What is AMGN stock price target for 2026?

WallStSmart's 12-month price target for Amgen Inc is $352.30, representing 1.7% upside from the current price of $346.25.

What is AMGN stock forecast?

Amgen Inc forecast includes bull, base, and bear case scenarios from 2026 through 2030. Revenue and EPS projections are derived from analyst consensus and conservative extrapolation with growth deceleration for outer years.

Is AMGN undervalued based on price targets?

Our DCF intrinsic value for Amgen Inc is $318.30, against a current price of $346.25. The margin of safety is -8.78%.

AMGN

Amgen Inc

NASDAQ: AMGN · HEALTHCARE · DRUG MANUFACTURERS - GENERAL

$346.25

+2.43% today

Updated 2026-04-30

Market cap

$182.22B

P/E ratio

23.75

P/S ratio

4.96x

EPS (TTM)

$14.23

Dividend yield

2.80%

52W range

$253 – $391

Volume

2.6M

Market cap

$182.22B

P/E ratio

23.75

P/S ratio

4.96x

EPS (TTM)

$14.23

Dividend yield

2.80%

52W range

$253 – $391

Volume

2.6M

Amgen Inc (AMGN) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current

$346.25

Consensus

$346.95

+0.20%

2030 Target

$514.85

+48.69%

DCF

$318.30

-8.78% MoS

Current price

$346.25

Analyst consensus

$346.95

+0.20%

2030 Target

$514.85

+48.69%

Intrinsic (DCF)

$318.30

-8.78% MoS

19 analysts:

3 Buy14 Hold2 Sell

Management guidance

Amgen provided optimistic 2026 guidance with revenue expected to reach $38.59B (4.99% growth from 2025's $36.75B). Management highlighted portfolio momentum across key products including Repatha, EVENITY, TEZSPIRE, and MariTide, with expansion in cardiometabolic and obesity therapeutics driving growth despite biosimilar headwinds.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range

Bull case (2030)

$2,001.05

$46.9B Rev × 23x P/S

Base case (2030)

$514.85

$46.9B Rev × 17.5x P/S

Bear case (2030)

$1,044.02

$46.9B Rev × 12x P/S

Financial forecast — research-backed

Metric	2023	2024	2025	2026 (E)	2027 (E)	2028 (E)	2029 (E)	2030 (E)
Revenue	$28.2B	$33.4B	$36.7B	$38.6B	$39.5B	$41.2B	$43.8B	$46.9B
Revenue growth	—	18.6%	9.9%	5.0%	2.5%	4.2%	6.3%	7.1%
EPS	$18.65	$19.82	$21.85	$22.82	$23.73	$25.50	$27.08	$29.42
P/S ratio	—	—	—	12.0x	12.0x	12.0x	16.8x	17.5x
Implied price	—	—	—	$835.06	$869.85	$904.64	$455.14	$514.85

Catalysts & risks

Growth catalysts

+ Repatha label expansion in high-risk diabetes patients (recent positive data)

+ MariTide obesity/cardiometabolic program advancement and potential approvals

+ Oncology pipeline expansion via Zai Lab DLL3 combination therapy collaboration

+ TEZSPIRE continued market penetration in asthma/eosinophilic conditions

+ EVENITY continued adoption in osteoporosis management

Key risks

- Tavneos liver injury safety scrutiny from FDA (multiple cases reported, could impact market access)

- Biosimilar competition eroding revenue from mature products (Enbrel, Neulasta, Prolia)

- Trump administration drug pricing pressure and potential 100% tariff threats on branded drugs

- Patent cliff risk on key revenue contributors beyond 2027-2028

- GLP-1 market crowding with competitors (Novo Nordisk, Eli Lilly, Pfizer) gaining share

Methodology

Amgen Inc's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 19 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 6, 2026.