Amgen Stock Hits Record High After Q2 Earnings Beat and Guidance Raise

Amgen (AMGN) shares surged more than 6% in morning trading, hitting a new 52-week high of $416.22 after the company posted second-quarter financial results that beat Wall Street estimates and prompted an upward revision to its full-year guidance.

Blockbuster Quarter Exceeds Forecasts

The biotechnology firm reported strong performance across its portfolio, with key metrics surpassing analyst consensus. The results were driven by significant growth in several of the company's main products.

• Adjusted Earnings Per Share: $6.29
• Total Revenue: $10.05 billion, an increase of 10% year-over-year.

"Our six key growth drivers grew 26% year over year, generating nearly 70% of second-quarter product sales," CEO Robert Bradway said in a statement accompanying the results. In a strategic update, Amgen also announced it was discontinuing development of AMG 513, an early-stage obesity drug candidate that was in Phase 1 trials.

Upgraded Outlook and Analyst Response

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Following the strong quarterly performance, Amgen raised its financial targets for the full 2026 fiscal year. The company now expects revenue in the range of $38.2 billion to $39.4 billion and lifted its adjusted EPS forecast to between $22.30 and $23.50, up from a prior range of $21.70–$23.10.

The decisive earnings beat and improved outlook triggered a wave of positive revisions from Wall Street analysts. BMO Capital raised its price target on the stock to $450 from $400, while RBC Capital Markets lifted its target to $400 from $370, maintaining an Outperform rating. Wells Fargo and Canaccord also raised their respective price targets.

Market Context

The stock's advance was supported by a constructive backdrop for the broader market, with the S&P 500 and Dow Jones Industrial Average both trading higher on the day. The combination of strong company-specific results and a positive market environment amplified investor enthusiasm for Amgen, pushing its shares to a new record.