How Much Could Amgen Stock Give Back?

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Amgen (AMGN) stock returned 52.5% over the past year, easily outpacing the 15.1% gain for the S&P 500. The shares now sit just 1.8% below their highest close of that year. A rally of this size leaves shareholders wondering how much the stock might hand back if broader markets decline. So when markets turned in the past, how much did Amgen shares lose, and how long did holders wait to get it back?

How Far Has Amgen Stock Fallen When Markets Turned?

Amgen suffered its deepest drop in a market shock since 2007 during the 2015-2016 China devaluation and global growth scare. The stock fell 22% during that shock, compared to a 12% decline for the S&P 500. Across all 15 market shocks in that time, however, Amgen fell an average of 11.5% against 15.8% for the S&P 500. This means that, on average, the shares have held up better than the market.

Not every time. Investors cannot count on the shares sitting out a market fall. During the 2016-2017 bond selloff, Amgen sank 20% while the S&P 500 slipped only 3.7%.

Amgen eventually recovered from all 15 of those declines, with a typical rebound taking 3.2 months from the low. Investors faced a wait longer than a year only once. Following the 2008-2009 financial crisis, the shares needed 34.1 months to bounce back.

Amgen Earns More But Grows More Slowly

The company generated $38.1 billion in revenue over the twelve months ending in June 2026. While that figure is up 9.1% from a year earlier, sales growth has slowed each year. The growth rate stood at 12.9% a year earlier and 16.4% two years earlier.

Profit moved the other way. Amgen recorded an operating margin of 30.0% over the latest twelve months, up from 20.0% two years earlier.

Amgen also carries more debt than the market as a whole. The company closed its second quarter owing $57.3 billion, compared to $14.0 billion in cash and short-term investments. This debt load equals 24.2% of Amgen’s market value, eclipsing 19.4% for the S&P 500.

Which Amgen Drugs Are Losing Ground Now?

Amgen is rapidly losing sales on older drugs. ENBREL revenue fell 32.9% in fiscal 2025 to $2.23 billion. On the August 4, 2026 call, management said Prolia and XGEVA combined for $1.1 billion in the second quarter, a 33% decline from a year earlier.

Otezla faces a different kind of pressure. Management said on the same call that the drug is experiencing some price pressure even as volume holds up. Still, Otezla posted sales growth in fiscal 2025, rising 6.5% to $2.27 billion.

A regulator has also acted against another Amgen drug. On September 1, 2026, Britain’s medicines regulator suspended Tavneos, Amgen’s rare-disease drug, for new patients. The agency said the main study supporting the drug’s approval was unreliable. When Amgen reports in November 2026, the key figure to watch is combined Prolia and XGEVA sales.

Is Too Much Of Your Wealth Riding On One Stock?

Amgen holders have just seen how hard one stock can fall. When one position grows into a large part of your wealth, a sharp fall can hurt your whole plan, and selling to spread the money out can bring a large tax bill. Our partner advisory firm offers a free strategy review of ways to protect a concentrated position and unwind it with less tax.

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