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Fly News Breaks for June 12, 2017
CHRS, AMGN
Jun 12, 2017 | 15:20 EDT
Leerink analyst Geoffrey Porges noted that Coherus Biosciences (CHRS) received a complete response letter from the FDA for its biosimilar to Amgen's (AMGN) Neulasta, which he views as likely delaying its launch by at least a year. However, the "windfall" is offset by the Supreme Court decision that "effectively eliminates" the 6-month delay for biosimilars associated with notification, Porges tells investors. Based on his forecast for a six-month delay in the timing of a Neulasta biosimilar launch in the U.S., to the second quarter of 2018 from the fourth quarter of 2017, Porges increased his 2018 Amgen revenue forecast by $500M and raised his price target to $161 from $159, though he keeps a Market Perform rating on the stock.
News For AMGN;CHRS From the Last 2 Days
AMGN
Mar 26, 2024 | 07:08 EDT
JPMorgan estimates Amgen (AMGN) without its obesity pipeline is worth $240-$250 per share and that the market is assigning $30-$40 per share of value to Maritide. While the competitive bar for Maritide is high and moving higher based on Novo Nordisk's (NVO) recent pipeline updates, the obesity market is also "unprecedented in terms of size," the analyst tells investors in a research note. The firm estimates peak sales for Maritide of $6B, equating to mid-single-digit share within the incretin space. JPMorgan believes this supports a value roughly in-line with what is reflected in Amgen's current share price. It sees a positive risk/reward scenario given the recent pullback but maintains a Neutral rating on the name with a $290 price target. The firm says Amgen is viewed as the best positioned name beyond Eli Lilly (LLY) and Novo to have a role in the obesity space.