Amgen Stock (AMGN) News Today: TrumpRx Drug-Price Deal, FDA Approvals, Dividend Update, and 2026 Analyst Forecasts

December 20, 2025 — Amgen Inc. (NASDAQ: AMGN) is closing out the year with a rare combination of near-term policy headlines and company-specific catalysts that matter to investors: a new U.S. drug-pricing deal tied to the TrumpRx rollout, fresh FDA approvals that expand the growth runway, reaffirmed shareholder returns via dividends, and a split—but active—Wall Street outlook heading into 2026.

AMGN last traded around $327.38, reflecting the most recent available market print (U.S. markets are closed today).

Below is a detailed, publication-ready breakdown of today’s key Amgen stock news, along with forecasts and analyst analysis relevant as of 20.12.2025.

What’s driving Amgen stock on December 20, 2025

The single biggest headline shaping sentiment across large-cap pharma (including Amgen) is the drug-pricing agreement framework announced December 19, 2025, which expands the Trump administration’s dealmaking with drugmakers and pushes more volume toward direct-to-consumer (DTC) purchasing via TrumpRx.gov. ^[1]

For Amgen specifically, the story investors are weighing is not just “price cuts,” but the tradeoff: pricing concessions and “most-favored-nation” (MFN) commitments in exchange for tariff relief and a clearer policy runway—an uncertainty that has been a persistent valuation overhang for the biopharma group. ^[2]

TrumpRx and MFN pricing: what Amgen agreed to—and why the market is watching

The big-picture deal (industry-wide)

Reuters reported that President Donald Trump and nine pharmaceutical companies (including Amgen) announced agreements that would lower prices for Medicaid and offer discounted “cash-pay” pricing for select drugs through TrumpRx.gov, alongside a commitment to launch new drugs in the U.S. at prices aligned with other wealthy countries (MFN-style terms). ^[3]

A key reason the market didn’t treat the announcement as purely negative: Reuters noted that shares of many participating drugmakers rose after the news, as the deals reduced the immediate threat of pharma-specific tariffs and suggested the economic impact might be more manageable than investors had feared. ^[4]

Barron’s framed the policy shift as tilting parts of the system toward self-pay / DTC channels, potentially bypassing some middlemen (such as PBMs) for certain transactions—though it also highlighted that insured patients may not always benefit the same way, depending on copays and plan design. ^[5]

Amgen’s specific action: Aimovig + Amjevita at $299/month through AmgenNow

Amgen’s own press release (dated Dec. 19, 2025) says it will expand its direct-to-patient program, AmgenNow, to include:

Aimovig (migraine prevention)
Amjevita (adalimumab biosimilar; used in inflammatory conditions)

Both are expected to be offered at a discounted monthly price of $299, which the company states is roughly 60% (Aimovig) and 80% (Amjevita) below current U.S. list prices. The release also notes that Repatha has been available via AmgenNow since October 2025 at $239/month, and that all three medicines will also be available through TrumpRx.gov. ^[6]

Amgen also tied the policy deal to domestic investment: it stated it has invested more than $40 billion in manufacturing and R&D since 2018, announced $2.5 billion in additional U.S. manufacturing investments this year, and expects tariff relief for three years. ^[7]

Why this matters for AMGN investors

For AMGN stock, the near-term question isn’t simply whether prices go down—it’s whether Amgen can protect net pricing by steering patients into controlled DTC pathways, potentially improving affordability optics while managing rebate dynamics and mix.

The medium-term question is bigger: how MFN-style commitments and new pricing pilots could alter the U.S. pricing architecture over time—especially for high-cost drugs reimbursed under Medicare.

Another policy headline to watch: CMS pilots could pressure drug pricing later

In a separate Reuters report, the U.S. Centers for Medicare and Medicaid Services (CMS) announced two Medicare pilot programs that would use international price benchmarks to help align U.S. drug costs with those in economically similar countries—one program for Part B drugs beginning October 1, 2026, and one for Part D drugs beginning January 1, 2027 (both running through 2031). ^[8]

Even if these initiatives evolve before launch, they reinforce a key reality for Amgen and the sector: pricing policy risk hasn’t disappeared—it’s becoming more programmatic.

FDA catalysts: UPLIZNA and IMDELLTRA add to Amgen’s growth narrative

While policy grabbed the headlines on December 19–20, Amgen’s company-specific news flow in December has also been meaningful—particularly on the “new product platform” story that tends to support higher multiples.

FDA approval: UPLIZNA for generalized myasthenia gravis

Amgen announced on Dec. 11, 2025 that the FDA approved UPLIZNA (inebilizumab-cdon) for generalized myasthenia gravis (gMG) in adults who are anti-AChR and anti-MuSK antibody positive. The company highlights twice-yearly dosing after initial loading doses and positions it as the first and only CD19-targeted B cell therapy approved for these gMG populations. ^[9]

From an AMGN stock perspective, this matters because UPLIZNA is one of the products acquired with Horizon that has been growing quickly, and the added indication expands the addressable market while reinforcing a “durable portfolio” narrative. ^[10]

FDA full approval: IMDELLTRA in extensive-stage small cell lung cancer

Amgen also reported on Nov. 19, 2025 that the FDA granted full approval to IMDELLTRA (tarlatamab) for adults with extensive-stage small cell lung cancer (ES-SCLC) after progression on platinum-based chemotherapy. The company cited Phase 3 data showing a 40% reduction in risk of death versus chemotherapy (median overall survival 13.6 vs. 8.3 months, hazard ratio 0.60). ^[11]

This is a classic “pipeline-to-commercial” milestone that can influence forward revenue expectations—especially because ES-SCLC is an area with limited options and meaningful unmet need.

Earnings and guidance: what Amgen reported—and what it implies for AMGN stock

Amgen’s most recent quarterly report (Q3 2025, released Nov. 4, 2025) showed:

Total revenues of $9.6 billion, up 12% year-over-year
Multiple products delivering double-digit growth (including Repatha, EVENITY, IMDELLTRA, TEZSPIRE, TEPEZZA, UPLIZNA)
Free cash flow of $4.2 billion in the quarter (vs. $3.3 billion in Q3 2024) ^[12]

Importantly for forecasts, the company’s full-year 2025 guidance (as of that release) included:

Revenue: $35.8B to $36.6B
Non-GAAP EPS: $20.60 to $21.40
Capex: $2.2B to $2.3B
Share repurchases: not to exceed $500M ^[13]

Amgen also included an explicit caveat that guidance reflects the estimated impact of implemented tariffs but does not account for future tariffs or potential pricing actions not yet implemented—relevant context given this week’s policy news. ^[14]

Dividend update: Amgen’s shareholder-return signal into 2026

On Dec. 9, 2025, Amgen announced its board declared a $2.52 per share dividend for Q1 2026, payable March 6, 2026 to shareholders of record on Feb. 13, 2026. ^[15]

For income-oriented investors, consistency here matters because it frames Amgen as a hybrid: a biotech with pipeline upside, but also a mature cash generator returning capital to shareholders.

AMGN stock forecasts and analyst outlook: what Wall Street expects for 2026

Analyst coverage in December has been busy—and notably not uniform. Here’s what’s in the tape heading into year-end:

Price target changes and ratings (December 2025)

Morgan Stanley cut its AMGN price target to $304 from $329 and maintained Equal Weight, pointing to expectations that major policy overhangs may fade in 2026 and shift attention back to fundamentals. ^[16]
HSBC raised its price target to $425 from $381 and maintained a Buy rating as part of a 2026 outlook for the pharma group. ^[17]
BMO Capital raised its price target to $372 from $335 and kept an Outperform rating, citing the potential importance of additional MariTide clinical updates. ^[18]
Oppenheimer maintained Outperform with a $380 price target (as reported by Investing.com’s analyst-ratings summary). ^[19]

Consensus targets: why the averages don’t match

Different aggregators track different analyst sets and update schedules, so “the” consensus depends on which dataset you reference:

StockAnalysis shows a consensus Hold and an average price target around $315.31 (based on its covered analyst set). ^[20]
MarketBeat reports an average target around $332.85 across a larger set of analysts (22 in its count). ^[21]
A Nasdaq/Fintel summary referenced an average one-year target around $333.07 (as of early December). ^[22]

The takeaway for AMGN stock isn’t that one number is “right”—it’s that the target range is unusually wide (low-to-high targets spanning well over $100), which typically signals real disagreement about how to value Amgen’s pipeline optionality versus policy and pricing risks.

Earnings forecasts (Zacks consensus trend)

A Nasdaq article citing Zacks’ estimate revisions said consensus EPS expectations moved higher recently, with 2025 consensus EPS rising to $21.28 and 2026 to $21.66 (as of that publication). ^[23]

The key AMGN stock debate heading into 2026

In practice, most AMGN stock narratives now revolve around three intersecting forces:

1) Pricing policy risk vs. “managed reform”

The TrumpRx agreements and MFN language are headline-grabbing, but investors will watch for details that determine whether pricing changes are:

concentrated in Medicaid / cash-pay slices (where discounts already exist), or
broader and structural across commercial and Medicare channels over time ^[24]

The CMS pilot programs add another layer of uncertainty, especially for therapies reimbursed under Medicare. ^[25]

2) Pipeline credibility: oncology and obesity are the “multiple movers”

IMDELLTRA’s full approval strengthens the oncology growth story. ^[26]
On obesity, the market remains highly competitive—Novo Nordisk has already moved to file for U.S. approval of its experimental obesity candidate CagriSema, underscoring how fast the category is evolving. ^[27]

Amgen’s pipeline update in its Q3 release described ongoing Phase 3 work for MariTide (MARITIME-1 and -2 completed enrollment; other Phase 3 programs continuing), keeping the obesity narrative alive as a longer-term catalyst. ^[28]

3) “Defensive growth” fundamentals

Amgen’s 2025 guidance and cash generation remain central to the bull case: revenue growth, expanding indications, and shareholder returns (dividends) create a baseline that many investors prefer when macro uncertainty rises. ^[29]

What to watch next for Amgen stock

If you’re tracking AMGN into early 2026, the market’s checklist is likely to include:

Operational details of TrumpRx.gov (how fulfillment works, what drugs are included, and whether DTC meaningfully shifts net pricing) ^[30]
Any new MFN pricing guidance or implementation timelines that could affect forward pricing assumptions ^[31]
Further clinical readouts tied to MariTide and pipeline breadth, which analysts have explicitly cited as potential catalysts ^[32]
Continued launch execution and uptake for IMDELLTRA post full approval ^[33]
Additional Medicare pricing pilots details as CMS initiatives move from concept toward implementation ^[34]

Bottom line: AMGN enters 2026 with catalysts—and crosswinds

Amgen stock is ending 2025 in a position many large-cap healthcare investors look for: strong cash generation and guidance visibility, plus real pipeline-driven upside—but with policy and pricing headlines that can swing sentiment quickly.

The December 19 TrumpRx-related pricing deal has the potential to reduce uncertainty around tariffs and near-term regulation, but it also raises longer-term questions about MFN-style pricing and how much of Amgen’s portfolio will be pulled into new affordability frameworks. ^[35]

Meanwhile, FDA approvals for UPLIZNA in gMG and IMDELLTRA in ES-SCLC reinforce that the company’s growth story is not only defensive—it’s actively evolving. ^[36]