Amgen Undervalued After in Line First Quarter; Repatha and Aimovig Counter Neulasta Threats
We’re maintaining our $198 per share fair value estimate and wide moat rating for Amgen following steady first-quarter results, which reflected double-digit growth for newer franchises but continuing pressure on the three largest franchises (immunology drug Enbrel down 6%, and supportive care drugs Neulasta and Aranesp down 5% and 11%, respectively). We’ve slightly lowered our U.S. sales forecasts for Kyprolis, Aranesp, Enbrel, and Repatha, but a lower assumed tax rate and increases to our assum...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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