Amgen Stock Outlook: Bearish Earnings Forecast Could Present Long-Term Value Opportunity

Earnings Report Release Date: Tuesday, 4th November 2025

Amgen (NASDAQ: AMGN) may be heading for a bearish phase following Q3 earnings forecasts. Based on earnings per share (EPS) data, Amgen reported Q3 2024 EPS of $5.58, while its Q3 2025 forecasted EPS stands at $5.00 — a decline of 10.39% year-on-year. This projected dip in earnings could put downward pressure on the Amgen share price in the short term.

Over the past year, Amgen’s stock price has fallen 6.41%, from $316.60 on 4th November 2024 to $296.32 on 4th November 2025. This moderate decline, combined with weaker earnings expectations, may indicate that Amgen stock is currently undervalued, potentially mitigating further downside risk.

Technical Indicators Show Neutral Market Sentiment

From a technical perspective, Amgen shares remain largely neutral. The stock’s Relative Strength Index (RSI) is at 55, suggesting no clear overbought or oversold conditions. Meanwhile, the MACD indicator shows small histogram bars, reflecting typical market uncertainty ahead of earnings announcements.

Valuation and Fundamental Analysis

On the fundamentals, Amgen trades at a price-to-earnings (P/E) ratio of 24.24, with a forward P/E of 13.74. This positions the company as a fairly valued stock, trending towards good value territory, which could make it an attractive option for long-term investors.

The significant reduction in forward P/E implies stronger earnings growth potential over time. Based on P/E-derived price targets, estimates suggest:

• High estimate: $522.73 (76.41% upside)
• Low estimate: $378.22 (21.65% upside)
• Analyst consensus target: $323.38 (9.14% upside)

While these high targets indicate substantial upside potential, they also introduce volatility and investment risk, suggesting that Amgen’s valuation could fluctuate significantly depending on future performance and investor sentiment.

Investor and Trader Outlook for 2025

Despite the bearish earnings forecast and potential volatility, Amgen remains fundamentally strong. The company’s relatively low forward P/E ratio and analyst optimism suggest long-term growth potential beyond short-term market uncertainty.

For traders, the stock may experience near-term fluctuations tied to earnings performance. For long-term investors, however, Amgen’s strong fundamentals and improving valuation metrics could represent a value-buying opportunity heading into 2026.