Analyst Salveen Richter of Goldman Sachs maintained a Buy rating on Amgen, retaining the price target of $415.00.
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Salveen Richter has given his Buy rating due to a combination of factors, including Amgen’s year‑to‑date share outperformance versus both the broader market and the biopharma sector, supported by expectations for ongoing positive earnings revisions after a strong fourth quarter. She highlights emerging long‑duration growth drivers such as Uplinza and Imdelltra, alongside the stock’s defensive profile given the relatively limited near‑term catalyst risks in 2024.
In addition, Richter points to solid commercial momentum across key franchises like Repatha, Evenity, Tezspire, Uplinza, and Imdelltra, where she sees potential upside versus current consensus expectations. She also underscores an attractive late‑stage pipeline (including MariTide and olpasiran), management’s disciplined but flexible approach to business development given substantial balance sheet capacity, and her above‑consensus 1Q revenue and EPS forecasts, which reinforce the case for multiple expansion and justify maintaining a $415 price target.
In another report released on April 24, Piper Sandler also reiterated a Buy rating on the stock with a $432.00 price target.