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On Friday, Piper Sandler reaffirmed its confidence in Amgen (NASDAQ:AMGN) stock, maintaining an Overweight rating and a price target of $329. The biotechnology company, with a substantial market capitalization of $166.5 billion, recently announced the FDA approval of Uplizna for the treatment of IgG4-related disease (IgG4-RD), marking it as the first drug approved for this condition. This development is seen as a significant step for Amgen, reinforcing the company’s ability to navigate the challenges associated with the loss of exclusivity on some of its products. According to InvestingPro data, Amgen maintains a strong financial health score and is a prominent player in the Biotechnology industry.
The approval of Uplizna is expected to provide Amgen with a new revenue stream, contributing to the company’s financial stability. With current revenues of $33.42 billion and an impressive 18.6% revenue growth over the last twelve months, Amgen shows strong momentum. Piper Sandler’s analyst highlighted the potential for Amgen to maintain, at the very least, a stable revenue and EBITDA through the end of the decade. This stability is anticipated to be supported by the company’s portfolio in inflammation and rare disease treatments. For deeper insights into Amgen’s financial health and growth prospects, InvestingPro subscribers have access to over 30 additional key metrics and exclusive analysis.
Additionally, the analyst noted the possibility of Uplizna’s label expanding to include generalized myasthenia gravis by the end of 2025 or early 2026, which could further bolster Amgen’s market position. This expansion, along with other opportunities within the company’s pipeline, is expected to contribute to Amgen’s growth prospects.
Looking ahead to 2029 and 2030, Piper Sandler forecasts more aggressive growth for Amgen. This optimism is partly based on the projected availability of MariTide, a product referenced in a Piper Sandler report dated January 1, 2025. The report detailed expectations for MariTide’s contribution to Amgen’s growth trajectory.
In summary, Piper Sandler’s reiteration of the Overweight rating and $329 price target reflects a positive outlook on Amgen’s future, underpinned by the company’s strategic advancements in its product offerings and its potential for sustained growth in the biotechnology sector.
In other recent news, Amgen has received FDA approval for its drug Uplizna as the first treatment for Immunoglobulin G4-related disease (IgG4-RD), marking a significant development for the company. This approval is based on the MITIGATE trial, which showed an 87% reduction in disease flare risk compared to placebo, and positions Uplizna as the sole FDA-approved treatment for this condition. The drug’s approval is expected to boost Amgen’s revenue, with Bloomberg projecting $516 million in sales by 2025. Citi analysts maintained a Neutral rating for Amgen with a $295 price target, while Piper Sandler reiterated an Overweight rating with a $329 target, highlighting strong prescription growth for other Amgen drugs like Repatha. Fitch Ratings revised its outlook on Amgen to positive from stable, citing expectations of debt reduction and revenue growth from new products. The ratings agency affirmed Amgen’s Long-Term Issuer Default Rating at ’BBB’, reflecting confidence in the company’s financial health. Amgen’s innovative R&D pipeline, featuring recent approvals and clinical data for drugs like Uplizna and Tezspire, continues to show promise. The company is also addressing competitive pressures and potential impacts from proposed tariffs on pharmaceuticals.
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