Amgen Analyst Likes Diversified Business, Remains Patient Until MariTide Obesity Data

Amgen Inc. (NASDAQ:AMGN) shares are trading close to its 52-week high on Wednesday after the company reported better-than-expected third-quarter financial results and raised its fiscal 2026 guidance.

Strong Q3 Revenue And Earnings Beat Wall Street Consensus

On Tuesday, the biopharma reported quarterly adjusted earnings of $6.45 per share, beating the consensus of $5.79.

Sales increased 8% to $10.365 billion, topping the Street’s view for $10.071 billion.

Product sales grew 8%, driven by volume growth; 17 products delivered at least double-digit sales growth and are annualizing at more than $1 billion based on third-quarter sales.

Amgen, AstraZeneca Drug Combo Shows Promising Survival Results in Tough-To-Treat Lung Cancer

Amgen Lifts Full-Year Fiscal 2026 Guidance

Amgen raised its fiscal 2026 adjusted EPS from $22.30-$23.50 to $22.90-$23.70, compared with the consensus of $23.02.

The company also increased its 2026 sales guidance from $38.20 billion-$39.40 billion to $38.90 billion-$39.70 billion versus Wall Street estimate of $38.936 billion.

Wall Street Analyst Reactions And Price Target Adjustments

RBC Capital Markets on Wednesday wrote, “Overall, we continue to like a highly diversified business, an impressive track record of commercial execution, a stock that is showing momentum, and a relative quiet rest of the year (we are eager to see more data on MariTide to better understand where AMGN can fit in the broader competitive landscape for obesity, but such data will not come until 2027).”

Post the quarter, analyst Luca Issi raised the price forecast from $430 to $470, with an Outperform rating.

Other analyst updates:

• Cantor Fitzgerald maintains the Neutral rating and raises the price forecast from $440 to $465.
• Wells Fargo keeps an Equal-Weight rating, raising the price forecast from $430 to $460.
• Truist Securities maintains Amgen with a Hold and raises the price forecast from $380 to $398.

AMGN Price Action: Amgen shares were up 2.50% at $472.77 Wednesday. The stock is trading near its 52-week high of $475.64, according to Benzinga Pro data.

Image via Shutterstock/ Melnikov Dmitriy