Amgen (AMGN) Stock Forecast & Price Target

Amgen is supported by a broad, diversified portfolio that is still delivering meaningful underlying growth, with 3Q 2026 sales of $10.37B and EPS of $6.45 both above estimates, while Imdelltra and Uplizna posted especially strong sales gains and biosimilars continued to add momentum. Management also raised FY 2026 guidance to $38.9B-$39.7B in sales and $22.90-$23.70 in non-GAAP EPS, while reaffirming a ~45%-46% operating margin and indicating no expected step-down in 2027, which underscores durable profitability and operating discipline. The positive outlook is further strengthened by expanding late-stage and newly commercialized assets, including Imdelltra’s promising role in ES-SCLC, Uplizna’s international launch traction, and a pipeline that can offset slower areas such as Tepezza, Prolia, and Xgeva.

Amgen is facing a cautious fundamental backdrop because key growth pillars still carry meaningful clinical and competitive risk, especially after the primary-endpoint miss in pelacarsen’s Ph3 Lp(a)HORIZON readthrough raised concern about the broader Lp(a) class and by extension olpasiran’s 2028 outcome trial. The company also appears to lack near-term catalysts in Sjögren’s, where management offered limited incremental detail and the expected effect size looks modest, which may limit early uptake even if clinically meaningful. At the same time, downside is amplified by biosimilar erosion of Prolia and Xgeva, possible disappointment in MariTide data, and litigation or tariff risks that could pressure cash flows and sentiment.