 Q1 · Prepared remarks: +10.12013 Q2 · Prepared remarks: +14.12013 Q3 · Prepared remarks: +14.82013 Q4 · Prepared remarks: +13.12014 Q1 · Prepared remarks: +15.32014 Q2 · Prepared remarks: +13.62014 Q3 · Prepared remarks: +20.52014 Q4 · Prepared remarks: +9.72015 Q1 · Prepared remarks: +12.92015 Q2 · Prepared remarks: +17.62015 Q3 · Prepared remarks: +12.12015 Q4 · Prepared remarks: +13.72016 Q1 · Prepared remarks: +13.52016 Q2 · Prepared remarks: +14.72016 Q3 · Prepared remarks: +13.12016 Q4 · Prepared remarks: +13.02017 Q1 · Prepared remarks: +14.52017 Q2 · Prepared remarks: +19.32017 Q3 · Prepared remarks: +10.52017 Q4 · Prepared remarks: +15.72018 Q1 · Prepared remarks: +9.92018 Q2 · Prepared remarks: +12.22018 Q3 · Prepared remarks: +8.12018 Q4 · Prepared remarks: +8.12019 Q1 · Prepared remarks: +13.92019 Q2 · Prepared remarks: +12.42019 Q3 · Prepared remarks: +1.62019 Q4 · Prepared remarks: +13.02020 Q1 · Prepared remarks: +6.12020 Q2 · Prepared remarks: -2.22020 Q3 · Prepared remarks: +10.82020 Q4 · Prepared remarks: +10.52021 Q1 · Prepared remarks: +11.12021 Q2 · Prepared remarks: +16.82021 Q3 · Prepared remarks: +15.12021 Q4 · Prepared remarks: +4.32022 Q1 · Prepared remarks: +4.82022 Q2 · Prepared remarks: +6.62022 Q3 · Prepared remarks: +2.72022 Q4 · Prepared remarks: +0.02023 Q1 · Prepared remarks: +9.52023 Q2 · Prepared remarks: +12.72023 Q3 · Prepared remarks: +12.92023 Q4 · Prepared remarks: +12.72024 Q1 · Prepared remarks: +33.92024 Q2 · Prepared remarks: +15.02024 Q3 · Prepared remarks: +19.72024 Q4 · Prepared remarks: +21.92025 Q1 · Prepared remarks: +17.82006 Q1 · Q&A responses: -3.92006 Q2 · Q&A responses: +0.42006 Q3 · Q&A responses: -6.12006 Q4 · Q&A responses: -0.62007 Q1 · Q&A responses: -7.32007 Q2 · Q&A responses: +0.02007 Q3 · Q&A responses: -6.52007 Q4 · Q&A responses: +0.42008 Q1 · Q&A responses: -4.72008 Q2 · Q&A responses: +3.42008 Q3 · Q&A responses: +6.32008 Q4 · Q&A responses: +2.22009 Q1 · Q&A responses: -4.82009 Q2 · Q&A responses: -1.82009 Q3 · Q&A responses: -2.42009 Q4 · Q&A responses: -2.12010 Q1 · Q&A responses: +5.42010 Q2 · Q&A responses: -0.92010 Q3 · Q&A responses: +6.62010 Q4 · Q&A responses: +5.82011 Q1 · Q&A responses: +7.62011 Q2 · Q&A responses: +5.42011 Q3 · Q&A responses: +5.42011 Q4 · Q&A responses: +9.72012 Q1 · Q&A responses: +13.42012 Q2 · Q&A responses: +1.82012 Q3 · Q&A responses: +2.32012 Q4 · Q&A responses: +12.72013 Q1 · Q&A responses: +0.02013 Q2 · Q&A responses: -6.12013 Q3 · Q&A responses: +3.72013 Q4 · Q&A responses: +4.42014 Q1 · Q&A responses: -0.82014 Q2 · Q&A responses: -1.82014 Q3 · Q&A responses: -9.52014 Q4 · Q&A responses: +1.92015 Q1 · Q&A responses: +6.22015 Q2 · Q&A responses: +7.22015 Q3 · Q&A responses: -3.12015 Q4 · Q&A responses: -3.72016 Q1 · Q&A responses: -2.82016 Q2 · Q&A responses: +6.02016 Q3 · Q&A responses: -0.22016 Q4 · Q&A responses: +1.52017 Q1 · Q&A responses: +2.42017 Q2 · Q&A responses: +2.62017 Q3 · Q&A responses: +6.12017 Q4 · Q&A responses: +7.92018 Q1 · Q&A responses: +3.12018 Q2 · Q&A responses: -2.02018 Q3 · Q&A responses: -3.02018 Q4 · Q&A responses: +1.82019 Q1 · Q&A responses: -2.42019 Q2 · Q&A responses: +12.32019 Q3 · Q&A responses: +2.22019 Q4 · Q&A responses: +9.92020 Q1 · Q&A responses: +8.02020 Q2 · Q&A responses: +2.32020 Q3 · Q&A responses: +6.12020 Q4 · Q&A responses: +8.42021 Q1 · Q&A responses: +2.62021 Q2 · Q&A responses: +3.22021 Q3 · Q&A responses: +7.42021 Q4 · Q&A responses: +1.82022 Q1 · Q&A responses: +2.62022 Q2 · Q&A responses: +10.02022 Q3 · Q&A responses: +2.52023 Q1 · Q&A responses: +15.72023 Q2 · Q&A responses: +12.62023 Q3 · Q&A responses: +10.62023 Q4 · Q&A responses: -1.62024 Q1 · Q&A responses: -0.92024 Q2 · Q&A responses: +7.92024 Q3 · Q&A responses: +1.62024 Q4 · Q&A responses: +12.32025 Q1 · Q&A responses: +6.6
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$7.33$14.28$21.232006 Q12008 Q32011 Q12013 Q32016 Q12018 Q32021 Q12023 Q32014 Q1: $8.292014 Q2: $8.432014 Q3: $8.822014 Q4: $9.292015 Q1: $9.622015 Q2: $10.072015 Q3: $10.482015 Q4: $10.622016 Q1: $11.142016 Q2: $11.642016 Q3: $12.192016 Q4: $12.532017 Q1: $12.422017 Q2: $12.582017 Q3: $12.732017 Q4: $12.752018 Q1: $13.582018 Q2: $13.942018 Q3: $14.382018 Q4: $14.542019 Q1: $14.302019 Q2: $14.372019 Q3: $15.412019 Q4: $16.092020 Q1: $16.042020 Q2: $16.252020 Q3: $16.592020 Q4: $17.022021 Q1: $17.182021 Q2: $17.092021 Q3: $17.552021 Q4: $18.002022 Q1: $18.002022 Q2: $18.202022 Q3: $18.402022 Q4: $18.542023 Q1: $18.032023 Q2: $18.342023 Q3: $19.352023 Q4: $20.112024 Q1: $19.962024 Q2: $19.962024 Q3: $20.27

Forward P/E

11.4114.7318.062006 Q12008 Q32011 Q12013 Q32016 Q12018 Q32021 Q12023 Q32014 Q1: 15.262014 Q2: 13.952014 Q3: 15.952014 Q4: 17.602015 Q1: 17.322015 Q2: 15.462015 Q3: 14.422015 Q4: 15.502016 Q1: 12.922016 Q2: 13.042016 Q3: 13.952016 Q4: 11.872017 Q1: 14.702017 Q2: 13.122017 Q3: 14.902017 Q4: 13.912018 Q1: 14.032018 Q2: 13.182018 Q3: 14.132018 Q4: 12.762019 Q1: 13.102019 Q2: 12.722019 Q3: 12.662019 Q4: 15.042020 Q1: 12.772020 Q2: 13.912020 Q3: 14.932020 Q4: 13.422021 Q1: 14.222021 Q2: 14.012021 Q3: 12.432021 Q4: 12.182022 Q1: 12.872022 Q2: 12.942022 Q3: 12.402022 Q4: 14.622023 Q1: 13.032023 Q2: 12.122023 Q3: 13.292023 Q4: 14.002024 Q1: 13.832024 Q2: 15.332024 Q3: 16.42

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -7.3 fwd EPS ↑ +0.40 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q3 tone ↓ -7.2 fwd EPS ↑ +0.41 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q3 tone ↓ -3.0 fwd EPS ↑ +0.55 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -2.8 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↓ -4.6 fwd EPS ↑ +0.83 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -7.1 fwd EPS ↑ +1.04 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↓ -3.1 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -4.2 fwd EPS ↑ +0.45 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q3 tone ↓ -5.6 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↑ +9.4 fwd EPS ↓ -0.51 Tone rose while the forward EPS estimate was cut.
  • 2023 Q3 tone ↓ -2.7 fwd EPS ↑ +1.01 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q4 tone ↓ -3.5 fwd EPS ↑ +0.76 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-01+10.2——View →
2024 Q42025-02-04+13.7——View →
2024 Q32024-10-30+7.9$20.2716.4View →
2024 Q22024-08-06+8.2$19.9615.3View →
2024 Q12024-05-01-0.8$19.9613.8View →
2023 Q42024-02-06+3.4$20.1114.0View →
2023 Q32023-10-31+6.9$19.3513.3View →
2023 Q22023-08-03+9.6$18.3412.1View →