While everyone obsesses over Nvidia’s latest earnings and the AI selloff carnage, Amgen has been on a tear that would make most tech stocks jealous. The biotech giant is up 17% year-to-date, outperforming the Dow’s measly 2.3% return by a factor of seven. And the best part? The story is just getting started.
Amgen’s Q4 earnings in early February set the tone. Revenue came in at $9.9 billion with adjusted EPS of $5.29 — both beating estimates. Management guided 2026 revenue to $37 billion to $38.4 billion, slightly ahead of Wall Street expectations. Adjusted EPS guidance of $21.60 to $23.00 tells you this isn’t a company coasting on legacy products.
The real catalyst nobody’s talking about? MariTide — Amgen’s obesity drug candidate that’s now in six simultaneous Phase 3 trials. While Eli Lilly and Novo Nordisk duke it out for GLP-1 supremacy, Amgen is quietly building what could be the dark horse of the entire weight-loss drug race. MariTide’s key differentiator: it’s designed to be dosed less frequently than the weekly injections that Wegovy and Zepbound require. In a market where patient compliance is everything, a monthly or less-frequent shot could be a game-changer.
Meanwhile, Repatha — Amgen’s cholesterol-lowering blockbuster — is surging with 44% growth. The cardiovascular franchise alone would make most biotechs salivate. Add in Prolia for bone health, Otezla for inflammation, and KYPROLIS for cancer, and you’ve got a diversified portfolio of growth drivers that doesn’t depend on any single drug.
At roughly 17x forward earnings with a $206 billion market cap, Amgen trades at a fraction of the multiples investors happily pay for unprofitable tech companies. It has consistently traded above its 50-day and 200-day moving averages since October 2025 — a textbook bullish trend. And yet analyst consensus remains just “Moderate Buy” with a mean price target of $355 — below where the stock trades today. That tells you the Street is still playing catch-up.
The weight-loss drug market alone is projected to exceed $150 billion by 2030. If MariTide delivers in Phase 3, Amgen won’t just be a biotech — it’ll be a weight-loss juggernaut with a cardiovascular and oncology kicker. For investors tired of watching AI stocks gap down on every earnings call, Amgen is the kind of boring brilliance that actually compounds.