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    Should TEZSPIRE’s EoE Win and Cardiometabolic Data Shift Amgen’s (AMGN) Immunology Narrative?

    Simply Wall St·09/05/2026 02:21:48
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    • Amgen and AstraZeneca recently reported positive Phase 3 CROSSING trial results showing TEZSPIRE achieved meaningful improvements in key eosinophilic esophagitis outcomes with a consistent safety profile.
    • This outcome highlights how Amgen is extending a single first-in-class antibody across multiple epithelial-driven diseases, potentially deepening its immunology portfolio.
    • We’ll now examine how TEZSPIRE’s EoE data, alongside Repatha’s mortality results and olpasiran read-across risk, may reshape Amgen’s investment narrative.

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    Amgen Investment Narrative Recap

    To own Amgen, you need to believe its diversified portfolio and late stage pipeline can offset pricing pressure, biosimilar competition, and heavy R&D spend. The CROSSING data for TEZSPIRE adds another potential use for a first in class antibody but does not change that the key near term catalyst is how investors reassess cardiovascular and obesity assets, while the biggest risk remains pressure on pricing and margins as older products face competition.

    The most relevant recent announcement alongside TEZSPIRE is Repatha’s VESALIUS CV mortality data, which showed a 20% reduction in all cause mortality and 25% reduction in major cardiac events in high risk patients without prior heart attack or stroke. Together with TEZSPIRE’s EoE results and the read across risk from Novartis’s pelacarsen miss for olpasiran, these data points focus attention on how much of Amgen’s future story rests on outcomes driven specialty medicines.

    Yet beneath these growth drivers, investors should also be aware of the mounting risk that drug pricing reforms and value based care could cap Amgen’s long term profitability and...

    Read the full narrative on Amgen (it's free!)

    Amgen's narrative projects $41.5 billion revenue and $10.3 billion earnings by 2029.

    Uncover how Amgen's forecasts yield a $371.93 fair value, a 15% downside to its current price.

    Exploring Other Perspectives

    AMGN 1-Year Stock Price Chart
    AMGN 1-Year Stock Price Chart

    Some of the lowest ranked analysts were already assuming revenues flat near US$38.9 billion and earnings stuck around US$8.7 billion, which is far more pessimistic than the baseline pipeline driven view tied to TEZSPIRE and Repatha, and shows how differently you might interpret this new data for Amgen.

    Explore 5 other fair value estimates on Amgen - why the stock might be worth as much as 57% more than the current price!

    The Verdict Is Yours

    Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

    • A great starting point for your Amgen research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.
    • Our free Amgen research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Amgen's overall financial health at a glance.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.