Amgen Inc. is upgraded to a cautious Buy, reflecting improved fundamentals, a diversified pipeline, and a decent risk/reward profile despite recent underperformance versus the S&P. Key growth drivers include Imdelltra, Uplizna, Tepezza, Repatha, and the promising but unproven Maritide, offsetting declines from legacy drugs like Prolia. AMGN's robust R&D pipeline, margin expansion, and capital investments are positioning the company for sustained long-term growth, though high debt and capex warrant monitoring.