Amgen (AMGN) is positioned to drive long-term revenue growth, with its research and development pipeline expected to more than offset mature product declines, supported by ongoing product momentum, Oppenheimer said.

The brokerage said in a Tuesday research note that it sees potential for operating margin expansion given the company's track record of financial discipline.

Amgen's drug Repatha continues to drive momentum, with sales reaching over $3 billion for fiscal 2025. Oppenheimer said that stronger momentum is expected to continue in fiscal 2026 after the company overcomes its previous 40% primary prevention prescription split.

The company is also expanding phase 3 trials for its weight-loss drug MariTide, which could act as a growth catalyst once results are reported in the first half of 2027.

Its FDA-approved drug, Uplizna, to treat adults with generalized myasthenia gravis, benefits from a first-mover advantage and differentiated efficacy compared with other B-cell-targeting therapies. Long-term sales are expected to grow through increased awareness-driven diagnoses, according to the note.

The firm highlighted that mature products may decline but the R&D pipeline and innovative new products are expected to more than compensate.

Oppenheimer has a outperform rating with a $400 price target on the stock.

Shares of Amgen were up more than 8% in recent Wednesday trading.

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