Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Amgen Inc. (AMGN) Halal?

FAIL

Amgen Inc. · NASDAQ: AMGN · Healthcare

The short answer

No — Amgen Inc. (AMGN) fails this Shariah stock screen under the fail-closed convention. The Thousand Oaks biotech (General Medicine, Rare Disease, Inflammation, Oncology; biosimilars) has a clean business, and its own filing ratios pass the site's ceilings: debt of $54,604M is about 24.19% of its ~$225.8B market cap ($407.27, October 1, 2026) — below the ~33% ceiling, though the highest debt ratio among the recent US-expansion passes — and interest income of $408M is about 1.11% of FY2025 revenue ($36,751M), below the 5% ceiling. However, Musaffa explicitly classifies Amgen as NOT HALAL as of September 2026 under AAOIFI methodology (also on its April 2026 Nasdaq-100 list), with no reason stated. A factual candidate explanation: on an assets-based screen, total debt ÷ total assets is 60.3% — though this is a hypothesis, not a confirmed cause. Published fail-closed rather than as a clean pass. Zoya rates AMGN Shariah-compliant; no ShariaPortfolio rating was found — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Amgen Inc. (NASDAQ: AMGN), founded in 1980 and headquartered in Thousand Oaks, California, is a biotechnology company serving about 17 million patients worldwide. Per its 2025 shareholder letter its business spans four therapeutic areas: General Medicine (Repatha $3.0B sales, EVENITY $2.1B), Rare Disease ($5.2B portfolio sales: UPLIZNA $655M, TEPEZZA $1.9B, KRYSTEXXA $1.3B), Inflammation (TEZSPIRE $1.5B, Otezla $2.3B, ENBREL) and Oncology (IMDELLTRA $627M, BLINCYTO $1.6B, LUMAKRAS). Biosimilars have generated $13.6B in cumulative sales since 2018. FY2025 total revenues: $36,751M. Haram flags: none. Pharmaceuticals/biotech — no interest-based lending, alcohol, pork, gambling, adult entertainment, conventional insurance, tobacco, or weapons businesses. The business itself is clean; the fail-closed result follows Musaffa's explicit not-halal classification. Facts only.

Gate 2 — Debt and cash: PASS

Per Amgen's FY2025 10-K (year ended December 31, 2025, filed February 2026), Total GAAP Debt was $54,604M (current portion $4,599M + long-term $50,005M). Against a market cap of about $225.8B ($407.27, October 1, 2026), debt ÷ market cap is about 24.19% — below the ~33% ceiling, though the highest debt ratio among the recent US-expansion passes. The page's fail-closed result follows Musaffa's explicit not-halal classification, not this ratio. Cash and cash equivalents of $9,129M are about 4.04% of market cap. Interest expense, net was $2,755M in FY2025 — reported for completeness, not a screen input. Facts only.

Gate 3 — Non-compliant income: PASS

Amgen's FY2025 10-K (investments note) reports interest income on interest-bearing investments of $408M against total revenues of $36,751M — about 1.11% of revenue, below the 5% non-compliant income ceiling. (Zoya's public page claims interest income of "$0" — contradicted by the 10-K's $408M; the 10-K is authoritative.) The income gate passes; the screen fails fail-closed on Musaffa's classification. Facts only.

Key figures used

Frequently asked questions

What does Amgen do?

Amgen Inc. (NASDAQ: AMGN), founded in 1980 and headquartered in Thousand Oaks, California, is a biotechnology company serving about 17 million patients worldwide. Per its 2025 shareholder letter its business spans four therapeutic areas: General Medicine (Repatha $3.0B sales, EVENITY $2.1B), Rare Disease ($5.2B portfolio sales: UPLIZNA $655M, TEPEZZA $1.9B, KRYSTEXXA $1.3B), Inflammation (TEZSPIRE $1.5B, Otezla $2.3B, ENBREL) and Oncology (IMDELLTRA $627M, BLINCYTO $1.6B, LUMAKRAS). Biosimilars have generated $13.6B in cumulative sales since 2018. FY2025 total revenues were $36,751M (product sales $35,148M + other revenues $1,603M).

Why does Amgen fail this Shariah stock screen?

Amgen fails this screen under the fail-closed convention. Its own filings pass the site's numerical ceilings — debt of $54,604M is about 24.19% of its ~$225.8B market cap (below the ~33% ceiling), and interest income of $408M is about 1.11% of FY2025 revenue ($36,751M) (below the 5% ceiling) — and Zoya rates it Shariah-compliant. However, Musaffa classifies Amgen as NOT HALAL as of September 2026 under AAOIFI methodology (also on its April 2026 Nasdaq-100 list). A factual candidate explanation for the conflict: Amgen's debt is the heaviest among the recent US-expansion passes, and on an assets-based screen total debt ÷ total assets is 60.3% — far above a 30% threshold — though Musaffa's page does not state its reason, so this is a hypothesis, not a confirmed cause. Published fail-closed rather than as a clean pass. This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

What is Amgen's interest-bearing debt ratio?

Per Amgen's FY2025 10-K (year ended December 31, 2025, filed February 2026), Total GAAP Debt was $54,604M (current portion $4,599M + long-term $50,005M). Against a market cap of about $225.8B ($407.27, October 1, 2026), debt ÷ market cap is about 24.19% — below the ~33% ceiling, though the highest debt ratio among the recent US-expansion passes. The page's fail-closed result follows Musaffa's explicit not-halal classification, not the ratio. Cash and cash equivalents of $9,129M are about 4.04% of market cap. Interest expense, net was $2,755M in FY2025 — reported for completeness, not a screen input.

What is Amgen's non-compliant income ratio?

Amgen's FY2025 10-K (investments note) reports interest income on interest-bearing investments of $408M against total revenues of $36,751M — about 1.11% of revenue, below the 5% non-compliant income ceiling. (Zoya's public page claims interest income of "$0" — contradicted by the 10-K's $408M; the 10-K is authoritative.) The income gate passes; the screen fails fail-closed on Musaffa's classification.

Do Zoya, Musaffa, or ShariaPortfolio cover Amgen?

Zoya covers AMGN: "As of October 2026, AMGN is Shariah-compliant and therefore considered halal to invest in" (AAOIFI) — though its static page also renders a contradictory block and a wrong "$0" interest-income figure. Musaffa covers AMGN (musaffa.com/stock/AMGN/): "As of September 2026, Amgen Inc is classified as NOT HALAL" under AAOIFI methodology, and its April 2026 Nasdaq-100 academy list also shows AMGN Not Halal. ShariaPortfolio: no AMGN-specific public rating found in web search — honestly reported as absent, not invented. This page applies the screen directly from Amgen's own filings and follows the fail-closed convention given Musaffa's explicit not-halal classification.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).