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Fly News Breaks for June 25, 2018
MYL, AMGN
Jun 25, 2018 | 08:21 EDT
Jefferies analyst Michael Yee notes that Mylan's (MYL) Neulasta biosimilar Fulphila will launch in the coming weeks, which poses a risk for Amgen (AMGN), but he tells investors in a research note that "We already knew a biosimilar was coming anyway" and this news does not alter his thesis. Yee says the Street already models some Neulasta decline, which is reflected by Amgen's multi-year low P/E multiple, and contends that, based on precedence, he thinks the Neulasta franchise might be more durable than the Street expects.
News For AMGN;MYL 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.