Amgen Stock Holds Above $430 on Strong Earnings Beat and Raised Guidance

Amgen stock has held above $430 after a strong second-quarter 2026 earnings beat and raised full-year guidance. The biotech group's Q2 2026 revenue of $10.05 billion marked a 9.5 percent increase from the same period last year, surpassing analyst expectations.

The company's adjusted earnings per share in Q2 2026 came in at $6.29, beating the consensus estimate by $0.67. Amgen raised its full-year outlook to non-GAAP earnings per share of $22.30 to $23.50 and revenue of $38.2 billion-$39.4 billion.

The stock's recent rally has left it close to its 52-week high of $447.03, with a market capitalization of $233.78 billion as of August 28, 2026. Valuation models flag the stock as trading at a premium to intrinsic value, with an estimated intrinsic value of $295.98 and a fair value of $365.50.

Cash flow metrics in Q2 2026 provided another pillar for the investment case, with free cash flow reaching $3.5 billion. The company's guidance and cash generation support its ability to deploy funds for dividends, share repurchases, and pipeline investments.