Zacks Equity Research analysts released new reports on Amgen Inc. (AMGN) alongside other major stocks, highlighting the biotech giant's recent financial performance and strategic outlook. The company beat first-quarter estimates for both earnings and sales, driven by key medicines such as Evenity, Repatha, Uplizna, Imdelltra, Tavneos, and Tezspire. These newer products are successfully offsetting declining revenues from oncology biosimilars and mature drugs like Enbrel. Additionally, new biosimilar launches are contributing to top-line growth, while the company maintains a strong pipeline with a primary focus on its obesity candidate, MariTide.
Despite positive momentum, Amgen faces headwinds including price declines and increased competition that are hurting sales of certain products. Specifically, sales of best-selling drugs Prolia and Xgeva are expected to decline sharply in 2026 due to biosimilar launches. The analysts also note concerns regarding recent pipeline setbacks and the upcoming loss-of-exclusivity (LOE) cliff for existing revenue streams. Amgen's shares have outperformed the Zacks Medical - Biomedical and Genetics industry over the past year, rising 24.8% compared to the industry's 22.3% gain.
📅 Zacks highlights RTX, Wells Fargo, Amgen, Daily Journal, and Tandy Leather on May 27, 2026.
✈️ RTX gained +33.7% with a $271B backlog despite tariff risks in the aerospace sector.
🏦 Wells Fargo lagged peers due to slow income recovery but plans fee-based business scaling.
💊 Amgen outperformed with key drug sales offset by biosimilar competition and pipeline focus.
📅 Zacks.com announced its Analyst Blog highlights on May 27, 2026, featuring stocks including RTX, Wells Fargo, Amgen, Daily Journal, and Tandy Leather.
✈️ RTX Corp. shares outperformed the aerospace-defense industry over the past year with a +33.7% gain versus +3.5%.
🛡️ The company secured ample orders for defense products from the Pentagon and allies while commercial air traffic improved sales.
📦 Strong volumes in large commercial engines and Pratt Canada operations helped RTX register a $271 billion backlog as of March 31, 2026.
⚠️ U.S. government import tariffs and supply-chain challenges pose risks that could adversely impact the aerospace sector.
🏦 Wells Fargo shares gained +6.4% over the past year but lagged the financial investment banking industry's +26.3% gain.
💰 The bank's net interest income recovery remains slow despite an expected Fed rate cut in 2026, pressuring revenue growth.
📉 Mortgage banking income is weak due to ongoing volatility in mortgage rates and a lower return on equity indicating reduced efficiency.
📈 Earnings surpassed estimates in three of the trailing four quarters as the removal of the asset cap allows deposit and loan growth.
🚀 Wells Fargo plans to scale fee-based businesses while enhancing its revenue mix with strong capital and liquidity support.
💊 Amgen Inc. shares outperformed the medical-biomedical industry over the past year with a +24.8% gain versus +22.3%.
🧬 The biotech company beat first-quarter estimates for both earnings and sales driven by key medicines like Evenity, Repatha, and Uplizna.
📉 Sales of best-selling drugs Prolia and Xgeva will decline sharply in 2026 due to biosimilar launches and upcoming LOE cliffs.
🧬 Amgen has several key pipeline assets with a primary focus on the obesity candidate MariTide to offset declining revenues.
📰 Daily Journal Corp. shares gained +12.2% over the past year against the publishing industry's +24.9% gain.
💻 This microcap company is evolving into a software-driven business with Journal Technologies contributing approximately 79% of total revenue in FY26.
🌍 The company's expanding presence across 37 states and international markets reflects growing adoption of its government-focused software solutions.
💰 Daily Journal maintains a highly liquid balance sheet with positive operating cash flow and reduced margin debt.
⚠️ Legacy publishing operations face structural margin pressure from rising costs, while elevated legal expenses limit operating leverage.
Bullish Signals
Amgen shares rose +24.8%, outperforming the Zacks Medical industry.
Company beat Q1 earnings and sales estimates.
Key drugs like Evenity and Repatha drive sales growth.
Biosimilar launches offset declines from mature products.
Pipeline focus on obesity candidate MariTide offers upside.
Risk Factors
Amgen sales drop 2026 due to biosimilar launches for Prolia and Xgeva.
Pipeline setbacks and LOE cliffs threaten Amgen revenue growth.
Price cuts and competition hurt Amgen key product sales.
Wells Fargo net interest income recovery stays slow despite 2026 Fed rate cut.
Mortgage banking income weak amid volatile mortgage rates at Wells Fargo.
Bullish Signals
Amgen's shares have outperformed the Zacks Medical - Biomedical and Genetics industry over the past year, rising +24.8% compared to the industry's +22.3% gain.
The company beat first-quarter estimates for both earnings and sales, demonstrating strong operational performance.
Key medicines including Evenity, Repatha, Uplizna, Imdelltra, Tavneos, and Tezspire are driving sales growth.
New biosimilar launches are contributing to top-line growth, offsetting declines from mature products.
Amgen has several key pipeline assets with a primary focus on the obesity candidate, MariTide, offering significant upside potential.
Risk Factors
Amgen faces sharp sales declines for best-selling drugs Prolia and Xgeva in 2026 due to biosimilar launches.
Recent pipeline setbacks and upcoming loss-of-exclusivity (LOE) cliffs pose significant concerns for Amgen's future revenue growth.
Price declines and increased competition are actively hurting sales of some of Amgen's key products.
Wells Fargo's net interest income recovery may remain slow despite the expected Fed rate cut in 2026, which is pressuring revenue growth.
Mortgage banking income remains weak amid ongoing volatility in mortgage rates for Wells Fargo.
The lower return on equity at Wells Fargo indicates less efficiency in using its shareholders' funds.
RTX faces risks from uncertainties created by recent U.S. government-issued import tariffs affecting the aerospace sector.
Supply-chain challenges continue to affect the aerospace sector, which may adversely impact RTX's operations.
Amgen shareholders voted to re-elect all 12 director nominees at their annual meeting held on May 19, 2026, ensuring continuity in board leadership and governance. In addition to the board re-election, investors approved the company's executive compensation program on an advisory basis, indicating sustained support for current pay practices. Shareholders also ratified Ernst & Young LLP as the independent registered public accountants for the fiscal year ending December 31, 2026, which reinforces stability in audit oversight. A shareholder proposal seeking to require an independent board chair failed, preserving the existing leadership structure and suggesting investors are comfortable with the current governance framework.
Analyst sentiment on Amgen is mixed, with TipRanks reporting a Buy rating and a $427.00 price target, while its AI Analyst, Spark, rates the stock as Neutral. The company scores well on core operating fundamentals such as strong margins and durable free cash flow, supported by raised full-year guidance. However, the overall score is held back by high leverage on the balance sheet and weak technical momentum, with a valuation described as mixed given a P/E of 26.1 and a dividend yield of approximately 3.0%. Amgen remains a global biotechnology company focused on discovering, developing, and manufacturing innovative human therapeutics in areas including oncology, cardiovascular disease, and inflammation.
📅 Shareholders re-elected all directors and approved executive compensation at the May 2026 meeting.
❌ Proposal for an independent board chair failed, preserving current leadership structure.
⚖️ Analysts rate AMGN Buy ($427 target) despite high leverage and mixed valuation views.
💰 Company boasts strong margins, durable cash flow, a 3.0% dividend yield, and a 26.1 P/E.
🧬 Amgen is a global biotech leader in oncology, cardiovascular disease, and inflammation therapeutics.
📅 At its annual meeting on May 19, 2026, Amgen shareholders re-elected all 12 director nominees to one-year terms.
✅ Shareholders approved the company's executive compensation program on an advisory basis.
🧾 Investors ratified Ernst & Young LLP as Amgen's independent registered public accountants for fiscal year ending December 31, 2026.
❌ A shareholder proposal requiring an independent board chair failed, preserving the existing leadership structure.
📈 The most recent analyst rating on AMGN stock is a Buy with a $427.00 price target.
⚖️ Spark's AI Analyst rates AMGN as Neutral due to mixed valuation and high leverage despite strong fundamentals.
💰 Amgen scores well on core operating fundamentals including strong margins and durable free cash flow.
📉 High leverage on the balance sheet and weak technical momentum are holding back the overall score.
📊 The company has a P/E ratio of 26.1 with an approximate 3.0% dividend yield.
🧬 Amgen is a global biotechnology company focused on discovering, developing, and manufacturing innovative human therapeutics.
🎯 Key therapeutic areas include oncology, cardiovascular disease, inflammation, and other serious illnesses.
🌍 The company markets biologic and biosimilar medicines worldwide targeting both specialty and primary care markets.
🏭 Amgen leverages its research capabilities and large-scale biologics manufacturing infrastructure.
Bullish Signals
Amgen re-elected all 12 directors ensuring leadership continuity.
Amgen stockholders re-elected all 12 director nominees, ensuring continuity in board leadership and governance.
Shareholders approved the company's executive compensation program on an advisory basis, signaling continued investor support for current pay practices.
Investors ratified Ernst & Young LLP as Amgen's independent registered public accountants, reinforcing stability in the company's audit oversight.
The most recent analyst rating on AMGN stock is a Buy with a $427.00 price target.
AMGN scores well on core operating fundamentals including strong margins and durable free cash flow.
The company is supported by a positive earnings-call setup with raised full-year guidance.
Risk Factors
The overall stock score is held back primarily by high leverage on the balance sheet.
Technical momentum for AMGN is described as weak.
Valuation metrics are mixed, with a P/E ratio of 26.1 and only a ~3.0% dividend yield.
Amgen Inc. (AMGN) is drawing attention from options traders due to significant implied volatility observed on the May 15, 2026, $200 call option, which ranks among the highest for equity options today. High implied volatility indicates that the market expects substantial price movement in the near future, often linked to upcoming events that could trigger a rally or sell-off, though traders may also be pricing this volatility to sell premium and capture time decay by hoping the stock does not move as anticipated. Fundamentally, the company currently holds a Zacks Rank of #3, categorized as "Hold" within the Medical - Biomedical and Genetics industry, placing it in the bottom 40% of its sector ranking according to the analysis provided. Analyst sentiment appears mixed over the last month, with one analyst increasing earnings estimates for the current quarter while five others have lowered them, resulting in a revised Zacks Consensus Estimate of $5.64 per share compared to the previous figure of $5.81. While options traders are clearly positioning for a potential big move, the fundamental picture suggests caution, as the consensus has adjusted downward and the company faces significant competition in its high-value market segments. The article highlights that this volatility could signal an active trade developing, where sellers may benefit from the uncertainty regardless of the direction of the underlying stock price movement at expiration. Investors are advised to weigh these options market signals against the current fundamental standing and recent analyst revisions before making trading decisions on the ticker.
📊 Amgen May 2026 options show highest implied volatility in the equity market.
⚙️ High volatility suggests investors expect significant upcoming price movement or catalysts.
📉 Mixed analyst sentiment lowered Zacks estimates from $5.81 to $5.64.
📊 Amgen stock options with a May 15, 2026 $200 strike price are exhibiting the highest implied volatility among all equity options today.
⚙️ High implied volatility typically signals that investors anticipate significant future price movement or an upcoming catalyst event.
📉 Analyst sentiment is currently mixed, with five analysts lowering earnings estimates while only one raised them for the current quarter.
🔄 These recent analyst adjustments have lowered Zacks Consensus Estimate per share from $5.81 to $5.64.
🔬 Amgen holds a Zacks Rank #3 (Hold) rating and ranks in the bottom 40% of its Medical-Biomedical and Genetics industry sector.
💰 Options traders may be targeting this high implied volatility to sell premium and capture time decay if the stock does not move significantly.
📈 The article concludes by promoting Zacks Investment Research's independent tools and rankings rather than providing a definitive price target for Amgen.
Bullish Signals
Amgen options priced for major movement by May 2026.
Zacks elite stocks beat market 2X with 23.9% annual gain.
Zacks tools built on history of 23.89% annual returns since 1988.
Risk Factors
Ranks bottom 40% vs medical peers.
Hold rating (Zacks Rank #3).
Five analysts cut quarter estimates.
Consensus estimate declined to $5.64.
May '26 options hint at major sell-off.
Bullish Signals
Options traders are pricing in significant movement for Amgen stock, as evidenced by the May 15, 2026 $200 Call having some of the highest implied volatility among all equity options today.
Since 1988, Zacks Investment Research's list of elite stocks has beaten the market more than 2X over with an average gain of +23.9% per year, suggesting potential for early price pops in selected tickers.
Zacks Investment Research offers tools like the Price Response Indicator and Earnings ESP to help investors succeed, built on a history of averaging +23.89% annual returns since 1988.
Risk Factors
Amgen Inc. (AMGN) currently holds a Zacks Rank #3, indicating a 'Hold' rating, and ranks in the bottom 40% of its medical industry peers.
Over the last 30 days, five analysts have dropped their earnings estimates for the current quarter, while only one increased them.
This negative sentiment among analysts has caused the Zacks Consensus Estimate for the current quarter to decline from $5.81 per share to $5.64 per share.
High implied volatility in the May 15, 2026 $200 Call options suggests a market expectation of a large move that could result in a significant sell-off rather than a rally.
Amgen Inc. (AMGN) is experiencing heightened activity in the options market, specifically with the May 15, 2026 $200 Call option showing elevated implied volatility compared to other equity options currently trading. High implied volatility indicates that traders are anticipating a significant price movement in either direction, which often suggests upcoming events or uncertainty regarding the company's future performance. While this metric signals potential volatility, it is noted as only one component of an options strategy and does not confirm the direction of the move.
Fundamentally, the outlook for Amgen appears cautious according to recent analyst adjustments. The company currently holds a Zacks Rank #3 (Hold) and sits in the bottom 40% of its Medical - Biomedical and Genetics industry rank based on Zacks metrics. Over the past 30 days, sentiment has cooled as five analysts have lowered their earnings estimates for the current quarter, while only one analyst raised theirs. Consequently, the Zacks Consensus Estimate for earnings per share has been revised downward from $5.81 to $5.64.
The disparity between the high options activity and the negative fundamental revision suggests a possible divergence in strategy among market participants. Traders purchasing these high-volatility calls may be seeking a specific catalyst, whereas seasoned options traders might interpret the high volatility as an opportunity to sell premium and profit from time decay if the stock does not move significantly before expiration. This dynamic implies that while investors are pricing in uncertainty or a potential rally, analyst consensus leans towards holding rather than buying, suggesting caution regarding earnings expectations for the current quarter.
📈 High IV on AMGN options suggests investors expect significant price movement.
🏥 Amgen holds a Bottom 40% Zacks Rank within its industry sector.
📉 Analyst consensus lowered quarterly earnings estimate from $5.81 to $5.64.
📊 Options traders are pricing in significant movement for Amgen Inc. (AMGN) stock, indicated by the May 15, 2026 $200 Call option having among the highest implied volatility levels today.
📉 High implied volatility typically suggests investors anticipate a substantial price change due to upcoming events or fundamental shifts in one direction.
🏥 Currently, Amgen holds a Zacks Rank #3 (Hold) within the Medical - Biomedical and Genetics industry, placing it in the Bottom 40% of its industry rank.
📝 Analyst sentiment is mixed regarding earnings estimates for the current quarter; one analyst increased their projection while five reduced theirs.
💰 The net impact of these changes lowered the Zacks Consensus Estimate for the current quarter from $5.81 per share to $5.64 per share.
💸 Experienced options traders often seek high implied volatility opportunities to sell premium and capture time decay rather than betting on a price increase.
⚠️ The strategy of selling options relies on the underlying stock not moving as much as originally expected by expiration.
📰 This analysis originates from Zacks Investment Research, which offers additional reports including "7 Best Stocks for the Next 30 Days" and free stock analysis reports for Amgen.
Bullish Signals
Options traders price significant Amgen movement.
Analyst increased current quarter earnings estimates.
Amgen listed as best stock for 30 days.
Risk Factors
Amgen ranks Bottom 40% of industry with weak performance.
Five analysts dropped estimates versus only one increase recently.
Quarterly profit estimate fell from $5.81 to $5.64.
Bullish Signals
Options traders are pricing in significant future movement for Amgen, potentially indicating upcoming positive catalysts that could drive a rally.
One analyst recently increased earnings estimates for the current quarter, suggesting some market optimism remains.
Amgen has been recognized in Zacks Investment Research's report of '7 Best Stocks for the Next 30 Days', highlighting its potential inclusion among top investment opportunities.
Risk Factors
Amgen is currently ranked as a Zacks Rank #3 (Hold) and sits within the Bottom 40% of its Medical - Biomedical and Genetics industry, indicating weak relative performance.
Analyst sentiment has turned negative with five analysts dropping their earnings estimates versus only one increase over the last 30 days.
The revised Zacks Consensus Estimate for the current quarter has fallen from $5.81 per share to $5.64, reflecting diminished profit expectations.
Amgen Inc. (NASDAQ:AMGN) saw increased interest from institutional investors following the fourth quarter filings, with Nicholas Company Inc. acquiring a new position valued at approximately $5.373 million for 16,415 shares. Other major institutional changes include Robeco Institutional Asset Management B.V., which increased its stake by 10% to own 481,453 shares worth roughly $157.58 million, and Global Wealth Management Investment Advisory Inc., which significantly grew its holdings by 56.2% in the third quarter. Additionally, Curtis Advisory Group LLC and Sequoia Financial Advisors LLC established or increased their respective positions during Q3 and Q4, while Jones Financial Companies Lllp also expanded its stake by 18.2%. As of the reporting period, institutional investors collectively hold 76.50% of Amgen’s outstanding stock.
Corporate insider activity saw SVP Nancy A. Grygiel sell 1,237 shares on Monday, May 4th, at an average price of $323.73 per share, resulting in a total transaction value of $400,454.01 and a 15% reduction in her personal ownership. Following the sale, Grygiel directly held 7,009 shares valued at approximately $2.269 million. Overall, corporate insiders currently own 0.85% of the company’s stock. The SEC document detailing these transactions is publicly available.
Fundamentally, Amgen reported strong quarterly earnings for the period ending April 30th, posting earnings per share of $5.15 which exceeded analysts’ consensus estimates of $4.77 by $0.38. The company generated revenue of $8.62 billion, surpassing the forecasted $8.58 billion, with a net margin of 20.96% and an impressive return on equity of 137.41%. Year-over-year revenue grew by 5.8%, and analysts currently anticipate full-year earnings per share of $22.36 for the fiscal year.
Amgen recently announced a quarterly dividend to be paid on June 5th to shareholders of record as of May 15th, set at $2.52 per share. This translates to an annualized dividend of $10.08 and a yield of 3.0%. The company has maintained positive market metrics with a market capitalization of $179.01 billion and a P/E ratio of 23.08. Stock prices are trading near the middle of its yearly range, opening at $331.70, compared to a twelve-month low of $261.43 and high of $391.29, with significant moving averages hovering in the $355 and $342 ranges.
📈 Institutional investors increased holdings significantly while SVP Nancy Grygiel reduced her stake.
💰 Q1 revenue rose 5.8% to $8.62 billion with EPS beating estimates by $0.38.
📊 Stock trades at a 3.0% yield with a P/E ratio of 23.08.
📈 Nicholas Company Inc. increased its Amgen stake by acquiring 16,415 shares valued at $5.37 million in the fourth quarter.
🏢 Robeco Institutional Asset Management B.V. grew its Amgen holdings by 10% to own 481,453 shares worth $157.58 million.
📊 Sequoia Financial Advisors LLC increased its position by 2.3%, now holding 160,646 shares valued at $45.33 million.
💰 Curtis Advisory Group LLC established a new position in Amgen worth approximately $1.67 million during the fourth quarter.
📈 Global Wealth Management Investment Advisory Inc. significantly expanded its stake by 56.2% to own shares totaling $3.68 million.
🔄 Jones Financial Companies Lllp grew its holdings by 18.2%, adding 6,115 shares for a total value of $10.89 million.
🏛️ Institutional investors collectively control 76.50% of Amgen's outstanding stock as of the latest filings.
📉 SVP Nancy A. Grygiel sold 1,237 shares worth $400,454 on May 4th, reducing her direct ownership by 15%.
💹 Shares of Amgen opened at $331.70 and are currently trading with a market capitalization of $179.01 billion.
📉 The stock trades at a P/E ratio of 23.08 with a beta of 0.44, indicating lower volatility compared to the broader market.
🏆 Amgen reported Q1 earnings of $5.15 per share, surpassing analyst estimates of $4.77 by $0.38.
💰 The company generated revenue of $8.62 billion for the quarter, up 5.8% from the prior year period.
🎯 Amgen provided FY 2026 EPS guidance ranging between $21.70 and $23.10 for the current fiscal year.
💵 A quarterly dividend of $2.52 per share will be paid to investors of record on May 15th, with an ex-dividend date of May 15th.
🔄 The total annualized dividend is projected at $10.08 per share, resulting in a current yield of 3.0%.
Bullish Signals
EPS beat estimates at $5.15 vs $4.77 consensus.
Revenue grew 5.8% YoY to reach $8.62 billion.
Net margin hit robust 20.96% with ROE of 137.41%.
Investors increased stakes, including Nicholas Company and Robeco.
Set full-year 2026 EPS guidance between $21.70-$23.10.
Initiated quarterly dividend of $2.52 for a 3.0% yield.
Mkt cap is $179.01B with attractive P/E/G of 3.33.
Risk Factors
High debt-to-equity of 5.65 amplifies potential losses.
Amgen reported $5.15 earnings per share for the quarter, significantly beating analysts' consensus estimates of $4.77 by $0.38.
The company generated revenue of $8.62 billion, exceeding analyst expectations of $8.58 billion, marking a 5.8% year-over-year growth.
Amgen achieved a robust net margin of 20.96% and an impressive return on equity of 137.41%.
Multiple institutional investors increased their stakes, with Nicholas Company Inc., Robeco Institutional Asset Management B.V., and Global Wealth Management Investment Advisory Inc. growing or initiating positions in the fourth quarter.
The company has established a strong future outlook by setting full-year 2026 guidance for earnings per share between $21.70 and $23.10, while analysts anticipate $22.36.
Amgen initiated a quarterly dividend of $2.52 per share to be paid on June 5th, offering an attractive annualized yield of 3.0%.
With a market capitalization of $179.01 billion and a P/E/G ratio of 3.33, the stock presents favorable valuation metrics relative to growth expectations.
Risk Factors
Amgen Inc (NASDAQ: AMGN) shows a debt-to-equity ratio of 5.65, indicating significant leverage that could amplify losses in adverse market conditions.
The stock price opened at $321.70 on Monday, while trading well below its 50-day moving average of $355.12, suggesting bearish short-term sentiment.
SVP Nancy A. Grygiel sold 1,237 shares representing a 15.00% decrease in her direct ownership, signaling potential insider concern about the stock's near-term prospects.
With an annualized dividend of $10.08 per share and a payout ratio of 70.15%, Amgen has limited flexibility to return capital during periods of financial stress.
Analyst expectations for FY 2026 EPS stand at $22.36, yet the company's own guidance is lower (21.700-23.100), suggesting management sees a challenging outlook compared to market consensus.
Amgen Inc. reported first-quarter 2026 earnings on April 30, 2026, which demonstrated broad-based growth across its diversified pharmaceutical portfolio. The results highlight the company's resilience and momentum in a competitive market, spanning key therapeutic areas such as oncology, cardiovascular disease, inflammation, bone health, and neuroscience.
Simultaneously with the financial results, the company announced significant leadership changes within its C-suite, specifically the retirement of Chief Technology Officer David Reese. This transition signals a period of organizational evolution and succession planning, though the timing alongside strong earnings suggests management confidence in the company's strategic trajectory. The article notes that while executive retirements are common in large pharmaceutical firms, these shifts often indicate potential adjustments in research direction and innovation focus.
For investors, this combination of financial strength and leadership turnover presents a mixed picture of sustained operational performance and internal restructuring. Amgen continues to emphasize its robust manufacturing infrastructure and substantial research and development investments as foundational to its business model, aiming for long-term growth through biologics derived from living cells.
📈 Amgen reports Q1 2026 growth with broad portfolio resilience.
🔬 Company leverages biologics in oncology, cardiology, and neuroscience markets.
⚡ CTO David Reese retires as part of strategic leadership transitions.
Lacks specific revenue or earnings figures for growth claims.
Bullish Signals
Amgen reported first-quarter 2026 earnings on April 30, showcasing broad-based growth across its portfolio.
The results underscore the company's ability to sustain momentum in a competitive market with resilient product and market positioning.
Management confidently executed significant C-suite transitions alongside strong quarterly results, signaling confidence in the company's trajectory and succession planning.
Amgen is one of the world's largest independent biotechnology companies with a diversified portfolio spanning oncology, cardiovascular disease, inflammation, bone health, neuroscience, and other therapeutic areas.
Risk Factors
The retirement of Chief Technology Officer David Reese signals potential shifts in strategic priorities, research direction, and innovation focus that could disrupt R&D continuity.
C-suite transitions are common but introduce near-term uncertainty regarding leadership stability and immediate decision-making processes.
While the article mentions 'broad-based growth', it does not provide specific revenue or earnings figures to substantiate the magnitude of performance relative to analyst expectations.
Amgen's shares closed at $361.13, reflecting a 1.4% decline that significantly underperformed major indices like the S&P 500 and Nasdaq which posted gains earlier in the day. Over the past month, Amgen has dropped 0.8%, falling more sharply than the broader medical sector or the S&P 500. Market attention is now focused on the company's upcoming quarterly earnings, with analyst consensus estimates projecting an earnings per share (EPS) of $4.74, representing a slight year-over-year decline of 3.27%. Revenue is expected to reach $8.51 billion, marking a 4.42% increase compared to the same quarter last year.
Analyst expectations for the full year show EPS growth to $22.22 per share and revenue of $37.86 billion, with both metrics projecting modest positive changes from the prior year. Regarding valuation, Amgen trades at a forward price-to-earnings ratio of 16.48, which is below its industry average of 18.95. However, the company carries a PEG ratio of 3.65, considerably higher than the medical industry average of 1.54. Additionally, the broader medical-biomedical and genetics industry holds a Zacks Industry Rank of 140, placing it in the bottom 43% of all tracked industries based on historical performance data derived from individual stock ratings within those groups.
📉 Stock dropped 1.4% recently despite major indices posting gains.
💰 Analysts project EPS of $4.74 with a slight year-over-year decline.
📊 Valuation shows a discount P/E but a high PEG ratio.
📉 Amgen stock closed at $361.13, dropping 1.4% while major indices like the S&P 500 and Nasdaq posted gains.
🔍 The company's shares have fallen an additional 0.8% over the last month, outperforming the sector's broader decline.
💰 Analysts expect earnings per share of $4.74 for the upcoming quarter, representing a projected 3.27% year-over-year decrease.
📈 Revenue is forecast to hit $8.51 billion for the quarter, with a full-year target of $37.86 billion showing slight growth.
🛠 The Zacks Consensus EPS estimate has adjusted slightly lower by 0.15% recently based on short-term business trends.
📊 Amgen currently holds a Zacks Rank of #3 (Hold), which is neutral compared to the Strong Buy or Sell categories.
💵 The stock trades at a Forward P/E ratio of 16.48, trading at a discount relative to the industry average of 18.95.
📉 A PEG ratio of 3.65 is significantly higher than the sector average of 1.54, reflecting differences in earnings growth expectations.
🏭 The Medical - Biomedical and Genetics industry ranks in the bottom 43% across all tracked industries by Zacks metrics.
🔮 Zacks Investment Research encourages investors to monitor these valuation and estimate revision metrics for upcoming trading sessions.
Bullish Signals
Revenue expected to grow 4.42% year-over-year next quarter.
Full-year revenue projected to increase 3.02% over last year.
Stock trades at forward P/E of 16.48, below industry average.
Holds Zacks Rank #3 with strong top-rated industry history.
Risk Factors
Stock fell -1.4% while major indices rose.
Shares dropped 0.8% monthly vs 4.79% sector loss.
Analysts forecast a 3.27% year-over-year EPS decline.
Weak relative strength compared to top industries.
Bullish Signals
Amgen's revenue is projected to grow 4.42% year-over-year in the upcoming quarter, with analysts expecting $8.51 billion in total revenue.
Full-year consensus estimates indicate that Amgen's earnings and revenue are both expected to increase by 1.74% and 3.02%, respectively, compared to last year.
The stock is currently trading at a Forward P/E ratio of 16.48, which represents a discount compared to the industry average Forward P/E of 18.95.
Amgen holds a Zacks Rank of #3 (Hold), and historically, stocks in the top-rated industries have outperformed bottom industries by a factor of 2 to 1.
Risk Factors
Amgen's stock has underperformed the broader market, falling -1.4% while the S&P 500 rose and the Nasdaq increased 0.47%.
Shares have declined 0.8% over the last month, trailing the wider medical sector loss of 4.79% and the S&P 500's broader decline.
Analysts anticipate a 3.27% year-over-year drop in earnings per share (EPS) to $4.74 upon its upcoming earnings release.
The Consensus EPS estimate has decreased by 0.15% over the past month, reflecting waning analyst confidence or deteriorating business trends.
Amgen holds a Zacks Rank of #3 (Hold), whereas top-ranked industries historically outperform the bottom half by a factor of 2 to 1.
The Medical - Biomedical and Genetics industry ranks in the bottom 43% among all industries, suggesting limited relative strength compared to peers.
Amgen Inc. (AMGN) is being compared with Royalty Pharma (RPRX) in an analysis from Zacks Investment Research to determine which stock represents the better value option for investors interested in the Medical-Biomedical and Genetics sectors. The article utilizes Zacks Rank and Style Scores, specifically focusing on Value metrics, to evaluate both companies. Regarding earnings estimates, RPRX holds a Zacks Rank of #2 (Buy), indicating a stronger recent improvement to its earnings outlook, whereas AMGN currently holds a Zacks Rank of #3 (Hold).
The analysis highlights specific valuation differences between the two stocks using traditional financial metrics. Royalty Pharma is assigned a forward Price-to-Earnings (P/E) ratio of 9.92 and a PEG ratio of 3.22, while Amgen trades at a forward P/E of 14.84 with a PEG ratio of 3.35. Additionally, RPRX has a significantly lower Price-to-Book (P/B) ratio of 3 compared to Amgen's much higher P/B ratio of 19.35. These valuation metrics contribute to RPRX receiving a "B" grade in the Value category from Zacks' Style Scores system, while AMGN receives a "C" grade based on its current share price and fundamentals.
The article concludes that because RPRX combines an improving earnings outlook with superior traditional value metrics, it is currently viewed as the more attractive value option than Amgen. The text also includes references to downloading free stock analysis reports for both Royalty Pharma and Amgen from Zacks Investment Research, alongside standard website navigation elements like a portfolio sign-in prompt.
📊 Zacks ranks Royalty Pharma as a Buy and Amgen as a Hold.
🏆 RPRX earns a B grade for value while AMGN receives a C grade.
📊 Both Royalty Pharma (RPRX) and Amgen (AMGN) are highlighted as options within the Medical-Biomedical and Genetics sectors.
🏆 Zacks Investment Research evaluates stocks by pairing Style Scores with their Zacks Rank to identify value opportunities.
💼 Royalty Pharma currently holds a Zacks Rank of #2 (Buy), indicating a positive earnings outlook revision.
⚖️ Amgen holds a Zacks Rank of #3 (Hold), reflecting a more neutral stance on its recent earnings estimates.
📉 RPRX has a forward Price-to-Earnings (P/E) ratio of 9.92, significantly lower than AMGN's 14.84.
🧮 The PEG ratio for RPRX is 3.22, while AMGN’s stands slightly higher at 3.35.
📚 Royalty Pharma has a Price-to-Book (P/B) ratio of 3 compared to Amgen's much higher 19.35.
🏅 These valuation metrics contribute to RPRX receiving a "B" grade in the Value category of Style Scores.
⚠️ Amgen currently holds a "C" grade in the Value category due to its higher relative valuations.
📈 Analysts conclude that RPRX is likely the superior value option based on these combined metrics and rankings.
📄 Free stock analysis reports are available for both companies via Zacks Investment Research.
Bullish Signals
Amgen holds a Zacks Rank of #3 indicating neutral-to-positive trajectory.
Forward P/E ratio stands at 14.84 offering key valuation context.
Value grade C identifies Amgen as undervalued by earnings yield.
Risk Factors
Analysts hold Amgen on Zacks Rank #3 due to cautious earnings outlook.
Amgen received a lower Value grade of C compared to Royalty Pharma.
Forward P/B ratio of 19.35 signals high valuation vs Royalty Pharma's 3.0.
Higher PEG ratio of 3.35 reflects slower growth or elevated multiples.
Bullish Signals
Amgen currently holds a Zacks Rank of #3 (Hold), indicating a neutral-to-positive earnings estimate trajectory for the pharmaceutical giant.
The analysis notes that Amgen has a forward P/E ratio of 14.84, which provides a valuation metric for investors to consider alongside its cash flow and book value per share.
With a Value grade of C from the Style Scores system, Amgen is identified as an undervalued company by key metrics including earnings yield and cash flow per share.
Risk Factors
Amgen has been assigned a 'Hold' rating with a Zacks Rank of #3, suggesting analysts are cautious about its recent earnings estimates and outlook.
Amgen received a lower Value grade of C compared to Royalty Pharma's B grade, indicating it may be less attractive to value investors based on traditional metrics like P/E ratio and earnings yield.
The company's forward P/B ratio of 19.35 is significantly higher than Royalty Pharma's 3.0, which could signal that the market perceives Amgen as less undervalued relative to its book value.
Amgen has a higher PEG ratio of 3.35 compared to Royalty Pharma's 3.22, potentially reflecting slower expected earnings growth or higher valuation multiples that warrant scrutiny.
Amgen has announced an additional $300 million investment to expand its biologics manufacturing facility in Juncos, Puerto Rico. This site, established in 1992, is currently one of the largest biologics manufacturing facilities in the world and supplies medicines to over 60 countries. With this new commitment, Amgen's total planned investment on the island has reached nearly $1 billion over the past year, while its broader U.S. manufacturing pledges are approaching $2 billion.
The expansion is designed to increase production capacity, create hundreds of construction jobs, support advanced manufacturing roles, and enhance workforce development initiatives. Robert A. Bradway, Amgen's chairman and CEO, stated that this growth reflects the company's long-standing commitment to American manufacturing and aims to ensure patient access to necessary medicines while strengthening the domestic supply chain against tariff pressures.
This investment follows a previous $650 million announcement for the same Juncos site. It is part of a larger trend among global pharmaceutical companies to increase U.S. manufacturing capacity, including significant recent pledges for Ohio ($900 million), California ($600 million), and North Carolina (over $1.5 billion). Local officials, including Governor Jenniffer González, emphasized that this capital injection reinforces Puerto Rico's reputation for excellence in the biopharmaceutical sector and validates the region's skilled workforce and infrastructure capabilities.
Amgen invests $300M in its Juncos, Puerto Rico biologics facility.
Total U.S. manufacturing pledges now approach $2 billion.
Expansion creates advanced roles and strengthens domestic supply chains.
🏭 Amgen announced a new $300 million investment to expand its biologics manufacturing facility in Juncos, Puerto Rico.
🌍 The Juncos site was established in 1992 and currently produces medicines distributed to more than 60 countries.
💵 This new commitment brings the total planned investment on the island to nearly $1 billion over the past year.
🇺🇸 Amgen's broader U.S. manufacturing pledges now total nearly $2 billion with this latest addition.
📈 The expansion aims to increase production capacity, create advanced manufacturing roles, and generate hundreds of construction jobs.
⚙️ The investment will support next-generation manufacturing technologies and strengthen the company's domestic supply chain.
💬 CEO Robert Bradway stated the expansion reflects Amgen's continued commitment to American manufacturing and supporting the long-term strength of the supply chain.
🤝 The $300 million investment follows a previous $650 million commitment for the same Puerto Rico site.
📍 Amgen also has significant investments in Ohio ($900 million), California ($600 million for a science and innovation center), and North Carolina (more than $1.5 billion).
🏛️ Local officials, including Governor Jenniffer González, praised the investment as a testament to Puerto Rico's excellence and skilled workforce in biopharmaceuticals.
🔍 The move comes amid industry-wide efforts by global drugmakers to increase U.S. manufacturing capacity in response to tariff policy proposals.
💊 Expanding domestic production is expected to ensure patients have continued access to essential medicines.
🏗️ Secretary Sebastián Negrón highlighted that the total nearly $1 billion investment represents strong confidence in Puerto Rico's capabilities for producing life-saving medicines.
Bullish Signals
Amgen invests an additional $300 million in Juncos.
Total island investment reaches nearly $1 billion.
Expansion adds hundreds of construction jobs.
Facility produces medicines for over 60 countries.
Amgen faces regulatory risks from new pharmaceutical tariff policies.
$300M Puerto Rico investment adds operational complexity to strategy.
Heavy capital spending may strain balance sheet and hurt profitability.
Bullish Signals
Amgen announced an additional $300 million investment to expand its biologics manufacturing facility in Juncos, Puerto Rico.
The new commitment brings the company's total planned investment on the island to nearly $1 billion over the past year.
This expansion will significantly increase production capacity and generate hundreds of construction jobs.
Amgen stated the investment supports advanced manufacturing roles and strengthens its domestic supply chain.
With this new facility, Amgen will continue to produce medicines distributed to more than 60 countries worldwide.
The $300 million commitment represents nearly $1 billion in confidence in Puerto Rico's workforce, capabilities, and infrastructure for biomanufacturing.
Risk Factors
Amgen faces significant regulatory and operational risks as it navigates the complex tariff policy proposals affecting pharmaceutical imports, particularly with its new $300M investment in Puerto Rico.
The company's heavy capital expenditure strategy, nearing $1 billion for Puerto Rico and nearly $2 billion total for U.S. manufacturing pledges, raises concerns about near-term profitability and balance sheet strain.
Guggenheim Securities has reduced its price target on Amgen (NASDAQ: AMGN) from $351 to $340, maintaining a Neutral rating following the company's Q1 2026 earnings release. While the firm updated its model rather than changing its fundamental thesis, the revision reflects Wall Street's growing caution regarding Amgen's growth trajectory as biosimilar competition intensifies and larger rivals gain ground in the obesity sector. The stock recently traded at $324, having dipped below the previous close of $329.82, and is down 7% over the past month despite delivering earnings that beat consensus estimates with non-GAAP EPS of $5.15 versus a $4.77 expectation and revenue of $8.62 billion, representing a 6% year-over-year increase.
The analyst outlook highlights a significant divergence in performance across Amgen's key franchises. While newer launches showed strong momentum with IMDELLTRA growing 219%, UPLIZNA up 188%, and Repatha rising 34%, older blockbuster drugs are facing headwinds; Prolia revenue fell 34% and Enbrel declined 37% due to biosimilar competition and Medicare Part D pricing pressure. Management has maintained its full-year revenue guidance between $37.1 billion and $38.5 billion, but the split in performance underscores the challenges of protecting market share against generics and price erosion. The company's primary growth hope lies in MariTide, a late-stage glucagon-like peptide-1 (GLP-1) candidate for obesity that trails competitors like Eli Lilly and Novo Nordisk by years in development, alongside regulatory concerns regarding Tepezza demand and the FDA proposal to withdraw TAVNEOS approval.
Amgen remains one of the largest biotechnology companies by market capitalization at approximately $178 billion, trading at a P/E ratio of 23x current earnings and 15x forward earnings with a consensus analyst target of $353.43. The Guggenheim downgrade falls below this consensus average, suggesting limited upside potential at current valuation levels, while competitors' firms like Morgan Stanley have raised targets to $326 or maintained them near $340-$350. The bull case for the company rests on its diversified cash flows, defensive characteristics, and a robust dividend history, with the Q1 dividend increasing 6% to $2.52 per share, which supports income-focused investors even as growth narratives await clearer catalysts from MariTide Phase 3 data or Repatha's continued momentum against generic threats.
📉 Analysts are divided on Amgen, with targets ranging from Guggenheim's $340 drop to RBC's $350 hold.
🔬 Revenue growth relies on new drugs like IMDELLTRA while older franchises such as Prolia face decline.
⚠️ Growth faces headwinds from biosimilar competition and potential regulatory overhangs regarding Tepezza and TAVNEOS.
💊 Despite a dividend hike to $2.52, the stock trades at a 23x P/E with limited near-term upside.
🎯 Investors should monitor MariTide Phase 3 data as the key catalyst needed to justify higher valuations.
📉 Guggenheim reduced its price target on Amgen to $340 from $351 while maintaining a Neutral rating following the Q1 2026 earnings release.
📊 Amgen reported non-GAAP EPS of $5.15, beating the $4.77 consensus estimate, with revenue rising 6% year-over-year to $8.62 billion.
📈 Stock performance shows a split response as Amgen beat earnings but shares slipped 7% over the past month to trade at $324.
💰 Wall Street analysts are divided on the stock, with Morgan Stanley raising its target to $326 while RBC stands at $350 and JPMorgan at $340.
🔬 Amgen's portfolio is facing a bifurcation as newer drugs like IMDELLTRA grow significantly while older franchises Prolia and Enbrel decline.
💊 Repatha, Prolia, Otezla, Tepezza, and Enbrel remain key revenue drivers alongside the obesity candidate MariTide in late-stage development.
⚠️ The growth narrative is challenged by accelerating biosimilar competition, Medicare Part D pressures, and delays for MariTide against larger incumbents like Eli Lilly.
🏛️ Amgen's regulatory outlook includes a disappointed Tepezza post-Horizon and an FDA proposal to withdraw TAVNEOS adding potential overhang.
💵 The dividend was raised 6% to $2.52 per share, providing a steady income anchor for long-term holders amidst valuation concerns.
📉 Amgen trades at a P/E ratio of 23x with a consensus analyst target of $353.43, suggesting the current price reflects most near-term upside.
🛡️ Bulls view the stock as defensive with diversified cash flows, though the bull case hinges on MariTide success and Repatha momentum.
⏳ Investors should monitor Phase 3 data for MariTide, biosimilar pacing for Prolia, and generic timing for Repatha for future catalysts.
🎯 The Guggenheim cut is viewed as a model recalibration rather than a thesis shift, signaling limited upside at current levels.
🔍 Long-term holders may see this downgrade as a prudent adjustment given the biotech giant's slowing growth profile and franchise erosion.
⚖️ Moderate position sizing is recommended for income investors who recognize Amgen needs a clear catalyst to break meaning higher from current levels.
Bullish Signals
Amgen beat Q1 revenue and EPS expectations.
Revenue grew 6% YoY to $8.62 billion.
Management maintained full-year revenue guidance.
Dividend increased 6% to $2.52 per share.
High-growth segments surged with IMDELLTRA up 219%.
Bullish peers like RBC target stock at $350.
Market cap nears $178 billion.
Forward P/E of 15x shows reasonable valuation.
Risk Factors
Guggenheim cut Amgen price target from $351 to $340.
Prolia sales fell 34%; Enbrel dropped 37% due to biosimilars.
MariTide lags rivals by years in high-growth GLP-1 segment.
FDA withdrawal for TAVNEOS adds regulatory overhang.
Bullish Signals
Amgen beat first-quarter expectations on both revenue and earnings, delivering non-GAAP EPS of $5.15 versus the $4.77 consensus estimate.
Q1 revenue reached $8.62 billion, representing a 6% year-over-year increase that supports the company's growth profile despite competitive pressures.
Management maintained full-year guidance for revenue between $37.1 billion to $38.5 billion, signaling confidence in future performance.
Amgen raised its quarterly dividend by 6% to $2.52 per share, reinforcing its status as a defensive income play with a history of consistent payout increases.
High-growth portfolio segments demonstrated robust momentum, with IMDELLTRA growing 219%, UPLIZNA increasing 188%, and Repatha up 34%.
Despite analyst divergence on targets, significant peers like RBC maintain a $350 price target while Morgan Stanley raised its target to $326, indicating a bullish view exists among Wall Street institutions.
Amgen remains one of the largest U.S. biotechs by market capitalization near $178 billion, providing stability and scale for shareholders.
The forward P/E ratio of 15x suggests the stock is reasonably valued relative to future earnings, with a consensus analyst target price of $353.43 offering potential upside from recent levels.
Risk Factors
Guggenheim cut its price target on Amgen from $351 to $340 while maintaining a Neutral rating, signaling concerns that current valuation already reflects most of the upside potential.
Amgen stock has declined 7% over the past month despite beating earnings expectations, reflecting broader market caution on its growth profile.
Key franchises face significant erosion: Prolia sales fell 34% and Enbrel dropped 37% due to biosimilar competition and Medicare Part D pressure.
The obesity candidate MariTide lags behind major incumbents Eli Lilly and Novo Nordisk by years in development, creating a competitive disadvantage in the high-growth GLP-1 segment.
Revenue growth from core assets like Repatha (up 34%) is being offset by declining demand in others, leading to a bifurcated portfolio that may struggle to maintain total revenue momentum.
FDA regulatory overhang looms with proposed withdrawal approval for TAVNEOS and disappointed demand following the Horizons acquisition.
Tepezza demand has disappointed post-Horizon, adding uncertainty to one of the company's higher-priced specialty medicines.
Amgen's stock trades below the consensus analyst target of $353.43 (compared to Guggenheim's lowered $340), suggesting limited immediate upside catalysts according to cautious analysts.
Amgen Inc (AMGN) reported first-quarter earnings and provided an upgraded forward outlook, driven by strong performance in its core growth franchises despite headwinds from legacy product decline and regulatory uncertainties. Total product sales grew 4% year over year, totaling approximately $13.7 billion, fueled primarily by six key drivers that accounted for roughly 70% of revenue and collectively increased 24%. Notable performers included Repatha, which saw first-quarter sales rise 34% to $876 million supported by new cardiovascular subgroup data, and Evenity, which grew 27% overall to $562 million as it solidified its position in the bone-building market. The rare disease portfolio surged 25% to $1.2 billion, led by nearly tripling sales of Eplisna and strong gains in TEPEZZA for cystic fibrosis, while innovative oncology revenues increased 25% to $1.8 billion with Imdeltra contributing significantly.
Management maintained high confidence in the company's structural advantage, noting that a broad portfolio of 16 products achieved double-digit growth and 17 now generate over $1 billion annually, reducing reliance on any single blockbuster. Financial metrics remained robust with a non-GAAP operating margin of 45% and free cash flow generation of $1.5 billion for the quarter. Consequently, Amgen upgraded its full-year 2026 revenue guidance to a range of $37.1–$38.5 billion and non-GAAP earnings per share guidance to $21.70–$23.10, reflecting disciplined cost control and increased investment in late-stage pipeline assets like Meritide for hypercholesterolemia and olpasiran for lowering Lp(a). R&D spending increased 16% year over year with capital expenditures reaching $700 million in the first quarter alone, while AI initiatives are already delivering significant operational efficiencies by halving antibody optimization timelines and reducing production clearance times.
However, management highlighted several risks that temper long-term optimism, including accelerated erosion of legacy osteoporosis products like Prolia and XGEVA, which fell 32% to $1.1 billion as biosimilar competition intensifies. The company also faces rising cost pressures with non-GAAP cost of sales climbing to 19.5% of product sales due to royalty obligations and a shifting mix, which is expected to persist through the near term. Regulatory challenges add further uncertainty, as the FDA proposed withdrawing approval for Tabneos, paused enrollment in subcutaneous blinatumomab and SLE trials due to inflammatory events, and Amgen discontinued development of AMG 193. Additionally, the company disclosed receipt of a draft IRS Notice of Proposed Adjustment regarding profit allocation for the years 2016–2018, introducing potential tax risks that could impact future earnings.
Despite these challenges, Amgen’s strategy focuses on scaling newer growth engines to offset legacy declines and leveraging manufacturing capacity expansions planned at roughly $2.6 billion for the year. The company is preparing for a potential Meritide launch while continuing Phase III trials for key assets like olpasiran, which showed more than 95% reduction in Lp(a) levels. Overall, the earnings call underscores a transition toward a more diversified revenue profile anchored by high-growth franchises, supported by strong cash generation and strategic investments in AI and manufacturing, even as the company navigates external pressures from biosimilars and regulatory scrutiny.
Amgen upgraded 2026 guidance to $37.1B–$38.5B revenue despite market headwinds.
High-growth franchises now drive 70% of sales, offsetting legacy brand declines.
AI initiatives cut antibody development timelines in half and boost efficiency.
📊 Amgen reported Q1 earnings with a cautiously upbeat tone, citing solid commercial momentum and upgraded guidance despite market headwinds.
💰 Total product sales grew modestly by 4% year-over-year, driven primarily by breadth across sixteen products with double-digit growth rather than reliance on a single blockbuster.
🚀 Six key high-growth franchises now account for roughly 70% of Amgen's product sales, providing a structural buffer against declining legacy assets.
💉 Repatha led revenue with $876 million in Q1 sales (up 34%), bolstered by new clinical data showing reduced cardiovascular events and growing physician confidence.
🦴 Evenity achieved strong 27% year-over-year growth to reach $562 million, effectively offsetting steep declines in older osteoporosis brands with a dominant U.S. market share.
🔬 The rare disease portfolio accelerated growth by 25% to $1.2 billion, highlighted by near-tripling sales of Eplisna and significant gains from TEPEZZA in oncology.
💊 Oncology and biosimilars segments delivered double-digit gains, with innovative oncology rising 25% to $1.8 billion and biosimilars growing 14% to $835 million.
📈 Amgen upgraded its 2026 revenue guidance to $37.1–$38.5 billion and non-GAAP EPS to $21.70–$23.10, supported by robust free cash flow of $1.5 billion in the quarter.
⚙️ Non-GAAP operating margins stood at 45%, reflecting disciplined cost control while management increased R&D spending by 16% and capital expenditures to $700 million for Q1.
🤖 Artificial intelligence initiatives are delivering operational efficiencies, including halving antibody lead-optimization timelines and drastically reducing production line clearance times.
⚠️ Legacy osteoporosis products face significant challenges with combined Prolia and XGEVA sales down 32%, and management warns of accelerated erosion through 2026 due to biosimilar competition.
💸 Cost of sales rose to 19.5% of product sales, driven by higher royalty obligations and an evolving mix that Amgen expects to remain a near-term headwind for margins.
🏛️ Regulatory setbacks include a proposed FDA withdrawal of approval for Tabneos and paused clinical trials for blinatumomab due to inflammatory events under review.
💸 Amgen faces undisclosed tax risks after receiving a draft IRS Notice challenging profit allocations for the years 2016–2018, adding to its list of financial pressures.
🧬 Pipeline development remains active with Meritide advancing through Phase III trials and Olpasiran showing over 95% reductions in Lp(a) levels in recent studies.
Bullish Signals
Overall sales grew 4% driven by high-growth franchises.
Six drivers delivered 70% of sales with 24% YoY growth.
16 products achieved double-digit growth and 17 exceeded $1B annually.
Repatha sales surged 34% to $876 million in Q1.
Evenity grew 27% to $562 million holding 65% U.S. bone market.
Rare disease portfolio expanded 25% to $1.2 billion total.
Innovative oncology revenue rose 25% reaching $1.8 billion.
Biosimilar sales climbed 14% totaling $835 million including PABLUE.
2026 guidance upgraded with EPS target of $21.70–$23.10.
Non-GAAP margin stayed robust at 45%.
Free cash flow generated was $1.5 billion in the quarter.
Risk Factors
Legacy osteoporosis sales dropped 32% to $1.1 billion amid lost exclusivity.
Biosimilar competition threatens accelerated revenue decline through 2026.
FDA proposed withdrawal of Tabneos approval causing regulatory friction.
Blincyto subcutaneous and SLE trials paused due to inflammatory events.
AMG 193 development discontinued despite pipeline investment risks.
Draft IRS Notice challenges profit allocations for tax years 2016–2018.
Non-GAAP cost of sales rose to 19.5% with no near-term relief.
Bullish Signals
Amgen reported modest overall sales growth of 4%, driven by high-growth franchises and offsetting pressure from legacy products.
Six key growth drivers generated roughly 70% of product sales in Q1 and grew 24% year over year, signaling a structural advantage in the portfolio mix.
Sixteen products posted double-digit growth, while 17 are now annualizing above $1 billion in sales, providing a wide base of scale to weather competitive pressures.
Repatha led growth with first-quarter sales of $876 million, up 34% year over year, supported by new data showing a 31% reduction in major cardiovascular events.
Evenity delivered impressive 27% year-over-year sales growth to $562 million, now holding about 65% of the bone-builder market in the U.S.
The rare disease portfolio grew 25% to $1.2 billion, with Eplisna sales nearly tripling to $262 million and TEPEZZA US sales rising 29% to $490 million.
Innovative oncology growth reached 25% to $1.8 billion, including significant contributions from Imdeltra ($258 million) and Blincyto (up 12% to $415 million).
Biosimilars remained a strong growth pillar with sales up 14% to $835 million, including $280 million from PABLUE in the quarter.
Management upgraded 2026 revenue guidance to $37.1–$38.5 billion and non-GAAP EPS guidance to $21.70–$23.10, reflecting confidence in future prospects.
Non-GAAP operating margin remained robust at 45%, while the company generated $1.5 billion of free cash flow in the quarter.
R&D spending climbed 16% year over year with capital expenditures reaching $700 million in Q1 and approximately $2.6 billion planned for the year to expand manufacturing capacity.
AI initiatives have significantly boosted operational efficiency, roughly halving antibody lead-optimization timelines and reducing production line clearance time from 30 minutes to roughly 2 minutes per batch.
Risk Factors
Loss of exclusivity is severely impacting legacy osteoporosis products, with combined Prolia and XGEVA sales declining 32% to $1.1 billion in the quarter.
Amgen warned of accelerated revenue erosion through 2026 as multiple biosimilars enter the market to compete with aging franchises.
The FDA proposed withdrawing approval for Tabneos, highlighting regulatory friction around specific portfolio assets.
Clinical trial enrollment for blinatumomab subcutaneous and SLE trials has been paused due to inflammatory events currently under FDA review.
Amgen discontinued development of AMG 193, demonstrating inherent risk in its pipeline where projects face discontinuation despite investments.
Amgen received a draft IRS Notice of Proposed Adjustment for tax years 2016–2018 challenging profit allocations, introducing significant potential tax liability and compliance costs.
Non-GAAP cost of sales rose to 19.5% of product sales driven by higher profit-share and royalty obligations, which management does not expect to ease near term.
Amgen Inc (AMGN) held its Q1 earnings call with management emphasizing solid commercial momentum, upgraded guidance, and a strengthening late-stage pipeline despite visible headwinds. The company reported modest 4% overall sales growth in the first quarter, which was powered by high-growth franchises that grew 24% year over year while legacy products faced decline due to loss of exclusivity and biosimilar competition. Total product sales were underpinned by breadth rather than dependence on any single blockbuster, with sixteen products posting double-digit growth and seventeen annualizing above $1 billion in sales.
Key drivers included Repatha, which saw first-quarter sales of $876 million (up 34% year over year), and Evenity, which grew 27% to $562 million as it captured roughly 65% of the U.S. bone-builder market. The rare disease portfolio grew 25% to $1.2 billion, led by Eplisna sales nearly tripling to $262 million and TEPEZZA's U.S. sales rising 29% to $490 million. Innovative oncology posted 25% growth to $1.8 billion, while biosimilars remained a pillar with sales up 14% to $835 million. Financial strength was underscored by a non-GAAP operating margin of 45%, $1.5 billion in free cash flow, and an upgrade to 2026 revenue guidance of $37.1–$38.5 billion with non-GAAP EPS guidance of $21.70–$23.10.
Management highlighted significant investments in R&D and manufacturing, with non-GAAP R&D spending climbing 16% and capital expenditures reaching $700 million in the quarter, totaling roughly $2.6 billion planned for the year to expand capacity. Pipeline advances include Meritide progressing through multiple Phase III trials and olpasiran continuing in Phase III with more than 95% reductions in Lp(a). AI initiatives are reported to have halved antibody lead-optimization timelines and tripled clinical site enrollment rates, while also reducing production line clearance time significantly.
However, challenges remain including steep erosion of older osteoporosis brands like Prolia and XGEVA, which combined sales dropped 32% to $1.1 billion in the quarter due to biosimilars entering the market. Cost of sales rose to 19.5% of product sales driven by higher profit-share and royalty obligations, with management warning that these pressures are unlikely to ease near term. Regulatory friction includes a proposed FDA withdrawal of approval for Tabneos and paused enrollment for blinatumomab trials due to inflammatory events, alongside the discontinuation of development for AMG 193. Additionally, Amgen disclosed receipt of a draft IRS Notice of Proposed Adjustment challenging profit allocations for 2016–2018, introducing potential tax risk that could impact future financial outcomes.
💰 Q1 product sales grew 4% while upgrading 2026 revenue guidance to $37.1–$38.5 billion.
📈 Top six growth drivers now account for 70% of total portfolio revenue.
⚠️ Risks include legacy osteoporosis erosion, clinical setbacks, and new tax audits.
📈 Amgen reported Q1 earnings with a cautiously upbeat tone, highlighting solid commercial momentum and upgraded revenue guidance.
💊 Growth engines now dominate the portfolio, with six key drivers generating roughly 70% of product sales and growing 24% year over year.
💰 Total product sales increased 4%, underpinned by breadth as 16 products posted double-digit growth and 17 annualized above $1 billion.
🩺 Repatha led revenue with Q1 sales of $876 million, up 34%, bolstered by new data showing a 31% reduction in major cardiovascular events for high-risk patients.
🦴 Evenity delivered strong growth with 27% year-over-year sales to $562 million, capturing about 65% of the U.S. bone builder market.
💉 Rare disease assets accelerated with a 25% portfolio growth to $1.2 billion, driven by Eplisna tripling in sales and TEPEZZA rising 29%.
🎯 Oncology and biosimilars delivered double-digit gains, with innovative oncology up 25% to $1.8 billion and biosimilars growing 14% to $835 million.
📊 Amgen upgraded its 2026 revenue guidance to $37.1–$38.5 billion and non-GAAP EPS guidance to $21.70–$23.10 based on strong free cash flow of $1.5 billion.
🔬 R&D spending climbed 16% year over year, supported by AI efficiencies that have halved antibody optimization timelines and streamlined regulatory documentation.
🏭 Capital expenditures reached $700 million in Q1, with roughly $2.6 billion planned for the year to expand manufacturing capacity for late-stage assets.
⚠️ Legacy osteoporosis products face accelerated erosion through 2026 as combined Prolia and XGEVA sales declined 32% to $1.1 billion due to biosimilar competition.
💸 Non-GAAP cost of sales rose to 19.5% of product sales, driven by higher royalty obligations and evolving product mix, creating near-term margin pressure.
⚖️ Regulatory and clinical setbacks included a proposed FDA withdrawal for Tabneos, trial pauses for blinatumomab, and the discontinuation of AMG 193 development.
🏛️ Amgen disclosed receipt of a draft IRS Notice of Proposed Adjustment challenging profit allocations for 2016–2018, introducing significant tax risk to future earnings.
Bullish Signals
Amgen sales grew 4% as high-growth franchises cushioned exclusivity losses.
Six drivers made up 70% of Q1 sales and grew 24% year over year.
Repatha sales rose 34% to $876 million with new cardiovascular data.
Evenity achieved 27% growth to $562 million in a dominant U.S. market.
Rare disease portfolio grew 25% to $1.2 billion driven by TEPEZZA and Eplisna.
Oncology sales increased 25% to $1.8 billion while biosimilars grew 14%.
Management raised 2026 revenue guidance to $37.1–$38.5 billion and EPS to $21.70–$23.10.
R&D spending climbed 16% as AI initiatives accelerated drug development timelines.
Risk Factors
Legacy drugs Prolia and XGEVA fell 32% to $1.1B in Q1.
FDA paused trials and dropped AMG 193 due to safety issues.
IRS challenge on 2016–2018 profits could severely impact earnings.
Non-GAAP cost of sales rose to 19.5% with no relief expected.
Capital expenditures projected at $2.6B strain operations significantly.
Bullish Signals
Amgen reported modest 4% overall sales growth driven by high-growth franchises, effectively cushioning the blow from drugs facing loss of exclusivity.
Six key growth drivers generated roughly 70% of Amgen's product sales in the first quarter and grew 24% year over year, demonstrating a structural advantage as older products decline.
Repatha stood out with first-quarter sales of $876 million, up 34% year over year, bolstered by new data showing a 31% reduction in major cardiovascular events in high-risk diabetes patients.
Evenity delivered 27% year-over-year sales growth to $562 million, including 35% growth in the U.S. where it now holds about 65% of the bone-builder market.
Amgen's rare disease portfolio grew 25% to $1.2 billion, with TEPEZZA's U.S. sales rising 29% to $490 million and Eplisna sales nearly tripling to $262 million.
The innovative oncology portfolio posted 25% growth to $1.8 billion, while biosimilars remained a growth pillar with sales up 14% to $835 million.
Management raised 2026 revenue guidance to $37.1–$38.5 billion and non-GAAP EPS guidance to $21.70–$23.10, reflecting confidence in the upgraded outlook.
Non-GAAP R&D spending climbed 16% year over year with AI initiatives that have roughly halved antibody lead-optimization timelines and tripled clinical site enrollment rates.
Capital expenditures reached $700 million in the quarter, with roughly $2.6 billion planned for the year to expand manufacturing capacity, including preparations for a potential Meritide launch.
Risk Factors
Total sales growth was modest at only 4%, while legacy products like Prolia and XGEVA suffered a 32% decline to $1.1 billion in Q1 due to biosimilar competition, signaling significant revenue erosion risks.
The FDA has proposed withdrawing approval for Tabneos and paused enrollment for blinatumomab and SLE trials due to inflammatory events, while development of AMG 193 was discontinued entirely, representing direct pipeline attrition.
Amgen faces a substantial tax risk as it received a draft IRS Notice of Proposed Adjustment for 2016–2018 challenging profit allocations, which could materially impact future earnings if finalized.
Non-GAAP cost of sales rose to 19.5% of product sales due to increased royalty obligations and product mix shifts, with management warning these margin pressures are unlikely to ease in the near term.
Capital expenditures for the year are projected at approximately $2.6 billion to expand manufacturing capacity and prepare for potential Meritide launches, placing significant financial strain on operations.
Rising costs and unresolved tax disputes continue to act as headwinds despite AI-enabled R&D gains and solid cash generation, limiting immediate upside to profitability metrics.
Accelerated sales erosion of older osteoporosis brands is expected to continue through 2026 as multiple biosimilars enter the market, creating pressure on overall portfolio growth.
Morgan Stanley analyst Terence Flynn has maintained a Hold rating on Amgen (AMGN), setting a price target of $332.00. Flynn covers the healthcare sector and specializes in stocks such as BioNTech SE, Biogen, and Vertex Pharmaceuticals; according to TipRanks data, his average return is 8.7% with a 55.65% success rate on recommended stocks. This rating comes amidst varying analyst sentiment for Amgen, as Bernstein's Courtney Breen recently issued a Hold rating in a report from April 21, while TD Cowen reiterated its Buy rating yesterday.
Amgen's recent financial performance supports these analyst views following the release of Q4 earnings for the quarter ending December 31. The company reported quarterly revenue of $9.9 billion and net profit of $1.33 billion, representing a significant increase from the previous year's revenue of $9.09 billion and net profit of $627 million. Additionally, Amgen beat analyst expectations with Q1 adjusted earnings per share (EPS) of $5.15 compared to a consensus of $4.77.
Looking forward, Amgen has raised its fiscal year 2026 adjusted EPS view to a range of $21.70-$23.10, up from the previous $21.60-$23.00 projection. The company also provided specific guidance on capital allocation, indicating that FY26 CapEx is expected to be $2.6 billion and that share repurchases will not exceed $3 billion. These figures reflect the company's growth trajectory and commitment to returning value to shareholders while investing in future capabilities.
📊 Analysts maintain mixed ratings, with Morgan Stanley holding AMGN at $332.
💰 Q4 revenue hit $9.9B and net profit reached $1.33 billion.
📈 Fiscal 2026 EPS guidance ranges from $21.70 to $23.10.
🏗️ Company projects $2.6B in capital expenditures for fiscal 2026.
💸 Share repurchases are capped at $3 billion over the period.
📊 Morgan Stanley analyst Terence Flynn maintained a "Hold" rating on Amgen (AMGN) with a price target of $332.00.
💼 Flynn covers the Healthcare sector, including peers BioNTech and Biogen, with a historical success rate of 55.65%.
📉 Recently, Bernstein also issued a "Hold" rating on Amgen, while TD Cowen reiterated its "Buy" stance from April.
💰 Based on Q4 earnings ending December 31, Amgen reported quarterly revenue of $9.9 billion and net profit of $1.33 billion.
📈 Comparatively, the company earned $9.09 billion in revenue and $627 million in net profit for the same period last year.
⚖️ For fiscal 2026, Amgen raised its adjusted EPS view range to $21.70–$23.10 from the previous $21.60–$23.00.
📉 Q1 adjusted earnings per share came in at $5.15, beating the consensus estimate of $4.77.
🏗️ Amgen projects fiscal 2026 capital expenditures will total $2.6 billion.
💸 The company also plans that share repurchases will not exceed $3 billion over the period.
Bullish Signals
Amgen reported quarterly revenue of $9.9 billion, compared to $9.09 billion last year, showing strong sequential growth.
The company delivered a net profit of $1.33 billion versus $627 million in the prior year, more than doubling profitability.
Amgen raised its FY26 adjusted EPS view to $21.70-$23.10 from $21.60-$23.00, signaling management's increased confidence in future earnings growth.
Q1 adjusted EPS of $5.15 exceeded consensus estimates of $4.77, demonstrating strong operational performance.
Amgen plans share repurchases not to exceed $3 billion, which can support stock price and return value to shareholders.
TD Cowen reiterated a Buy rating on Amgen (NASDAQ: AMGN), indicating continued confidence in the stock's upside potential.
Risk Factors
Morgan Stanley maintained a Hold rating on Amgen (AMGN), signaling that the stock is currently underweight relative to its potential, with a price target of $332.00.
Amgen's previous year revenue and profit were significantly lower at $9.09 billion and $627 million respectively compared to the current quarter's figures, highlighting recent volatility or past weakness in financial performance.
Bernstein issued a Hold rating on April 21, while only TD Cowen maintained a Buy, indicating a split opinion among major analysts with cautious sentiment from Morgan Stanley and Bernstein.
Amgen raised its FY26 adjusted EPS view slightly to $21.70-$23.10 from $21.60-$23.00, which could imply that current growth expectations are tight or face upward pressure rather than significant upside potential.
On Friday, the Dow Jones Industrial Average closed down 52 points, or 0.1%, at 49,599, according to FactSet data. While the index showed a mixed performance with some components advancing, notably Apple, significant losses from Amgen and McDonald's weighed heavily on the overall gauge. Despite these headwinds, the market remained roughly split between green and red stocks as the bell approached closing time.
Amgen emerged as the primary drag on the Dow's performance for the day, with its substantial decline helping to offset positive momentum elsewhere in the blue-chip index. The broader market sentiment was tempered by these specific losses from both Amgen and McDonald's, preventing a stronger finish despite the upward boost provided by Apple.
This update reflects the volatile nature of the blue-chip index on Friday, where individual stock performance played a decisive role in determining the day's final closing value. The 0.1% drop highlights the sensitivity of the Dow to large-cap technology and healthcare stocks, with Amgen's downturn being a significant contributing factor to the session's net loss.
📉 The Dow closed 0.1% lower at 49,599 points.
⚖️ Components remained evenly split between gains and losses.
💊 Significant drops from Amgen weighed heavily on the index.
🍔 McDonald's losses further dragged down the blue-chip gauge.
📱 Apple's strong gains were offset by these declines.
📉 The Dow Jones Industrial Average closed down 52 points, or 0.1%, at 49,599 according to FactSet data.
⚖️ The market index remained roughly split with half of its components in the green and the other half in the red.
💊 Significant losses from Amgen were a major factor weighing on the broader blue-chip gauge.
🍔 Big losses from McDonald's also contributed to dragging down the Dow Jones Industrial Average.
📱 Strong performance from Apple provided an upward boost that was offset by the declines in Amgen and McDonald's.
Bullish Signals
Amgen is classified as a Dow Jones Industrial Average component, confirming its status as a blue-chip leader in the financial markets.
The stock's presence provided an upward boost that helped offset broader market weakness, with Apple also contributing to the index gains.
Risk Factors
Amgen was described as 'the biggest drag on the Dow Friday', indicating significant negative pressure on the broader index.
The company suffered 'big losses' alongside McDonald's, contributing to the Dow closing lower by 52 points or 0.1% at 49,599.
On April 30, 2026, Amgen (NASDAQ: AMGN) released corrected financial results for the first quarter of 2026, following an initial notice regarding changes to a previous announcement from Thousand Oaks, California. CEO Robert A. Bradway highlighted that the company's 16 brands achieved double-digit growth during the period, reinforcing the strength of their business despite expected patent expirations and rising competition. The leadership expressed confidence in delivering long-term growth driven by a new wave of molecules advancing into Phase 3 clinical development.
In terms of financial metrics, the report detailed product sales broken down by specific therapeutic areas such as Ultra-Rare products—which include PROCYSBI®, RAVICTI®, ACTIMMUNE®, BUPHENYL®, and QUINSAIR®—and other products like Aimovig® and EPOGEN®. Notably, biosimilars generated $185 million in sales for Q1 2026 compared to $171 million in the same quarter of the previous year (Q1 '25). The company also provided analysis on research and development expenses, selling, general, and administrative costs, as well as cash flow and balance sheet positions using both GAAP and non-GAAP financial measures. Free cash flow was computed by subtracting capital expenditures from operating cash flow in accordance with US Generally Accepted Accounting Principles (GAAP).
Beyond quarterly results, Amgen provided updates on its extensive pipeline, including MariTide (maridebart cafraglutide), BLINCYTO, IMDELLTRA, and Xaluritamig (formerly AMG 509). Several assets are being developed in collaboration with other major pharmaceutical entities: TEZSPIRE is being co-developed with AstraZeneca, AMG 104 also with AstraZeneca, and Xaluritamig pursuant to a research collaboration with Xencor, Inc. The company further outlined its status on various investigational antibody-drug conjugates from partners MediLink and Zai Lab Limited, as well as Etakafusp alfa from Asher Biotherapeutics. The release concluded by reaffirming Amgen's position as an innovator advancing medicines to treat cancer, inflammatory conditions, rare diseases, heart disease, and obesity-related conditions, with CEO Bradway noting the company's presence in the Dow Jones Industrial Average®.
🚀 Business strength shown with 16 brands achieving double-digit growth despite patent expirations.
💰 Biosimilars sales totaled $185 million in Q1 2026, an increase from the prior year.
📅 This correction notice updates the April 30, 2026 press release regarding Amgen's first quarter 2026 financial results previously issued via PR Newswire.
📈 CEO Robert A. Bradway stated that Q1 2026 results demonstrate business strength with 16 brands achieving double-digit growth despite patent expirations and increased competition.
💊 The company highlighted its robust pipeline, noting confidence in delivering long-term growth as a new wave of molecules progresses to Phase 3 clinical development.
📉 Non-GAAP financial measures, including free cash flow, were presented alongside GAAP figures with reconciliations available in the attached documentation.
💰 Biosimilars sales totaled $185 million in Q1 2026, up from $171 million in the same period of the prior year.
🔬 Ultra-Rare products include PROCYSBI®, RAVICTI®, ACTIMMUNE®, BUPHENYL®, and QUINSAIR® as categorized in the financial breakdown.
🌍 Product sales details are broken down by specific product and geographic region in the full report released on PR Newswire.
📊 Operating expense analysis covers Research & Development, Selling, General & Administrative costs, total operating expenses, and operating income percentage of product sales.
💧 Cash flow and balance sheet data are presented in billions except for share counts which are provided in millions.
🚀 Key pipeline updates include MariTide (maridebart cafraglutide), BLINCYTO (blinatumomab), IMDELLTRA (tarlatamab), and Xaluritamig (AMG 509).
🤝 Collaboration highlights include TEZSPIRE development with AstraZeneca, AMG 104 research with AstraZeneca, and Xaluritamig pursuant to a collaboration with Xencor.
🧬 Investigational assets listed include YL201 by MediLink, Zocilurtatug pelitecan by Zai Lab Limited, and Etakafusp alfa by Asher Biotherapeutics.
⚠️ Third-party trademarks for Opdivo (Bristol-Myers Squibb), Keytruda (Merck & Co.), and Ocrevus (Genentech) are noted as not belonging to Amgen.
🏢 Amgen maintains its headquarters in Thousand Oaks, California, where it has been a leader in biotechnology innovation for over 45 years.
🧬 The company uses technology and human genetic data to advance medicines treating cancer, inflammatory conditions, rare diseases, heart disease, and obesity.
🏆 Amgen is consistently recognized for innovation and workplace culture, receiving honors from Fast Company and Forbes.
📉 It remains one of the 30 companies comprising the Dow Jones Industrial Average® and continues to operate at the cutting edge of innovation.
Bullish Signals
Amgen's first quarter results demonstrate business strength with 16 brands achieving double-digit growth, enabling the company to navigate patent expirations and increased competition.
CEO Robert A. Bradway expressed confidence in delivering attractive long-term growth, supported by a new wave of molecules progressing in Phase 3 clinical development.
Ultra-Rare products segment shows robust performance with IMDELLTRA/IMDYLLTRA experiencing a change in sales exceeding 100%.
The company continues to advance its broad and deep pipeline targeting cancer, inflammatory conditions, rare diseases, heart disease, and obesity-related conditions.
Amgen maintains its position as one of the 30 companies comprising the Dow Jones Industrial Average®, highlighting its market stature.
Risk Factors
The company acknowledges significant business challenges, noting that growth in 16 brands is occurring while contending with 'expected patent expirations and increased competition,' indicating future revenue headwinds.
Biosimilar sales declined from $185 million in Q1 2026 to $171 million in Q1 2025, highlighting competitive pressure on legacy revenue streams.
Rare Disease business reported a loss of ($3) million in Q1 2026 compared to a nominal ($1) million loss in the prior year, signaling potential profitability struggles in this therapeutic area.
Management reliance on non-GAAP financial measures and adjustments for acquisitions, restructuring, and other items obscures the true GAAP performance and may mask underlying deterioration or one-time costs.
The company's future guidance and analysis depend heavily on 'expected patent expirations,' suggesting a known timeline of revenue cliff risks that are not being mitigated fast enough.
Amgen (AMGN) significantly exceeded Wall Street expectations for its first-quarter financial results, a performance driven largely by robust sales of its cholesterol drug Repatha. The company reported adjusted earnings of $5.15 per share, a 5% increase compared to the previous year, which surpassed analyst forecasts of $4.77. Revenue climbed 6% to reach $8.62 billion, slightly ahead of the projected $8.58 billion. This strong performance was anchored by Repatha, which generated $876 million in sales—a 34% surge from the prior year and well above the $828 million projection according to FactSet.
Repatha's growth was primarily volume-driven, with prescriptions increasing by 35%, even as sales prices dropped by 7%. This strategic momentum allowed Amgen to raise its full-year outlook, expecting adjusted earnings between $21.70 and $23.10 per share and total sales ranging from $37.1 billion to $38.5 billion, both of which represent an upward revision from guidance issued three months ago. However, not all product lines delivered; osteoporosis treatment Prolia saw a 34% decline in sales to $727 million due to biosimilar competition, while Tezspire, an asthma drug developed with AstraZeneca (AZN), came in at $343 million against higher expectations of $444 million.
Despite the strong operational results, Amgen's stock price dipped nearly 3% in after-hours trading to settle around 336.82, as investors focused on the decline in Prolia sales and technical chart patterns showing shares trading beneath their 50-day moving average. Analysts noted that while Repatha continues to dominate the cholesterol market against competitors like Regeneron's Praluent and upcoming rivals from Merck (MRK), investors are increasingly watching Amgen's pipeline for future growth. The company is advancing nine Phase 3 studies of its obesity drug MariTide and planning three new trials for type 2 diabetes this year, alongside another obesity candidate called AMG 513. Additionally, Amgen delivered positive results for its next-generation Tepezza treatment following a recent market decline in the original formulation from Viridian Therapeutics, further supporting its outlook on rare disease treatments.
💊 Star drug Repatha surged 34% in sales while Osteoporosis drug Prolia dropped significantly.
🌬️ Obesity candidate MariTide advanced to Phase 3 testing with upcoming Type 2 diabetes trials.
📈 Amgen significantly beat first-quarter analyst expectations, with adjusted earnings of $5.15 per share surpassing the $4.77 Street estimate.
💊 Sales of its cholesterol drug Repatha surged 34% to $876 million, well above the projected $828 million.
🦈 Repatha's growth was driven primarily by a 35% volume increase, despite an 8% deduction from estimated sales prices.
⚖️ Repatha maintains its market lead over rival cholesterol injections, as competitor Praluent generated only $245.7 million.
💰 Amgen raised its 2026 guidance slightly on the back of strong Repatha performance.
📉 Adjusted full-year earnings guidance was revised upward to an expected range of $21.70 to $23.10 per share.
💵 Full-year revenue guidance increased modestly to a projected $37.1 billion to $38.5 billion.
📉 Osteoporosis drug Prolia sales fell 34% to $727 million, missing expectations due to competition from biosimilars.
💉 Tepezza, a treatment for thyroid eye disease, showed solid growth with sales jumping 29% to $490 million.
🌬️ Asthma drug Tezspire lagged analyst forecasts, bringing in $343 million compared to an expected $444 million.
⚠️ Despite beating earnings, Amgen stock slipped nearly 3% in after-hours trading and remained below its 50-day moving average.
🧪 Amgen is advancing obesity treatments MariTide and AMG 513, with nine ongoing studies for MariTide.
👩⚕️ MariTide has entered Phase 3 testing, indicating the company is nearing potential regulatory filings for an obesity drug.
🔬 The company plans to initiate three new clinical studies for MariTide in patients with type 2 diabetes this year.
📊 Overall Q4 revenue growth of 6% brought total sales to $8.62 billion, exceeding the consensus forecast of $8.58 billion.
Bullish Signals
Amgen (AMGN) widely beat first-quarter Street expectations, adjusting earnings up 5% to $5.15 per share versus the consensus of $4.77.
Revenue surged in its cholesterol blockbuster Repatha, jumping 34% year-over-year to $876 million, significantly topping projections of $828 million.
The company raised its full-year outlook, projecting adjusted earnings of $21.70 to $23.10 per share at the midpoint, an increase of 10 cents from guidance issued three months ago.
Full-year sales guidance was also boosted to a range of $37.1 billion to $38.5 billion, expanding from the previous forecast of $37 billion to $38.4 billion.
Tepezza, a thyroid eye disease treatment, delivered strong results by growing 29% year-over-year to $490 million, hammering forecasts for $419 million.
MariTide, the obesity treatment in late-stage development, is advancing with nine ongoing studies and plans to start three new trials for type 2 diabetes this year.
Amgen confirmed that MariTide studies are already in Phase 3 testing, positioning the company close to potential regulatory filings for this obesity drug.
Risk Factors
Amgen stock slipped nearly 3% in after-hours trading to $336.82, remaining rangebound beneath its 50-day moving average.
Repatha sales growth was driven primarily by volume rather than price, with sales prices falling 7% and only an 8% favorable change from deductions offsetting a 35% volume jump.
Amgen's osteoporosis treatment Prolia saw sales tumble 34% to $727 million, widely missing expectations of $841 million due to heightened biosimilar competition.
Evenity sales came up short at $562 million, falling below the expected $567 million forecast.
The AstraZeneca-partnered asthma treatment Tezspire brought in $343 million, significantly lagging analyst calls for $444 million despite 20% growth.
Amgen faces increasing competition in its core cholesterol franchise as Regeneron and Sanofi's Praluent grew 27%, though it still earned less than half of Repatha's revenue.
Amgen Inc. (AMGN) reported its Q1 earnings for the quarter ended March 2026, posting quarterly earnings per share of $5.15, which exceeds the Zacks Consensus Estimate of $4.73. On an adjusted basis excluding non-recurring items, the company's earnings were $5.15, representing a significant year-over-year increase from $4.90 in the same quarter last year. This performance resulted in an earnings surprise of +8.87% against the consensus, following a previous quarter where the company beat estimates by 11.13%, having surpassed expectations four times over the trailing four quarters. Revenue for the quarter reached $8.62 billion, surpassing the consensus estimate by 1.71%, and also marking an increase from year-ago revenues of $8.15 billion. Consequently, Amgen has topped consensus revenue estimates for four consecutive quarters.
Despite beating quarterly earnings and revenue expectations, Amgen shares have underperformed the broader market in 2026, gaining approximately 3.3% compared to the S&P 500's gain of 4.2%. The future sustainability of the stock's price movement is expected to rely heavily on management's commentary during the earnings call and trends in earnings estimate revisions for upcoming periods. Currently, Amgen carries a Zacks Rank #3 (Hold), as mixed estimate revisions prior to the report suggest shares may perform in line with the market until further changes occur. Analysts note that investors should monitor how consensus expectations for the coming quarter ($5.79 EPS on $9.45 billion revenue) and the current fiscal year ($22.17 EPS on $37.78 billion revenue) evolve, as these revisions often correlate strongly with near-term stock performance.
The article also highlights industry dynamics within the Zacks Medical - Biomedical and Genetics sector, which is currently ranked in the bottom 41% of over 250 industries tracked by Zacks Investment Research. Historical data indicates that stocks in the top 50% of industries tend to outperform those in the bottom 50% by a factor of more than two-to-one. While Amgen has strong recent fundamentals, its industry peer Tarsus Pharmaceuticals Inc. (TARS) is expected to report quarterly results showing a loss of $0.43 per share for the quarter ended March 2026, with revised revenue estimates at $149.52 million. The overall outlook for Amgen and the broader biotech sector may be influenced by these industry-wide trends and how other companies in the same space perform as they report their own figures.
📈 Amgen beat EPS estimates by 8.87% and revenues by 1.71%.
✅ The company has outperformed consensus in four consecutive quarters.
⏳ Peer Tarsus expects a loss despite massive revenue growth expectations.
📉 Amgen shares rose 3.3% while the broader sector lags behind.
🔮 Upcoming quarter forecasts show EPS of $5.79 and revenues of $9.45B.
📈 Amgen reported Q1 earnings of $5.15 per share, exceeding the consensus estimate of $4.73 and beating last year's figures of $4.90.
🏆 The company achieved an 8.87% positive earnings surprise compared to the quarterly expectation of $4.76 per share.
📊 Amgen generated Q1 revenues of $8.62 billion, surpassing analyst estimates by 1.71% against a year-ago total of $8.15 billion.
✅ The company has outperformed consensus EPS estimates in all four consecutive quarters reported so far.
📉 Since the start of the year, Amgen shares have gained approximately 3.3%, trailing the S&P 500's 4.2% return.
⚠️ Based on mixed estimate revision trends prior to the report, the stock currently holds a Zacks Rank #3 (Hold).
🔮 Analysts maintain a forward consensus EPS estimate of $5.79 per share for the upcoming quarter with revenues projected at $9.45 billion.
🌍 The broader Medical - Biomedical and Genetics industry rank is in the bottom 41%, suggesting potential underperformance relative to top-ranked sectors.
⏳ Tarsus Pharmaceuticals (TARS), a peer company in the same sector, is yet to release its Q1 results but expects a loss of $0.43 per share.
📈 Tarsus is anticipated to report revenues of $149.52 million, representing a 90.9% increase from the previous year's quarter.
🔄 Recent research indicates a strong correlation between earnings estimate revision trends and near-term stock price movements.
📄 Amgen belongs to the Zacks Medical - Biomedical and Genetics industry which currently faces mixed outlook conditions.
Bullish Signals
Amgen reported quarterly earnings of $5.15 per share, surpassing the Zacks Consensus Estimate of $4.73 per share by 8.87%.
Revenues reached $8.62 billion for the quarter ended March 2026, exceeding analyst estimates and showing year-over-year growth from $8.15 billion.
The company has topped consensus revenue estimates four times over the last four consecutive quarters.
Over the past four quarters, Amgen has surpassed consensus EPS estimates on four out of four occasions, demonstrating consistent operational strength.
Earnings per share increased to $5.15 compared to $4.90 a year ago, reflecting adjusted growth even when accounting for non-recurring items.
Risk Factors
Amgen shares have underperformed the S&P 500 so far this year, gaining only 3.3% compared to the index's 4.2% return.
The Zacks Rank for Amgen is currently a #3 (Hold), indicating the stock is expected to perform in line with the market rather than outperforming.
The 'Medical - Biomedical and Genetics' industry ranks in the bottom 41% of all Zacks industries, creating a structural headwind for the company.
Industry research suggests that top 50% industries outperform the bottom 50% by more than 2 to 1, putting Amgen at a relative disadvantage.
Although the quarterly and fiscal year estimates are positive, management commentary on sustainability will be a key variable that could lead to further downside if expectations are not met.
For the quarter ended March 2026, Amgen (AMGN) reported total revenue of $8.62 billion, marking a 5.8% increase over the same period last year. The company delivered earnings per share (EPS) of $5.15, compared to $4.90 in the year-ago quarter. Both figures surpassed Wall Street expectations, with revenue exceeding the Zacks Consensus Estimate of $8.47 billion by +1.71% and EPS beating the consensus estimate of $4.73 by +8.87%.
Detailed product sales data revealed mixed performance across Amgen's key offerings. Repatha emerged as a standout performer, with total sales reaching $876 million compared to an analyst average of $819.8 million, representing a +33.5% year-over-year change. Nplate also showed strong growth with total sales of $412 million versus estimates of $339.63 million, a +31.6% increase. Conversely, Enbrel faced significant headwinds, reporting total sales of $320 million against an analyst average of $426.94 million, reflecting a -37.3% decline from the prior year. XGEVA total sales dropped by 27.4% to $411 million versus estimated figures, while Prolia sales fell 33.9% year-over-year to $727 million.
Following the earnings release, Amgen shares declined -4.3% over the past month, contrasting with the Zacks S&P 500 composite's +12.2% gain. The stock currently holds a Zacks Rank #3 (Hold), suggesting expectations of performance in line with the broader market. While the article notes that radical new technology such as quantum computing is emerging, this specific section serves as an advertisement for unrelated investment reports and does not impact Amgen's financial results or current market position.
📈 Amgen revenue hit $8.62B, beating estimates with a 5.8% year-over-year increase.
💊 Key drugs diverged sharply as Repatha grew while Enbrel and XGEVA declined.
📉 Shares fell -4.3% despite earnings beats, prompting analysts to rate the stock Hold.
📊 Amgen (AMGN) reported Q1 2026 revenue of $8.62 billion, a 5.8% increase year-over-year.
💰 Earnings per share reached $5.15, surpassing the analyst consensus estimate of $4.73 with an 8.87% surprise.
📈 Repatha generated total product sales of $876 million, exceeding estimates by 33.5% year-over-year.
⚠️ Enbrel showed a significant decline in performance with total sales of $320 million compared to a 37.3% drop from the previous year.
📉 Prolia reported total sales of $727 million, reflecting a 33.9% decrease year-over-year despite analyst estimates of $831.86 million.
💊 BLINCYTO demonstrated strong growth in ROW markets with sales of $194 million against an estimate of $118.06 million.
🇺🇸 Nplate showed positive momentum in the U.S. market with revenue of $283 million, up 40.8% from last year.
📉 XGEVA declined in the U.S. region to $228 million, which is -36.7% lower than the same period last year.
📊 Amgen's stock returned -4.3% over the past month compared to the S&P 500's gain of +12.2%.
⚖️ The company holds a Zacks Rank #3 (Hold), suggesting potential performance aligned with the broader market.
🔬 The article highlights various other drugs like Vectibix, KYPROLIS, and Nplate alongside their specific sales figures and estimates.
🌐 Amgen's total revenue beat the consensus estimate of $8.47 billion by 1.71%.
⏱️ Repatha sales in international regions (ROW) rose to $411 million, representing a 31.3% increase from last year.
💻 The article transitions into unrelated promotional content about quantum computing and other stocks like Lightspeed Commerce.
📄 The report is attributed to Zacks Investment Research, which emphasizes earnings estimate revisions as a driver for stock prices.
Bullish Signals
Amgen reported revenue of $8.62 billion for Q1 2026, representing a positive 5.8% increase year-over-year.
The company beat Wall Street expectations on both fronts, delivering a +1.71% revenue surprise and an impressive +8.87% EPS surprise.
Repatha sales in international regions (ROW) surged 31.3% year-over-year to $411 million, significantly exceeding the analyst consensus of $373.03 million.
BLINCYTO sales were a standout success story with a massive 100% year-over-year growth and total global sales of $415 million, beating estimates by seven analysts.
Nplate revenue grew over 31% year-over-year in both the U.S. and globally, demonstrating strong momentum in this new product segment.
Kymirs (Kyprolis) generated $328.67 million in sales, aligning closely with analyst estimates and showing stable demand.
Risk Factors
Amgen's stock returned -4.3% over the past month, significantly underperforming the Zacks S&P 500 composite which gained +12.2% during the same period.
Product sales for Enbrel- Total were $320 million, missing the seven-analyst average estimate of $426.94 million by approximately $107 million, representing a year-over-year decline of -37.3%.
Sales for XGEVA- U.S. ($228 million) fell short of the six-analyst average estimate of $238.6 million and saw revenue drop -36.7% year-over-year to $228 million versus the prior period.
Product sales for Prolia- Total reached $727 million, which is below the seven-analyst average estimate of $831.86 million, indicating a -33.9% year-over-year change.
XGEVA- Total sales ($411 million) underperformed the seven-analyst average estimate of $389.57 million and experienced a significant -27.4% decline compared to the year-ago quarter.
Amgen's shares are currently assigned a Zacks Rank #3 (Hold), suggesting analysts expect the stock to perform in line with the broader market rather than outperform.
Amgen reported a strong first quarter with revenue driven significantly by its six key growth drivers, which collectively generated nearly 70% of sales and grew 24% year-over-year. Standout performance was seen in its core franchise products, with Repatha sales reaching $876 million, up 34% to an annual run rate that management expects will sustain momentum through patent expiry; Evenity reached $562 million (up 27%), maintaining a 65% share of the U.S. bone builder market; and TEPEZZA sales climbed 29% to $490 million as demand grew in pulmonology and allergy, supported by new Phase III data for an on-body injector. The rare-disease portfolio also saw robust growth, rising 25% to $1.2 billion, largely propelled by Uplizna which surged 188% to $262 million as it solidified its position in neuromyelitis optica spectrum disorder.
Despite the positive product momentum, Amgen noted that certain franchises face headwinds from biosimilar competition and patent expirations. Prolia and Xgeva combined sales fell 32% year-over-year to $1.1 billion, with erosion expected to accelerate through 2026. Chief Commercial Officer Murdo Gordon clarified that while the "AmgenNow" cash-pay program is seeing interest in Repatha at $239 per month involving approximately 8,000 to 9,000 patients, this component represents a relatively small fraction of total volumes. The company continues to emphasize disciplined execution in late-stage R&D and product launches to offset these pressures, with 16 products posting double-digit sales growth and 17 annualizing at over $1 billion in sales.
Looking forward to fiscal 2026, Amgen raised its full-year guidance to revenue between $37.1 billion and $38.5 billion and non-GAAP EPS of $21.70 to $23.10, maintaining an expected non-GAAP operating margin of around 45%. CEO Robert Bradway described 2026 as a "springboard year" where rapidly growing products will help offset the impact of patent expirations and competitive pressures. However, management added a significant caveat that ongoing IRS audits and tax litigation could materially affect future results if adverse adjustments are sustained. In research highlights, Amgen expanded its Phase III MariTide program for obesity to include long-term maintenance dosing schedules and a 300-patient switching study from weekly GLP-1s, with early data suggesting improved tolerability through a three-step dose escalation.
📈 Top six drivers grew 24%, fueling nearly 70% of total sales.
💊 Repatha, Evenity, and TEPEZZA surged on guideline updates and new data.
⚠️ Guidance raised to $37.1B–$38.5B despite biosimilar erosion and IRS audits.
📈 Amgen reported a strong Q1 with its six key growth drivers growing collectively by 24% and accounting for nearly 70% of total sales.
💊 Repatha sales reached $876 million, up 34%, driven by updated guidelines and positive subgroup data showing reduced cardiovascular events in high-risk patients.
🦴 Evenity sales increased 27% to $562 million globally, holding a 65% share of the U.S. bone builder market with strong uptake in Japan.
💨 TEPEZZA sales climbed 29% to $490 million as endocrinology prescribing grew, supported by new Phase III data for a subcutaneous on-body injector.
🧬 Tepezza's rare-disease portfolio, led by Uplizna which surged 188%, saw total category growth of 25% to $1.2 billion across all approved indications.
📉 Prolia and Xgeva combined sales fell 32% year-over-year to $1.1 billion due to expected erosion from biosimilar competition through 2026.
💉 Innovative oncology portfolio grew 25% to $1.8 billion, highlighted by IMDELLTRA administration at over 1,800 U.S. sites and Bincyto growth.
🧬 Biosimilar sales rose 14% to $835 million, led by Pavblu which contributed $280 million with a prefilled syringe format valued by specialists.
💵 Repatha now has a cash-pay option available for approximately 8,000-9,000 patients at $239/month, though management notes this represents a small portion of volume.
🔬 Chief Scientific Officer Jay Bradner detailed the Phase III MariTide obesity program expansion into long-term maintenance dosing schedules (monthly/quarterly) to reduce treatment burden.
⚠️ Management raised full-year 2026 revenue guidance to $37.1–$38.5 billion and non-GAAP EPS to $21.70–$23.10 despite ongoing IRS audit uncertainties.
🛡️ Executives maintain a disciplined R&D strategy led by MariTide, aiming for products in 2026 to offset patent expirations and competitive pressures.
🗓️ A new Phase III switching study was launched to evaluate patients switching from weekly GLP-1s to MariTide under various dosing intervals.
🇯🇵 TEPEZZA plans additional global launches following its 2025 introduction in Japan, supported by growing prescriber interest and increased endocrinology adoption.
🚀 CEO Robert Bradway reiterated that 2026 is a "springboard year" designed to sustain growth through expanding franchises despite market headwinds.
Bullish Signals
Amgen delivered a strong Q1 with six key growth drivers accounting for nearly 70% of sales and collectively growing 24% year-over-year.
The rare-disease portfolio surged 25% to $1.2 billion, led by Uplizna which skyrocketed 188% to $262 million driven by strong uptake across all three approved indications.
Repatha sales reached $876 million, up 34%, bolstered by positive subgroup analysis showing a 31% reduction in cardiovascular events for high-risk patients with diabetes at the American College of Cardiology meeting.
Evenity sales rose 27% to $562 million with U.S. sales increasing 35% and maintaining a dominant 65% share of the U.S. bone builder market.
TEPEZZA sales climbed 29% to $490 million, supported by growth in the chronic rhinosinusitis indication and a new Phase III data point for an on-body injector supporting subcutaneous administration.
Innovative oncology portfolio sales grew 25% to $1.8 billion, with IMDELLTRA administered at over 1,800 U.S. sites and BLINCYTO sales up 12% to $415 million.
Biosimilars revenue increased 14% to $835 million, highlighted by Pavblu delivering $280 million in the quarter due to its prefilled syringe format and supply reliability.
Amgen raised full-year 2026 guidance to $37.1–$38.5B in revenues with a non-GAAP EPS target of $21.70–$23.10, signaling management confidence despite potential tax headwinds.
The MariTide Phase III program was expanded to include long-term maintenance dosing and a 300-patient switching study, reporting improved tolerability with flexible monthly/8-week/quarterly schedules.
Amgen anticipates accelerated pressure from biosimilars remains in line with expectations for Prolia and Xgeva, allowing management to focus resources on high-growth franchises.
Risk Factors
Ongoing IRS audits and tax litigation could materially affect future results if adjustments are sustained.
Prolia and Xgeva sales declined 32% year-over-year, with Amgen warning of accelerated pressure through the rest of 2026 due to increasing biosimilar competition.
TEPEZZA growth was partially offset by a 'burn in channel inventory'.
Amgen Inc. (AMGN), the Thousand Oaks, California-based biopharmaceutical company with an $182.4 billion market capitalization, has underperformed the broader market over the last year. While AMGN shares gained 17.1% during this period, the S&P 500 Index ($SPX) rallied nearly 28.3%. The performance gap is also evident against sector peers; the Invesco Pharmaceuticals ETF (PJP) has risen approximately 26.9% over the past year, whereas AMGN's year-to-date returns have surpassed PJP's recent losses, which stood at 1.3%. Despite this lag, AMGN stock has gained 3.3% in 2026 compared to the SPX's 4.2% YTD rise.
The company reported positive fourth-quarter results on February 3, with its shares closing up more than 8% following the announcement. Adjusted earnings per share (EPS) of $5.29 surpassed Wall Street expectations of $4.76, and revenue reached $9.9 billion, exceeding forecasts of $9.5 billion. For the full year, AMGN expects adjusted EPS between $21.60 and $23, with total revenue projected in the range of $37 billion to $38.4 billion. Analysts forecast that for fiscal 2026, ending in December, diluted EPS will grow 1.5% to $22.16, marking an impressive earnings surprise history where AMGN beat consensus estimates in each of the last four quarters.
Wall Street sentiment remains cautiously optimistic despite a recent shift in analyst ratings. Currently, 36 analysts cover AMGN stock with a consensus rating of "Moderate Buy," comprising 13 "Strong Buy" ratings, two "Moderate Buys," 18 "Holds," one "Moderate Sell," and two "Strong Sells." This distribution is less bullish than three months ago, when 14 analysts suggested a "Strong Buy" rating. On April 21, Canaccord Genuity initiated coverage with a "Hold" rating and set a price target of $366, implying an 8.3% upside from current levels. The mean price target stands at $357.84, representing a 5.9% premium to current prices, while the Street-high price target of $432 suggests a potential upside of 27.8%.
This article was originally published on Barchart.com and notes that on the date of publication, Neha Panjwani did not hold any positions in the securities mentioned. All information and data provided are for informational purposes only. The financial news outlet encourages investors to sign up for the FREE Barchart Brief newsletter to stay informed about market reversals and other developments.
📉 Shares gained 17.1% last year, underperforming the S&P 500's 28.3%.
💰 Q4 EPS of $5.29 and revenue beat forecasts on Feb. 3.
💼 Analyst consensus is "Moderate Buy" with a mean price target of $357.84.
🧬 Amgen Inc. (AMGN) develops and delivers human therapeutics with a market capitalization of $182.4 billion.
📉 Shares underperformed the S&P 500 last year, gaining 17.1% versus the index's 28.3% rise.
📊 In 2026, AMGN is projected to be up 3.3%, while the SPX is expected to rise 4.2%.
💰 On Feb. 3, Q4 results showed adjusted EPS of $5.29 and revenue of $9.9 billion, both beating forecasts.
🔮 Management expects full-year adjusted EPS between $21.60 and $23 with revenue of $37-38.4 billion.
📈 Analysts project fiscal 2026 diluted EPS to grow 1.5% year-over-year to $22.16.
👍 AMGN beat earnings estimates in each of the last four quarters, maintaining a strong earnings surprise history.
💼 Of 36 analysts covering the stock, the consensus rating is "Moderate Buy" with mixed ratings across Strong Buy and Hold categories.
⚠️ Analyst sentiment has cooled slightly compared to three months ago when more analysts gave "Strong Buy" ratings.
🔍 Canaccord Genuity initiated coverage on Apr. 21 with a "Hold" rating and a $366 price target.
💹 The mean analyst price target is $357.84, representing a 5.9% premium to current stock levels.
🚀 The Street-high price target of $432 suggests a potential upside of 27.8% from current pricing.
Bullish Signals
Amgen adjusted EPS hit $5.29, beating Wall Street's $4.76 estimate.
Shares closed up more than 8% after earnings beat.
Revenue reached $9.9 billion, exceeding forecasts of $9.5 billion.
Full-year EPS expected between $21.60 and $23.
Full-year revenue forecasted in range of $37B to $38.4B.
Beaten consensus estimate for four consecutive quarters.
36 analysts rate AMGN with 'Moderate Buy' consensus.
Street-high price target is $432, implying 27.8% upside.
Risk Factors
Amgen shares gained only 17.1% vs S&P 500's 28.3% rally last year.
In 2026, AMGN up 3.3% vs SPX's 4.2% rise on YTD basis.
Pharmaceutical ETF PJP gained 26.9%, while Amgen underperformed peer sector.
Analyst bullishness has decreased since three months ago.
Of 36 analysts, consensus is Moderate Buy with six bearish ratings.
Canaccord initiated coverage with Hold rating and $366 price target.
Mean price target of $357.84 offers only 5.9% premium to current levels.
Bullish Signals
Amgen's adjusted EPS of $5.29 exceeded Wall Street expectations of $4.76, with shares closing up more than 8% on the following trading session.
The company reported revenue of $9.9 billion, which beat Wall Street forecasts of $9.5 billion.
AMGN expects full-year adjusted EPS in the range of $21.60 to $23, and revenue in the range of $37 billion to $38.4 billion.
The company has beaten the consensus estimate in each of the last four quarters, demonstrating a strong earnings surprise history.
Among the 36 analysts covering AMGN stock, the consensus is a 'Moderate Buy' based on 13 'Strong Buy' ratings.
The Street-high price target of $432 suggests an upside potential of 27.8% from current levels.
Risk Factors
Shares of Amgen have underperformed the broader market over the past year, gaining only 17.1% compared to the S&P 500 Index's rally of nearly 28.3%. In 2026, AMGN stock is up 3.3%, compared to the SPX's 4.2% rise on a YTD basis.
Amgen's performance lags behind its peers, with the Invesco Pharmaceuticals ETF (PJP) gaining about 26.9% over the past year while AMGN has underperformed relative to this broader pharmaceutical sector benchmark.
The analyst configuration is less bullish than three months ago, with fewer analysts suggesting a 'Strong Buy' rating compared to previous sentiment.
Among the 36 analysts covering AMGN stock, the consensus is a 'Moderate Buy,' but there are six bearish ratings including two 'Strong Sells', one 'Moderate Sell'.
Analyst Canaccord Genuity initiated coverage with a 'Hold' rating and set a price target of $366, implying only modest upside potential.
The mean price target of $357.84 represents just a 5.9% premium to AMGN's current price levels, suggesting limited near-term valuation appreciation.
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