New York, Feb 4, 2026, 15:19 EST — Regular session
- Amgen shares surged roughly 9% in afternoon trading, defying the weaker trend seen across the broader market
- Investors weighed the 2026 outlook as well as the latest on obesity drug MariTide
- FDA resistance to the rare-disease drug Tavneos continues to weigh on sentiment
Shares of Amgen Inc climbed 8.5%, reaching $367.52 in afternoon trading, bucking a decline in the S&P 500 and a wider fall in biotech stocks.
This shift matters because Amgen’s future growth hinges less on its established products and more on the pipeline’s ability to compensate as prices fall and generic rivals multiply.
The report arrives amid a jam-packed earnings day for U.S. stocks, where traders are swift to react to earnings misses and wary forecasts. 1
Late Tuesday, Amgen reported Q4 revenue climbed 9% to $9.9 billion, with non-GAAP earnings hitting $5.29 per share. The company projects 2026 revenue between $37.0 billion and $38.4 billion, and non-GAAP EPS in the range of $21.60 to $23.00. CEO Robert Bradway said Amgen is entering 2026 with “momentum” across its portfolio but warned of ongoing price pressure and tougher competition on some key products. 2
Traders zeroed in on MariTide, Amgen’s experimental obesity drug, after the company confirmed it’s running several late-stage trials and exploring dosing as rarely as once every three months. On the earnings call, commercial chief Murdo Gordon pointed to “dissatisfaction with the weekly GLP-1s,” referring to the widely used appetite-suppressing diabetes and obesity drugs, and called MariTide “a paradigm-changing opportunity.” Citi analyst Geoffrey Meacham sees the outlook as offering “modest upside” to current expectations. 3
That said, the rally isn’t without its pitfalls.
The FDA has requested the withdrawal of Tavneos — a drug Amgen acquired through its ChemoCentryx deal — from the U.S. market. But the company has informed regulators it won’t be pulling the drug, opening the door to a potentially contentious regulatory standoff.
Despite growth from new products, Amgen has cautioned that some older franchises face accelerated erosion due to biosimilars and price resets.
Investors now turn to any new details on MariTide’s Phase 3 schedule for this year, along with medical-meeting triggers. Among these, Amgen plans to present cardiovascular updates at the American College of Cardiology meeting in March.
