Amgen Inc. stock (US0311621009): Rating upgrade and Q1 beat amid tax and regulatory overhangs

Amgen Inc. shares have come under pressure even after the company delivered a solid first?quarter 2026 earnings beat and raised its full?year guidance, while an equities research firm upgraded its rating on the stock. On May 1, 2026, Amgen reported non?GAAP earnings per share of $5.15, ahead of the consensus estimate of about $4.80, and revenue of $8.618 billion, up roughly 5.8% year over year, according to Tikr as of May 1, 2026. Despite the positive numbers, the stock fell about 4.75% on the day, closing near $329.82, reflecting investor concerns about an IRS tax dispute, a proposed FDA withdrawal of one of its drugs and an accelerating patent cliff.

On May 8, 2026, Freedom Capital upgraded Amgen from a “hold” to a “strong?buy” rating, citing growth prospects in its pipeline and established products, according to MarketBeat as of May 8, 2026. The same day, Investing.com reported that Freedom Broker had also upgraded the stock to a “buy,” highlighting the company’s growth trajectory and pipeline momentum, according to Investing.com as of May 8, 2026. These upgrades contrast with the recent share?price weakness and underscore a divergence between fundamental performance and market sentiment.

As of: 08.05.2026

By the editorial team – specialized in equity coverage.

Amgen Inc.: core business model

Amgen Inc. is a leading global biotechnology company focused on discovering, developing and commercializing human therapeutics for serious illnesses. The company’s business model centers on proprietary biologic drugs and biosimilars, supported by a large research and development pipeline and a broad commercial infrastructure. Amgen generates the majority of its revenue from product sales, with a significant portion coming from the United States, where it markets therapies in oncology, cardiovascular disease, inflammation and bone health.

According to Stock Titan’s summary of Amgen’s 2025 results, total product sales reached $35.148 billion, up from $32.026 billion in 2024 and $26.910 billion in 2023, reflecting sustained growth across its portfolio and expanding international presence, according to Stock Titan as of May 2026. U.S. sales accounted for about $25.656 billion of that total, with the rest?of?world segment contributing roughly $9.492 billion, highlighting the company’s strong domestic footprint and growing international exposure.

Main revenue and product drivers for Amgen Inc.

Within Amgen’s portfolio, several products stand out as key revenue drivers. Repatha, the company’s PCSK9 inhibitor for lowering LDL cholesterol and reducing cardiovascular risk, generated $876 million in sales in the first quarter of 2026, up 34% year over year, according to Tikr as of May 1, 2026. New?to?brand prescriptions in the United States grew 44% in the quarter, supported by positive subgroup analyses from the VESALIUS?CV trial presented at the American College of Cardiology and published in JAMA on March 28, 2026, according to Tikr as of May 1, 2026.

Another important contributor is IMDELLTRA, a bispecific T?cell engager for small cell lung cancer, which recorded $258 million in Q1 2026 sales as it became the standard of care in the second?line setting, according to Tikr as of May 1, 2026. Beyond these marketed products, Amgen is advancing a pipeline led by obesity and cardiometabolic candidate MariTide, which is in multiple Phase 3 programs, as well as cardiovascular RNA agent olpasiran and several biosimilar antibodies in late?stage development, according to Stock Titan as of May 2026.

Why Amgen Inc. matters for US investors

For US investors, Amgen represents a large?cap biotechnology exposure with a diversified product base and a significant presence in the domestic healthcare market. The company’s Nasdaq listing and dollar?denominated trading make it directly accessible to retail and institutional investors in the United States, while its focus on chronic and high?cost conditions such as cancer, cardiovascular disease and obesity aligns with long?term healthcare spending trends in the country. Amgen’s recent $300 million additional investment in its U.S. manufacturing network, bringing total U.S. manufacturing investments to nearly $2 billion over the last year, underscores its commitment to domestic production and supply?chain resilience, according to PR Newswire as of May 4, 2026.

At the same time, US investors must weigh several overhangs. The company faces an IRS tax dispute that contributed to the negative market reaction after the Q1 2026 earnings release, according to Tikr as of May 1, 2026. Separately, the FDA has proposed withdrawing approval of TAVNEOS, a treatment for ANCA?associated vasculitis, after identifying 76 cases of drug?induced liver injury, which could lead to impairment of about $2.4 billion in related intangible assets on Amgen’s balance sheet as of March 31, 2026, according to Tikr as of May 1, 2026. These issues, combined with an accelerating patent cliff for some of its older products, create a complex risk?return profile for US?based shareholders.

Conclusion

Amgen Inc. has delivered a solid first?quarter 2026 performance, with revenue growth and earnings that exceeded analyst expectations, while also raising its full?year guidance and advancing key pipeline assets such as MariTide and olpasiran, according to Tikr as of May 1, 2026 and Stock Titan as of May 2026. At the same time, the stock has faced headwinds from an IRS tax dispute, a proposed FDA withdrawal of TAVNEOS and concerns about patent expirations, which have weighed on investor sentiment despite the positive fundamentals.

Recent analyst upgrades from Freedom Capital and Freedom Broker highlight the company’s growth potential and pipeline strength, according to MarketBeat as of May 8, 2026 and Investing.com as of May 8, 2026. For US investors, Amgen offers exposure to a diversified biotechnology leader with a strong domestic footprint and ongoing investments in U.S. manufacturing, but also carries regulatory, tax and patent?related risks that require careful consideration. This article does not constitute investment advice; stocks are volatile financial instruments.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.