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AMGN Up Almost 14% YTD: Should You Buy, Sell or Hold the Stock?
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Key Takeaways
Amgen shares have climbed 13.5% YTD, outperforming the industry, sector and S&P 500.
Strong sales from Repatha, Evenity, Blincyto and new biosimilars offset legacy product declines.
Pipeline focus on MariTide and new biosimilars aims to counter Prolia and Xgeva's patent expiries.
Amgen’s (AMGN - Free Report) stock has risen 13.5% so far this year compared with an increase of 1.6% for the industry. The stock has also outperformed the sector and S&P 500 Index, as seen in the chart below.
AMGN Stock Outperforms Industry, Sector & S&P 500
Image Source: Zacks Investment Research
Amgen’s key medicines like Evenity, Repatha and Blincyto, as well as newer medicines like Tavneos and Tezspire, are driving sales, more than offsetting declining revenues from oncology biosimilars and mature products like Enbrel. New biosimilar launches are also contributing to top-line growth. Amgen has some key pipeline assets, with the focus being on the obesity candidate, MariTide. However, increased pricing headwinds and competitive pressure are hurting sales of many products. Weakness in some key brands like Otezla and Lumakras creates potential revenue headwinds. Sales of best-selling drugs, Prolia and Xgeva, are expected to decline from the second half of 2025 due to biosimilar competition.
Let’s understand these factors in detail to better analyze how to play Amgen stock.
Key Drugs & New Products Driving AMGN’s Top Line
Amgen’s revenues increased 9.4% in the first half of 2025, driven by growing patient demand for its innovative medicines.
Amgen’s revenues from key medicines like Repatha, Evenity and Blincyto and new drugs like Tavneos and Tezspire are driving the top line. Rare disease drugs like Tepezza, Krystexxa and Uplizna, added from the 2024 acquisition of Horizon Therapeutics, are also boosting revenues. New biosimilar launches are contributing to top-line growth as well. These drugs are making up for declining revenues from mature drugs like Enbrel.
Amgen is evaluating Kyprolis, Otezla, Nplate, Repatha, Lumakras, Tezspire, Uplizna and Blincyto for additional indications. Approval for the expanded use of these drugs can potentially drive further top-line growth. Uplizna was approved for IgG4-related disease in the United States in April 2025, while FDA decisions for Uplizna in myasthenia gravis and Tezspire for chronic rhinosinusitis with nasal polyps are expected later this year.
Amgen expects key drugs like Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as biosimilars, to continue driving top-line growth in the second half of 2025.
AMGN’s Interesting Pipeline
Amgen has invested several billion dollars in M&A deals over the last decade, which has bolstered its product portfolio and diversified its pipeline.
Amgen is developing MariTide, a GIPR/GLP-1 receptor, as a single dose in a convenient autoinjector device with a monthly and possibly less frequent dosing. This key feature differentiates it from Eli Lilly’s (LLY - Free Report) and Novo Nordisk’s (NVO - Free Report) popular GLP-1-based obesity drugs, Zepbound and Wegovy, which are weekly injections. NVO and LLY dominate the diabetes and obesity space currently.
In clinical studies, it has shown predictable and sustained weight loss and a meaningful impact on cardiometabolic parameters.
In March, Amgen initiated two phase III studies on MariTide in obesity as part of its comprehensive MARITIME phase III program. Separate phase III studies on MariTide in obesity, with or without type II diabetes, are currently enrolling patients.
Since June, Amgen has initiated two more phase III studies. The first, MARITIME-CV, is evaluating cardiovascular outcomes in obese adults living with atherosclerotic cardiovascular disease, while the second, MARITIME-HF, is assessing the reduction of heart failure events and cardiovascular risk in adults living with heart failure with a preserved or mildly reduced ejection fraction and obesity. Amgen is also planning to initiate another phase III study for obstructive sleep apnea in the second half.
Separate phase II studies on obesity and type II diabetes are also ongoing, with data readouts expected in the fourth quarter.
An interesting BiTE drug, Imdelltra (tarlatamab), was approved for pre-treated advanced small cell lung cancer (ES-SCLC) in May 2024. Several phase III studies are currently ongoing on tarlatamab in earlier-line settings across extensive-stage and limited-stage SCLC. Imdelltra is believed to have blockbuster potential, as there are limited treatment options in late-line SCLC. Another important candidate, rocatinlimab, is being evaluated in phase III studies for atopic dermatitis and prurigo nodularis.
Several data readouts are expected over the next six to 12 months, which could be important catalysts for the stock.
AMGN’s Strong New Biosimilars Portfolio
Amgen has successfully launched some new biosimilar products this year, which generated impressive sales in the first half of 2025. In January, Amgen launched Wezlana, the first biosimilar version of J&J’s (JNJ) blockbuster drug, Stelara. Wezlana generated sales of $185 million in the first half of 2025. Wezlana was approved by the FDA in 2023 but was not launched until January 2025, per a settlement with J&J.
Amgen launched the first biosimilar version of Regeneron’s Eylea, Pavblu, in the fourth quarter of 2024, which generated sales of $229.0 million in the first half of 2025. Another key biosimilar product, Bekemv, a biosimilar version of AstraZeneca’s Soliris, was approved in the United States in May 2024 and was launched in the second quarter of 2025.
In the first half of 2025, its biosimilar products generated impressive sales of $1.4 billion. Since the first launch in 2018, Amgen’s biosimilars have delivered almost $12 billion in sales, significantly contributing to top-line growth and generating meaningful cash flows.
Phase III studies are ongoing to evaluate biosimilar versions of Bristol-Myers’ Opdivo (ABP 206), Merck’s Keytruda (ABP 234) and Roche’s Ocrevus (ABP 692).
Amgen’s new biosimilar launches will play a key role in mitigating the impact of Amgen’s upcoming loss of exclusivity (LOE) over the next few years.
AMGN’s Key Drugs Prolia & Xgeva’s LOE & Other Headwinds
Patents for RANKL antibodies (including sequences) for Prolia and Xgeva expired in February 2025 in the United States and will expire in November 2025 in some European countries. Sales of these best-selling drugs are expected to erode significantly in 2025, mainly in the second half, due to patent erosion as three biosimilars have been launched in the U.S. market.
The Medicare Part D redesign is expected to hurt sales of some of Amgen’s drugs in future quarters. Enbrel and Otezla have been selected by the Centers for Medicare & Medicaid Services for Medicare Part D price setting beginning in 2026 and 2027, respectively.
Pricing headwinds and competitive pressure are hurting sales of many products. Weakness in some key brands like Otezla and Lumakras creates potential revenue headwinds.
AMGN’s Valuation & Estimates
From a valuation standpoint, Amgen is reasonably priced. Going by the price/earnings ratio, the company’s shares currently trade at 13.53 forward earnings, which is lower than 14.85 for the industry. The stock is also trading below its five-year mean of 13.75.
AMGN Stock Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for earnings has risen from $20.87 to $21.09 per share for 2025 over the past 30 days. For 2026, the consensus mark for earnings has been increased from $21.33 to $21.46 per share over the same timeframe.
AMGN’s Estimate Movement
Image Source: Zacks Investment Research
Stay Invested in AMGN Stock
After analyzing the factors discussed above, we believe the company is well placed to maintain long-term revenue growth, driven by continued strong volume growth of key drugs, Repatha, Evenity and Blincyto and increasing contribution from new innovative medicines like Tezspire, Tavneos and Imdelltra and new biosimilars. It is expected to see continued clinical success from its mid- to late-stage pipeline. Though the initial data from MariTide studies were below expectations, MariTide has the potential to be a game-changer for Amgen.
Along with all these factors, Amgen’s consistently rising estimates, reasonable valuation and decent stock price appreciation are good enough reasons for those who own this Zacks Rank #3 (Hold) stock to stay invested for now. Youcan see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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AMGN Up Almost 14% YTD: Should You Buy, Sell or Hold the Stock?
Key Takeaways
Amgen’s (AMGN - Free Report) stock has risen 13.5% so far this year compared with an increase of 1.6% for the industry. The stock has also outperformed the sector and S&P 500 Index, as seen in the chart below.
AMGN Stock Outperforms Industry, Sector & S&P 500
Amgen’s key medicines like Evenity, Repatha and Blincyto, as well as newer medicines like Tavneos and Tezspire, are driving sales, more than offsetting declining revenues from oncology biosimilars and mature products like Enbrel. New biosimilar launches are also contributing to top-line growth. Amgen has some key pipeline assets, with the focus being on the obesity candidate, MariTide. However, increased pricing headwinds and competitive pressure are hurting sales of many products. Weakness in some key brands like Otezla and Lumakras creates potential revenue headwinds. Sales of best-selling drugs, Prolia and Xgeva, are expected to decline from the second half of 2025 due to biosimilar competition.
Let’s understand these factors in detail to better analyze how to play Amgen stock.
Key Drugs & New Products Driving AMGN’s Top Line
Amgen’s revenues increased 9.4% in the first half of 2025, driven by growing patient demand for its innovative medicines.
Amgen’s revenues from key medicines like Repatha, Evenity and Blincyto and new drugs like Tavneos and Tezspire are driving the top line. Rare disease drugs like Tepezza, Krystexxa and Uplizna, added from the 2024 acquisition of Horizon Therapeutics, are also boosting revenues. New biosimilar launches are contributing to top-line growth as well. These drugs are making up for declining revenues from mature drugs like Enbrel.
Amgen is evaluating Kyprolis, Otezla, Nplate, Repatha, Lumakras, Tezspire, Uplizna and Blincyto for additional indications. Approval for the expanded use of these drugs can potentially drive further top-line growth. Uplizna was approved for IgG4-related disease in the United States in April 2025, while FDA decisions for Uplizna in myasthenia gravis and Tezspire for chronic rhinosinusitis with nasal polyps are expected later this year.
Amgen expects key drugs like Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as biosimilars, to continue driving top-line growth in the second half of 2025.
AMGN’s Interesting Pipeline
Amgen has invested several billion dollars in M&A deals over the last decade, which has bolstered its product portfolio and diversified its pipeline.
Amgen is developing MariTide, a GIPR/GLP-1 receptor, as a single dose in a convenient autoinjector device with a monthly and possibly less frequent dosing. This key feature differentiates it from Eli Lilly’s (LLY - Free Report) and Novo Nordisk’s (NVO - Free Report) popular GLP-1-based obesity drugs, Zepbound and Wegovy, which are weekly injections. NVO and LLY dominate the diabetes and obesity space currently.
In clinical studies, it has shown predictable and sustained weight loss and a meaningful impact on cardiometabolic parameters.
In March, Amgen initiated two phase III studies on MariTide in obesity as part of its comprehensive MARITIME phase III program. Separate phase III studies on MariTide in obesity, with or without type II diabetes, are currently enrolling patients.
Since June, Amgen has initiated two more phase III studies. The first, MARITIME-CV, is evaluating cardiovascular outcomes in obese adults living with atherosclerotic cardiovascular disease, while the second, MARITIME-HF, is assessing the reduction of heart failure events and cardiovascular risk in adults living with heart failure with a preserved or mildly reduced ejection fraction and obesity. Amgen is also planning to initiate another phase III study for obstructive sleep apnea in the second half.
Separate phase II studies on obesity and type II diabetes are also ongoing, with data readouts expected in the fourth quarter.
An interesting BiTE drug, Imdelltra (tarlatamab), was approved for pre-treated advanced small cell lung cancer (ES-SCLC) in May 2024. Several phase III studies are currently ongoing on tarlatamab in earlier-line settings across extensive-stage and limited-stage SCLC. Imdelltra is believed to have blockbuster potential, as there are limited treatment options in late-line SCLC. Another important candidate, rocatinlimab, is being evaluated in phase III studies for atopic dermatitis and prurigo nodularis.
Several data readouts are expected over the next six to 12 months, which could be important catalysts for the stock.
AMGN’s Strong New Biosimilars Portfolio
Amgen has successfully launched some new biosimilar products this year, which generated impressive sales in the first half of 2025. In January, Amgen launched Wezlana, the first biosimilar version of J&J’s (JNJ) blockbuster drug, Stelara. Wezlana generated sales of $185 million in the first half of 2025. Wezlana was approved by the FDA in 2023 but was not launched until January 2025, per a settlement with J&J.
Amgen launched the first biosimilar version of Regeneron’s Eylea, Pavblu, in the fourth quarter of 2024, which generated sales of $229.0 million in the first half of 2025. Another key biosimilar product, Bekemv, a biosimilar version of AstraZeneca’s Soliris, was approved in the United States in May 2024 and was launched in the second quarter of 2025.
In the first half of 2025, its biosimilar products generated impressive sales of $1.4 billion. Since the first launch in 2018, Amgen’s biosimilars have delivered almost $12 billion in sales, significantly contributing to top-line growth and generating meaningful cash flows.
Phase III studies are ongoing to evaluate biosimilar versions of Bristol-Myers’ Opdivo (ABP 206), Merck’s Keytruda (ABP 234) and Roche’s Ocrevus (ABP 692).
Amgen’s new biosimilar launches will play a key role in mitigating the impact of Amgen’s upcoming loss of exclusivity (LOE) over the next few years.
AMGN’s Key Drugs Prolia & Xgeva’s LOE & Other Headwinds
Patents for RANKL antibodies (including sequences) for Prolia and Xgeva expired in February 2025 in the United States and will expire in November 2025 in some European countries. Sales of these best-selling drugs are expected to erode significantly in 2025, mainly in the second half, due to patent erosion as three biosimilars have been launched in the U.S. market.
The Medicare Part D redesign is expected to hurt sales of some of Amgen’s drugs in future quarters. Enbrel and Otezla have been selected by the Centers for Medicare & Medicaid Services for Medicare Part D price setting beginning in 2026 and 2027, respectively.
Pricing headwinds and competitive pressure are hurting sales of many products. Weakness in some key brands like Otezla and Lumakras creates potential revenue headwinds.
AMGN’s Valuation & Estimates
From a valuation standpoint, Amgen is reasonably priced. Going by the price/earnings ratio, the company’s shares currently trade at 13.53 forward earnings, which is lower than 14.85 for the industry. The stock is also trading below its five-year mean of 13.75.
AMGN Stock Valuation
The Zacks Consensus Estimate for earnings has risen from $20.87 to $21.09 per share for 2025 over the past 30 days. For 2026, the consensus mark for earnings has been increased from $21.33 to $21.46 per share over the same timeframe.
AMGN’s Estimate Movement
Stay Invested in AMGN Stock
After analyzing the factors discussed above, we believe the company is well placed to maintain long-term revenue growth, driven by continued strong volume growth of key drugs, Repatha, Evenity and Blincyto and increasing contribution from new innovative medicines like Tezspire, Tavneos and Imdelltra and new biosimilars. It is expected to see continued clinical success from its mid- to late-stage pipeline. Though the initial data from MariTide studies were below expectations, MariTide has the potential to be a game-changer for Amgen.
Along with all these factors, Amgen’s consistently rising estimates, reasonable valuation and decent stock price appreciation are good enough reasons for those who own this Zacks Rank #3 (Hold) stock to stay invested for now. Youcan see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.