BUZZ-Street View: Amgen builds momentum with blockbusters, biosimilars and a pipeline in waiting
AMGN•Amgen beats estimates and raises forecasts
Pharma major Amgen AMGN.O beat Wall Street estimates for second-quarter results late on Tuesday, fueled by strong demand for its cholesterol treatment Repatha, osteoporosis drug Evenity, and rare-disease therapies, while the company continues advancing the development of its experimental obesity drug MariTide.
Shares of the company hit a record high and were up over 6% in morning trade.
The company also raised its annual forecasts for profit and revenue.
Analysts see pipeline and biosimilars supporting growth
Truist Securities (hold, PT: $362) believes 2026 could be a key growth year for AMGN, driven by products including Repatha, Evenity, Tezspire (asthma drug), its oncology portfolio, rare-disease drugs and biosimilars.
Piper Sandler (overweight, PT: $427) says strong growth in key drugs Repatha, Tezspire and Evenity, along with expanding uptake of newer medicines such as Uplizna (autoimmune diseases), should help AMGN offset upcoming patent expiry and support continued growth.
Oppenheimer (outperform, PT: $450) says increasing adoption of Repatha after the Vesalius outcome study supports AMGN's cardiovascular strategy and could create synergies with olpasiran and MariTide.
TD Cowen (buy, PT: $452) believes AMGN's commercial pipeline is well positioned to sustain growth despite looming patent expiry date and pricing headwinds.
