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Amgen Inc AMGN Stock Quote

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Morningstar‘s Stock Analysis AMGN

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Amgen Shares Remain Fairly Valued Following In-Line Q2 and ChemoCentryx Deal

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

Amgen’s product sales grew by 3% in the second quarter, with 5% growth excluding foreign-currency headwinds and 10% volume growth showing underlying strength. Top- and bottom-line results were slightly ahead of our expectations, but we’re maintaining our full-year forecast and $260 per share fair value estimate. We saw steady growth from established brands like bone drug Prolia/Xgeva, cholesterol-lowering drug Repatha, and psoriasis drug Otezla. Newer drugs like osteoporosis drug Evenity, lung cancer drug Lumakras, and asthma drug Tezspire also helped counter declining sales of older drugs like immunology drug Enbrel as well as fading sales of the firm’s oncology biosimilars, which are already seeing significant competition and pricing pressure. We see Amgen shares as fairly valued, and we continue to see the firm’s newer products and pipeline supporting a wide moat. We’re particularly interested in upcoming data this weekend from Lumakras and small-cell lung cancer drug candidate tarlatamab, as these could boost our forecasts for Amgen’s oncology lineup.

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Company Profile AMGN

Business Description

Amgen is a leader in biotechnology-based human therapeutics, with historical expertise in renal disease and cancer supportive-care products. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel and Otezla for inflammatory diseases. Amgen introduced its first cancer therapeutic, Vectibix, in 2006 and markets bone-strengthening drug Prolia/Xgeva (approved 2010) and Evenity (2019). The acquisition of Onyx bolstered the firm's therapeutic oncology portfolio with Kyprolis. Recent launches include Repatha (cholesterol-lowering), Aimovig (migraine), Lumakras (lung cancer), and Tezspire (asthma). Amgen's biosimilar portfolio includes Mvasi (biosimilar Avastin), Kanjinti (biosimilar Herceptin), and Amgevita (biosimilar Humira).

Contact
One Amgen Center Drive
Thousand Oaks, CA, 91320-1799
T +1 805 447-1000
Industry Drug Manufacturers - General
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Classic Growth
Employees 24,200

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