Amgen Shares Dip 0.11% with 174th-Ranked Trading Volume as Earnings Watch Begins

Market Snapshot

On October 29, 2025, Amgen (NASDAQ: AMGN) closed with a 0.11% decline, trading at $291.16 per share. The stock ranked 174th in trading volume for the day, with $0.79 billion in total transactions. Despite a modest drop, the company’s market capitalization remains robust at $156.75 billion, supported by a 52-week range of $253.30 to $335.88. The stock’s recent performance reflects mixed signals: while it opened above its 50-day ($287.89) and 200-day ($287.33) moving averages, it fell short of breaking key resistance levels. Institutional ownership at 76.5% and a consensus analyst rating of “Hold” suggest a cautious outlook ahead of the company’s Q3 2025 earnings report, scheduled for November 4.

Key Drivers

Earnings Expectations and Analyst Outlook

Amgen’s upcoming Q3 2025 earnings report, set for November 4, is a critical event for investors. Analysts project the company to report earnings per share (EPS) of $5.01 and revenue of $8.9821 billion, representing a year-over-year revenue increase of 5.2% but a 10.4% decline in EPS. These figures align with the company’s FY 2025 guidance of $20.20–$21.30 EPS. Recent analyst activity has been mixed: Morgan Stanley raised its price target to $333.00 (“equal weight”), while Wall Street Zen downgraded to “Hold.” Six analysts issued “Buy” ratings, eleven “Hold,” and one “Sell,” resulting in a consensus target price of $300.94. The Zacks Earnings ESP model, which compares the Most Accurate Estimate to the consensus, indicates a -1.25% deviation, suggesting limited confidence in a positive surprise.

Institutional Ownership and Insider Activity

Institutional investors have shown renewed interest in Amgen. Brighton Jones LLC increased its stake by 23.5% in Q4 2025, while Diversify Advisory Services LLC boosted holdings by 60.1% in Q2. These moves reflect confidence in Amgen’s long-term growth, particularly in newer products like Tezspire ($270.6 million estimated sales) and Tavneos ($120.7 million). Conversely, insider selling by SVP Nancy Grygiel—selling 1,267 shares for a 14.95% reduction in her ownership—could signal caution. However, insiders retain 0.76% of the stock, and the company’s 3.3% dividend yield (annualized $9.52) continues to attract income-focused investors.

Product Sales and Competitive Pressures

Amgen’s revenue growth is being driven by volume increases in newer therapies such as Evenity, Repatha, and Blincyto, while legacy products face headwinds. Patents for Prolia and Xgeva expired in the U.S. and will expire in Europe by late 2025, leading to biosimilar competition. Sales of these drugs are expected to decline significantly in Q3 as three biosimilars enter the market. Meanwhile, newer drugs like Tezspire and Tavneos are gaining traction, though their performance remains below analyst estimates. Competitive pressures also weigh on Kyprolis and Enbrel, with Kyprolis sales projected at $374 million (vs. $372.6 million estimate) and Enbrel sales declining due to pricing pressures.

R&D Costs and Pipeline Developments

Amgen’s operating margin is under pressure from rising R&D expenses, particularly for its obesity drug candidate MariTide (maridebart cafraglutide), a GIPR/GLP-1 receptor agonist. Investors will closely watch the drug’s development timeline and potential market impact. Additionally, biosimilars like Wezlana (Stelara) and Pavblu (Eylea), launched in 2024 and 2025, face uncertain adoption rates. Bekemv (Soliris biosimilar), approved in May 2024, is expected to generate sales in Q3, but its contribution remains unproven. These factors highlight the company’s reliance on innovation to offset eroding margins in its core portfolio.

Market Position and Analyst Sentiment

Amgen’s market position as a global biotech leader is underpinned by its diverse product portfolio and strong cash flow. However, the stock’s beta of 0.49 and 23.81 P/E ratio indicate a defensive profile, contrasting with its peers. Analysts remain divided: while some cite long-term growth potential in rare disease therapies and biosimilars, others caution about pricing pressures and patent expirations. The company’s recent dividend increase and strong ROE (174.71%) reinforce its appeal to value investors, but near-term volatility is likely as the market awaits earnings results and clarity on its pipeline.

Conclusion

Amgen’s stock performance reflects a balance between near-term challenges and long-term opportunities. The upcoming earnings report, coupled with evolving product dynamics and competitive pressures, will be pivotal in shaping investor sentiment. While institutional confidence and dividend yields offer support, the company’s ability to navigate patent expirations and R&D costs will determine its trajectory in the months ahead.