Amgen Inc. (AMGN) has emerged as a top-tier biotech growth story in early 2026, driven by robust financial performance and a revitalized drug pipeline. The company's stock has climbed over 18% year-to-date, supported by positive clinical data and strategic leadership.
- AMGN reported adjusted EPS of $4.72, exceeding estimates by 9% in Q4 2025
- Repatha sales hit $2.1 billion, up 14% YoY
- Phase 3 trial for AMG 181 showed 60% reduction in disease progression risk
- R&D spend increased to $2.8 billion in 2025, up 12% YoY
- Three new FDA submissions expected by Q3 2026
- Forward P/E of 14.3, below biotech sector average of 18.1
Amgen Inc. (AMGN) is at the center of growing investor optimism following a standout quarter that delivered adjusted earnings per share of $4.72, surpassing analyst expectations by 9%. Revenue reached $7.3 billion, marking a 7.4% year-over-year increase, fueled by strong demand for its flagship cardiovascular drug, Repatha, which generated $2.1 billion in sales—up 14% from the prior year. The company also reported progress in its pipeline, with Phase 3 trial results for AMG 181, a bispecific antibody targeting multiple myeloma, showing a 60% reduction in disease progression risk compared to standard therapy. The bull case for AMGN is anchored in its diversified therapeutic portfolio and aggressive R&D investment. Amgen has allocated $2.8 billion toward research and development in 2025, a 12% increase from the previous year, with a focus on oncology, rare diseases, and cardiovascular health. The company’s recent acquisition of a clinical-stage biotech firm for $1.4 billion expanded its capabilities in gene therapy and solidified its position in next-generation treatments. Market analysts have upgraded AMGN to 'Strong Buy' at three major firms, citing a near-term catalyst pipeline that includes FDA submissions for three new indications by Q3 2026. Analysts project 2026 revenue of $31.2 billion and EPS of $17.80, implying a forward P/E ratio of 14.3—below the sector average of 18.1. This valuation gap, combined with a 3.6% dividend yield, has attracted institutional investors who see AMGN as a defensive growth play amid volatile market conditions. The stock’s momentum has drawn attention from both domestic and international investors, with foreign ownership increasing by 11% over the past quarter. Major holdings include BlackRock, Vanguard, and State Street, which collectively increased their stake in AMGN by 1.2 million shares since January 2026. The stock closed at $254.30 on February 28, 2026, up 2.4% for the day.