Argus analyst David Toung raised his price target on Amgen (AMGN) to $265 and kept his Buy rating, noting that while the company is facing competition from biosimilars and generics, he is positive on the potential of its newer drugs, its pipeline products, and its expanded reimbursement coverage in overseas markets. The analyst further cites Amgen's recent strategic partnership with BeiGene (BGNE), expanding its oncology presence in China.

BeiGene announced that the European Commission has approved tislelizumab as a treatment for non-small cell lung cancer across three indications, including first- and second-line use. "Tislelizumab is foundational for BeiGene's solid tumor portfolio and has demonstrated its potential across multiple tumor types, including NSCLC, in which there remains a significant unmet need at all stages of the disease," said Mark Lanasa, M.D., Ph.D., Chief Medical Officer, Solid Tumors at BeiGene. "Today's EC authorization marks the second in the region for tislelizumab, with both NSCLC and locally advanced or metastatic esophageal squamous cell carcinoma now approved in the European Union. Second-line use in ESCC was also approved just weeks ago by the U.S. Food and Drug Administration, putting us well on our way to fulfilling our commitment to bring this innovative therapy to many more patients around the world."