Amgen (AMGN) PT Lowered to $350 at Bernstein Amid MariTide Uncertainty

Bernstein SocGen Group analyst Courtney Breen lowered the price target on Amgen (NASDAQ: AMGN) to $350.00 (from $380.00) while maintaining an Outperform rating.

The analyst commented: "Strong execution across key growth drivers; TP to $350 as MariTide debate continues; Amgen delivered a strong 4Q24, with total revenue surpassing expectations, driven by continued momentum across its key growth drivers, particularly Repatha (we raise our expectations), Evenity, and Tezspire. The looming loss of exclusivity (LOE) for Prolia/Xgeva in H2 2025 will bring headwinds, although the broader momentum is expected to compensate for these losses - no EPS trough in our model. Longer term, the rare disease portfolio is emerging as a significant growth pillar (we expect Tepezza to reach $3.5B by 2030), while the obesity pipeline continues to advance with promising clinical data.

We remain constructive on Amgen’s well-balanced growth opportunities in biosimilars, rare diseases, and MariTide. However, with this update, we lower our target price from $380 to $350, reflecting the ongoing debate and near-term uncertainty around MariTide."

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