Amgen

Amgen Inc (NASDAQ:AMGN) is expected to unveil updates on various programs this year, targeting significant markets. Despite concerns about the company’s long-term growth amid exclusivity losses, Goldman Sachs notes that Amgen (Buy rating, $350 price target) is seen as well-positioned to capitalize on multi-billion dollar opportunities. The current stock valuation is slightly above the base business, per the discounted cash flow model, and indicates a favorable risk-reward scenario leading up to upcoming catalysts. The upcoming catalysts include obesity, with MariTide Phase 2 data expected in late 2024. Earlier this month, Amgen had the data from animal and early-stage human trials of its experimental obesity drug AMG 133 (maridebart cafraglutide) published in Nature Metabolism. The Journal confirmed the GIPR antagonist and GLP-1R agonist activities in cell-based systems and reported the ability of AMG 133 to reduce body weight and improve metabolic markers in male obese mice and cynomolgus monkeys. The management has […]

Morgan Stanley analyst Terence Flynn maintains Amgen (NASDAQ:AMGN) with a Equal-Weight and lowers the price target from $300 to $291.

AMGEN REPORTS THIRD QUARTER FINANCIAL RESULTS PR Newswire THOUSAND OAKS, Calif., Oct. 31, 2023 THOUSAND OAKS, Calif., Oct. 31, 2023  — Amgen (NASDAQ:AMGN) today announced financial results for the third quarter of 2023(1) . “We are excited about our pipeline progress and our operating performance in the third quarter,” said Robert A. Bradway, chairman and chief executive officer. “With the completion of the Horizon acquisition, Amgen has added rare disease medicines that fit well with our broad innovative portfolio.” Key results include: — Total revenues increased 4% to $6.9 billion in comparison to the third quarter of 2022, resulting from a 5% increase in product sales. Product sales growth was driven by 11% volume growth, partially offset by 3% lower net selling price and 3% unfavorable changes to estimated sales deductions. — Volume growth of 11% included double-digit volume growth from BLINCYTO(R) (blinatumomab), EVENITY(R) (romosozumab-aqqg), Repatha(R) (evolocumab) and Nplate(R) (romiplostim).

Amgen (NASDAQ:AMGN) reported quarterly earnings of $4.96 per share which beat the analyst consensus estimate of $4.66 by 6.44 percent. This is a 5.53 percent increase over earnings of $4.70 per share from the same period last year. The company reported quarterly sales of $6.90 billion which missed the analyst consensus estimate of $6.94 billion by 0.59 percent. This is a 3.77 percent increase over sales of $6.65 billion the same period last year.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our target at $295, 15.0x our 2024 EPS, slightly above AMGN’s 10-year historical forward P/E average. We raise our 2023 EPS view by $0.38 to $18.80 and 2024’s by $0.12 to $19.68. Amgen reported Q3 EPS of $4.96 vs. $4.70 (+6% Y/Y), $0.25 above our estimate and $0.28 above the S&P Capital IQ consensus. Q3 revenues of $6.9B vs. $6.7B, up 4% Y/Y, were $45M below consensus and $237M below our estimate as the non-biologic treatment for chronic inflammatory diseases (Otezla, -10% Y/Y, $462M) and cancer treatment (Lumakras, -31% Y/Y, $48M) sales were below our forecasts. The large $28B Horizon acquisition that closed early October has been included in AMGN’s raised guidance to the $28.4B-$28B range versus $26.6B-$27.4B earlier. Horizon generated $945M revenues in Q3

Amgen (NASDAQ:AMGN) today announced data from the global Phase 3 CodeBreaK 300 trial evaluating two doses of LUMAKRAS (sotorasib) (960 mg or 240 mg) in combination with Vectibix (panitumumab). Both doses demonstrated a statistically significant superiority in progression-free survival (PFS) over the investigator’s choice of therapy in patients with chemorefractory KRAS G12C-mutated metastatic colorectal cancer (mCRC). The results are being presented today at the Presidential Symposium 2 session as a late-breaking oral presentation (LBA10) during the European Society for Medical Oncology (ESMO) 2023 Congress in Madrid, Spain, with simultaneous publication in the New England Journal of Medicine. “The CodeBreaK 300 trial demonstrated the benefit of LUMAKRAS plus Vectibix to deliver statistically significant PFS outcomes for patients compared to the investigator’s choice of therapy, offering new hope to this population with historically poor outcomes,” said David M. Reese, M.D., executive vice president, Research and Development at Amgen.

Amgen (AMGN) on Friday said its global phase 2 study of tarlatamab in patients with advanced stage small cell lung cancer showed that the investigational drug delivered an “encouraging” objective response rate of 40% and median overall survival of 14.3 months. “In the current third-line treatment of SCLC, patients face a dire prognosis, with response rates ranging between 14 and 21 percent and median overall survival less than six months,” said Luis Paz-Ares, head of the lung cancer unit at the National Oncology Research Center. Amgen said no new safety concerns were reported and there were only 4% discontinuations due to treatment-related adverse events. Tarlatamab is an investigational drug targeting the BiTE, or bi-specific T-cell engager, molecule, directing them toward tumor-specific antigens, and activating their cytotoxic capabilities to eradicate cancer, according to the company.

JPMorgan analyst Chris Schott reinstates Amgen (NASDAQ:AMGN) with a Neutral and announces $270 price target.

Oppenheimer analyst Jay Olson maintains Amgen (NASDAQ:AMGN) with a Outperform and raises the price target from $290 to $300.

Morgan Stanley analyst Terence Flynn reinstates Amgen (NASDAQ:AMGN) with a Equal-Weight and announces $300 price target.

Jefferies analyst Michael Yee reiterates Amgen (NASDAQ:AMGN) with a Buy and maintains $310 price target.