Amgen's (AMGN) Q3 results should reflect continued momentum across the company's growth portfolio and offer clarity on the anticipated sequential rise in operating expenses, BofA Securities said in a Monday research report.

BofA said it expects Q3 adjusted EPS of $5.70 per share on revenue of $10.02 billion. The company is due to report Q3 results on Nov. 3.

The brokerage said it also looks for clarity on the investment outlook heading into 2027 and maintained a measured view on pipeline execution.

BofA said it expects updates on the pricing and adoption durability of Pavblu to treat certain retinal eye conditions amid growing competition. It added that successive biosimilar launches could offset erosion in mature products.

The firm reiterated its underperform rating on the stock and increased its price target to $328 per share from $317.

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