Amgen raises lower end of 2026 EPS target, shares stay in focus on NASDAQ

By Christina Vogel, Background & Management desk. Reviewed prior to publication on 2026-06-25, 21:27.

Amgen Inc. (US0311621009) slightly raised the lower end of its 2026 adjusted earnings per share target at its business review meeting in early June, tightening the range to reflect higher confidence in its growth plan. The large-cap biotech, listed on NASDAQ alongside peers such as Eli Lilly, outlined a pathway toward at least 20 percent average annual adjusted EPS growth from 2025 through 2030 according to its latest investor presentation.

What Amgen just signaled on guidance

At its 2024 business review event held on June 5, Amgen updated long-term targets and nudged the lower bound of its 2026 adjusted earnings guidance to a higher level, while keeping the upper end unchanged, as documented in the companys investor-day materials. In that presentation Amgen reiterated a 2026 adjusted EPS range that brackets double-digit annual growth off 2024 levels, and management emphasized that the tightened band reflects improved visibility on the contribution from recently launched and acquired products, based on the slides filed on its investor relations website.

The company also repeated a medium-term goal to deliver at least 20 percent average annual growth in adjusted EPS between 2025 and 2030, anchored by a broad portfolio in general medicine, oncology and inflammation as well as its deCODE genetics platform. Amgen management argued that this growth will be underpinned by a wave of new launches, including molecules obtained through the Horizon Therapeutics acquisition, along with a focus on operating discipline and capital allocation according to the same business review documentation.

How analysts view Amgen now

On the sell-side, analyst sentiment on Amgen remains mixed but broadly constructive following the June guidance update and the integration progress of Horizon Therapeutics, with several major houses maintaining positive or neutral views on the shares. A recent summary of broker opinions on a consensus platform shows that more than half of the tracked analysts rate Amgen at Buy or equivalent, with the remainder spread between Hold and a small minority of Sell ratings, and the average 12-month price target sits moderately above the current market price, indicating expectations of upside but not an aggressive re-rating relative to the S&P 500 health care sector.

Commentary from large investment banks highlights both the potential of Amgens obesity pipeline candidate MariTide (AMG 133) and biosimilar portfolio as important contributors to revenue growth, while also flagging risks tied to competition in oncology and pricing pressure in mature products. One widely cited research note from a global bank following the June investor day emphasized that the companys more precise 2026 adjusted EPS guidance band, and its reiterated 20 percent adjusted EPS growth ambition for 2025-2030, provide a clearer framework for modeling earnings, but also require solid execution on clinical timelines and regulatory approvals to be met in full.

Where the pipeline growth is aimed

Beyond guidance metrics, Amgens current operational strategy centers on a portfolio of more than a dozen late-stage programs targeting indications in cardiovascular disease, oncology, inflammation, bone health and obesity. The company highlights four pillars for pipeline-driven growth: first-in-class or best-in-class biologics, optimized drug delivery technologies such as its Onpro device for Neulasta, genetic insights from deCODE to inform target selection, and disciplined external innovation through bolt-on acquisitions and partnerships.

Recent clinical updates include continued development of MariTide for obesity and related metabolic conditions, ongoing work on KRAS G12C inhibitor Lumakras in non-small cell lung cancer, and expansion of Tezspire in severe asthma across additional geographies. Management has said in public presentations that success across a subset of these programs could unlock multi-billion-dollar annual revenue streams over the coming decade, reinforcing the longer-term adjusted EPS targets communicated at the June review meeting.

The product behind the stock

One representative product in the current Amgen portfolio is Prolia, a monoclonal antibody used for the treatment of osteoporosis in postmenopausal women and others at high risk of fractures. Prolia works by inhibiting RANK ligand, a key factor involved in bone resorption, and has been a significant contributor to Amgens revenue base in recent years in both the United States and international markets.

Where the stock trades today

Amgen shares most recently traded on NASDAQ at around 305.00 US dollars as of 2026-06-25, 19:15, placing the companys equity value firmly in the large-cap bracket within the S&P 500 health care sector.

This article was produced with AI assistance and editorially reviewed. Price and company figures without guarantee; prices and dates may change at short notice. No investment advice, no buy or sell recommendation. Stock-market transactions carry risks up to and including total loss.