RBC Capital Maintains Buy Rating for Amgen with $330 Price Target

RBC Capital analyst Luca Issi maintains a Buy rating for Amgen with a $330 price target. Issi has an average return of -13.4% and a 31.39% success rate. The consensus rating for Amgen is Moderate Buy with a $328.83 average price target, an 11.28% upside from current levels. Amgen reported Q1 revenue of $8.15 billion and a net profit of $1.73 billion, compared to $7.45 billion in revenue and a GAAP net loss of $113 million last year.

Amgen Inc. (AMGN) reported robust financial results for the second quarter of 2025, with revenues growing by 9% year-over-year to $9.2 billion, and volume increasing by 13% [1]. The company's CEO, Robert A. Bradway, highlighted the strong performance, noting that 15 products delivered at least double-digit sales growth, demonstrating the breadth and depth of Amgen's portfolio. Bradway emphasized the company's focus on volume growth despite industry pricing declines and reiterated Amgen's ongoing investment in innovation, including AI applications and a robust pipeline with multiple Phase III readouts in the first half of 2025 [1].

Key highlights from the earnings call include:

- Repatha delivered $696 million in sales, up 31% year-over-year, and EVENITY sales increased 32% to $518 million [1].
- The rare disease portfolio grew 19% year-over-year, delivering nearly $1.4 billion in sales in the quarter [1].
- The company reported a non-GAAP operating margin as a percentage of product sales of roughly 45% for the full year, with non-GAAP R&D spending at $1.7 billion for the quarter [1].
- Amgen expects total revenues in the range of $35.0 billion to $36.0 billion for 2025, with non-GAAP earnings per share between $20.20 and $21.30 [1].

Analysts expressed interest in pipeline details, strategic M&A, and regulatory risks, with a neutral to slightly positive tone. Management maintained a confident and constructive tone throughout the call, frequently referencing strong execution, robust data, and ongoing innovation [1].

RBC Capital analyst Luca Issi maintains a Buy rating for Amgen with a $330 price target, while the consensus rating for Amgen is Moderate Buy with a $328.83 average price target [2]. Amgen reported Q1 revenue of $8.15 billion and a net profit of $1.73 billion, compared to $7.45 billion in revenue and a GAAP net loss of $113 million last year [2].

Amgen's Q2 2025 call underscored sustained volume-driven growth, robust execution across an expanding product portfolio, and continued advancement of late-stage pipeline assets, particularly in obesity, rare disease, and oncology. Management reaffirmed confidence in delivering on financial guidance while highlighting disciplined investment in innovation, ongoing engagement with policymakers on pricing, and prudent management of R&D and capital [1].

References:

[1] https://seekingalpha.com/news/4479407-amgen-outlines-35b-36b-2025-revenue-target-as-volume-growth-offsets-pricing-pressure
[2] https://www.tradingview.com/news/reuters.com,2025:newsml_L8N3TX33U:0-amgen-inc-reports-results-for-the-quarter-ended-june-30-earnings-summary/