Amgen Inc.

NASDAQ Global Select
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Bullish +75

Amgen stock rises 4.34 percent as trial data lift pipeline hopes

Clinical trial results Earnings report AI-generated analysis

📈 Amgen stock closed at $410.24 on September 22, 2026, gaining 4.34% as positive Phase 3 data for dazodalibep in Sjogren's disease lifted pipeline hopes.

💰 The company reported quarterly revenue of $10.05 billion and EPS of $6.29 for the quarter ended June 30, 2026, beating the consensus estimate by $0.67.

📊 Revenue grew 9.5% year-over-year, exceeding market expectations and reinforcing Amgen's financial stability during the fiscal year 2026.

🚀 Jefferies raised its price target for AMGN from $367 to $410 and increased peak sales estimates for dazodalibep to $4.5 billion following the trial success.

🔬 The OASIZ 301 Phase 3 study met its primary endpoint in adults with moderate-to-severe Sjogren's disease, validating the drug candidate's efficacy.

⏳ Another study (OASIZ-303) must report before regulatory filing, with data expected in the fourth quarter of 2026.

🎯 Amgen maintained fiscal year 2026 EPS guidance of $22.30 to $23.50, showing confidence in its near-term earnings delivery despite narrow consensus alignment.

📉 The stock trades at a P/E ratio of 25.50 with a market capitalization of $221.79 billion as of September 22, 2026.

Bullish Signals
  • Amgen stock rose 4.34% to close at $410.24 on September 22, 2026, directly driven by positive Phase 3 trial data for dazodalibep in Sjogren's disease.
  • The company reported quarterly revenue of $10.05 billion and EPS of $6.29, with EPS beating the consensus estimate by $0.67.
  • Revenue grew 9.5% year-over-year compared to the comparable quarter ended June 30, 2026, demonstrating strong top-line performance.
  • Jefferies raised its price target for AMGN from $367 to $410 and increased peak sales estimates for dazodalibep to $4.5 billion following the successful trial.
  • The OASIZ 301 Phase 3 study met its primary endpoint in adults with moderate-to-severe Sjogren's disease, significantly strengthening the pipeline outlook.
Risk Factors
  • Another study (OASIZ-303) must report before regulatory filing can be submitted for dazodalibep, creating a dependency on future clinical milestones.
  • The OASIZ-303 data is not expected until the fourth quarter of 2026, leaving a gap before the commercial case for dazodalibep can be fully tested.
Full Analysis
Amgen Inc. shares rose 4.34% to close at $410.24 on September 22, 2026, driven by positive Phase 3 trial data for its drug candidate dazodalibep in Sjogren's disease. The OASIZ 301 study met its primary endpoint in adults with moderate-to-severe Sjogren's disease, significantly strengthening the company's pipeline outlook and investor sentiment regarding future commercial potential. Financially, Amgen reported robust quarterly performance for the period ended June 30, 2026, delivering $10.05 billion in revenue and $6.29 in earnings per share. The EPS of $6.29 notably exceeded the consensus estimate of $5.62 by $0.67, while revenue grew 9.5% compared to the same quarter last year, demonstrating solid operational execution. Analyst reaction was positive, with Jefferies raising its price target for Amgen stock from $367 to $410 following the news, although maintaining a Hold rating. The firm also increased its peak sales estimate for dazodalibep to $4.5 billion from $1 billion, highlighting the material valuation impact of the successful trial results. Looking ahead, the company maintained its fiscal year 2026 EPS guidance range of $22.30 to $23.50, which aligns closely with analyst consensus. The next critical milestone is the OASIZ-303 data expected in the fourth quarter of 2026, which must be reported before a regulatory filing can be submitted for dazodalibep.