Amgen Delivers Beat And Raise Quarter; Has Strong Late-Stage Pipeline

Amgen Inc‘s AMGN second quarter results demonstrate ongoing development of its late-stage pipeline “to offset end-of-decade losses-of-exclusivity," according to Goldman Sachs.

The Amgen Analyst: Goldman Savhs analyst Salveen Richter reiterated a Buy rating, while raising the price target from $400 to $405.

The Amgen Thesis: The company reported total revenue of $9.2 billion, topping the consensus of $8.9 billion, and non-GAAP earnings of $6.02 per share, coming in higher than the consensus of $5.28 per share, Ritcher said in the note.

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The second-quarter beat was driven by the company's rare disease portfolio, Imdelltra, and lower operating expenses, he added.

Management raised their full-year revenue guidance to $35-$36 billion and non-GAAP earning to $20.20-$21.30 per share.

Obesity key phase 2 MariTide readouts are on track for the fourth quarter, while cardiovascular disease phase 3 primary prevention data for Repatha should come in the back half of the year, he mentioned.

"We also look to Ph3 CV outcomes data for Lp(a)-targeting olpasiran by YE26, following NVS/IONS data in 1H26, among other catalysts," Ritcher added.

AMGN Price Action: Shares of Amgen had declined by 4.94% to $285.25 at the time of publication on Tuesday.

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