Amgen (AMGN) Stock Forecast & Price Target

Amgen is supported by a diversified portfolio that spans six therapeutic areas, with six key growth drivers growing 26% y/y in 2Q26 and contributing nearly 70% of product sales, underscoring durable commercial momentum. Positive Imdelltra data from Phase 3 DeLLphi-305, including a statistically significant and clinically meaningful overall survival benefit plus FDA-approved shorter monitoring, strengthens confidence in a drug that could reach $3.83B by 2033, while dazodalibep’s Phase 3 OASIZ 301 success lifts the outlook for a Sjogren’s franchise addressing a roughly 350K-patient U.S. population. Management’s expected full-year non-GAAP high-single-digit y/y R&D growth, alongside the growing biosimilars franchise and pipeline catalysts such as olpasiran, Repatha, Uplizna, and MariTide, supports a constructive long-term fundamental view.

Amgen is facing a muted near-term setup, with 3Q 2026 revenue and EPS estimated at $9.91Bn and $5.68, both below FactSet consensus, and FY 2026 projected at $38.71Bn in sales and $22.61 EPS versus higher Street estimates. The outlook is pressured by modeled revenue cuts for olpasiran, Tezspire, Tavneos, and Xgeva, while Prolia and Otezla are also seen below consensus, highlighting dependence on mature franchises that may erode faster than expected. Competitive and regulatory risks are rising after pelacarsen’s failed primary endpoint, which weakens the Lp(a) opportunity and puts more scrutiny on Amgen’s pipeline, especially MariTide and olpasiran, amid biosimilar, pricing, and clinical-trial uncertainty.