Amgen's Better-Than-Expected Q3 Results, Guidance Upgrade Support Bullish Outlook, Oppenheimer Says

12:13 PM EST, 11/04/2026 (MT Newswires) -- Amgen's (AMGN) better-than-expected Q3 earnings per share and revenue, along with its full-year guidance upgrade, support a bullish outlook, Oppenheimer analysts said in a Tuesday note. The company's Repatha, Evenity, Uplizna, and Imdelltra drugs surpassed expectations, offsetting weaker performances from Prolia and Xgeva, the analysts said. Oppenheimer said positive results from the third phase of its dazodalibep and Tezspire trials continue to broaden Amgen's inflammation and autoimmune portfolio. Analysts added that survival data from the DeLLphi-305 trial, evaluating Imdelltra in small-cell lung cancer, is an important new long-term growth driver the market is underappreciating. Oppenheimer maintained an outperform rating on the stock and increased its price target to $520 from $480. Price: 478.83, Change: +17.57, Percent Change: +3.81