RBC Boosts Amgen Price Target to $400 on Strong Q2 Performance
RBC Capital raised its price target on Amgen Inc.'s stock to $400 from $370, citing strong quarterly performance that exceeded expectations. The company reported revenue of $9.54 billion, beating consensus estimates of $9.43 billion.
Repatha generated $953 million compared to the expected $921 million, while Evenity posted $714 million versus $642 million consensus with 38% year-over-year growth. Tepezza delivered $576 million against $544 million expected with 14% year-over-year growth, and Uplizna reached $335 million versus $222 million consensus.
Amgen also raised its full-year revenue guidance by $1 billion at the midpoint to a range of $38.2 billion to $39.4 billion from $37.1 billion to $38.5 billion. The company increased its earnings per share guidance by $0.50 to a range of $22.3 to $23.5 from $21.7 to $23.1.
RBC noted Amgen's diversified business and commercial execution track record, with the stock having gained 19% year-to-date, trading near its 52-week high with a market capitalization of $222.5 billion.