Amgen (AMGN) Stock Forecast & Price Target

Amgen's financial outlook is bolstered by a remarkable 40% increase in sales for 3Q25 compared to 3Q24, alongside significant growth in its product portfolio, with 16 products recording double-digit growth during the same period. The firm's recent adjustments to FY25 revenue guidance, raising it to a range of $35.8-$36.6 billion, underscore the company's sustained strength across its established franchises and the aggressive rollout of newer products such as Uplizna, which is projected to reach worldwide sales of $1.4 billion by 2027. Additionally, the company continues to benefit from a diverse array of innovative therapies targeting various diseases, enhancing its overall market position and long-term revenue potential.

Amgen faces significant challenges in its financial outlook, primarily due to a projected modest total revenue growth of only ~1% in 2026, driven by substantial declines in sales for established products like Prolia and Xgeva, anticipated at ~28% and ~39%, respectively. Increased competition from biosimilars and generics, particularly affecting Prolia, Xgeva, and Otezla, is expected to exert further pressure on sales, compounding the risks posed by disappointing pipeline data for key therapies such as MariTide and olpasiran. Additionally, there are concerns regarding the lack of long-term growth drivers to counterbalance the impending loss of exclusivity for major product franchises, which may limit investor interest.