Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 31 Dec, 25 | AMGN | Buy | USD 328.69 | USD 345.0 | USD 365.0 | 35 days | Closed |
11.13%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout. It also markets other products, including Neulasta, MVASI, AMJEVITA/AMGEVITA, TEZSPIRE, Parsabiv, Aimovig, LUMAKRAS/LUMYKRAS, EPOGEN, KANJINTI, TAVNEOS, RAVICTI, UPLIZNA and PROCYSBI. The company serves healthcare providers, including physicians or their clinics, dialysis centers, hospitals, and pharmacies. It distributes its products through pharmaceutical wholesale distributors, as well as direct-to-consumer channels. The company has collaboration agreements with AstraZeneca plc for the development and commercialization of TEZSPIRE; Novartis Pharma AG to develop and commercialize Aimovig; UCB for the development and commercialization of EVENITY; Kyowa Kirin Co., Ltd. for rocatinlimab development and commercialization; and BeiGene, Ltd. for oncology products expansion and development. Amgen Inc. was incorporated in 1980 and is headquartered in Thousand Oaks, California.
Significant Growth in Key Growth Brands: Repatha® revenue increased from USD 567 million in Q3 FY2024 to USD 794 million in Q3 FY2025
Strong Revenue Expansion: Total revenue increased from USD 8.5 billion in Q3 FY2024 to USD 9.6 billion in Q3 FY2025
Higher Non-GAAP Operating Expenses: Total non-GAAP operating expenses increased from USD 4.46 billion in Q3 FY2024 to USD 5.25 billion in Q3 FY2025
Margin Compression Due to Higher Investment: Non-GAAP operating margin declined from 49.6% in Q3 FY2024 to 47.1% in Q3 FY2025
Amgen remains exposed to revenue and earnings volatility arising from biosimilar competition, evolving U.S. pricing regulations, and execution risk across multiple late-stage clinical programs, which could impact long-term growth visibility
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 328.69 | 290.0 | 345.0 | 365.0 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Revenue Momentum Backed by Broad-Based Volume Growth: Amgen delivered strong top-line performance in Q3 FY2025, with total revenues increasing 12% year-on-year to USD 9.6 billion, supported by 12% product sales growth driven largely by 14% volume expansion across the portfolio. Sixteen key brands achieved double-digit growth during the quarter, underlining resilient demand across therapeutic categories including cardiovascular, osteoporosis, rare disease and oncology. The company highlighted this performance as a reflection of strong patient uptake and commercial execution across geographies.
Financial Performance and Profitability: On a non-GAAP basis, Amgen reported net income of USD 3.1 billion, broadly stable versus the prior year, with non-GAAP EPS improving 1% to USD 5.64. Operating income increased modestly to USD 4.3 billion, although non-GAAP operating margin declined to 47.1% from 49.6%, reflecting higher R&D and SG&A investment alongside a higher effective tax rate. On a GAAP basis, EPS increased 14% year-on-year to USD 5.93, supported by strong revenue growth and moderated cost of sales.
Strong Cash Flow Generation and Balance Sheet Progress: The company generated USD 4.2 billion of free cash flow in Q3 FY2025, compared with USD 3.3 billion in Q3 FY2024, benefiting from working-capital timing and lower interest expense. Amgen continued deleveraging activity, retiring USD 1.6 billion of debt in the quarter and USD 6.0 billion year-to-date, resulting in debt outstanding of USD 54.6 billion as of September 30, 2025. Cash and equivalents stood at USD 9.4 billion at quarter-end, while the quarterly dividend payment increased 6% year-on-year to USD 2.38 per share.
Commercial Execution Across Core Growth Drivers: The General Medicine franchise remained a key earnings contributor, with Repatha® up 40% year-on-year to USD 794 million, reflecting significant volume expansion, while EVENITY® increased 36% to USD 541 million. Prolia® delivered 9% growth to USD 1.1 billion, driven by favourable sales-deduction adjustments. Rare Disease therapies also delivered strong momentum, with UPLIZNA® up 46% and TAVNEOS® up 34%, while the Inflammation portfolio benefited from 40% growth in TEZSPIRE® and continued resilience in Otezla®. Oncology remained diversified, led by BLINCYTO® growth of 20%, supported by increased treatment adoption.
Advancing Clinical Pipeline to Sustain Long-Term Growth: Amgen continued to invest in its innovation pipeline, particularly in metabolic and cardiovascular disease, rare disease and immunology. R&D expenditure increased 31% year-on-year, driven by advancement of Phase 3 MariTide obesity studies and ongoing cardiovascular outcomes programs for Repatha® and olpasiran. Regulatory progress continued, including expanded indications for TEZSPIRE® and new data readouts expected in late 2025, reinforcing the company’s intent to drive durable innovation-led growth.
Disciplined Expense and Capital Allocation Framework: Management reaffirmed focus on cost discipline and capital deployment balance. Operating expenses rose broadly in line with investment priorities, while guidance for full-year 2025 revenues was raised to USD 35.8–USD 36.6 billion, alongside non-GAAP EPS guidance of USD 20.60–USD 21.40. Amgen reiterated its commitment to dividend growth and selective share repurchases, supported by strong cash generation and ongoing deleveraging.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on Amgen Inc (NASDAQ: AMGN) at the closing market price of USD 328.69, as on Dec 30, 2025.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Healthcare Industry: Drug Manufacturers - General
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| AMGN Amgen Inc |
-4.06 1.19% | 337.60 | 43.70 | 13.77 | 5.08 | 22.99 | 6.99 | 13.31 |
| LLY Eli Lilly and Company |
-13.43 1.21% | 1098.57 | 78.14 | 31.95 | 16.34 | 45.83 | 16.65 | 54.36 |
| JNJ Johnson & Johnson |
-5.81 2.48% | 228.39 | 29.17 | 14.33 | 3.74 | 5.18 | 3.80 | 15.22 |
| ABBV AbbVie Inc |
-4.74 2.14% | 216.49 | 86.32 | 14.33 | 5.89 | 50.46 | 7.04 | 24.44 |
| AZN AstraZeneca PLC |
-2.96 1.66% | 174.93 | 30.69 | 19.23 | 5.30 | 6.45 | 5.72 | 17.23 |
Data Powered by EOD Historical Data (“EODHD”).
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Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on December 31, 2025. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
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Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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