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Investing.com - RBC Capital raised its price target on Amgen (NASDAQ:AMGN) to $330.00 from $320.00 on Wednesday, maintaining an Outperform rating following the company’s second-quarter earnings beat. The biotechnology giant, currently valued at $151.7 billion, shows strong financial health according to InvestingPro metrics, with a robust 71.4% gross profit margin.
Amgen reported second-quarter revenue of $9.20 billion, exceeding consensus estimates of $8.94 billion, driven by strong performance in its rare disease portfolio, particularly Tepezza, Krystexxa, and Uplizna products.
The biotechnology company raised its full-year guidance, increasing its revenue forecast to $35.0-36.0 billion from the previous $34.3-35.7 billion range, while also lifting its non-GAAP earnings per share outlook to $20.2-21.3 from $20.0-21.2.
Amgen confirmed its weight loss drug MariTide remains on track with strong enrollment across multiple geographies, with the next data update now expected in the fourth quarter of 2025. The company highlighted that five Phase III studies for MariTide are ongoing or planned, targeting obesity, diabetes, heart failure, cardiovascular outcomes, and sleep apnea.
RBC Capital’s price target increase reflects Amgen’s quarterly performance, with the firm noting the company’s commitment to making drugs more accessible while preserving innovation in the U.S. healthcare ecosystem.
In other recent news, Amgen reported strong financial results for the second quarter of 2025, surpassing analysts’ expectations. The company achieved an earnings per share of $6.02, exceeding the forecasted $5.26, and its revenue reached $9.18 billion, outperforming the anticipated $8.92 billion. TD Cowen reiterated its Buy rating on Amgen, citing the company’s growth portfolio and higher operating margins as key drivers of these results. Additionally, BMO Capital maintained an Outperform rating for Amgen, highlighting the strong commercial execution across its product portfolio, including notable performance from Otezla and the Horizon product line. Both firms have set price targets, with TD Cowen at $389.00 and BMO Capital at $335.00. These ratings reflect confidence in Amgen’s ability to maintain its strong financial performance. The company’s recent success in exceeding earnings expectations underscores its effective commercial strategies and robust product offerings.
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