Amgen stock gains as updated 2026 guidance supports defensive appeal

Amgen stock (ISIN US0311621009) closed near USD 376 on the Nasdaq on September 16, 2026, leaving the large-cap biotechnology name trading just below recent highs while refreshed guidance for 2026 underpins its defensive appeal for investors.

Raised 2026 guidance gives Amgen stock support

According to The Globe and Mail on September 16, 2026, Amgen raised its total revenue guidance for 2026 to a range of USD 38.2 billion to USD 39.4 billion, up from a prior range of USD 37.1 billion to USD 38.5 billion, signaling expected top-line growth of 5.6 percent for the current year.

In the same guidance update, Amgen lifted its adjusted earnings outlook for 2026 to USD 22.30 to USD 23.50 per share, compared with the previous range of USD 21.70 to USD 23.10, and indicated that adjusted operating margin is expected to reach between 45 percent and 46 percent.The Globe and Mail For investors, the guidance revision reinforces Amgen’s profile as a low-beta, high-yield defensive stock amid the so-called September syndrome in equity markets.

Pipeline and product mix underpin the outlook

As The Globe and Mail reports, Amgen’s raised guidance is supported by increasing sales of key medicines such as Evenity, Repatha and Uplizna, as well as newer therapies like Imdelltra, Tavneos and Tezspire, which more than offset declining revenues from oncology biosimilars and mature products including Enbrel.

The same report notes that new biosimilar launches are contributing to top-line growth, while the company expects adjusted research and development spending to rise at a high single-digit rate year over year in 2026 and capital expenditures of about USD 2.6 billion.The Globe and Mail Amgen also plans share repurchases not exceeding USD 3 billion in 2026, balancing investment in growth with capital returns.

Analyst stance and valuation context

Analyst consensus remains broadly constructive. According to MarketScreener as of September 16, 2026, Amgen carries a mean analyst rating of Outperform based on 34 analysts, with an average target price of USD 388.03 compared with a last close around USD 375.65, implying upside of roughly 3.3 percent from that level.

Within that broader view, there are more cautious voices. On September 10, 2026, HSBC downgraded Amgen from Buy to Hold and adjusted its price target to USD 425 from USD 445, indicating a tempered, but still positive, long-term expectation for the stock’s value.MarketScreener For investors, this mix of Outperform consensus and selective downgrades highlights both the perceived strength of Amgen’s fundamentals and the need to watch execution risks in its pipeline and product portfolio.

Recent earnings performance and calendar

Amgen’s most recent quarterly results also support the raised guidance. According to MarketBeat, Amgen reported earnings per share of USD 6.29 in its latest quarter, exceeding analysts’ consensus estimates of USD 5.62 by USD 0.67, while quarterly revenue increased 9.5 percent year over year.

The same overview lists Amgen’s last earnings date as August 4, 2026, with the next earnings release estimated for November 3, though that future date remains an estimate rather than a formally confirmed calendar entry.MarketBeat In addition, Amgen’s dividend payable date is cited as September 11, 2026, underscoring the stock’s role as an income-generating holding alongside its growth drivers.

Stock level and defensive role for investors

Per Nasdaq data reflected on portals such as Investing.com and Robinhood, Amgen stock traded between an intraday low of about USD 374.46 and a high near USD 379.11 on September 16, 2026, with a closing level around USD 376 and a market capitalization reported near USD 203.5 billion as of mid-September 2026.

That leaves Amgen shares only modestly below average analyst price targets and within a relatively tight trading range, consistent with the defensive, low-beta profile highlighted by recent coverage.

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