• In early May 2026, Amgen announced a further US$300.00 million investment in its U.S. manufacturing network, expanding its large biologics facility in Juncos, Puerto Rico to boost next-generation production capacity, workforce development and supply reliability.
• This latest commitment, on top of billions already earmarked for sites in Puerto Rico, Ohio, California and North Carolina, underscores how manufacturing scale and technology are becoming central to Amgen’s competitive position in biologic medicines.
• We’ll now examine how Amgen’s expanded U.S. biologics manufacturing footprint shapes its investment narrative and long-term therapeutic production capabilities.

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Amgen Investment Narrative Recap

To own Amgen, you need to believe in its ability to convert a broad biologics and biosimilars portfolio into dependable cash generation while managing pricing pressure, biosimilar competition and heavy R&D and capex. The extra US$300.0 million Juncos investment reinforces that Amgen is leaning into manufacturing scale, but does not materially change the near term focus on pricing pressure and biosimilar erosion as the most important catalyst and risk to watch.

In that context, Amgen’s recent 2026 guidance for US$37.1 billion to US$38.5 billion in revenue and GAAP EPS of US$15.62 to US$17.10 gives investors a current reference point for how management is balancing higher manufacturing and R&D spending with earnings. This guidance, set before the latest Juncos commitment, will be a key benchmark for judging whether expanded U.S. biologics capacity supports or strains near term profitability.

But even with Amgen’s manufacturing push, investors should be aware that intensifying global efforts to cap drug prices could…

Read the full narrative on Amgen (it’s free!)

Amgen’s narrative projects $37.4 billion revenue and $8.2 billion earnings by 2028.

Uncover how Amgen’s forecasts yield a $350.03 fair value, a 6% upside to its current price.

Exploring Other Perspectives

Compared with the baseline view, the most optimistic analysts see Amgen quite differently, projecting revenue around US$44.4 billion and earnings of about US$13.2 billion by 2029, so you should expect a wide range of opinions on how this new US manufacturing push interacts with the potential for stronger volume driven growth and the risk that big acquisitions may not deliver the returns those bullish forecasts assume.

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Reach Your Own Conclusion

Don’t just follow the ticker – dig into the data and build a conviction that’s truly your own.

• A great starting point for your Amgen research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Amgen research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Amgen’s overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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