Barclays Begins Amgen (AMGN) Coverage, Notes Balanced Outlook Despite Trial Debate

Vardah Gill

Mon, February 23, 2026 at 11:25 AM GMT+9 2 min read

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Amgen Inc. (NASDAQ:AMGN) is included among the 13 Best NASDAQ Dividend Stocks to Buy Now.

Barclays Begins Amgen (AMGN) Coverage, Notes Balanced Outlook Despite Trial Debate

On February 20, Barclays initiated coverage of Amgen Inc. (NASDAQ:AMGN) with an Equal Weight rating and a $185 price target. The analyst said there is still “plenty of time” before the Phase 3 MARITIME trial results are released, which means the “biggest source of debate” around Amgen will remain unresolved for now. The firm also noted it is “probably a bit more negatively inclined on this than the Street,” though it said Amgen’s “strong” guidance helps balance those concerns.

During Amgen’s Q4 2025 earnings call, Chairman and CEO Robert Bradway said the company delivered solid performance across its portfolio. He noted that 14 products generated more than $1 billion in annual sales, reaching blockbuster status. At the same time, 13 products posted double-digit growth, and 18 delivered record results. He said the strength and breadth of Amgen’s portfolio helped drive double-digit growth in both revenue and earnings per share during 2025.

Bradway also pointed to strong growth from key products, including Repatha, EVENITY, and TEZSPIRE, each of which increased more than 30% compared with the prior year. He said these therapies are expected to remain major contributors to the company’s long-term growth. He added that Amgen’s rare disease business generated more than $5 billion in revenue during the year. In oncology, growth was supported by the company’s BiTE platform, with IMDELLTRA playing a key role. Bradway said the treatment quickly became the standard of care for patients with second-line or later small cell lung cancer, driven by what he described as unprecedented survival outcomes.

Amgen Inc. (NASDAQ:AMGN) is a biotechnology company focused on developing medicines for serious diseases. It works across areas with high unmet medical needs and uses its research and manufacturing capabilities to deliver new treatment options.

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