Amgen (AMGN) Stock Forecast & Price Target

Amgen is positioned for durable, volume-driven growth because its six key growth drivers grew 26% y/y in 2Q26 and generated nearly 70% of product sales, while Repatha, Uplizna, Tezspire, and Imdelltra continue scaling globally despite Prolia and Xgeva biosimilar pressure. Its pipeline adds meaningful upside through Tezspire’s Phase 3 CROSSING data in EoE, Imdelltra’s positive 1L ES-SCLC survival results, and dazodalibep’s Phase 3 success in Sjögren’s disease, which together broaden the company’s addressable markets in oncology and autoimmune disease. Amgen also has improving operating leverage, with expectations for steady revenue growth, gradual margin expansion, and disciplined capital allocation supported by financial flexibility and a roughly 3% dividend yield.

Amgen is facing a cautious outlook because its stock depends heavily on uninterrupted performance from a broad but concentrated commercial portfolio, and recent script trends were only mixed, with Repatha and Aranesp slightly stronger while Tavneos, Tezspire, and Xgeva were weaker than expected. The company also faces meaningful pipeline risk, since the outlook hinges on experimental therapies such as tezepelumab, MariTide, olpasiran, and rocatinlimab advancing successfully, while the negative pelacarsen Lp(a)HORIZON readout has already increased uncertainty around olpasiran and forced lower revenue assumptions. Even with 3Q 2026 revenue and EPS estimated at $9.91 billion and $5.68, both below consensus, and FY 2026 estimates of $38.71 billion and $22.61, the model still reflects margin pressure, weaker forecasts for key products, and reduced confidence in future growth durability.