Amgen's 2019 Poised to Be Its Toughest Year; Maintaining Our FVE on Cost Controls and Pipeline
We're maintaining our $205 fair value estimate for Amgen following in-line results for 2018 but disappointing guidance for 2019. While we've slightly reduced our sales forecasts for most of Amgen's legacy products in 2019 to reflect steep competition and pricing pressure, we're largely maintaining our forecasts for Amgen's newer branded portfolio, and we've slightly increased our biosimilar portfolio assumptions. However, Amgen's cost control is key to our valuation; despite heavy biosimilar pre...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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