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AMGN Up Almost 16% in a Month: Should You Buy, Sell or Hold the Stock?
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Key Takeaways
Amgen shares jumped almost 16% in a month on strong Q3 results and higher sales guidance.
Growing demand for key drugs, new products and biosimilars is driving Amgen's revenue gains.
Amgen's expanding pipeline, including MariTide, offers multiple upcoming catalysts.
Amgen’s (AMGN - Free Report) stock has risen almost 16% in a month. A lot of this price increase is due to strong third-quarter 2025 results, wherein both the top and bottom lines exceeded expectations. Amgen also raised its sales guidance for the year as demand for its medicines remains healthy.
The overall drug and biotech sector has also recovered in the past couple of months, with large drugmakers like Pfizer (PFE - Free Report) and AstraZeneca (AZN - Free Report) signing drug pricing agreements with the Trump administration. PFE and AZN have offered to cut prescription drug prices and boost domestic investments in exchange for at three-year exemption from tariffs on pharmaceutical imports. Eli Lilly (LLY - Free Report) and Novo Nordisk also signed similar deals with President Trump to cut prices of their respective GLP-1 therapies for obesity, Zepbound and Wegovy, in exchange for Medicare access for the drugs and a three-year exemption from tariffs on pharmaceutical imports.
The deals between PFE, AZN, LLY and NVO and the Trump administration have raised hopes of a sustainable sector recovery, with the President offering to hold off the tariffs on pharmaceutical imports to sign similar deals with other drugmakers.
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 markets a range of drugs across oncology, cardiovascular, bone health, immunology and other areas. Amgen’s revenues increased 10.5% in the first nine months 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. Fourteen of Amgen’s products are now annualizing at more than $1 billion in sales.
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 Tezspire was approved in the United States for chronic rhinosinusitis with nasal polyps in October 2025. The FDA decision for Uplizna in myasthenia gravis and is expected later this year.
Amgen expects key drugs like Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as biosimilars, to drive top-line growth in future quarters.
AMGN’s Interesting Pipeline
Amgen has several key pipeline assets, with a primary focus on the obesity candidate, MariTide.
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 and Novo Nordisk’s popular GLP-1-based obesity drugs, Zepbound and Wegovy, which are weekly injections.
In clinical studies, it has shown predictable and sustained weight loss and a meaningful impact on cardiometabolic parameters.
Amgen is evaluating MariTide in obesity as part of its comprehensive MARITIME phase III program. Enrollment has been completed in two phase III studies, MARITIME-1 and MARITIME-2, evaluating MariTide in patients with obesity, with or without type II diabetes, respectively. Amgen has enrolled approximately 5,000 adults in roughly 6 months in these studies.
Enrollment is ongoing in two other phase III studies, MARITIME-CV and MARITIME-HF, for the study of atherosclerotic cardiovascular disease and heart failure, respectively. Amgen also recently initiated two other phase III studies in obstructive sleep apnea.
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 nine months of 2025. In January, Amgen launched Wezlana, the first biosimilar version of J&J’s blockbuster drug, Stelara. Wezlana generated sales of $229 million in 2025 so far.
Amgen launched the first biosimilar version of Regeneron’s Eylea, Pavblu, in the fourth quarter of 2024, which generated sales of $442.0 million in the first nine months 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 nine months of 2025, its biosimilar products generated impressive sales of around $2.2 billion. Amgen’s biosimilars sales are now annualizing at roughly $3 billion in sales.
Since the first launch in 2018, Amgen’s biosimilars have delivered nearly $13 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, while the same expired in some European countries in November 2025. Though their sales were steady in the third quarter, sales of these best-selling drugs are expected to erode in the fourth quarter as three biosimilars have been launched in the U.S. market
The Medicare Part D redesign and provisions of the Inflation Reduction Act (IRA), as well as the 340B Program, are affecting and are likely to continue to adversely impact sales of some drugs. 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, which can result in further declines in net selling prices of these drugs.
Pricing headwinds and competitive pressure are hurting sales of many products. Weaknesses in key brands like Otezla and Lumakras could create revenue headwinds.
AMGN’s Price, Valuation & Estimates
Amgen’s stock has risen 32.5% so far this year compared with an increase of 17.7% 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
From a valuation standpoint, Amgen is reasonably priced. Going by the price/earnings ratio, the company’s shares currently trade at 15.97 forward earnings, which is lower than 17.26 for the industry. However, the stock is also trading above its five-year mean of 13.72.
AMGN Stock Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for earnings has risen from $21.08 to $21.28 per share for 2025 over the past 30 days. For 2026, the consensus mark for earnings has been increased from $21.43 to $21.66 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. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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AMGN Up Almost 16% in a Month: Should You Buy, Sell or Hold the Stock?
Key Takeaways
Amgen’s (AMGN - Free Report) stock has risen almost 16% in a month. A lot of this price increase is due to strong third-quarter 2025 results, wherein both the top and bottom lines exceeded expectations. Amgen also raised its sales guidance for the year as demand for its medicines remains healthy.
The overall drug and biotech sector has also recovered in the past couple of months, with large drugmakers like Pfizer (PFE - Free Report) and AstraZeneca (AZN - Free Report) signing drug pricing agreements with the Trump administration. PFE and AZN have offered to cut prescription drug prices and boost domestic investments in exchange for at three-year exemption from tariffs on pharmaceutical imports. Eli Lilly (LLY - Free Report) and Novo Nordisk also signed similar deals with President Trump to cut prices of their respective GLP-1 therapies for obesity, Zepbound and Wegovy, in exchange for Medicare access for the drugs and a three-year exemption from tariffs on pharmaceutical imports.
The deals between PFE, AZN, LLY and NVO and the Trump administration have raised hopes of a sustainable sector recovery, with the President offering to hold off the tariffs on pharmaceutical imports to sign similar deals with other drugmakers.
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 markets a range of drugs across oncology, cardiovascular, bone health, immunology and other areas. Amgen’s revenues increased 10.5% in the first nine months 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. Fourteen of Amgen’s products are now annualizing at more than $1 billion in sales.
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 Tezspire was approved in the United States for chronic rhinosinusitis with nasal polyps in October 2025. The FDA decision for Uplizna in myasthenia gravis and is expected later this year.
Amgen expects key drugs like Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as biosimilars, to drive top-line growth in future quarters.
AMGN’s Interesting Pipeline
Amgen has several key pipeline assets, with a primary focus on the obesity candidate, MariTide.
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 and Novo Nordisk’s popular GLP-1-based obesity drugs, Zepbound and Wegovy, which are weekly injections.
In clinical studies, it has shown predictable and sustained weight loss and a meaningful impact on cardiometabolic parameters.
Amgen is evaluating MariTide in obesity as part of its comprehensive MARITIME phase III program. Enrollment has been completed in two phase III studies, MARITIME-1 and MARITIME-2, evaluating MariTide in patients with obesity, with or without type II diabetes, respectively. Amgen has enrolled approximately 5,000 adults in roughly 6 months in these studies.
Enrollment is ongoing in two other phase III studies, MARITIME-CV and MARITIME-HF, for the study of atherosclerotic cardiovascular disease and heart failure, respectively. Amgen also recently initiated two other phase III studies in obstructive sleep apnea.
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 nine months of 2025. In January, Amgen launched Wezlana, the first biosimilar version of J&J’s blockbuster drug, Stelara. Wezlana generated sales of $229 million in 2025 so far.
Amgen launched the first biosimilar version of Regeneron’s Eylea, Pavblu, in the fourth quarter of 2024, which generated sales of $442.0 million in the first nine months 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 nine months of 2025, its biosimilar products generated impressive sales of around $2.2 billion. Amgen’s biosimilars sales are now annualizing at roughly $3 billion in sales.
Since the first launch in 2018, Amgen’s biosimilars have delivered nearly $13 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, while the same expired in some European countries in November 2025. Though their sales were steady in the third quarter, sales of these best-selling drugs are expected to erode in the fourth quarter as three biosimilars have been launched in the U.S. market
The Medicare Part D redesign and provisions of the Inflation Reduction Act (IRA), as well as the 340B Program, are affecting and are likely to continue to adversely impact sales of some drugs. 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, which can result in further declines in net selling prices of these drugs.
Pricing headwinds and competitive pressure are hurting sales of many products. Weaknesses in key brands like Otezla and Lumakras could create revenue headwinds.
AMGN’s Price, Valuation & Estimates
Amgen’s stock has risen 32.5% so far this year compared with an increase of 17.7% 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
From a valuation standpoint, Amgen is reasonably priced. Going by the price/earnings ratio, the company’s shares currently trade at 15.97 forward earnings, which is lower than 17.26 for the industry. However, the stock is also trading above its five-year mean of 13.72.
AMGN Stock Valuation
The Zacks Consensus Estimate for earnings has risen from $21.08 to $21.28 per share for 2025 over the past 30 days. For 2026, the consensus mark for earnings has been increased from $21.43 to $21.66 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. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.