Amgen Inc. (NASDAQ: AMGN) trades near $292/share, down about 8% in the past year as investors weigh slower growth against steady margins and strong dividend support. Despite modest sales expansion, the biotech giant continues to deliver high profitability and strong cash generation, making it a dependable long-term compounder in the healthcare space.
Recently, Amgen delivered solid performance in 2025, driven by continued growth in key products like Repatha and Tezspire, along with meaningful contributions from newly integrated Horizon assets such as Tepezza and Uplizna. The Horizon acquisition, completed in late 2023, is now fully incorporated into Amgen’s portfolio and strengthening its rare disease segment. In October 2025, Tezspire received FDA approval for a new indication in chronic rhinosinusitis with nasal polyps, broadening its reach in respiratory care. Meanwhile, Amgen presented encouraging Phase 2 data for its obesity candidate MariTide and confirmed plans to advance it into Phase 3 trials, signaling a potential new growth pillar in the metabolic health market.
This article explores where Wall Street analysts believe Amgen could trade by 2027, drawing on consensus targets and TIKR’s Guided Valuation Model to outline the stock’s potential path. These figures reflect analyst estimates and not TIKR’s own predictions.
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Analyst Price Targets Suggest Modest Upside
Amgen trades around $292/share, while the average analyst price target sits near $312/share, suggesting about 7% upside over the next year. Forecasts show a wide spread and reflect mixed conviction among analysts:
- High estimate: ~$405/share
- Low estimate: ~$180/share
- Median target: ~$313/share
- Ratings: 10 Buys, 3 Outperforms, 15 Holds, 1 Underperform, 2 Sells
Analysts see modest upside from current levels. For investors, Amgen looks fairly valued but could outperform if new products like Tezspire and MariTide deliver stronger-than-expected sales. Its appeal lies less in big price gains and more in consistent dividend income and defensive earnings stability.
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Amgen: Growth Outlook and Valuation
The company’s fundamentals remain solid and balanced:
- Revenue growth projected around 3–4% annually through 2027
- Operating margins near 44%
- Shares trade at roughly 14x forward earnings, close to long-term averages
- Based on analysts’ average estimates, TIKR’s Guided Valuation Model using a 14x forward P/E suggests ~$348/share by 2027
- That implies roughly 19% total return, or about 8% annualized
These figures point to steady, predictable returns rather than explosive growth. For investors, Amgen screens as a dependable compounder built for stability. Its strong free cash flow and 3.3% dividend yield offer consistent income, while margin strength provides a cushion if growth slows.
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What’s Driving the Optimism?
Amgen’s diverse portfolio continues to show resilience. Growth from newer drugs like Tezspire and Repatha is helping offset slower sales from older therapies, while the integration of Horizon Therapeutics adds promising assets in rare diseases such as Tepezza and Krystexxa.
The company is also advancing a potential breakthrough in the metabolic space with MariTide, its obesity drug candidate that recently showed encouraging results in late-stage trials. Strong margins, disciplined capital allocation, and a 3.3% dividend yield further support investor confidence.
For investors, These factors suggest Amgen has the foundation to deliver consistent earnings growth and maintain shareholder returns even as it transitions toward a new generation of therapies.
Bear Case: Slower Growth and Competitive Pressure
Despite these strengths, Amgen faces a challenging growth backdrop. Competition is intensifying in several therapeutic areas, and pricing pressure continues to affect established drugs. Integration costs from Horizon may also weigh on near-term profitability.
For investors, The main risk is stagnation. If Amgen’s new treatments fail to offset declines in older products, earnings could remain flat, keeping the stock trading close to fair value rather than moving significantly higher.
Outlook for 2027: What Could Amgen Be Worth?
Based on analysts’ average estimates, TIKR’s Guided Valuation Model suggests Amgen could trade near $348/share by 2027, representing about 19% total upside from current levels, or roughly 8% annualized returns.
This outlook assumes steady earnings, margin stability, and incremental growth from the Horizon acquisition and newer product launches. For stronger upside, Amgen would need faster adoption of drugs like Tezspire and potential success with MariTide in obesity treatment.
For investors, Amgen stands out as a reliable compounder with a strong income profile. While upside may be limited, its durability and cash flow consistency make it a solid long-term hold within the large-cap biotech space.
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