Published: December 2, 2025 – For informational purposes only, not investment advice.
Key Takeaways
Amgen stock is trading around $338.67, slightly higher on the day and still near 52‑week highs after a strong run in 2025.
Q3 2025 results beat expectations, with revenue up 12% to $9.6 billion and non‑GAAP EPS comfortably ahead of consensus, prompting a guidance raise for full‑year 2025.
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Today, December 2, 2025, brought multiple fresh headlines: several institutional investors trimmed AMGN positions, while technical analysts flagged a short‑term bullish setup with support near $330 and resistance around $355.
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Pipeline catalysts are accelerating:
Once‑monthly obesity drug MariTide showed double‑digit weight loss in Phase 2 and is now in large Phase 3 MARITIME trials.
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Repatha cut first major cardiovascular events by 25% in the landmark VESALIUS‑CV study.
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Imdelltra (tarlatamab) just received full FDA approval in extensive‑stage small‑cell lung cancer, with a 40% reduction in risk of death versus chemotherapy.
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Wall Street is positive but cautious: consensus rating is Hold, with most 12‑month price targets clustered around the low‑to‑mid $300s and a mix of Buy, Hold and a few bearish calls.
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- Amgen (AMGN) Stock on December 2, 2025
As of the latest trade on December 2, 2025, Amgen Inc. (NASDAQ: AMGN) is changing hands at $338.67, up about 0.35% on the day. The stock has traded between $336.40 and $342.51 intraday, with volume around 1.56 million shares, roughly in line with normal trading activity.
According to recent coverage from Zacks, AMGN is up roughly 30%+ year to date, outperforming both its biotech peer group and the broader market, and has gained around the mid‑teens percentage just in the past month.
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Today’s modest bounce comes after some profit‑taking following the Q3 earnings pop: traders are re‑assessing how much of Amgen’s obesity and cardiovascular upside is already priced into the shares.
- Fresh December 2, 2025 News: Institutions Trim, Technicians Turn Bullish
2.1 Institutional investors shuffle their AMGN exposure
Several new 13F‑based headlines hit the tape on December 2, 2025, all from MarketBeat’s automated alerts:
M&T Bank Corp cut its Amgen position by 21% in Q2, selling 61,385 shares and finishing the quarter with 231,486 shares worth about $64.6 million.
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OMERS Administration Corp – a major Canadian pension investor – trimmed its stake by 35%, ending Q2 with 20,977 shares valued around $5.9 million.
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Beacon Pointe Advisors LLC reduced its holding by 5.1% to 87,981 shares, valued at approximately $24.6 million.
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Fisher Asset Management LLC lowered its Amgen stake by 6.4% to 409,821 shares, worth roughly $114.4 million and representing about 0.08% of the company.
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These moves reflect Q2 portfolio adjustments rather than real‑time December selling, but they’re being reported to the market today and are part of the current narrative. Despite these trims, broader data from the same filings show institutions own roughly three‑quarters or more of Amgen’s shares, with heavyweights like Vanguard, Geode, and Charles Schwab actually increasing positions, and Norway’s sovereign wealth fund (Norges Bank) opening a position of about $1.66 billion.
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On the insider front, filings show Amgen executives have sold around 10,908 shares over the last 90 days, worth roughly $3.7 million, with insiders still holding under 1% of the stock.
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2.2 Short‑term technical forecast: support at $330, target $355
Technical analysis site Economies.com published a same‑day note titled “Amgen price tries to gather positive momentum – Forecast today – 02‑12‑2025.” The report highlights:
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AMGN pulled back intraday but remains above its previous 50‑day simple moving average,
The stock is still trading within a short‑term ascending trend, hugging a rising secondary trendline,
RSI indicators are beginning to turn positive after cooling off.
On that basis, Economies.com labels today’s outlook as “Bullish”, expecting:
Upside target: near‑term resistance around $355,
Key support: roughly $330.35 – a level bulls will want to see hold.
For traders, that sketches out a short‑term risk/reward band of about ‑2–3% downside versus ~5% potential upside from current levels, though of course technical views can change quickly with new data.
- Q3 2025 Earnings Recap: Why Fundamentals Still Matter
Amgen’s strong share‑price performance in 2025 is rooted in fundamental improvement, not just hype around obesity drugs.
3.1 Headline numbers
For Q3 2025, Amgen reported:
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Total revenue: $9.6 billion, up 12% year over year
Product sales: up 12%, driven by 14% volume growth despite lower net prices
GAAP EPS: $5.93, up 14% from $5.22 a year ago
Non‑GAAP metrics:
Non‑GAAP operating margin around 47%
Free cash flow: roughly $4.2 billion, up from $3.3 billion in Q3 2024
Management also raised full‑year 2025 guidance, now expecting:
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Revenue: $35.8–36.6 billion
Non‑GAAP EPS: $20.60–21.40
Those upgrades signal confidence that volume growth in newer, higher‑value drugs can more than offset pricing pressure and biosimilar erosion in older franchises.
3.2 Product highlights and pressure points
The detailed breakdown from Amgen’s Q3 release and subsequent earnings analysis paints a picture of broad‑based growth with a few notable headwinds:
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Cardiometabolic & bone health
Repatha (cholesterol) sales grew about 40% year over year to $794 million.
Evenity (osteoporosis) rose 36% to $541 million.
Prolia (denosumab) increased 9% to about $1.1 billion, but Amgen explicitly warns of coming biosimilar‑driven erosion now that rivals have launched in the U.S.
Rare disease & Horizon acquisition
Newly acquired rare‑disease drugs like Tepezza, Krystexxa and Uplizna helped drive rare‑disease revenue up around 13% year over year to $1.4 billion, now annualizing above $5 billion.
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Inflammation
Tezspire and Tavneos posted strong double‑digit growth.
Legacy immunology workhorse Enbrel saw sales fall 30%, hurt by price pressure from Medicare Part D redesign and the U.S. 340B program.
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Oncology & biosimilars
Blincyto and Kyprolis remain important oncology pillars; Imdelltra is emerging quickly (more on that below).
Biosimilars like Wezlana, Pavblu and others generated about $2.2 billion in the first nine months of 2025 and are now running at roughly $3 billion annualized.
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In Zacks’ post‑earnings verdict, Amgen’s revenue for the first nine months of 2025 grew 10.5%, with 14 products now annualizing above $1 billion in sales – a key sign that the portfolio is diversified and not overly dependent on any single blockbuster.
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- Big Growth Bets: Obesity, Cardiovascular Disease and Oncology
For long‑term shareholders, Amgen’s thesis increasingly revolves around three powerful themes: obesity, cardiovascular disease prevention, and oncology innovation.
4.1 MariTide: A once‑monthly obesity shot with big expectations
Amgen’s obesity candidate MariTide (maridebart cafraglutide) is at the center of the AMGN bull case.
A Phase 2 trial published in the New England Journal of Medicine in 2025 showed that once‑monthly MariTide delivered substantial weight loss versus placebo over 52 weeks:
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In people with obesity without diabetes, average weight loss was about 12–16% of baseline weight (treatment‑policy analysis), vs roughly 2–3% with placebo.
In patients with both obesity and type 2 diabetes, weight loss averaged around 8–12%, also significantly outperforming placebo.
HbA1c (a key diabetes marker) fell by about 1.2–1.6 percentage points on MariTide vs about 0.1 percentage points with placebo.
A separate industry analysis summarizing the Phase 2 data puts peak weight loss at up to ~20% in some cohorts and up to ~17% in patients with diabetes, albeit with gastrointestinal side effects and discontinuation rates that rise at higher doses.
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Key differentiators:
Monthly dosing (and possibly even less frequent), versus weekly shots like semaglutide (Wegovy) and tirzepatide (Zepbound).
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A bispecific mechanism that combines GLP‑1 receptor agonism with antagonism of the GIP receptor, designed to promote durable weight loss and limit rebound.
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Amgen has already launched a large Phase 3 program called MARITIME, including pivotal 72‑week trials MARITIME‑1 (obesity) and MARITIME‑2 (obesity with type 2 diabetes), plus additional studies in cardiovascular disease, heart failure and obstructive sleep apnea.
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If Phase 3 results are strong, MariTide could capture a meaningful slice of a GLP‑1 obesity market projected to grow from roughly $48.3 billion in 2024 to more than $120 billion by 2034, according to industry estimates.
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However, competition is fierce: Novo Nordisk and Eli Lilly currently dominate, and payers will demand clear evidence of differentiated efficacy, safety, dosing convenience and cost‑effectiveness before granting broad coverage.
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4.2 Repatha: Landmark primary‑prevention data in VESALIUS‑CV
On November 8, 2025, Amgen announced detailed results from the Phase 3 VESALIUS‑CV trial, which tested Repatha (evolocumab) in more than 12,000 high‑risk adults without prior heart attack or stroke. Key findings:
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25% reduction in first major adverse cardiovascular events (3‑point MACE: coronary heart‑disease death, heart attack or ischemic stroke).
36% reduction in heart attacks and 19% reduction in a broader 4‑point MACE composite.
Median achieved LDL‑C of 45 mg/dL on Repatha vs 109 mg/dL on placebo.
No new safety signals; tolerability consistent with the existing label.
Repatha is already approved and has been used by more than 6.7 million patients globally, and the FDA earlier in 2025 broadened its label to include more adults at elevated risk.
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For investors, these data strengthen the view that PCSK9 inhibitors are under‑penetrated in cardiovascular prevention – and that Amgen has a long runway as guidelines and reimbursement catch up to clinical evidence.
4.3 Imdelltra: A new standard of care in small‑cell lung cancer
On November 19, 2025, the FDA granted full approval to Imdelltra (tarlatamab) for adults with extensive‑stage small‑cell lung cancer (ES‑SCLC) whose disease has progressed after platinum‑based chemotherapy, converting its prior accelerated approval.
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The decision was based on the DeLLphi‑304 Phase 3 trial, which showed:
40% reduction in risk of death vs standard chemotherapy (hazard ratio 0.60)
Median overall survival: 13.6 months on Imdelltra vs 8.3 months on chemo
Fewer Grade ≥3 adverse events with Imdelltra (54%) than with chemotherapy (80%), with cytokine release syndrome largely low grade and manageable.
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The NCCN guidelines have been updated to list tarlatamab as the only Category 1 preferred option in this second‑line ES‑SCLC setting, effectively positioning Imdelltra as standard of care.
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Beyond this indication, Amgen is running a sprawling DeLLphi program testing Imdelltra in earlier lines of therapy and in combinations, which could significantly expand its commercial potential over time.
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- Dividends, Valuation and Analyst Forecasts
5.1 Dividend profile
Amgen remains a dividend‑growth story on top of its growth pipeline:
In Q3 2025, the company paid a $2.38 per share quarterly dividend, a 6% increase versus the prior year’s payout, implying an annualized $9.52 in dividends.
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At today’s share price around $338–339, that works out to a dividend yield in the high‑2% range, based on recent yield estimates near 2.7–2.8%.
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With robust free cash flow and a commitment to shareholder returns, Amgen has room to keep growing the dividend while investing heavily in R&D.
5.2 Valuation snapshot
Zacks’ latest valuation work notes that Amgen currently trades at around 16× forward earnings, compared with roughly 17× for the broader industry, but above its own 5‑year average multiple of about 13.7×.
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Earnings expectations have edged higher over the past month:
2025 EPS consensus up from $21.08 to $21.28
2026 EPS consensus up from $21.43 to $21.66
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On that basis, Amgen screens as reasonably valued rather than “cheap”, with investors paying a small premium to its history for a more diversified, pipeline‑rich company.
5.3 Wall Street analyst ratings and price targets
Across traditional equity research houses:
MarketBeat tracks 21 analysts with an average 12‑month price target of $333.74, implying modest downside of around 1–2% from current levels. The range runs from $272 on the low end to $400 at the high end; the consensus rating is “Hold.”
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StockAnalysis, which aggregates another set of analysts, finds a similar story: 13 analysts with an average target around $313.31 (roughly 7% downside), also with a Hold consensus.
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Within that average, there’s a wide spread of opinions:
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Bullish calls:
DZ Bank and HSBC have targets in the mid‑$360s to $380s, with positive ratings.
Daiwa Capital Markets lifted its target to around $370 with an Outperform view.
More cautious views:
UBS nudged its target down to about $317 with a Neutral rating.
Bank of America sits on the bearish side with an “Underperform” and a target in the $270s.
Zacks currently assigns Amgen a Rank #3 (Hold) and explicitly suggests existing shareholders may want to “stay invested” given solid fundamentals, rising estimates and a reasonable valuation, but stops short of calling it a must‑buy at current levels.
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5.4 Quant and algorithmic forecasts (handle with care)
Several quantitative and algorithmic services are also publishing AMGN forecasts as of early December:
MarketBeat’s forecast page reiterates the ~$334 consensus target and “Hold” view, similar to its ratings summary.
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CoinCodex models AMGN trading between about $337–380 in 2025, and projects a long‑term band of roughly $433–620 by 2030, even suggesting the stock could hit $500 around 2028 and $1,000+ in the 2030s under its algorithmic assumptions.
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These kinds of model‑driven forecasts can be useful for scenario‑building, but they rely heavily on historical patterns and assumptions that may not hold if clinical data or regulation shifts. They should be viewed as speculative tools, not guarantees.
- Key Risks: What Could Go Wrong?
Even with strong earnings and a loaded pipeline, Amgen faces several material risks that today’s bullish sentiment sometimes glosses over:
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Loss of exclusivity (LOE) and biosimilar competition
Patents for Prolia and Xgeva (denosumab) in the U.S. expired in early 2025, and multiple biosimilars have already launched — Amgen itself expects notable erosion in these franchises from Q4 2025 onward.
Biosimilar competition is also intensifying in other legacy products like Enbrel.
U.S. pricing headwinds and the Inflation Reduction Act
The Medicare Part D redesign, the Inflation Reduction Act’s price‑negotiation provisions, and the 340B program are pressuring net prices, particularly for Enbrel and Otezla, which have been selected for future Medicare price setting.
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Pipeline execution risk
MariTide’s Phase 3 results are still ahead. While Phase 2 data are promising, efficacy, tolerability, long‑term safety and real‑world adherence in large, diverse populations will determine commercial success.
Imdelltra and Repatha must deliver sustained real‑world uptake to justify high expectations, especially as payers scrutinize oncology and cardiovascular drug spending.
Regulatory and competitive uncertainty
GLP‑1 competitors are racing ahead with next‑generation and oral formulations; oncology competitors are constantly evolving; and policy shifts on drug pricing could hit margins.
Valuation risk after a strong run
With AMGN trading above its 5‑year average multiple and up strongly year to date, any disappointment in obesity, cardiovascular outcomes or guidance could trigger volatility, as seen in other high‑expectation biotech names.
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- What to Watch Next
Looking beyond today’s headlines, several near‑term catalysts are on the calendar:
Citi 2025 Global Healthcare Conference – December 3, 2025
Amgen’s CFO Peter Griffith and R&D chief Jay Bradner will present tomorrow at 1:45 p.m. ET. The webcast will be available on Amgen’s investor relations site and could include updated commentary on the obesity program, Repatha uptake, Imdelltra launch metrics and capital allocation.
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Further MariTide Phase 3 updates
Investors will be watching recruitment completion and any interim updates from the MARITIME program, as well as detailed safety analyses beyond the Phase 2 data already released.
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Repatha label and guideline evolution
The VESALIUS‑CV data are likely to ripple into future cardiovascular and diabetes guidelines. The pace at which clinicians adopt more aggressive LDL‑lowering strategies will be key for Repatha’s growth trajectory.
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Imdelltra launch metrics
With full approval and NCCN Category 1 status now secured, attention turns to how quickly community oncologists embrace Imdelltra, and whether Amgen can expand the label into earlier‑line settings.
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- Is Amgen Stock a Buy Now?
From a news and analysis standpoint as of December 2, 2025:
Fundamentals are solid: double‑digit revenue and EPS growth, rising guidance, robust cash generation and a growing dividend.
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The pipeline is unusually deep, with credible shots at leadership in obesity (MariTide), cardiovascular prevention (Repatha), and small‑cell lung cancer (Imdelltra).
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Valuation sits in a middle lane: not obviously cheap, not obviously over‑stretched, with consensus targets suggesting Amgen might be fairly valued to slightly rich at today’s price.
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Most professional analysts, including Zacks and the MarketBeat aggregate, lean toward a “Hold” stance: they recognize Amgen’s long‑term strengths but also see near‑term uncertainties around pricing and pipeline execution that could cap upside after the recent rally.
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If you’re evaluating Amgen stock, it’s crucial to consider:
Your time horizon (multi‑year vs short‑term trade),
Your risk tolerance for clinical and regulatory surprises,
How much exposure you already have to large‑cap biopharma and GLP‑1‑driven themes.
This article is not personalized financial advice. Before buying or selling any stock, including Amgen, you should do your own research and, ideally, consult a qualified financial advisor who understands your specific situation.
