Amgen (AMGN) Stock Forecast & Price Target

Amgen demonstrates a robust financial profile, evidenced by a 40% increase in sales for the third quarter of 2025 compared to the same quarter in the previous year, along with significant growth in multiple products, such as Repatha and Uplizna. The company has also upgraded its full-year 2025 revenue guidance to a range of $35.8 billion to $36.6 billion, indicating strong performance across its established franchises. Furthermore, Amgen's commitment to research and development, with expected growth exceeding 20% in 2025, underscores its strategic focus on innovation and expanding its therapeutic portfolio.

The analysis indicates that Amgen is expected to experience only modest revenue growth of approximately 1% in 2026, driven by declining sales of major products such as Prolia and Xgeva, which are projected to see significant revenue drops of around 28% and 39%, respectively. Additionally, while there are emerging therapies in the pipeline with potential, there is insufficient visibility on their ability to compensate for the erosion of revenue from the core business, particularly as key product franchises face imminent loss of exclusivity. Overall, despite steady near-term cash flows, Amgen is confronting significant structural challenges that may hinder long-term growth prospects.