Additional Thoughts On The Rare Disease Segment, And An Updated Model

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Additional Thoughts On The Rare Disease Segment, And An Updated Model

C O M PA N Y N O T E

M a y 1 3 , 2 0 2 6

Amgen Inc. (AMGN) Overweight

CONCLUSION PRICE: US$336.29

Looking at the business from a high level, we continue to envision top-line upside versus TARGET: US$427.00

consensus not only for 2026 but also for 2027. That’s less a function of strength from the key 16x 2027E EBITDA of $18,797M (assuming

workhorses of the commercial portfolio (namely Repatha, Tezspire and Evenity), and more cash of ~$12B, debt of $57.3B, and ~544M

a function of the continued strength from the rare disease segment, particularly Uplizna. shares outstanding), discounted by 10% for 1

Beyond that, we could also envision Tepezza as a more attractive growth driver on the back year

of what was strong Phase III data for the subcutaneous (SC) formulation (refer to our note

David Amsellemon 4/6/26 for details). We reiterate our Overweight rating and slightly lower our PT to $427 Sr. Research Analyst, Piper Sandler & Co.

from $432 (see below for details on our updated valuation methodology). 212 284-9455, david.amsellem@psc.com

Alex von Riesemann

• Why Uplizna has all the makings of a juggernaut. We continue to believe that the Research Analyst, Piper Sandler & Co.

combined opportunity in IgG4-related disease (IgG4-RD) and generalized myasthenia 212 284-9513, alex.vonriesemann@psc.com

gravis (gMG) ultimately translates into Uplizna emerging as a multi-billion dollar product Naoki Martin

over time. IgG4-RD certainly has a good bit of white space given that Uplizna is to Research Analyst, Piper Sandler & Co.

212 284-9402, naoki.martin@psc.com

date the only agent approved here, and in a setting where it is becoming clear that the

U.S.