Amgen: Clinical Pipeline Momentum and Underappreciated Long-Term Growth Justify Buy Rating

Amgen, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Evan Seigerman from BMO Capital maintained a Buy rating on the stock and has a $372.00 price target.

Evan Seigerman has given his Buy rating due to a combination of factors tied to Amgen’s clinical progress and long-term growth prospects. He views the updated Phase 2 Part 2 data for MariTide as an important positive, as the drug maintained prior weight loss over a full year in most participants while showing a very low rate of nausea and vomiting and no new safety issues, supporting its potential in both induction and maintenance obesity treatment. He also sees substantial upside in Amgen’s cardiovascular pipeline, particularly olpasiran, where the combination of a large untreated population with elevated Lp(a) and the drug’s strong biomarker reduction and convenient quarterly dosing underpin a compelling best-in-class profile.

In addition, Seigerman points to multiple drivers that could support durable revenue expansion beyond 2026, including broader use of existing products like Repatha, Tezspire, and Evenity, as well as label expansions for Tezspire in COPD and eosinophilic esophagitis and for Imdelltra in first-line small cell lung cancer. He notes that Amgen’s rare disease portfolio, including Uplizna after its gMG approval, remains at an early stage with considerable room for growth. Coupled with management’s disciplined capital deployment toward both internal R&D and external innovation, underpinned by a solid balance sheet, he concludes that the market is undervaluing the earnings contribution from ongoing launches and the internal pipeline, justifying a Buy recommendation on the stock.

In another report released today, Scotiabank also maintained a Buy rating on the stock with a $385.00 price target.