Amgen Inc

AMGN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$529.00	Ssqyl	Fkzqhfzxt

Amgen's Portfolio Supports a Wide Moat, and Horizon Acquisition Supports Rare Disease Expansion

Karen Andersen

Oct 31, 2023

Business Strategy and Outlook

Amgen has its roots in providing supportive-care products to kidney disease and cancer patients, but the firm has expanded its portfolio to include innovative drugs in therapeutic areas ranging from cardiology to immunology. Despite headwinds from biosimilar and branded competition, Amgen's newer blockbusters like cholesterol-lowering drug Repatha defend its wide moat and keep free cash flow above 30% of sales in our forecast.

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