Amgen (AMGN) Stock Forecast & Price Target

Amgen has demonstrated significant financial growth, with overall sales increasing by 40% in the third quarter of 2025 compared to the same period in 2024, driven by strong performance across multiple therapeutic areas. Notably, products such as Repatha and Tezspire have shown impressive increases in prescriptions, with new prescriptions for Repatha up approximately 60% year-over-year through October 2025. Furthermore, Amgen has raised its fiscal year 2025 revenue guidance to a range of $35.8 billion to $36.6 billion, indicating continued strong demand and market penetration across its established drug franchises and new product launches.

Amgen's forecasted total revenue growth is approximately 1% in 2026 compared to 2025, primarily driven by significant annual sales declines in key products such as Prolia and Xgeva, which are projected to decrease by around 28% and 39%, respectively. The company's R&D spending growth appears to be slowing, limiting opportunities for new competitive therapies amidst a challenging landscape, particularly as clinical trials for emerging products like olpasiran have yielded negative results. Additionally, there is a notable lack of long-term growth drivers to counterbalance the anticipated loss of exclusivity for its major product franchises, raising concerns about Amgen's financial sustainability moving forward.