Oppenheimer raises Amgen stock price target on growth drivers

AstraZeneca and Amgen's tezepelumab showed significant improvement in histologic remission and dysphagia symptoms for eosinophilic esophagitis patients at 24 and 52 weeks, outperforming placebo. The phase 3 study enrolled 365 participants, with both 210 mg and 420 mg doses showing sustained benefits. Tezepelumab was well tolerated, with similar adverse event rates to placebo.

AstraZeneca and Amgen's TEZSPIRE showed significant improvements in histologic remission and dysphagia symptoms in eosinophilic esophagitis patients at week 24, with sustained results through week 52. The trial, presented at UEGW 2026, reported 64.8% and 68.9% remission rates for 210mg and 420mg doses, respectively, vs. 3.5% for placebo. TEZSPIRE also reduced dysphagia symptoms and improved endoscopic features. The drug is approved for severe asthma and CRSwNP.

Amgen (AMGN) reported 10% revenue growth in Q2, with Tezspire sales up 42%. However, earnings per share rose just 4%, raising questions about earnings growth. The company's newer drugs, like Repatha and Imdelltra, drove growth, but older drugs face biosimilar competition. MariTide, an obesity drug, is a key focus for future earnings.

US stock index futures rose on Wednesday, with tech stocks expected to lead gains. SpaceX (SPCX) shares surged 8.8% after beating earnings estimates, while Super Micro Computer (SMCI) gained 12.2% on raised revenue outlook. Netflix (NFLX) fell 6.8% and AT&T (T) dropped 5% despite strong earnings. Investors await results from Tesla (TSLA), Meta (META), and IBM (IBM). Dow, S&P 500, and Nasdaq showed mixed performance on Tuesday.

Amgen and AstraZeneca reported positive Phase III trial results for Tezspire in treating eosinophilic oesophagitis (EoE). At week 52, 63.3–67.8% of patients achieved histologic remission, compared to 5.4% on placebo. The drug also reduced dysphagia symptoms and showed endoscopic remission in 29.5-34.4% of patients. Tezspire is already approved for severe asthma and chronic rhinosinusitis, and this new indication could expand its market potential.

Amgen and AstraZeneca reported positive Phase III trial results for Tezspire in treating eosinophilic oesophagitis, meeting primary endpoints. The study showed significant improvements in tissue remission and symptom reduction compared to placebo. Tezspire is already approved for severe asthma and chronic rhinosinusitis with nasal polyps in several regions. The companies plan to equally share costs and profits, with Amgen receiving a mid-single-digit royalty.