Headquartered in Thousand Oaks, California, Amgen Inc. (AMGN) discovers, develops, manufactures, and delivers medicines for some of the deadliest diseases. Companies worth $10 billion or more are generally described as “large-cap” stocks, and Amgen’s market cap of roughly $154.9 billion places it firmly in this category, highlighting its substantial size, operational stability, and influence within the drug sector.

Its strong cash position ranks among the strongest in biotech, providing the flexibility to acquire promising pipeline assets that could drive long-term growth. By focusing on areas of high unmet medical need, it is leveraging deep expertise to create solutions that tangibly improve lives, demonstrating strategic foresight and real-world impact.

AMGN shares have retreated almost 15.2% from their September 2024 peak of $339.17. Over the past three months, AMGN stock has inched up roughly 1.5%, underperforming the S&P 500 Index ($SPX), which gained 9.3% during the same period.

Looking at the longer horizon, AMGN stock has declined 12.7% over the past 52 weeks, yet it has managed to see a gain of 10.4% in 2025. The S&P 500 Index, in comparison, has risen 15.5% over the same 52-week period, while year-to-date it is up 9.8%, slightly lagging behind AMGN’s performance.

Highlighting its lackluster price action, AMGN’s stock has been stuck below both its 50-day and 200-day moving averages since early April. Even with a few intermittent swings, the shares have failed to sustain any meaningful breakout, reinforcing the broader weakness in its trend.

On August 5, Amgen’s Q2 fiscal 2025 earnings showcased its operational strength, yet investors remained cautious. Revenue climbed 9.4% year-over-year to $9.2 billion, and adjusted EPS rose 21.1% to $6.02, beating forecasts of $5.29 on $8.94 billion. Still, the stock marginally dipped on August 5 and slid another 5.1% the following day.

Market focus shifted to Amgen’s experimental weight-loss therapy, MariTide, with Phase 2 data expected in Q4 2025. Analysts flagged concerns over study design and its impact on ongoing Phase 3 trials. Strengthening the outlook, management raised fiscal 2025 guidance, lifting sales projections to $35 billion-$36 billion and adjusted EPS to $20.20-$21.30.

To put AMGN’s performance into perspective, its rival Bristol-Myers Squibb Company (BMY) has pulled back 3.8% over the past 52 weeks and declined 16.6% year-to-date, lagging noticeably behind AMGN’s YTD gains.

Even as the broader healthcare sector faces ongoing regulatory scrutiny and political gravities, analysts remain confident in AMGN’s long-term trajectory. The stock has received a consensus rating of “Moderate Buy” from the 33 analysts in coverage, and the mean price target of $315.26 is a premium of 9.6% to current levels.