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AMGNAmgen Inc.
$415.21$224.1B
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Amgen Inc. (AMGN) Research Brief

Wall Street consensus, price target range, and equity research thesis

Buy39 Analyst Coverage
Consensus Target
$375-9.6% Downside
Current: $415.21
Analyst Range
Low $230High $450
12-Month High/Low Spread
Ratings Mix
23 Buy·13 Hold·3 Sell
Earnings & Valuation
EPS Beat 11.9%
Forward P/E: 18.2x

Executive Summary & Research Take

Wall Street currently rates AMGN buy with a 12-month price target of $375 (-9.6% downside). The sections below cover the bull case, key risks, and latest earnings context for Amgen Inc..

Recent Analyst Actions

AMGN Analyst Upgrades & Price Target Changes

1 of 1 analysts raised targets. Recent price target changes and ratings for AMGN.

Updated Jun 2026
FirmActionRatingPrice Target
Morgan StanleyRaisedEqual-Weight$332$340

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Analyst Research Summary

Investment Thesis: Bull Case & Risk Factors

A structured look at the bull case, the risks, and the most recent earnings execution for AMGN.

Current setup

AMGN beat estimates last quarter. Below are the key reasons analysts remain constructive and the risks that could change that view.

Bull Case

What keeps the long thesis intact

  • Strong Q4 2025 PerformanceAmgen exceeded revenue and adjusted EPS expectations in Q4 2025, projecting stronger earnings and revenue for 2026.
  • Positive 2026 GuidanceThe company has provided upbeat guidance for 2026, indicating continued growth.
  • Robust Late-Stage PipelineAmgen's late-stage pipeline is expected to drive volume-led growth, particularly with positive Phase 3 data for TEPEZZA.
  • Analyst Consensus RatingAnalysts have a consensus rating of 'Buy' with a median price target of $353.00, implying a potential upside of 4.4%.
  • Long-Term Revenue ProjectionsSome analysts project revenue near $44.4 billion and earnings of about $13.2 billion by 2029, assuming risks are contained.
  • Strong Portfolio and M&A CapacityAmgen's broad portfolio and capacity for mergers and acquisitions are seen as strengths to offset pricing pressures.

Wall Street rates AMGN buy, giving the bull case institutional backing from 39 analysts.

Watch Out For

What can break the setup quickly

  • Upcoming Patent ExpirationsAmgen faces potential headwinds from upcoming patent expirations for key franchises, impacting future revenue.
  • Limited Pipeline VisibilityConcerns about limited pipeline visibility may necessitate continued business development for sustained growth.
  • Intensifying Drug Pricing PressuresThere are growing concerns about global drug pricing efforts that could impact profitability.
  • Stock Valuation ConcernsSome analysts suggest the stock may be overvalued, trading at a higher multiple than historical ranges.
  • Fair Value EstimatesA more cautious view suggests a fair value around $243.49 per share, factoring in pricing reforms and cost inflation.
  • Biosimilar Competition RisksBiosimilar competition and patent expiries are cited as risks that could limit revenue growth.

Watch whether new negative commentary on AMGN points to these structural risks or is simply reacting to short-term price moves.

AMGN Earnings Reaction — What the Last Quarter Showed

Last Quarter

EPS
$6.29 vs $5.62 est.Beat 11.9%
Revenue
$10.1B vs $9.4B est.Beat 6.7%
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AMGN — Frequently Asked Questions

Quick answers to the most common questions about buying AMGN stock.

What is the analyst consensus on AMGN?
Verdict

AMGN faces headwinds — analysts' $375 target is -9.6% from $415.21, suggesting limited near-term upside. This is informational only — verify the data and consider your own risk tolerance before deciding.

What are recent analyst rating changes for AMGN?
Timing

Timing depends on your horizon, but the data signals are: consensus rating "Buy" with -9.6% upside to the $375 target. In the past 30 days, 1 of 1 covering analysts raised their price targets — a bullish signal.

What is the price target for AMGN stock?
Price Target

AMGN's consensus 12-month price target is $375, set by 39 Wall Street analysts. The bull case high is $450 and the bear case low is $230. From the current price of $415.21, this implies -9.6% upside.

Is AMGN overvalued or undervalued?
Valuation

AMGN appears overvalued — the $375 consensus target is -9.6% from today's $415.21. It trades at a forward P/E of 18.2x. Targets range from $230 (bear) to $450 (bull), reflecting different assumptions about growth and margins.

What were AMGN's latest earnings results?
Earnings

AMGN reports next quarter. Earnings-week moves are volatile — historically, analyst targets revise upward after a beat and downward after a miss. The current consensus is "Buy" with a $375 target. Consider position sizing rather than going all-in pre-print.

What is the bull case for AMGN?
Coverage

Of 39 analysts covering Amgen Inc. (AMGN): 0 Strong Buy, 23 Buy, 13 Hold, 3 Sell, 0 Strong Sell — a "Buy" consensus. The 12-month price target is $375 (range $230–$450). Bullish analysts outnumber bearish by more than 2-to-1.

What are the risks of investing in AMGN?
Risks

3 of the 39 analysts covering AMGN rate it Sell or Strong Sell. Common concerns include valuation stretch, slowing growth, and sector-specific headwinds — see the Bull vs. Risk cards above for the specific theses on Amgen Inc..

Financial Data & Software Notice: VCP Scanner is an educational financial research database and stock screening software platform. VCP Scanner does not generate, recommend, or package trade decisions, buy/sell signals, or personalized investment advice. Consensus ratings and price targets reflect aggregated third-party Wall Street analyst research from public SEC filings. See our Terms of Service and Privacy Policy.