New York, Feb 4, 2026, 20:05 ET — Market closed.
- AMGN shares jumped roughly 8% Wednesday following its earnings report and 2026 forecast.
- Attention zeroes in on MariTide’s obesity program and the rapid pressure mounting on older medications.
- Traders are eyeing Thursday’s session for follow-through and new analyst calls.
Amgen Inc. shares (AMGN) jumped 8.2% to close at $366.20 Wednesday after investors weighed the company’s quarterly earnings and its guidance for 2026.
Obesity-drug stocks have been volatile lately. Novo Nordisk rattled markets Tuesday, forecasting a 5% to 13% decline in sales for 2026. The slump didn’t stop there—Amgen shares slid almost 1% that same afternoon.
The Dow, being price-weighted, felt the impact of a big dollar move in a single stock more than equivalent percentage shifts in others. Amgen and Nike drove roughly a third of the Dow’s intraday advance, MarketWatch reported.
Amgen reported Q4 revenue of $9.9 billion on Tuesday, marking a 9% rise year-over-year. Adjusted earnings came in at $5.29 per share, topping Wall Street forecasts, per LSEG data. These adjusted figures strip out items like investment gains and charges. The company projects 2026 revenue between $37.0 billion and $38.4 billion, with adjusted EPS of $21.60 to $23.00. Citi Research’s Geoffrey Meacham sees this as a “modest upside” compared to current forecasts. On the earnings call, commercial chief Murdo Gordon noted patient dissatisfaction with weekly GLP‑1 weight-loss injections — drugs that simulate a gut hormone to reduce appetite — and described MariTide, which could be administered as rarely as quarterly, as a “paradigm‑changing opportunity.” Reuters
Amgen’s earnings release outlined plans for about $2.6 billion in capital spending in 2026, with share buybacks capped at $3 billion. The company detailed a broad MariTide program, featuring multiple Phase 3 trials targeting obesity and related disorders. An exploratory Phase 2 follow-up in its second year showed most participants kept earlier weight loss on reduced monthly or quarterly doses. Amgen also announced it will end its rocatinlimab partnership with Kyowa Kirin, subject to a U.S. antitrust review.
With the market shut, the big question now is if the rally lasts into Thursday’s open or fizzles as traders cash out. Analyst notes tend to fly after guidance, especially when they zero in on one key point: MariTide’s dosing strategy and its impact on uptake in an already crowded market.
Tavneos, a rare-disease drug Amgen acquired through its ChemoCentryx deal, has thrown a wrench into the story. The FDA asked Amgen to voluntarily pull it from the U.S. market. But the company told regulators it plans to keep the drug available while addressing the concerns. “Amgen is not aware of any issue with the underlying patient data,” it said in its earnings report, per FiercePharma. The publication also noted that European regulators are re-examining Tavneos. fiercepharma.com
Amgen faces more than just regulatory hurdles; it also needs to protect its established franchises from biosimilar rivals—these near-identical copies of biologic drugs—while demonstrating that its newer offerings and pipeline candidates can fill any gaps. The obesity market is tightening up, and any price battle would likely hit the latecomers hardest.
Amgen ranks among the largest U.S. biotech companies, with a portfolio covering inflammation, oncology, and rare diseases. In the obesity market, it aims to set MariTide apart from weekly treatments offered by Novo and Eli Lilly by emphasizing less frequent dosing.
Thursday’s session, Feb. 5, marks the market’s next key test. Investors will see if Amgen’s earnings beat and upbeat guidance hold up, and if Wall Street will lift its 2026 forecast accordingly.
