Amgen Inc. (AMGN) still has room to run, according to Goldman Sachs analyst Salveen Richter, who reiterated a Buy rating and $403 price target on the biotech giant. The takeaway? Consensus estimates for fiscal 2026 and beyond are probably too conservative given how well the company is executing across its portfolio.
Six Pillars of Growth
After conversations with management, Richter highlighted momentum across Amgen's therapeutic areas and identified six key growth drivers powering the company forward: Repatha, Evenity, Tezspire, Rare Disease, Innovative Oncology, and Biosimilars.
The Maritide Wild Card
Discussions around Maritide's Phase II studies in obesity maintenance and Type 2 diabetes have "further increased their confidence in the drug's commercial potential in both indications," Richter noted. That's significant considering the massive opportunity in the weight-loss drug market.
Another cardiometabolic asset worth watching is olpasiran, which targets Lp(a). Management indicated the Phase 3 update will likely arrive in 2027 rather than year-end 2026, while maintaining confidence in having a best-in-class asset.
Stock Movement: Amgen shares declined 0.33% to $324.47 at the time of publication on Tuesday.
