Amgen Stock Soars Above $430 as Q2 Earnings Beat Fuels Valuation Debate
Amgen Inc.'s (ISIN US0311621009) stock has continued its upward trend, trading at $432.42 on August 28, 2026, after a strong second-quarter earnings beat and higher full-year guidance. The biotech group's shares have been driven by revenue growth of 9.5% year-over-year in Q2 2026, reaching $10.05 billion.
The company's adjusted earnings per share (EPS) came in at $6.29, beating the consensus estimate of $5.62 and reflecting robust operating leverage as Amgen scaled up sales across key biologic therapies and newer assets. Following these results, management raised full-year 2026 revenue guidance to a range of $38.2 billion-$39.4 billion and non-GAAP EPS guidance to $22.30-$23.50.
The strong earnings beat has pushed Amgen's stock above its 50-day and 200-day moving averages, with the shares sitting just shy of their 52-week high of $447.03. However, valuation models suggest that the stock is significantly overvalued, with an intrinsic value of $295.98 per share versus the current price of $432.42.