Key Stats for Amgen Stock
- Past week’s performance: -1.7%
- 52-week range: $261 to $391
- Valuation model target price: $396
- Implied upside: 16.5% over 2.7 years
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What Happened?
Amgen (AMGN) slipped this week as investors looked ahead to Q1 earnings on April 30. The stock closed near $340, below its 52-week high of $391. The tone is cautious because investors are weighing earnings stability against fresh regulatory risk.
The newest concern is Tavneos, a rare autoimmune disease drug. The FDA’s drug review center proposed withdrawing approval, citing concerns about effectiveness and information in the original application. Reuters reported that Tavneos remains on the market unless Amgen withdraws it or the FDA requires removal.
There was also good pipeline news earlier this month. Amgen said a Phase 3 study of subcutaneous Tepezza met its primary and key secondary endpoints in thyroid eye disease. Subcutaneous delivery means the drug is injected under the skin, which can be more convenient than IV infusion.
The bigger business remains steady. Amgen reported 2025 revenue of $36.8 billion, up 10%, and CEO Robert Bradway said the company entered 2026 with momentum across a broad portfolio. Going forward, the stock will likely depend on Q1 results, regulatory updates, and pipeline execution.
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Is Amgen Stock Undervalued?
Under valuation model assumptions realized through 12/31/28, the stock is modeled using:
- Revenue growth (CAGR): 2.7%
- Operating Margins: 43.9%
- Exit P/E Multiple: 14.5x
Based on these inputs, the model estimates a target price of $396, implying 16.5% total upside from the current share price and a 5.9% annualized return over the next 2.7 years.
Amgen does not look deeply undervalued at today’s price. The annualized return is below 10%, so the stock looks more like a steady healthcare compounder than a high-upside setup. Investors are paying for durable cash flow, dividends, and a broad drug portfolio.
The valuation depends on modest revenue growth and high profitability. Amgen’s trailing operating margin is 31.5%, while the model assumes margins can improve to 43.9%. That would require a stronger product mix, operating discipline, and benefits from higher-volume medicines.
Debt is another factor. Amgen has $46.3 billion of net debt, or 2.7x EBITDA, after years of acquisitions and investment. Free cash flow of $8.1 billion helps support dividends and debt reduction, but the balance sheet limits how much investors may pay for slower growth.
What’s Driving AMGN Stock Going Forward?
The next catalyst is Q1 earnings on April 30. Investors will watch product sales, pricing pressure, and management’s 2026 guidance. Amgen previously guided for 2026 revenue of $37.0 billion to $38.4 billion and adjusted EPS of $21.60 to $23.00.
Pipeline progress is another key driver. Tepezza’s new subcutaneous formulation could help strengthen the thyroid eye disease franchise if approved. Investors will also watch MariTide, Amgen’s obesity candidate, because obesity remains one of the most competitive and valuable drug markets.
International approvals can also move sentiment. Amgen’s lung cancer drug tarlatamab won approval in China for adults with extensive-stage small cell lung cancer that worsened after chemotherapy. That expands the drug’s opportunity in oncology.
Shareholder returns remain part of the story. Amgen declared a $2.52 quarterly dividend payable June 5 to holders of record on May 15. If the stock stays under pressure, investors will likely focus on whether earnings growth can keep supporting the dividend and pipeline spending.
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Should You Invest in Amgen?
The only way to really know is to look at the numbers yourself. TIKR gives you free access to the same institutional-quality financial data that professional analysts use to answer exactly that question.
Pull up AMGN, and you’ll see years of historical financials, what Wall Street analysts expect for revenue and earnings in the quarters ahead, how valuation multiples have moved over time, and whether price targets are trending up or down.
You can build a free watchlist to track AMGN alongside every other stock on your radar. No credit card required. Just the data you need to decide for yourself.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
