Deutsche Bank Reiterates Hold Rating on Amgen (AMGN)

Deutsche Bank analyst James Shin reiterated a Hold rating and $310.00 price target on Amgen (NASDAQ: AMGN).

The analyst comments "IQVIA Script (TRx) data suggests AMGN 2Q24 volume is up 28% y/y and may lead to top-line sales of ~$8.4B, edging ahead of the Street's ~$8.3B. We think 2Q24 non-GAAP EPS will come in at $4.83/sh vs. the Street's $4.96/sh – Street's nonGAAP OpEx estimates look low and not reflecting AMGN's guidance / comments from the 1Q24 call. As for FY24 guide, we see AMGN narrowing towards upper end – more on this below.Immunology and the Bone portfolio TRx appear to be trending ahead of the Street and we think will be the main drivers for a Rev beat. Tepezza also seeing solid TRx uptake, though we think it will continue to be a grind upward with physician education for low-CAS. While there are some Ph3 readouts for Teze, OX40 and Uplizna in 2H24, we think AMG133's topline Ph2 data at year-end 24 is the main driver and overshadows the non-GLP1 assets. In the mean time, we think incremental color on 133's Ph2 may be hard to come by and weigh on AMGN shares."

For an analyst ratings summary and ratings history on Amgen click here. For more ratings news on Amgen click here.

Shares of Amgen closed at $333.14 yesterday.

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