Amgen or Biogen: Which Biotech Stock Appears Better Poised?

Biogen BIIB and Amgen AMGN are two of the biggest biotech companies in the world.Amgen has a strong presence in the oncology, general medicine, inflammation and rare diseases markets. Biogen is making therapies for treating serious neurological, neurodegenerative and rare diseases. Its portfolio spans multiple therapy areas, including multiple sclerosis (MD), Alzheimer's disease, spinal muscular atrophy (SMA), depression, lupus and rare neuromuscular disorders.Both companies possess extensive and promising pipelines that have the potential to drive innovation and support long-term expansion. The main question for investors, however, is which stock currently presents the more attractive investment opportunity.Below, we compare their fundamentals, growth outlook and key risks to assess the better pick.The Case for Biogen StockBiogen is in the midst of a major portfolio transition. The company is seeing declining sales of its key MS drugs like Tecfidera and Tysabri, and SMA treatment, Spinraza, due to generic erosion, increasing competition from newer therapies and pricing headwinds.Amid declining demand for MS drugs and Spinraza, Biogen believes its new products, Eisai-partnered Leqembi for Alzheimer’s disease, Skyclarys for Friedreich’s ataxia, Qalsody for amyotrophic lateral sclerosis (ALS) and Supernus Pharmaceuticals-partnered Zurzuvae for depression, have the potential to revive growth.Biogen’s growth products (Skyclarys, Qalsody, Zurzuvae, Vumerity and Spinraza plus Alzheimer’s revenues from the Leqembi collaboration) generated sales of $851 million in the first quarter, up 12% year over year.However, though all these new drugs are showing signs of growth, replacing lost revenues from Tecfidera, Tysabri and Spinraza will likely take time.With competition in the MS market intensifying, Biogen has successfully diversified its pipeline across areas like Alzheimer's, immunology and rare disease. Biogen has strengthened its mid-to-late-stage neurology and immunology pipeline with M&A deals. Among some recent deals, in May 2026, Biogen closed its acquisition of Apellis Pharmaceuticals, adding commercialized medicines Empaveli and Syfovre for immune-mediated retinal disease and nephrology to its commercial portfolio. Biogen expects the Apellis acquisition to be accretive to earnings in 2027 and boost the adjusted EPS growth rate over the remainder of the decade. In June, Biogen announced a definitive agreement to acquire RayThera for $1 billion to strengthen its immunology pipeline.The company also has several late-stage immunology and lupus programs in its pipeline, with several data readouts expected over the next 18 months.However, regular pipeline setbacks are a concern. Among some recent setbacks, in May 2026, Biogen and partner Denali Therapeutics discontinued the development of BIIB122 in idiopathic Parkinson’s disease as a mid-stage study failed to meet its primary or secondary endpoints. The drug failed to slow the progression of Parkinson’s disease in patients.The Case for Amgen StockAmgen markets a range of drugs across oncology, cardiovascular, bone health, immunology and other areas.Amgen’s key medicines like Repatha, Evenity, Uplizna and Blincyto and new drugs like Tavneos, Tezspire and Imdelltra are driving the top line.  New biosimilar launches are contributing to top-line growth as well. These drugs are offsetting declining revenues from oncology biosimilars and mature products such as Enbrel. Seventeen of Amgen’s products are now annualizing at more than $1 billion in sales, reducing dependence on any single product.Amgen has several key pipeline assets, with a primary focus on the obesity candidate, MariTide.The company is developing MariTide, a GIPR/GLP-1 receptor, as a single dose in a convenient autoinjector device with a monthly and possibly less frequent dosing, which may help reduce treatment burden and improve persistence on treatment over time. This key feature differentiates it from Eli Lilly's LLY and Novo Nordisk’s NVO popular GLP-1-based obesity drugs, Zepbound and Wegovy, respectively, which are weekly injections.Amgen is evaluating MariTide in type II diabetes, obesity and obesity-related conditions as part of its comprehensive MARITIME phase III program. In clinical studies, MariTide has shown predictable and sustained weight loss and a meaningful impact on cardiometabolic parameters. However, some investors were not impressed with MariTide’s data from phase II obesity studies. Also, some investors believe that Amgen has entered the obesity market later than rivals like Lilly and Novo Nordisk and the market is becoming increasingly competitive.Beyond MariTide, Amgen sees potential across several other programs in late-stage development, including olpasiran and dazodalibep.Amgen has also invested several billion dollars in M&A deals over the last decade, including platform and technology-related deals as well as acquisitions of marketed products.However, Amgen faces a significant patent-expiration overhang as key products such as Prolia, Xgeva, Enbrel and Otezla have either already lost exclusivity or are expected to do so within the next few years. Together, these medicines accounted for roughly 30% of Amgen’s 2025 product sales, leaving the company exposed to potential revenue pressure from generic and biosimilar competition as patents expire. Also, pricing headwinds and competitive pressure are hurting the sales of many products. Some recent drug-related/pipeline setbacks have also raised concerns.How Do Estimates Compare for AMGN and BIIB?The Zacks Consensus Estimate for AMGN’s 2026 sales and EPS implies a year-over-year increase of 2.8% and 2.5%, respectively. EPS estimates for 2026 have risen from $22.31 to $22.39 over the past 60 days.AMGN Estimate MovementImage Source: Zacks Investment ResearchThe Zacks Consensus Estimate for Biogen’s 2026 sales and EPS implies a year-over-year increase of 2.04% and a decline of 8.73%, respectively. Estimates for Biogen’s 2026 earnings have declined from $14.91 per share to $13.95 per share over the past 60 days.BIIB Estimate MovementImage Source: Zacks Investment ResearchPrice Performance and Valuation of AMGN and BIIBSo far this year, Amgen’s stock has risen 12.2%, while Biogen’s stock is up 22.7%. The industry has risen 7.1% in the said time frame.Image Source: Zacks Investment ResearchBiogen looks slightly cheaper from a valuation standpoint. Going by the price/earnings ratio, AMGN’s shares currently trade at 15.72 forward earnings, higher than 14.35 for Bogen. Both BIIB and AMGN’s stocks are trading above their 5-year means of 13.17 and 13.81, respectively.Image Source: Zacks Investment ResearchAMGN and BIIB: Which is a Better Pick?Both Amgen and Biogen have a Zacks Rank #3 (Hold), which makes choosing one stock a difficult task. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Amgen has one of the broadest commercial portfolios in biotech. Its revenues come from more than a dozen blockbuster products. Biogen, on the other hand, is much more concentrated. Historically, its business relied heavily on multiple sclerosis drugs. As these mature products continue to decline, Biogen has been rebuilding its portfolio through newer launches and acquisitions.After declining for several years, Biogen’s revenues have somewhat stabilized since 2024 due to contributions from newer products and pipeline progress. However, its newer drugs, Leqembi, Skyclarys, Qalsody and Zurzuvae are currently insufficient to offset the near-term top-line decline of the MS franchise.  Also, increased costs related to recent acquisitions have resulted in downward estimate revisions.Amgen offers investors a diversified portfolio, strong cash generation and dividend income, while Biogen represents more of a turnaround and pipeline-driven growth story. So, choosing Amgen over Biogen will be a wise move.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. 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