Amgen Stock Edges Lower Amid FDA Label Updates and Pipeline Progress
Amgen's stock price has edged lower to around $375 per share on Nasdaq as investors digest recent FDA label updates and pipeline progress. The company's bispecific small-cell lung cancer drug, IMDELLTRA, has been granted a label update that eases monitoring requirements, allowing for administration in community oncology clinics.
This development could broaden the real-world treatment pool for extensive-stage small-cell lung cancer and support higher utilization if these clinics adopt the regimen. Amgen's recent Q2 2026 revenue topped $10 billion, representing a 10% year-over-year growth. The company raised its 2026 revenue guidance to a range of $38.2 billion to $39.4 billion after outperforming in the second quarter.
The company is also leaning on its obesity and cardiovascular pipeline to drive long-term growth, with strong enrollment in Amgen's broad phase III MariTide program. However, the company faces a key risk factor with Bristol Myers Squibb and Ono Pharmaceutical filing a lawsuit against Amgen over its proposed OPDIVO biosimilar, ABP 206.