Limited Near-Term Growth and Patent Headwinds Drive Underperform Rating on Amgen

Analyst Tazeen Ahmad of Bank of America Securities reiterated a Sell rating on Amgen, retaining the price target of $304.00.

Tazeen Ahmad has given his Sell rating due to a combination of factors that, in her view, limit Amgen’s risk‑reward profile at the current share price. She sees only modest near‑term growth, with first‑quarter revenue and earnings expected to be flat to slightly down year over year, and notes typical seasonal and inventory headwinds that cap upside.

Ahmad also emphasizes structural pressures, including significant long‑term exposure to patent expirations on key drugs and what she considers an overly optimistic market view on pipeline assets such as MariTide and olpasiran. While she acknowledges potential upside from stronger‑than‑expected launches like Uplizna and better commercial execution, her price objective sits well below the current stock price, leading her to maintain an Underperform stance.

Ahmad covers the Healthcare sector, focusing on stocks such as Regeneron, Gilead Sciences, and Vertex Pharmaceuticals. According to TipRanks, Ahmad has an average return of 2.5% and a 51.77% success rate on recommended stocks.