Amgen (AMGN) Stock Forecast & Price Target

Amgen is supported by a portfolio that is showing strong commercial momentum, with its six key growth drivers up 26% y/y in 2Q26 and generating nearly 70% of product sales, while Repatha and Tezspire posted TRx growth of about 32% and 49% through July 2026, respectively. The company also has visible upside from pipeline catalysts, including dazodalibep’s expected Phase III completion later in 2H26, plus upcoming data readouts across Uplizna, MariTide, and other programs that could expand multi-billion-dollar opportunities. Despite manageable loss-of-exclusivity risk, Amgen’s underappreciated commercial and pipeline strength, growing biosimilars, and expected full-year non-GAAP high-single-digit y/y R&D growth, alongside the $100MM upfront from a 3Q26 deal, support a constructive outlook.

Amgen is exposed to meaningful clinical-trial and regulatory risk, since long development timelines can leave studies based on outdated standards of care and still fail to produce approvable results. The Novartis pelacarsen failure underscores how even promising cardiovascular science can miss primary endpoints, wiping out a potential multi-billion peak-sales opportunity and reinforcing the uncertainty around future innovation in the Lp(a) space. With growth increasingly dependent on new product candidates and indications, weak trial execution would pressure the company’s pipeline conversion and weaken confidence in its ability to offset competitive and lifecycle risks across its established portfolio.