AMGN trades 3.0% above Wall Street's consensus target of $393.72.
Last 12 months price action with 12-month analyst target path
The base valuation assumes AMGN achieves its forward estimates and maintains a stable P/E multiple of 17.6x. This scenario reflects the blended consensus of 41 Wall Street analysts, balancing both positive catalysts and macroeconomic headwinds over the next 12 months.
As of September 24, 2026, Amgen Inc. (AMGN) has a Wall Street consensus price target of $393.72, based on estimates from 41 covering analysts. With the stock currently trading at $406.09, this represents a potential downside of -3.0%. The company has a market capitalization of $219.17B.
Analyst price targets range from a low of $230.00 to a high of $460.00, representing a 58% spread in expectations. The median target of $394.50 aligns closely with the consensus average. The wide target spread reflects significant disagreement on fair value.
The current analyst consensus rating is Buy, with 22 analysts rating the stock as a Buy or Strong Buy,16 rating it Hold, and 3 rating it Sell or Strong Sell. The positive sentiment balance indicates moderate optimism about the stock prospects.
From a valuation perspective, AMGN trades at a trailing P/E of 28.5x and forward P/E of 17.6x. The forward PEG ratio of 5.99 reflects a premium valuation. Analysts expect EPS to grow +43.4% over the next year.
Our proprietary valuation model, which blends historical multiples with forward estimates, suggests a base-case price target of $484.50, with bear and bull scenarios of $305.23 and $638.38 respectively. Model confidence stands at 54/100, reflecting moderate uncertainty in projections.
| Company | Market Cap | Price | Target | Upside Potential | Rating | Fwd P/E | Analysts |
|---|---|---|---|---|---|---|---|
 GILDGilead Sciences, Inc. | $187.9B | $151.37 | $150.00 | -0.9% | Buy | — | 58 |
 BIIBBiogen Inc. | $33.6B | $227.53 | $245.88 | +8.1% | Buy | 18.3x | 49 |
 REGNRegeneron Pharmaceuticals, Inc. | $82.6B | $801.82 | $827.71 | +3.2% | Buy | 14.7x | 49 |
 VRTXVertex Pharmaceuticals Incorporated | $131.0B | $516.34 | $559.33 | +8.3% | Buy | 27.6x | 56 |
 BMYBristol-Myers Squibb Company | $124.9B | $61.15 | $70.00 | +14.5% | Buy | 8.8x | 42 |
 LLYEli Lilly and Company | $1.1T | $1152.70 | $1343.07 | +16.5% | Buy | 31.7x | 45 |
 ABBVAbbVie Inc. | $468.7B | $265.30 | $287.08 | +8.2% | Buy | 18.9x | 43 |
 MRKMerck & Co., Inc. | $365.8B | $148.11 | $158.12 | +6.8% | Buy | 53.9x | 38 |
 PFEPfizer Inc. | $160.6B | $28.17 | $28.50 | +1.2% | Hold | 9.5x | 39 |
 JNJJohnson & Johnson | $648.0B | $269.17 | $286.93 | +6.6% | Buy | 23.4x | 40 |
Quick answers to the most common questions about buying AMGN stock.
Wall Street's consensus price target for AMGN is $393.72, -3.0% from its current price of $406.09. The below-market target from 41 analysts suggests limited near-term appreciation.
AMGN has a consensus rating of "Buy" based on 41 Wall Street analysts. The rating breakdown is predominantly bullish, with 22 Buy/Strong Buy ratings. The consensus 12-month price target of $393.72 implies -3.0% downside from current levels.
With a forward P/E of 17.6182x, AMGN trades at a relatively low valuation. The consensus target of $393.72 implies -3.0% move, suggesting the market may be pricing in risks.
The most bullish Wall Street analyst has a price target of $460 for AMGN, while the most conservative target is $230. The consensus of $393.72 represents the median expectation. Our quantitative valuation model projects a bull case target of $638 based on optimistic growth and margin assumptions. These targets typically reflect 12-month expectations.
AMGN is heavily covered by Wall Street, with 41 analysts providing price targets and ratings. Of these, 0 have Strong Buy ratings, 22 have Buy ratings, 16 recommend Hold, and 3 have Sell or Strong Sell ratings. Higher analyst coverage generally indicates greater institutional interest and more reliable consensus estimates.
The 12-month AMGN stock forecast based on 41 Wall Street analysts shows a consensus price target of $393.72, with estimates ranging from $230 (bear case) to $460 (bull case). The median consensus rating is "Buy". Our proprietary valuation model produces a base case fair value of $485, with bear/bull scenarios of $305/$638.
Our quantitative valuation model calculates AMGN's fair value at $485 (base case), with a bear case of $305 and bull case of $638. The model uses discounted cash flow analysis, historical growth rates, and margin mean-reversion to project FY+2 earnings, then applies an appropriate P/E multiple. The model confidence score is 54/100.
AMGN trades at a forward P/E ratio of 17.6x based on next-twelve-months earnings estimates compared to a trailing P/E of 28.5x. The lower forward P/E indicates analysts expect earnings growth. A forward P/E is useful for comparing valuations when earnings are expected to change significantly.
Analysts are cautious on AMGN, with 3 Sell ratings and a price target of $393.72 (-3.0% from current price). The "Buy" consensus suggests careful evaluation before buying. This information is for educational purposes only. Always conduct your own research, consider your financial situation, and consult a financial advisor before making investment decisions.
AMGN analyst price targets range from $230 to $460, a 58% wide spread indicating significant analyst disagreement. Differences stem from varying assumptions about revenue growth, profit margins, competitive dynamics, and valuation multiples. The $393.72 consensus represents the middle ground. Our model's $305-$638 range provides an independent fundamental perspective.
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