Amgen Inc. (AMGN): A Bull Case Theory 

We came across a bullish thesis on Amgen Inc. on Disruptive analytics’s Substack by Magnus Ofstad. In this article, we will summarize the bulls’ thesis on AMGN. Amgen Inc.’s share was trading at $325.54 as of January 12th. AMGN’s trailing and forward P/E were 25.18 and 14.79 respectively according to Yahoo Finance.

Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide and has seen a steady recovery in 2025, with shares recently trading at $320.20 — near their yearly high of $335.88 and well above the $253.30 low earlier in the year. The stock spent much of last year lagging below $290, but patient investors were rewarded after a strong Q3 earnings report reignited momentum.

Amgen delivered a 12% year-over-year revenue increase, surpassing prior market expectations that had forecast stagnation. At the start of the year, 12 of its drugs were growing sales at double-digit rates; by Q3, that number had climbed to 16, underscoring the breadth of its expanding portfolio.

The market, however, still views Amgen primarily as a stable dividend play, underestimating its accelerating topline growth and robust pipeline. Beyond the much-anticipated obesity treatment expected next year, Amgen is advancing several high-value assets across oncology, cardiovascular, inflammation, and rare disease franchises.

Upcoming catalysts include the launch of a new therapy for moderate to severe atopic dermatitis, a late-stage cholesterol-lowering drug with best-in-class potential, and pivotal readouts from gastric cancer trials — each positioned to meaningfully extend Amgen’s growth runway.

The company’s operational execution, diversified revenue base, and emerging product launches point to sustained earnings momentum not yet fully priced into the stock. With solid fundamentals, a strengthening growth profile, and recurring pullbacks offering entry points, Amgen remains a compelling long-term holding with additional upside potential as its next generation of blockbuster therapies come online.

Previously we covered a bullish thesis on Amgen Inc. (AMGN) by Magnus Ofstad in May 2025, which highlighted the company’s strong Q1 performance, expanding late-stage pipeline, and consistent execution. The stock has appreciated approximately 15.75% since our coverage as the growth thesis played out. The thesis still stands as Amgen’s diversified portfolio and advancing therapies continue to support further upside, while Magnus Ofstad emphasizes accelerating topline growth post-Q3.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy NOW 

Disclosure: None.