Amgen Faces Biosimilars, but Newer Drugs and a Growing Pipeline Support a Wide Moat
We're maintaining our $205 fair value estimate for Amgen following first-quarter results that were slightly disappointing, in our view, with a large Neulasta sale and Enbrel adjustments partly masking further underlying weakness in these key, older franchises. Mediocre sales for migraine drug Aimovig in the first quarter also appeared to be affected by price discounts and discontinuations, as well as competition in the migraine market, and we're maintaining our below-consensus estimates for the ...Amgen is a biotechnology company that discovers, develops, manufactures and delivers human therapeutics. The company's products include: Enbrel? (etanercept), which is used in indications for the treatment of adult patients with moderately to severely active rheumatoid arthritis, patients with chronic moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy and patients with active psoriatic arthritis; and Prolia? (denosumab), which is used for the treatment of postmenopausal women with osteoporosis at high risk of fracture or multiple risk factors for fracture, or patients who have failed or are intolerant to other available osteoporosis therapy.
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