Amgen Inc. (NASDAQ: AMGN) heads into the Christmas-shortened trading week with a fresh wave of policy headlines, a newly expanded FDA label win in rare disease, and a market still laser-focused on what comes next for its obesity pipeline. Shares last traded around $327.38, following a session that ranged roughly between $323 and $331—levels that now matter even more in holiday-thinned liquidity.
This coming week is also structurally different for U.S. equities: the NYSE closes early at 1:00 p.m. ET on Wednesday, Dec. 24, 2025 and is closed on Thursday, Dec. 25, 2025. That reduced time window can amplify single headlines (and single large orders) into outsized moves—especially for widely held Dow components like Amgen. [1]
Below is the week-ahead setup for Amgen stock as of Sunday, Dec. 21, 2025, including the biggest current headlines, the latest analyst calls, and the near-term catalysts traders and long-term investors are likely to price in over the final days of 2025.
AMGN stock right now: where Amgen enters the holiday week
AMGN’s most recent print near $327 keeps the stock within striking distance of its recent highs, but also highlights how quickly sentiment can swing on policy and pipeline.
Two important context points for the week ahead:
- Shorter trading week = lower liquidity. With the Dec. 24 early close and Dec. 25 full close, price discovery can get “gappy” if a surprise update hits. [2]
- Amgen is a Dow heavyweight. It has recently been cited as a meaningful contributor to Dow moves on strong days—an extra reason it can see outsized flows around year-end positioning. [3]
The headline driver: the Trump administration’s new drug-pricing deals
The dominant near-term narrative for large-cap pharma—Amgen included—is the U.S. government’s latest round of drug-pricing agreements announced on Dec. 19, 2025.
Reuters reported that the administration struck deals with nine pharmaceutical companies, and that shares of most companies involved rose about 1% to 3%, as investors weighed the trade-off: price reductions vs. tariff relief and reduced policy uncertainty. [4]
Why this matters for AMGN in the coming week
For Amgen specifically, there are two separate but connected investor questions likely to shape trading:
- How material are the net pricing concessions?
Headlines can sound dramatic (“up to 70% off list prices”), but markets often react to what actually changes in net price after rebates and discounts. Reuters noted that investors appeared to downplay the economic hit in early reaction. [5] - Does the deal de-risk tariffs and manufacturing policy?
That element matters for 2026 modeling and for sentiment toward the whole group—especially if more details emerge through the launch of the administration’s TrumpRx initiative referenced by Reuters. [6]
MarketWatch similarly described the agreements as including Medicaid and Medicare price reductions and strategic reserve contributions, paired with three years of tariff relief tied to onshoring manufacturing. [7]
Amgen’s own response: direct-to-patient discounts, tariff relief, and “Most Favored Nation” language
Amgen responded to the policy moment with a company-issued statement (PRNewswire) on Dec. 19, 2025, framing its participation as action “again” to lower costs and reaffirm investment in innovation and U.S. manufacturing. [8]
Key items investors may reprice quickly if there’s follow-through news next week:
- Amgen said it will expand its direct-to-patient AmgenNow program to include Aimovig and Amjevita, with both offered at a $299 monthly price (discounted versus list). [9]
- It reiterated its previously announced direct-to-consumer price for Repatha at $239 per month, positioning it as meaningfully below list price. [10]
- Amgen stated it expects relief from industry-specific tariffs for the next three years, and it cited additional U.S. manufacturing investments (including expansions in Ohio and North Carolina). [11]
Week-ahead watch: Any incremental clarity—especially around which products, which channels (cash pay vs. insured), and how widely accessible the program becomes—can influence AMGN’s near-term tape because it directly touches the “policy risk” narrative.
Fresh FDA news: UPLIZNA approval adds another commercial lever
On Dec. 11, 2025, Amgen announced that the FDA approved UPLIZNA (inebilizumab-cdon) for generalized myasthenia gravis in certain antibody-positive adults (AChR and MuSK). [12]
Even though approvals don’t always move mega-cap pharma overnight, this kind of news can matter into year-end because it:
- reinforces the “multiple shots on goal” story around Amgen’s broader portfolio, and
- can affect 2026 revenue narratives and investor confidence in execution, depending on how quickly payers and physicians adopt.
Week-ahead angle: Don’t expect major weekly volume from this single approval by itself, but it can be supportive on down days—especially if policy headlines pressure the broader sector.
What Wall Street is saying: latest AMGN price targets and ratings
Analyst action in December shows a split but active Street, with some firms trimming targets while others lift them—often tied to policy risk, pipeline timing, and MariTide expectations.
Morgan Stanley: target cut, rating held
Morgan Stanley lowered its price target to $304 from $329 while maintaining an Equal Weight rating, according to TheFly coverage. [13]
Interpretation for the week ahead: This kind of note typically doesn’t cause a one-day shock in a name like Amgen, but it can cap upside if traders see it as a “ceiling” in the near term—especially during thin holiday trading.
Wells Fargo: target raised, Equal Weight maintained
A MarketBeat report said Wells Fargo raised its target to $325 from $300 while keeping an Equal Weight stance, and it referenced a broader “moderate buy” consensus framing in the street mix. [14]
BMO Capital: more bullish, target raised
Investing.com reported BMO lifted its target to $372 from $335. [15]
Separate coverage (TheFly via TipRanks) tied the bullishness to the view that MariTide Phase 2 Part 2 data could be a key remaining clinical update for Amgen in 2025. [16]
What the “consensus” implies right now
Depending on the dataset and count, consensus targets cluster in the low-to-mid $330s. For example, MarketBeat lists an average target around $332.85. [17]
Week-ahead takeaway: With AMGN trading near $327, “consensus” implies modest upside on average—but the spread between cautious and bullish targets remains wide, which is exactly the kind of setup where one headline (policy detail, pipeline update) can reset the narrative quickly.
The catalyst investors still care most about: MariTide data timing
Amgen’s obesity program remains a major “optional” driver of the equity story—meaning it can have an outsized impact relative to typical large-cap pharma catalysts.
Amgen’s own Q3 materials stated that Part 2 of its Phase 2 chronic weight management study is ongoing and that data readout is anticipated in Q4 2025, alongside a Phase 2 diabetes study also anticipated in Q4 2025. [18]
Reuters also reported after Amgen’s Q3 results that pivotal data from two mid-stage MariTide studies was expected by year-end (context: investors were watching for late-2025 updates). [19]
Why the coming week matters even without a scheduled date
With the calendar now tight, the market may trade AMGN as a “headline optionality” name:
- If new MariTide-related data or guidance hits before year-end, it can move the stock quickly.
- If there’s no update, traders may carry the anticipation into the first week of January, or fade it temporarily.
Fundamental backdrop: earnings strength and raised outlook are still the “base case”
Amgen’s last major earnings catalyst (Q3 2025) delivered a beat and raised outlook:
- Reuters reported Q3 revenue rose to $9.56B, above analyst estimates cited by Reuters, with adjusted EPS $5.64. [20]
- Reuters also reported Amgen raised its full-year adjusted EPS outlook to $20.60–$21.40 and revenue to $35.8–$36.6B. [21]
This matters for the week ahead because it gives the stock a fundamental “floor” narrative: even if policy headlines remain noisy, the business entered year-end with strong reported momentum and raised guidance (per Reuters).
Also notable inside the mix: Amgen’s own Q3 materials explicitly flagged the impact of biosimilar competition and pricing mechanics on certain products going forward—useful context when headlines swing between “pricing pressure” and “portfolio resilience.” [22]
Product-level news that still supports the thesis: Repatha’s expanding evidence base
Amgen’s cardiovascular franchise remains one of the company’s most visible growth and “durability” pillars.
Reuters reported in November that adding Repatha reduced major cardiovascular events by 25% in a large study of at-risk patients without prior heart attack or stroke, and it described the result as a first for PCSK9 inhibitors in primary prevention. [23]
Why it matters into the holiday week: While not a “this week” event, strong clinical evidence can influence payer acceptance narratives and reinforces why some analysts remain constructive on Amgen’s multi-product growth mix.
Technical and momentum snapshot: what the indicators are signaling
Holiday weeks are often where technical levels and momentum screens matter more than usual because fewer participants are active.
- Investing.com’s technical page (daily timeframe) described AMGN’s indicators as leaning “Strong Buy,” with a 14-day RSI around 55 and a MACD signal categorized as a “Buy.” [24]
- Investor’s Business Daily noted AMGN’s Relative Strength (RS) Rating improved to 71 (up from 66), signaling better 52-week relative performance, though still below the 80+ level IBD often highlights for top-performing breakouts. [25]
Simple levels traders are likely to watch this week (based on the latest range)
Using the most recent session range as a practical guide:
- Near-term support zone: around the low $320s (recent low ~$323)
- Near-term resistance zone: around the low $330s (recent high ~$331)
In a low-volume week, those levels can act like magnets—until a policy or pipeline headline breaks the range.
Calendar check: what’s next after Christmas week
Even though the coming week is shortened, markets will start looking past it.
One widely cited estimate for Amgen’s next earnings timing is early February 2026. MarketBeat lists Amgen’s next earnings date as estimated for Tuesday, Feb. 3, 2026 based on prior reporting patterns. [26]
That puts AMGN into a familiar seasonal setup:
- late December: policy + positioning + low-liquidity effects
- January: expectation-building (pipeline updates, guidance framing)
- early February: earnings reset (hard numbers)
Bull case vs. bear case for AMGN in the week ahead
What could help AMGN this week
- More detail (or better-than-feared market interpretation) of the Dec. 19 pricing agreements, especially if investors conclude the net impact is manageable and tariff relief is meaningful. [27]
- Any positive MariTide update into year-end, given the market’s sensitivity to obesity-drug narratives. [28]
- Defensive rotation: big profitable pharma can benefit when investors dial down risk during thin holiday sessions (more a tape dynamic than a single source-driven point).
What could pressure AMGN this week
- “Second-order” pricing concerns if new details suggest broader margin pressure than investors initially assumed. [29]
- No MariTide news plus profit-taking (a “sell the anticipation” move) into the final days of the year. [30]
- Biosimilar and pricing headwinds remaining in focus: Amgen has indicated expectations of sales erosion tied to biosimilar competition in parts of its portfolio. [31]
Bottom line: the AMGN setup for Dec. 22–26, 2025
Amgen stock enters the week ahead with three forces likely to dominate trading:
- Policy clarity vs. policy noise (drug-price deals + tariff relief narrative) [32]
- Pipeline optionality (MariTide year-end expectations remain a key swing factor) [33]
- Holiday microstructure (early close + thin liquidity can amplify moves) [34]
References
1. www.nyse.com, 2. www.nyse.com, 3. www.marketwatch.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.marketwatch.com, 8. www.prnewswire.com, 9. www.prnewswire.com, 10. www.prnewswire.com, 11. www.prnewswire.com, 12. www.amgen.com, 13. www.tipranks.com, 14. www.marketbeat.com, 15. www.investing.com, 16. www.tipranks.com, 17. www.marketbeat.com, 18. www.amgen.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.amgen.com, 23. www.reuters.com, 24. www.investing.com, 25. www.investors.com, 26. www.marketbeat.com, 27. www.reuters.com, 28. www.amgen.com, 29. www.reuters.com, 30. www.amgen.com, 31. www.amgen.com, 32. www.reuters.com, 33. www.amgen.com, 34. www.nyse.com
