Maintaining Amgen FVE; Shares Look Fairly Valued as We Await Repatha Uptake and Biosimilar Launches
Amgen’s second quarter reflected continued pressure from lost pricing power for immunology drug Enbrel, resulting in 2% top-line growth for the quarter. Management slightly tweaked guidance for the full year, but we’re not expecting any major changes to our model, and we’re maintaining our $188 fair value estimate. Amgen continues to expand margins, with 9% non-GAAP operating income growth (55% operating margin) and 15% non-GAAP EPS growth in the quarter. We think shares look fairly valued at re...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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