Amgen's (AMGN) Q3 is expected to miss analyst estimates, but the drugmaker is likely to see positive revenue growth in the long term, Oppenheimer said in a report emailed Friday.

Oppenheimer estimates Amgen's Q3 total revenue at $8.42 billion and adjusted earnings of $5.01 per share, compared with consensus estimates of $8.51 billion and $5.11, respectively.

The firm also expects revenue of $33 billion versus consensus of $33.2 billion in 2024 increasing to $35.4 billion versus consensus of $36.2 billion consensus in 2028.

Amgen will report its Q3 financial results on Wednesday.

Amgen has issued 2024 guidance, projecting total revenue between $32.8 billion and $33.8 billion and adjusted EPS in the range of $19.10 to $20.10, incorporating gains from the Horizon Therapeutics (HZNP) acquisition, Oppenheimer said.

There are several key factors to consider ahead of Amgen's Q3 earnings report, including the performance of core products, the potential of new drugs like MariTide and Uplizna, and the progress of its oncology and biosimilars programs, Oppenheimer said.

"We forecast Amgen revenue growth over the next ten years leveraged by margin expansion, as management has a track record of financial discipline," Oppenheimer said.

Oppenheimer has an outperform rating on Amgen with a price target of $380.

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