Published: December 3, 2025
Amgen Inc. (NASDAQ: AMGN) is closing out 2025 on a powerful upswing. As of the close on December 3, 2025, Amgen shares finished at $345.42, up about 2% on the day, and nudged higher in after-hours trading. [1] The move pushed the biotech giant to a fresh 52‑week high near $345.95, extending a year-to-date rally of roughly 35%–37% and a one‑year gain of more than 25%. [2]
Behind the rally is a cluster of catalysts: strong third‑quarter earnings, a deepening obesity drug story around MariTide, aggressive Phase 3 programs, analyst price‑target hikes, and rising institutional ownership. At the same time, Amgen’s valuation and looming patent expiries are forcing investors to ask whether the stock still has room to run.
Below is a detailed breakdown of today’s news (December 3, 2025), the latest forecasts, and the broader 2025–2026 outlook for Amgen stock.
Amgen (AMGN) Stock Price Today: Near Record Highs
- Last close (Dec. 3, 2025): $345.42
- After-hours quote: ~$345.79
- Daily move: +$7.06 (+2.09%)
- Intraday range: roughly $337.05–$346.34 [3]
- 52‑week high: about $345.95
- 52‑week low: ~$253.30 [4]
Over the past year, Amgen shares have:
- Risen ~25.5% on a one‑year basis
- Gained ~34%+ year‑to‑date, outpacing both the broader biotech sector and the S&P 500 [5]
Fundamentally, Amgen now trades at:
- Trailing P/E ~26x earnings, with a PEG ratio around 3.0
- Forward P/E ~16x, slightly below the large‑cap pharma/biotech average but above its own five‑year mean (~13.7x) [6]
- Beta ~0.45, making it a relatively low‑volatility large cap [7]
Technically, multiple services flag the stock as overbought, with Amgen trading well above its 50‑ and 200‑day moving averages and sporting a 14‑day RSI in the high‑60s to low‑70s. [8] That doesn’t mean a peak is in, but it does mean short‑term pullbacks would not be surprising.
What’s New on December 3, 2025? Key AMGN Headlines
1. Amgen Reaches New 12‑Month High; “Moderate Buy” Rating Holds
MarketBeat reported today that Amgen hit a new 52‑week high intraday around $346.38, reinforcing the stock’s strong momentum into year‑end. [9]
Key points from that coverage and related data:
- Amgen beat Q3 expectations, posting EPS of $5.64 vs. $5.01 consensus and revenue of $9.56 billion, up ~12% year‑on‑year. [10]
- Management raised full‑year 2025 guidance, now expecting revenue of $35.8–$36.6 billion and non‑GAAP EPS of $20.60–$21.40. [11]
- Wall Street’s view is still cautious despite the rally:
- Around 14–28 analysts collectively place Amgen at an average 12‑month target in the low‑to‑mid $300s (roughly $315–$335), with highs up to $381–$400 and lows near $272–$180, depending on the data provider. [12]
- The consensus recommendation sits between “Hold” and “Moderate Buy”.
In other words, today’s price is already above several consensus target ranges, which helps explain the mixed tone from analysts.
2. BMO Lifts Price Target to $372 on Higher MariTide Confidence
One of the biggest headlines today: BMO Capital raised its Amgen price target from $335 to $372, while reiterating an “Outperform” rating. [13]
BMO’s new call hinges heavily on obesity drug MariTide:
- BMO increased its probability of success estimate for MariTide from 55% to 70%, citing growing confidence in the asset. [14]
- The bank highlighted upcoming Part 2 Phase 2 data (expected in Q4 2025) as the key remaining clinical catalyst this year, with potential to push shares higher if the maintenance data look strong. [15]
- BMO also pointed to Amgen’s better‑than‑expected Q3 earnings and sector‑wide tailwinds from an improving macro backdrop. [16]
Recent target changes across the Street now include: [17]
- BMO Capital: $372 (Buy / Outperform) – Dec. 3, 2025
- Piper Sandler: $381 (Buy) – Nov. 14, 2025
- Goldman Sachs: $400 (Buy) – reaffirmed Nov. 25, 2025 [18]
- Truist: $318 (Hold) – Nov. 24, 2025
- Cantor Fitzgerald: $315 (Neutral/Hold) – Nov. 6, 2025
- Morgan Stanley: $329 (Equal‑weight/Hold) – Nov. 5, 2025
BMO’s move is a clear vote of confidence in the obesity story, even as the consensus remains more conservative.
3. Goldman Sachs Sticks with $400 Target Ahead of Obesity Data
A widely circulated piece from InsiderMonkey notes that Goldman Sachs recently reaffirmed a $400 price target and Buy rating on Amgen, placing the stock among its “Best Low Volatility Investments” for December 2025. [19]
Goldman’s thesis:
- Focuses heavily on MariTide, with two Phase 2 updates expected by year‑end – notably the maintenance data from Part 2 of the obesity study. [20]
- Emphasizes the drug’s strong weight‑loss data (up to ~20% average reduction in body weight in Phase 2) and potential for less frequent dosing (monthly) compared with weekly GLP‑1 competitors. [21]
- Highlights Amgen’s broader pipeline and low beta profile as attractive in volatile markets. [22]
This call effectively frames Amgen as both a growth and defensive name: a large‑cap dividend payer with exposure to one of the hottest themes in healthcare—obesity therapeutics.
4. Invesco Boosts Its Stake; Institutional Ownership Tops 76%
Another December 3 highlight: filings compiled by MarketBeat show that Invesco Ltd. increased its position in Amgen by 8.8% in Q2, purchasing 339,755 additional shares. [23]
After the move, Invesco now:
- Holds about 4.19 million Amgen shares,
- Controls roughly 0.78% of the company,
- With a stake valued at around $1.17 billion at the time of filing. [24]
The same data set indicates that institutions collectively own about 76.5% of Amgen’s float, underscoring strong “big money” conviction even at elevated prices. [25]
Other funds have also been adjusting their positions—some adding, others trimming after the run‑up—reinforcing the view that professional investors are actively fine‑tuning exposure rather than abandoning the name. TS2 Tech+1
5. Coverage Highlights Amgen’s 52‑Week High and Dividend Strength
Investing.com’s midday update emphasized that Amgen: [26]
- Set a new 52‑week high at $345.95,
- Has delivered ~25.5% 1‑year and ~34% year‑to‑date gains,
- Shows 10.56% revenue growth,
- And has raised its dividend for 15 consecutive years, currently yielding around 2.8% at recent prices.
From MarketBeat and Amgen’s own press releases:
- The quarterly dividend is $2.38 per share, or $9.52 annualized, with the Q4 2025 payout scheduled for December 12 to shareholders of record as of November 21. [27]
That combination of steady dividend growth, high institutional ownership, and robust earnings is central to the “quality large‑cap healthcare” narrative now driving flows into AMGN.
Fundamentals: Q3 2025 Earnings and Growth Drivers
Amgen’s latest rally began in early November, when the company beat Q3 2025 expectations and raised guidance.
Revenue and Earnings Beat
For Q3 2025, Amgen reported: [28]
- Revenue: $9.56 billion (vs. ~$8.98 billion consensus), +12.4% year‑on‑year
- GAAP EPS: significantly higher year‑over‑year
- Non‑GAAP EPS: $5.64, comfortably above the $5.01 Street estimate
The company also delivered:
- Operating cash flow of $4.7 billion,
- Free cash flow of $4.2 billion,
- Cash and equivalents of $9.4 billion and debt of $54.6 billion as of September 30, after retiring $6 billion of debt year‑to‑date. [29]
While that leverage is not trivial, strong cash generation and disciplined buybacks (none in Q3, with total repurchases capped at $500 million for 2025) indicate a balance‑sheet focus on debt reduction and reinvestment rather than aggressive financial engineering. [30]
Product Engines: Rare Disease, Biosimilars, and Cardio‑Metabolic
Amgen’s growth story is highly diversified across therapeutic areas:
- Rare disease portfolio
- Biosimilars
- Generated roughly $775 million in Q3 sales, up 52% year‑over‑year, driven by products like Pavblu (Eylea biosimilar) and Wezlana (Stelara biosimilar). [33]
- Across the first nine months of 2025, biosimilars produced about $2.2 billion in revenue, now annualizing near $3 billion, and have generated nearly $13 billion since their 2018 debut. [34]
- Cardiovascular and bone health
- Repatha sales are surging, supported by landmark VESALIUS‑CV trial data showing a 25% reduction in major cardiovascular events and a 36% reduction in heart attacks versus standard of care in high‑risk patients without prior heart attack or stroke. [35]
- Prolia/Xgeva, EVENITY and other bone health agents remain large revenue contributors, though they face upcoming loss of exclusivity (LOE) and competitive pressure. [36]
Overall, Amgen says 16 products delivered double‑digit sales growth in Q3, demonstrating how its post‑Horizon acquisition portfolio and biosimilars are offsetting declines in older drugs like Enbrel. [37]
Manufacturing Expansion
To support its growing portfolio, Amgen is investing $650 million in expanding its U.S. manufacturing network, a move expected to create hundreds of jobs and increase capacity for both innovative drugs and biosimilars. [38]
MariTide: The Obesity Bet at the Center of the Story
If Amgen is going to justify (or exceed) today’s valuation, MariTide – its experimental obesity drug – will almost certainly be a central part of that outcome.
Phase 2 Data: Up to ~20% Weight Loss
In June 2025, Amgen released Phase 2 results for once‑monthly MariTide (maridebart cafraglutide):
- In people with obesity without type 2 diabetes, MariTide delivered up to ~20% average weight loss at 52 weeks vs. ~2.6% with placebo.
- In those with type 2 diabetes, the drug produced up to ~17% average weight loss vs. ~1.4% with placebo, while also lowering HbA1c by up to 2.2 percentage points. [39]
- Importantly, weight loss had not plateaued at 52 weeks, suggesting potential for further reductions with longer treatment. [40]
An article in Applied Clinical Trials published today again spotlighted those data, framing MariTide as a once‑monthly obesity therapy candidate delivering up to 20% weight loss with sustained effects. [41]
However, mid‑stage trials also revealed gastrointestinal side effects and relatively high discontinuation rates, prompting Amgen to adopt a slower dose‑titration strategy going forward. [42]
Phase 3 MARITIME Program and 2025–2026 Catalysts
Amgen has now launched a broad Phase 3 program called MARITIME that extends MariTide beyond weight loss alone: [43]
- MARITIME‑1 & MARITIME‑2 – chronic weight‑management trials in adults with obesity or overweight without and with type 2 diabetes, respectively (both fully enrolled).
- MARITIME‑CV – cardiovascular outcomes study in patients with established atherosclerotic CV disease and obesity/overweight.
- MARITIME‑HF – outcomes trial in heart‑failure patients with obesity.
- MARITIME‑OSA‑1 & OSA‑2 – two Phase 3 studies in obstructive sleep apnea with obesity.
On top of those:
- Part 2 of the Phase 2 weight‑management study is ongoing, with data expected in Q4 2025, focusing on long‑term maintenance and safety.
- A separate Phase 2 diabetes study (with and without obesity) is also slated to read out in Q4 2025. [44]
Zacks notes that Amgen has already enrolled around 5,000 adults into its Phase 3 obesity program in roughly six months, underscoring the scale and urgency of its push into this category. [45]
Competitive Context: Crowded but Massive Market
Amgen’s obesity ambitions unfold against a backdrop of:
- Intense competition from Eli Lilly and Novo Nordisk, whose GLP‑1 drugs (like Zepbound and Wegovy) dominate early‑stage obesity treatment. [46]
- A broader “obesity arms race,” in which large pharmas are racing to show better efficacy, tolerability, and convenience (oral options, longer dosing intervals).
Amgen positions MariTide’s monthly (or potentially less frequent) dosing as a differentiator. Zacks and BioSpace both note that, if MariTide can deliver comparable or better weight loss with fewer injections and manageable side effects, it may be a meaningful competitor in a multi‑hundred‑billion‑dollar market. [47]
Still, earlier data “disappointed investors” relative to lofty expectations, and Phase 3 results will ultimately determine whether the current 70% PoS assumption (per BMO) proves conservative or optimistic. [48]
Analyst Sentiment, Forecasts and Valuation
Consensus Forecasts
Across major aggregators:
- Average 12‑month price target: roughly $315–$335, depending on dataset (StockAnalysis, MarketBeat, GuruFocus). [49]
- Implied move from today’s price (~$345): modest downside of ~3–9% based on those averages.
- High targets:$381–$400 (Piper Sandler, Goldman Sachs). [50]
- Low targets: around $272–$180, reflecting worries about patent expirations and pricing pressure. [51]
Zacks assigns Amgen an Average Brokerage Recommendation (ABR) of around 2.3 on a 1–5 scale, translating to a soft “Buy” / strong “Hold”, and rates the stock Rank #3 (Hold) in its own system. [52]
Why the Cautious Tone Despite the Rally?
Several recent analyses (including Zacks, TechStock² and Yahoo Finance) highlight a blend of optimism and caution: [53]
Bullish factors:
- Double‑digit revenue growth and rising guidance.
- Strong momentum across Repatha, TEZSPIRE, IMDELLTRA, biosimilars and rare disease assets. [54]
- A deep late‑stage pipeline, with MariTide, Repatha outcomes data, Olpasiran (Lp(a) lowering), IMDELLTRA, and multiple biosimilar launches in progress. [55]
Risk factors:
- Loss of exclusivity (LOE) for blockbuster bone drugs Prolia and Xgeva starting in 2025 in the U.S. and Europe; three biosimilar competitors have already launched, and sales erosion is expected. [56]
- Pricing pressure from U.S. policy changes, including:
- Medicare Part D redesign and the Inflation Reduction Act (IRA),
- 340B program dynamics,
- And the fact that Enbrel and Otezla are slated for Medicare price negotiations in 2026–2027. [57]
- Ongoing regulatory debate over biosimilar rules: Amgen’s CEO has publicly warned that over‑aggressive reforms could destabilize a biosimilars market that is, in his view, already working well. [58]
- Valuation stretch: AMGN trades above many analyst targets and above its own historical average multiple, even if still reasonable relative to peers. [59]
The upshot: analysts broadly like the business, but many feel much of the good news is already priced in.
Dividend, Balance Sheet and “Quality” Profile
For income‑oriented investors, Amgen continues to look like a high‑quality dividend growth stock:
- Quarterly dividend: $2.38 per share
- Annualized dividend: $9.52
- Forward dividend yield: ~2.7–2.9% at current prices [60]
- Dividend growth: raised for 15 consecutive years. [61]
With $4.2 billion in free cash flow last quarter and a long track record of shareholder returns, the dividend appears well covered, though the payout ratio (on a trailing GAAP basis) is in the 70%+ range, meaning that long‑term growth in the dividend will partly depend on continued earnings expansion. [62]
The balance sheet remains leveraged but manageable:
- Debt: ~$54.6 billion
- Cash: ~$9.4 billion
- Net debt: roughly mid‑$40 billion. [63]
Combined with a low beta and diversified revenue base, this explains why several commentators group Amgen among “quality” or “low volatility” stocks for investors seeking defensive growth. [64]
Key Risks for Amgen Stock Going Into 2026
Even fans of the stock acknowledge several material risks:
- Execution Risk on MariTide
A large portion of Amgen’s long‑term upside narrative now rests on successful obesity outcomes. Any disappointing Part 2 Phase 2 data, Phase 3 setbacks, or unexpected safety signals could hit the stock hard, given the elevated expectations. [65] - Patent and Pricing Headwinds
LOE for Prolia/Xgeva, Medicare price pressure on Enbrel and Otezla, and broader drug‑pricing reforms could erode margins and flatten revenue growth in legacy franchises. [66] - Regulatory Uncertainty in Biosimilars
U.S. efforts to streamline biosimilar approvals could be a double‑edged sword: beneficial for Amgen as a biosimilar producer but potentially damaging if the market becomes overly commoditized. [67] - Valuation and Technical Risk
With AMGN trading near all‑time highs, above many price targets, and in overbought territory, even a mild negative headline—or simply a shift in risk appetite—could trigger a sharp short‑term pullback. TS2 Tech+2Investing.com+2 - Macro and Sector Volatility
Healthcare stocks remain sensitive to policy headlines, election‑year rhetoric, and macro conditions. If risk‑off sentiment returns, high‑profile biopharma names can correct even without company‑specific bad news. TS2 Tech+1
Amgen (AMGN) Stock Outlook: Can the 2025 Rally Continue?
Putting the pieces together, here’s a high‑level scenario framework (not investment advice):
Bull Case
- MariTide delivers strong maintenance data in Q4 2025, confirming robust, durable weight loss with manageable side effects.
- Early Phase 3 updates and CV/OSA data support blockbuster potential, and the market starts to value Amgen as a major obesity player, not just a diversified pharma.
- Repatha, rare‑disease drugs, and biosimilars continue double‑digit growth, more than offsetting LOE and pricing headwinds. [68]
- Under this scenario, bullish targets in the $372–$400 range could be achievable over the next 12–24 months.
Base Case
- Amgen hits its 2025 guidance and delivers mid‑single‑digit to high‑single‑digit EPS growth into 2026.
- MariTide data are generally positive but not explosive, sustaining a strong obesity narrative without fundamentally re‑rating the stock.
- LOE and pricing pressures slow, but do not reverse, growth, leaving AMGN to trade around a mid‑teens forward P/E with modest total‑return potential (dividend plus low‑single‑digit price appreciation). [69]
Bear Case
- MariTide’s forthcoming data disappoint on efficacy, durability or safety, undermining the obesity story and forcing analysts to cut long‑term forecasts and probabilities of success.
- LOE for Prolia/Xgeva and Medicare price reforms bite harder than expected, compressing margins just as growth slows. [70]
- In that world, AMGN’s high‑teens to mid‑20s trailing multiple could compress toward or below its historical average, leaving the stock vulnerable to a 10–20%+ correction from current levels, even as the dividend offers some cushion. [71]
Which scenario plays out will depend heavily on data arriving over the next 6–18 months and how regulators, competitors and payers shape the environment.
What to Watch Next for AMGN
For investors and traders tracking Amgen, the next key checkpoints include:
- Q4 2025 MariTide data
- Part 2 Phase 2 chronic weight‑management results (maintenance phase).
- Phase 2 diabetes study readout. [72]
- Further details from the MARITIME Phase 3 program – timelines, interim analyses and any early safety/efficacy signals. [73]
- Q4 2025 earnings and 2026 guidance, likely in early 2026, where the Street will scrutinize:
- How quickly LOE and pricing changes are impacting revenue,
- Updated commentary on obesity, CV and rare‑disease growth. [74]
- Conference appearances, including today’s presentations at:
- Citi’s 2025 Global Healthcare Conference (Dec. 3, 1:45 p.m. ET),
- Evercore ISI HealthCONx Conference (Dec. 3, 10:00 a.m. ET),
where executives often offer nuanced pipeline and strategy commentary. [75]
- Regulatory and policy developments affecting biosimilars and Medicare pricing, especially after Amgen’s public remarks on maintaining a balanced biosimilar framework. [76]
Bottom Line
As of December 3, 2025, Amgen is:
- Trading at record highs after a powerful 2025 advance,
- Backed by strong earnings, robust cash flow, a growing dividend and a diversified product base,
- And increasingly valued as a serious contender in the global obesity‑treatment race thanks to MariTide.
Yet the stock also carries meaningful execution and policy risks and now trades above many Street price targets, making the risk‑reward more finely balanced than earlier in the year.
For investors, Amgen has become a classic “high‑quality but not cheap” large‑cap biotech: the next few quarters of trial data and policy developments are likely to determine whether today’s highs are a launching pad—or a plateau.
All figures and assessments above are based on public information available as of December 3, 2025 and may change as new data emerge. This article is for informational purposes only and does not constitute investment advice.
References
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