SunTrust analyst Robyn Karnauskas initiated coverage of Amgen with a Buy rating and $256 price target. The analyst expects the company's growth rate to recover thanks to its biosimilars business, its ability to develop mid-cycle products, and its interest in the Chinese drug market.

Amgen "provided an update regarding the results of the Phase 2a COURSE trial for TEZSPIRE(R) in chronic obstructive pulmonary disease, or COPD, which were accepted for presentation in the Clinical Trials Symposium at The American Thoracic Society 2024 International Conference on Monday, May 20, from 9:15-11:15 a.m. PDT. We are encouraged by the results of the COURSE Phase 2a proof-of-concept trial, which investigated tezepelumab in moderate to very severe COPD patients, across a broad range of eosinophil levels, irrespective of inflammatory drivers, emphysema, chronic bronchitis and smoking status. This study did not exclude any patients based on their baseline eosinophil count (BEC) and intentionally enrolled patients with a broad range of BECs. Overall, tezepelumab numerically reduced the annualized rate of moderate or severe COPD exacerbations versus placebo by 17% (90% CI: -6, 36; p=0.1042). Of note, more reductions were observed in a prespecified subgroup of patients with BEC greater than or equal to150 cells/muL (37% [95% CI: 7, 57]). The trend in reduction was greater in a small number of subjects with BEC greater than or equal to300 cells/microL."