Barclays initiates Amgen coverage with Equal Weight rating and $185 price target
Barclays initiated Amgen with an Equal Weight rating and a $185 price target as debate over the Phase 3 MARITIME trial continued. Amgen said 2025 revenue and earnings per share rose by double digits.
Amgen Inc. was initiated with an Equal Weight rating and a $185 price target on February 20, while debate around the Phase 3 MARITIME trial remained unresolved. Strong guidance and double-digit growth in revenue and earnings per share during 2025 helped balance those concerns.
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 said 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, the CEO said the company delivered solid performance across its portfolio. He said 14 products generated more than $1 billion in annual sales, 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.
He 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. He 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.