Amgen shares climbed 4.5% on Friday, closing at $384.32 after reaching a new 52-week high during the session. The rally occurred as the Dow Jones Industrial Average surpassed the 50,000 milestone for the first time, gaining 2.5%.
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Traders are preparing for a week of significant economic releases. The delayed January employment report is now scheduled for Wednesday, followed by the Consumer Price Index data on Friday. These figures are closely monitored for their impact on interest rate expectations.
Amgen has set its dividend record date for February 13, with a first-quarter payout of $2.52 per share scheduled for March 6.
Earnings Fuel the Rally
The biotech giant's stock ascent follows a solid quarterly report. Revenue rose 9% to $9.9 billion, while adjusted earnings reached $5.29 per share, both exceeding analyst forecasts. For 2026, the company projects adjusted earnings between $21.60 and $23.00 per share on revenue of $37 billion to $38.4 billion.
On the company's earnings call, commercial chief Murdo Gordon highlighted Amgen's obesity drug candidate MariTide as a "paradigm-changing opportunity," noting dissatisfaction with existing weekly GLP-1 treatments.
Challenges and Competitive Pressures
Despite the positive momentum, Amgen faces payer pressure on its established products. CVS Health's Caremark unit will remove the osteoporosis drug Prolia from some preferred lists starting April 1, opting for lower-cost biosimilar alternatives. Prolia generated approximately $4.4 billion in global sales in 2025.
Such moves by pharmacy benefit managers can accelerate the shift away from branded drugs, potentially impacting revenues faster than some investors anticipate.
The coming sessions will test whether Amgen's breakout can be sustained independently of the broader market's strength, with immediate focus on Monday's trading action ahead of the key economic data.
