BofA update shows where active managers are putting money
Investing.com - TD Cowen has reiterated its Buy rating and $389.00 price target on Amgen (NASDAQ:AMGN) following the company’s second-quarter results. The target represents significant upside potential for the biotech giant, which currently trades at a P/E ratio of 25.8x and has demonstrated strong revenue growth of 12.9% over the last twelve months.
The firm noted that Amgen delivered better-than-expected revenue and earnings per share in the quarter, driven by its growth portfolio and higher operating margins. The company maintains impressive gross profit margins of 71.4% and has generated substantial free cash flow of $10.9 billion over the past year.
TD Cowen highlighted that the results demonstrate "better-than-expected growth ahead" that will help offset softness in Amgen’s legacy products.
The research firm expressed bullishness on potential label expansions for Uplizna and Tezspire, upcoming MariTide updates expected in the fourth quarter, and Phase 3 data for bemarituzumab in gastric cancer anticipated in late 2025 or first half of 2026.
Despite acknowledging "few near-term pipeline catalysts," TD Cowen maintained that Amgen "remains a core holding" in its coverage universe.
In other recent news, Amgen has reported strong financial results for the second quarter of 2025, surpassing analysts’ expectations. The company achieved an earnings per share of $6.02, higher than the forecasted $5.26, and its revenue reached $9.18 billion, exceeding the anticipated $8.92 billion. These results highlight Amgen’s solid performance, particularly with products like Otezla and the Horizon product line contributing significantly to the company’s success. BMO Capital has reiterated its Outperform rating on Amgen, citing strong commercial execution across its product portfolio. The firm set a price target of $335.00, reflecting confidence in Amgen’s ongoing performance. These developments indicate a positive trajectory for Amgen as it continues to deliver strong financial outcomes.
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