Amgen Looks Fairly Valued Following 2Q; Biosimilar Threats and Opportunities Rising
Amgen has raised top- and bottom-line guidance for the full year, as it cleared another quarter without impact from Neulasta biosimilars and as it continued a heavy repurchase program to boost earnings per share. We're encouraged by an uptick in the launch of cholesterol drug Repatha and positive commentary on the nascent launch of migraine drug Aimovig, although pricing will weigh on future performance of both therapies, given the existence of similar branded options. We're maintaining our $198...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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