Amgen IncNasdaq: AMGN
Health Care · Biotechnology
$330.27
-4.62%
Vol: 5.2M
Research Digest
Friday, May 1, 2026
Amgen beats Q1 2026 earnings but stock drops 2.5% on mixed product performance and FDA scrutiny of Tavneos
Amgen delivered Q1 2026 revenue of $8.62B and adjusted EPS of $5.15, beating estimates, but raised concerns about patent expirations. Company raised 2026 guidance to $37.1-38.5B revenue and $21.70-23.10 adjusted EPS. Strong sales in Repatha, Evenity, rare disease offset 32% YoY decline in Prolia/Xgeva combined sales due to biosimilar competition. FDA proposed withdrawal of Tavneos approval. Management emphasized progress in Phase III obesity/diabetes candidate Meritide and AI deployment benefits in R&D and manufacturing.
Previous Market Intelligence
13 daysApr 30FDA proposes to rescind approval of Amgen's Tavneos drug over manipulated clinical trial dataNegative▶
The FDA is proposing to withdraw approval of Amgen's rare disease drug Tavneos, alleging that ChemoCentryx manipulated Phase 3 trial results to show effectiveness when original analysis did not support approval. Unblinded study personnel manipulated pivotal clinical study data. In March, FDA flagged 76 cases of liver injury and 8 deaths in Tavneos patients. Amgen maintains confidence in the drug supported by clinical data and real-world evidence. Q1 2026 earnings expected with consensus for $8.49B revenue and $4.73 EPS. Amgen acquired Dark Blue Therapeutics for oncology pipeline bolstering. Significant regulatory risk to revenue and investor confidence.
Apr 29Amgen reports Q1 earnings on April 30 with expected EPS of $4.73 and $8.49B revenue as Tavneos faces FDA withdrawal pressureNegative▶
Amgen will report Q1 2026 results after market close on April 30 with expected revenue of $8.49 billion and EPS of $4.73. Key recent developments include announcement of EVP and CTO David Reese retirement effective June 30, and FDA request in January 2026 to voluntarily withdraw Tavneos citing clinical trial data integrity concerns and liver toxicity risks. Patent expirations for Prolia and Xgeva in 2025 have caused significant sales erosion from biosimilar competition. Quarterly dividend of $2.52 declared payable June 5. Stock closed near $340 below 52-week high of $391.
Apr 16Morgan Stanley and Guggenheim raise AMGN price targets to $326 and $351 respectively; CVS health swap impacts bone disease treatment market positionMixed▶
Amgen delivered strong Q4 2025 results exceeding revenue and EPS expectations with 2026 growth guidance despite major loss of exclusivity headwinds. Morgan Stanley raised price target to $326 from $309 and Guggenheim to $351 from $347. Board declared $2.52 per share dividend for Q2 2026. Strategic moves include acquisition of Dark Blue Therapeutics (January 2026) to bolster oncology pipeline and naming as Official Biotech Partner for FIFA World Cup 2026. However, CVS Health announced replacement of Amgen and Eli Lilly bone disease treatments with lower-cost alternatives starting April 1, pressuring that segment.
Apr 14CVS swaps Amgen bone treatments for lower-cost alternatives; positive Phase 3 Tepezza resultsMixed▶
CVS replacing bone treatments with lower-cost alternatives April 1. Positive Phase 3 subcutaneous Tepezza and Repatha cardiovascular data. Consensus Hold with $345.12 PT.
Apr 13Positive Phase 3 TEPEZZA subcutaneous results; analyst price targets raisedPositive▶
Amgen announced positive topline Phase 3 results for subcutaneous TEPEZZA in moderate-to-severe active thyroid eye disease (Apr 6). Guggenheim raised price target to $351 from $347; Morgan Stanley raised to $326 from $309 (both Apr 9). Board declared $2.52/share dividend for Q2 2026. Stock trading at $352.00; FY2025 revenues up 10% YoY to $36.8B.
Apr 10Amgen faces biosimilar headwinds; Q1 earnings due April 30 amid mixed clinical results.Mixed▶
Amgen stock is down 9.44% over the past month but reported successful Phase 3 TEPEZZA trial results with 77% proptosis response. Faces significant biosimilar competition for Prolia, Xgeva, and Otezla. CVS Health swapped Amgen treatments for lower-cost alternatives. Guggenheim raised price target to $351. Q1 results expected after market close April 30.
Apr 9Amgen Mixed Performance: CVS Health Excludes Treatments; Strong Q4 Earnings BeatMixed▶
Amgen delivered strong Q4 2025 with revenues of $36.8B (+10% YoY) and beat EPS expectations. However, CVS Health is swapping Amgen and Eli Lilly's bone disease treatments for lower-cost alternatives starting April 1. Repatha sales up 44% YoY and Tezspire up 60% YoY.
Apr 8Amgen reports positive Phase 3 Tepezza results; RBC raises price target to $370.Positive▶
Amgen announced positive Phase 3 trial results for subcutaneous Tepezza with 76.7% proptosis responder rate, strengthening position in thyroid eye disease market. RBC Capital raised target from $360 to $370, maintaining Outperform. FY2026 guidance: EPS $21.60-$23.00. Earnings April 29.
Apr 7Amgen reports positive Tepezza Phase 3 results with 76.7% responder rate, Q2 dividend declared at $2.52Positive▶
Amgen reported strong Phase 3 results for Tepezza treatment showing 76.7% proptosis responder rate ahead of rival Viridian setbacks. Full-year 2025 showed 10% revenue growth to $36.8B and 10% product sales growth driven by 13% volume growth. Double-digit revenue and EPS growth entered 2026 with strong portfolio momentum. REPATHA cuts first cardiovascular event risk 31% in high-risk patients; TEZSPIRE sales up 60% YoY to $474M in Q4. Amgen acquired Dark Blue Therapeutics in January 2026. Board declared $2.52/share Q2 2026 dividend. Q4 2025/FY earnings call February 3. Q1 2026 earnings April 29.
Apr 6Amgen acquires Dark Blue Therapeutics for AML; Repatha shows 31% cardiovascular event reduction.Positive▶
Amgen acquired Dark Blue Therapeutics (UK) for AML pipeline targeting MLLT1/3. Announced $650M U.S. manufacturing expansion. Repatha Phase 3 shows 31% reduction in first major cardiovascular events in high-risk patients. Piper Sandler reaffirmed Buy April 1. Stock near 52-week high $391.29.
Apr 3Amgen's REPATHA shows 31% cardiovascular risk reduction; RBC reiterates Outperform with analyst confidence in diversified growth.Positive▶
Amgen announced VESALIUS trial results showing REPATHA reduced first major cardiovascular events by 31% in high-risk primary prevention patients, addressing 2/3 of 100M elevated-LDL market. European Commission approved UPLIZNA for myasthenia gravis. Q2 dividend declared at $2.52/share. Dark Blue Therapeutics acquisition strengthens oncology pipeline. RBC Capital maintains Outperform, $360 PT. Trading at $353.28.
Apr 1Amgen acquires Dark Blue Therapeutics for oncology pipeline; stock reaches all-time high of $390.29 on March 17.Positive▶
Amgen acquired Dark Blue Therapeutics in January 2026 and received European Commission approval for Uplizna for generalized myasthenia gravis in February. The company's 2025 revenue reached $36.75 billion (+9.95% YoY) with earnings of $7.71 billion (+88.53% YoY). Amgen stock hit all-time high of $390.29 on March 17 and gained 13.66% over four weeks. MariTide obesity drug remains a key growth driver.
Mar 31Amgen expanded oncology pipeline with Phase 1 AMG 436 trial; maintains dividend and clinical momentum.Positive▶
Amgen initiated Phase 1 AMG 436 study March 19. Declared $2.52 dividend. Acquired Dark Blue Therapeutics. Rocatinlimab trial completed. Repatha showed 31% reduction in cardiovascular events in diabetic patients.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| ABBVABBVIE | $207.05 | -2.02% | +2.2% | 13.1x | — | $373.8B |
| AMGNAMGEN | $330.27 | -4.62% | +1.1% | 14.8x | 0.47 | $186.7B |
| GILDGILEAD | $131.80 | +0.73% | -6.6% | 13.6x | 0.40 | $162.4B |
| VRTXVERTEX | $425.02 | -0.55% | -1.6% | 19.6x | 0.37 | $108.7B |
| REGNREGENERON | $702.19 | -0.69% | -7.3% | 13.0x | 0.40 | $74.1B |
| BIIBBIOGEN | $187.16 | -1.12% | +9.8% | 11.9x | 0.16 | $27.9B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price between 50d and 200d. Testing 50d support.