Amgen has been moving well lately, up nearly 16% over the last month. They reported Q3 results that beat estimates on top and bottom lines, and they raised their full-year sales guidance. The broader sector is also getting a lift. Big names like Pfizer and AstraZeneca made deals with the administration to cut prices in exchange for tariff exemptions. Lilly and Novo Nordisk made similar moves for their obesity drugs to secure Medicare access. For Amgen, revenue is up 10.5% this year. The growth is mostly coming from volume on drugs like Repatha and Tezspire, plus their biosimilars are annualizing at about $3 billion in sales. The big pipeline item to watch is MariTide for obesity, which could offer monthly dosing instead of weekly. There are some headwinds. Patents for Prolia and Xgeva expired recently, so generics are entering the market. Medicare pricing negotiations are also impacting net prices for older drugs like Enbrel. The stock currently trades at roughly 16x forward earnings.