Amgen, Inc.(NASDAQ:AMGN) reported better-than-expected third quarter results last month. For full fiscal 2017, the company expects to earn EPS of $12.50-$12.70, versus the consensus of $12.57. Revenue forecast for the full year is $22.7-$23 billion, versus the consensus of $22.87 billion. However, revenue in the third quarter declined by 1% year-over-year. Financial services company Cowen called the results “boring” but very safe. The firm maintained its price target of $209 for the stock and a “Buy” rating. Cowen’s analysts Eric Schmidt and Jeff Chen think that Amgen stock is looking attractive on the back of increased cost cutting and strong margins.
Amgen, Inc. (NASDAQ:AMGN) Enbrel sales declined in the third quarter, but were in-line with the estimates. Enbrel is under threat from Humira and a new drug made by Novartis. Revenue from Neulasta exceeded forecasts. LINCYTO sales also skyrocketed more than 80% in the quarter. Sales of Prolia and Sensipar increased by 22% and 10% in the quarter respectively.
Investment firm Mizuho Securities decreased its price target for Amgen, Inc.(NASDAQ:AMGN) to $192 from $198. The firm said in its report that Amgen recently lowered its sales forecast for Repatha. However, Mizuho thinks that PCSK9 data points are moving in the right direction. Mizuho analyst Salim Syed maintained a “Buy” rating for the stock. On October 26, Oppenheimer analyst Leah Rush Cann increased her price target for Amgen, Inc. (NASDAQ:AMGN) to $205 from $203 and reiterated an “Outperform” rating. Cann said in her report that new clinical trials in 2018 will help Amgen in solving the adaption problems of Repatha. She also said that growing in sales of Prolia and Blincyto will keep offsetting the weakness in Repatha revenues.
Amgen, Inc.(NASDAQ:AMGN) is putting a lot of products on the market to tackle the problem of patent expirations. Investors have high hopes from the new heart drug, Corlanor. Amgen’s migraine drug Aimovig has also gotten to regulatory stages. The drug has shown improvement in patients who failed previous preventive therapies. Amgen is also readying to launch Amjevita, a Humira biosimilar, in Europe next year. The company plans to drug in the US in 2023.