Key Highlights

  • Amgen traded at US$413.08, against a consensus target of US$394.27.
  • The median target of US$400 implies roughly -3.2% upside from the current price.
  • Targets span US$230 to US$500, framing the range of analyst opinion.
  • The consensus implies -4.6% upside, reflecting the balance of current analyst views.

Amgen Inc. (NASDAQ:AMGN), a constituent of the Dow Jones Industrial Average, traded at US$413.08 as of 8 October 2026, against an analyst consensus price target of US$394.27, an implied upside of approximately -4.6%.

What Is the Latest Analyst Price Target?

The consensus (average) price target is US$394.27, while the median target is US$400.00. The median implies 3.2% downside from the current price, compared with 4.6% downside for the average. The highest published target is US$500.00, which would represent 21.0% above the current share price, and the lowest is US$230.00, or 44.3% below it.

The gap between the highest and lowest targets amounts to roughly 65% of the current share price, a wide range that points to genuine disagreement about the outlook. The shares trade on a trailing price-to-earnings ratio of about 25.7.

What Are Analysts Saying?

Individual broker upgrades, downgrades and target changes for Amgen Inc. could not be independently verified in this research run. What the aggregate data does show is the distribution of targets: the average sits 4.6% below the current price, and the lowest target is below the share price while the highest is above it.

What Could Help the Stock Reach the Price Target?

Growth from newer medicines and Biosimilars may help offset pressure on mature products, supporting a broader Revenue base as the portfolio shifts toward more recently launched therapies. Progress in its obesity programme could create a potentially significant new market, if clinical data and eventual regulatory outcomes prove favourable and the product competes effectively with existing options. Strong Cash Flow and Manufacturing scale may support continued dividends, Debt reduction and Business development, which could help maintain Earnings stability while the pipeline matures.

What Could Prevent the Stock Reaching the Target?

Competition from biosimilars and generics for key established products could erode revenue, and pricing pressure from payers and government programmes may limit growth across the portfolio. Obesity is a crowded and rapidly evolving market with strong incumbents, so clinical or commercial disappointment could weigh on expectations built around its pipeline. Debt levels from past acquisitions, litigation, drug pricing reform and manufacturing issues could affect results, while dependence on a few large products leaves some concentration risk.

What Should Investors Watch Next?

The next quarterly results and guidance should indicate how newer products and biosimilars are performing relative to the pressure on older brands. Clinical trial updates in obesity and other late-stage programmes may be important catalysts for sentiment about long-term growth. Regulatory decisions, pricing policy developments and Dividend or debt reduction updates could shape views on cash returns and Balance Sheet flexibility. Any of these could prompt analysts to revise their targets.

What the Target Range Says About Amgen

Amgen (AMGN) was priced at US$413.08 against a consensus target of US$394.27, an implied upside of approximately -4.6%. The median target of US$400 and the range of US$230 to US$500 frame the debate among analysts.