Amgen Inc. shares reached an all-time high of $422.49 on Tuesday, extending a year-to-date rally that has pushed the biotech giant’s market capitalization to $226.73 billion. The stock last traded at $424.54, up 0.5% on the session, following the release of second-quarter 2026 results that exceeded analyst projections.
The company reported adjusted earnings per share of $6.29, surpassing the $5.60 consensus estimate compiled by InvestingPro. Revenue totaled $10.1 billion, outpacing the $9.43 billion forecast. Over the past 12 months, Amgen’s shares have gained 47.6%, outperforming broader biotechnology benchmarks.
Product revenue growth was led by Evenity, which posted $714 million in sales, a 38% increase from the prior year. Tepezza generated $576 million, up 14% year-over-year, while Repatha contributed $953 million. Uplizna revenue reached $335 million.
Analysts at TD Cowen raised their price target to $452 from a prior $430 and maintained a Buy rating. RBC Capital increased its target to $400, while Guggenheim adjusted its forecast to $388 but kept a Neutral rating. InvestingPro data showed 12 analysts have revised their earnings estimates upward for the upcoming period, citing strong demand for key therapies.
The company’s shares are trading above the $443.20 fair value estimate provided by InvestingPro, reflecting heightened investor confidence in its pipeline and commercial execution.
