Information Provided By:
Fly News Breaks for January 17, 2020
AMGN
Jan 17, 2020 | 13:02 EDT
According to Wolters Kluwer Health, Amgen today took price increases on several important franchise drugs, some of which are at rates actually marginally higher than last year, Piper Sandler analyst Christopher Raymond tells investors in a research note. Like other major biopharma companies, Amgen is following a well-established pattern, which is "somewhat remarkable," given the level of scrutiny on drug pricing on the political and policy front, says the analyst. Raymond that despite management comments on the need for reform, the price increases indicate that "it is nothing more than business as usual with respect to US drug pricing and economics." He keeps an Overweight rating on Amgen shares.
News For AMGN 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.