Gold prices just lower; monthly gains on track
On Thursday, Bernstein analysts, led by Courtney Breen, adjusted their price target on Amgen (NASDAQ:AMGN) shares, reducing it to $350 from the previous $380 while keeping an Outperform rating on the stock. The revision comes in light of the ongoing discussions and near-term uncertainties surrounding Amgen’s product MariTide. According to InvestingPro data, Amgen commands a substantial market capitalization of $157.92 billion and currently trades near its InvestingPro Fair Value.
Amgen reported robust performance for the fourth quarter of 2024, with total revenue reaching $33.42 billion, exceeding market expectations. This success was largely attributed to the strong performance of key growth products, including Repatha, Evenity, and Tezspire. Bernstein analysts have raised their expectations for Repatha due to its continued momentum. InvestingPro analysis reveals the company maintains a strong financial health score of GOOD, with 10+ additional exclusive insights available to subscribers.
Despite the forecasted challenges due to the loss of exclusivity for Prolia/Xgeva in the second half of 2025, the firm anticipates that the overall momentum from Amgen’s portfolio will offset these headwinds. Consequently, Bernstein does not foresee an earnings per share (EPS) trough in their model for Amgen.
Looking to the future, Bernstein is optimistic about the potential of Amgen’s rare disease portfolio, predicting that Tepezza could generate up to $3.5 billion in sales by 2030. Additionally, the company’s obesity pipeline is advancing with encouraging clinical data.
The analysts at Bernstein remain positive about Amgen’s diverse growth opportunities, which span biosimilars, rare diseases, and the development of MariTide. Despite the price target adjustment, the firm’s outlook for Amgen remains favorable as it continues to execute effectively across its key growth drivers.
In other recent news, Amgen’s financial performance and strategic developments have garnered attention from multiple investment firms. Amgen’s fourth-quarter results of 2024 exceeded expectations, prompting Piper Sandler to raise its price target from $310 to $329, maintaining an Overweight rating due to the potential of Tezspire in the U.S. market. Erste Group also upgraded Amgen’s stock from Hold to Buy, citing strong operating margins and a favorable price-to-earnings ratio, suggesting that the stock is undervalued.
RBC Capital Markets made a slight adjustment to Amgen’s price target, reducing it from $324 to $320, but retained an Outperform rating. This adjustment reflects the company’s robust earnings and steady growth forecast for 2025. In contrast, Cantor Fitzgerald lowered its price target significantly from $405 to $340, following a clinical hold on Amgen’s AMG 513, while maintaining an Overweight rating.
Piper Sandler reiterated its confidence in Amgen with a $310 target, highlighting discussions with the company’s leadership about capital management and the development of MariTide. The firm anticipates Amgen’s revenue stability and potential growth with MariTide’s market introduction. These developments suggest a mixed but generally positive outlook for Amgen, as analysts weigh the company’s current performance and future prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.