AMGN vs NAMS: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AMGN and NAMS share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AMGN and NAMS exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Amgen (AMGN) is one of the world's largest biotechnology companies, developing, manufacturing, and selling human therapeutics primarily for serious illnesses. Its portfolio spans inflammation, oncology, cardiovascular disease, bone health, and rare diseases, with well-known products that have included Enbrel, Prolia and Xgeva, Repatha, Otezla, and a growing pipeline. Amgen pioneered large-scale recombinant-protein and antibody manufacturing and is a leader in biosimilars as older biologics lose patent protection. The 2023 acquisition of Horizon Therapeutics added rare-disease drugs such as Tepezza and Krystexxa. Amgen is also developing obesity and metabolic candidates, including investigational drugs in the GLP-1 class of weight-loss therapies. Headquartered in Thousand Oaks, California, and founded in 1980, Amgen is a member of the Dow Jones Industrial Average and returns substantial cash to shareholders through a growing dividend and buybacks.

Full AMGN guide

NewAmsterdam Pharma Company N.V. is a clinical-stage biopharmaceutical company headquartered in Naarden, the Netherlands, and listed on Nasdaq under the ticker NAMS. Its lead candidate is obicetrapib, an oral, once-daily, low-dose CETP inhibitor being developed as a non-statin option (alone or as a fixed-dose combination with ezetimibe) to lower LDL cholesterol in patients who are not reaching targets on existing therapy. The company reported positive topline data from pivotal Phase 3 trials including BROADWAY, BROOKLYN and TANDEM, and is running the large PREVAIL cardiovascular outcomes trial; ex-US rights are partnered with the Menarini Group, and an earlier-stage Phase 2a program explores obicetrapib in Alzheimer's disease.

Full NAMS guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AMGN drivers: Rare disease and Horizon assets; Obesity and metabolic pipeline.
• NAMS drivers: Obicetrapib approval path; Oral, once-daily convenience versus injectables.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Amgen faces patent cliffs as older blockbusters lose exclusivity, exposing them to biosimilar competition and pricing pressure. For NAMS, the company is pre-commercial with negligible revenue, so the valuation depends on obicetrapib being approved and commercially adopted; a regulatory setback or a disappointing PREVAIL outcomes result would remove much of the thesis.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AMGN if you believe its drivers more; NAMS if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AMGN and NAMS guides.

AMGN. Amgen trades at a moderate multiple typical of a mature large-cap biopharma, reflecting steady cash flow and a meaningful dividend balanced against patent-cliff and drug-pricing risk. The valuation embeds expectations for the rare-disease and obesity pipelines to offset declines in older franchises. All figures are approximate and move with the share price and reported results; verify current numbers before relying on them.

NAMS. The revenue base is tiny and consists mainly of product supply under the Menarini agreement, so traditional multiples are not meaningful. The stock trades as a clinical-stage bet where the roughly $4.4 billion market cap reflects expectations for obicetrapib rather than current sales. The large cash balance relative to the quarterly burn is the reason the company can fund trials and a potential launch without near-term financing.

Headline figures (approximate, early 2026): AMGN shows revenue (ttm) ~$33-35 billion (approximate, verify), operating margin ~30%+ (approximate, verify), p/e (ttm) ~20-25x (GAAP varies; approximate, verify), dividend yield ~3% (approximate, verify); NAMS shows revenue (ttm) ~$22.6M, revenue (q1 2026) ~$3.0M, net loss (q1 2026) ~$48.4M, eps (q1 2026) ~-$0.40.

AMGN and NAMS are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AMGN and NAMS exposure against your real portfolio. It is not an investment adviser.