Raising Our Amgen FVE on Improved Tax Outlook; Transformative Acquisition Looking More Likely
We’re slightly raising our fair value estimate for Amgen to $198 per share from $193 following 2017 results, largely due to a lower than expected tax rate following U.S. tax reform. Amgen’s late-stage pipeline look relatively thin, but with several in-line products still generating strong cash flows and almost $39 billion in offshore cash being repatriated to the U.S. (freeing it up for share buybacks, dividends, or acquisitions), we think Amgen has many options for boosting long-term top-line g...
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