TD Cowen on Wednesday increased its price target for Amgen Inc. (NASDAQ:AMGN) to $420.00 from $389.00 while leaving its rating on the biotech stock at Buy. The research firm grounded its move in the company’s recent quarterly performance and forward-looking guidance.
According to TD Cowen, Amgen’s fourth-quarter revenue and earnings per share came in ahead of expectations. The firm highlighted Amgen’s fiscal year 2026 guidance as a counter to market worries about loss of exclusivity for key products, and cited volume-driven expansion across 14 blockbuster drugs within the company’s portfolio.
TD Cowen described Amgen’s pipeline as "underappreciated," naming specific programs it views as contributors to sustained earnings power. The analyst note lists MariTide, dazodalibep, xaluritamig, and olpasiran as pipeline assets that bolster expectations for durable earnings per share through 2033.
The research firm also identified several catalysts that could influence Amgen’s trajectory in fiscal year 2025. Those potential events include regulatory or commercial developments for Tezspire in eosinophilic esophagitis anticipated in the second half of 2026, Phase 3 readouts for dazodalibep in Sjögren’s disease, and possible updates on MariTide.
In its analysis of company guidance, TD Cowen noted Amgen’s fiscal year 2026 outlook projects revenue in a range between $37.0 billion and $38.4 billion, with earnings per share expected to fall between $21.60 and $23.00.
Separately, Amgen reported robust financial results for the fourth quarter of 2025. The company delivered an EPS of $5.29, topping the forecast of $4.73. The beat was attributed in the company’s reporting to strong product performance and promising developments within its pipeline.
Despite the stronger-than-expected quarterly results, Amgen’s stock slipped slightly in aftermarket trading. The company’s earnings call emphasized its financial condition and strategic initiatives, with discussion of operational approaches and outlook that the firm said reflect ongoing efforts to sustain performance. The earnings call also underscored management’s focus on the product pipeline.
Investors and market participants will likely watch the named pipeline programs and the items TD Cowen identified as catalysts, as well as how actual product volumes and upcoming readouts track against the firm’s expectations and Amgen’s fiscal 2026 guidance.
Notable facts from TD Cowen and Amgen:
- TD Cowen raised its Amgen price target to $420.00 from $389.00 and maintained a Buy rating.
- The firm cited better-than-expected Q4 revenue and EPS, and fiscal 2026 guidance that addresses exclusivity concerns.
- TD Cowen highlighted volume-led growth across 14 blockbuster drugs and listed MariTide, dazodalibep, xaluritamig, and olpasiran as key pipeline contributors to durable EPS through 2033.
- Potential catalysts noted include Tezspire for eosinophilic esophagitis in the second half of 2026, Phase 3 dazodalibep readouts in Sjögren’s disease, and possible updates on MariTide.
- Amgen’s FY2026 guidance projects revenue of $37.0 billion to $38.4 billion and EPS of $21.60 to $23.00.
- Amgen reported Q4 2025 EPS of $5.29 versus a forecast of $4.73; the stock dipped modestly in aftermarket trading.