How Investors Are Reacting To Amgen (AMGN) Slashing Repatha Prices and Expanding Direct Patient Access

• Earlier this month, Amgen announced the launch of AmgenNow, a direct-to-patient program offering Repatha at a nearly 60% lower US price, following successful Phase 3 trial results in primary prevention of cardiovascular events for patients without a history of heart attack or stroke.
• This move not only broadens patient access and affordability but also leverages new clinical data to potentially expand Repatha's addressable market in the US.
• We'll now examine how Amgen's expanded direct-to-patient access for Repatha could influence its growth, risk profile, and earnings outlook.

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Amgen Investment Narrative Recap

The key Amgen investment case centers on its ability to keep growing alongside demand for new therapies targeting chronic diseases, balanced against mounting pricing pressures and the impact of biosimilar competition. The launch of AmgenNow, dropping Repatha’s US price by nearly 60%, strengthens the product’s reach, yet it amplifies industry pricing pressure, which remains the largest near-term risk to Amgen’s margins and future growth. If you are focused on immediate catalysts, the impact of this pricing decision on Repatha’s sales and competitive positioning deserves careful monitoring.

Also significant this quarter was the $650 million expansion of Amgen’s US manufacturing facility, projected to add 750 jobs. While this doesn’t directly affect Repatha, it shows Amgen’s continued investment in scalability, which may support both product uptake and supply for potential volume growth. These moves play into broader catalysts around operational efficiency and long-term capacity for innovation.

But on the other hand, investors should be aware that...

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

Amgen's narrative projects $37.4 billion in revenue and $8.2 billion in earnings by 2028. This requires 2.3% yearly revenue growth and a $1.6 billion increase in earnings from $6.6 billion today.

Uncover how Amgen's forecasts yield a $311.88 fair value, a 7% upside to its current price.

Exploring Other Perspectives

Bullish analysts see Amgen’s global expansion and volume-led growth driving revenues to US$42.8 billion by 2028, meaning the current news around direct-to-patient access could matter much more than consensus expects. Your view might differ, so it’s worth examining these alternative forecasts and considering how new developments could shift them.

Explore 6 other fair value estimates on Amgen - why the stock might be worth just $311.88!

Build Your Own Amgen Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• 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.

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