Truist raises Amgen stock price target on earnings beat

Amgen (AMGN) is advancing its GLP-1 drug candidate, MariTide, with a new Phase 3 study for autoinjector use, aiming for a 2027 completion. The company expects pivotal Phase 3 data next year, with dosing frequency and tolerability as key focus areas. Amgen plans $2.6B in capital expenditures this year, partly for MariTide manufacturing. Q3 revenues rose 8% to $10.4B, with strong performance from key brands.

Cantor Fitzgerald raised Amgen's (AMGN) price target to $465 from $440, citing strong Q3 results. The stock trades near its 52-week high. Amgen beat revenue estimates by $311M and raised full-year guidance. Analysts note mixed product performance and positive momentum. Other analysts also raised price targets, with TD Cowen at $531 and Truist at $398.

TD Cowen raised its price target on Amgen (AMGN) to $531 from $452, citing strong Q3 2026 results and growth prospects. The stock trades near its 52-week high. Amgen's revenue and EPS guidance were increased, driven by products like Uplizna and Imdelltra. Multiple analysts revised earnings upwards, though the stock is slightly overvalued according to InvestingPro.

RBC Capital raised Amgen's (AMGN) price target to $470, citing strong Q3 earnings. Revenue was $10.37B, beating estimates. Amgen raised full-year revenue and EPS guidance. Analysts revised earnings upwards, with 8 raising targets. AMGN stock is up 40% YTD.

Amgen (AMGN) reported Q3 2026 earnings of $6.45 per share, beating estimates. Revenue rose 8% to $10.37B, also surpassing expectations. Key drugs like Repatha and Evenity saw strong growth, while Prolia and Xgeva declined due to biosimilar competition. Amgen raised its full-year guidance, but shares fell 2% after-hours.

Amgen reported Q3 2026 revenue of $10.37B, up 8% YoY, beating estimates. Non-GAAP EPS rose 14% to $6.45, while GAAP EPS increased 19% to $7.08. The company attributed growth to Repatha and Imdelltra, offsetting a biosimilar impact on Prolia.