Bernstein downgraded Amgen to Market-Perform from Outperform, keeping its $335 price target. The analyst sees 2026 as a waiting year with limited near-term catalysts to drive shares higher. The firm flagged new risks, including potential pressure on Repatha from Merck’s enlicitide and uncertainty around lipoprotein(a) outcomes.

Amgen’s next major growth driver, MariTide, isn’t expected to deliver meaningful updates until 2027. Bernstein made only minor forecast tweaks, nudging its 2025 earnings estimate to $21.17 per share and 2026 to $22.14. The downgrade arrives as broader pharmaceutical policy pressures from 2025 have eased, allowing companies to refocus on fundamentals.

With little to push the stock near-term, Bernstein’s move signals a pause in Amgen’s momentum. Investors will now watch for data on Novartis’ pelacarsen and Amgen’s own olpasiran in 2027 for clarity on the Lp(a) market. The broader sector may see more M&A activity as companies with cash deploy capital.