Jefferies Reiterates Buy on Amgen (AMGN) Following FDA Approval of Humira Biosimilar

Jefferies reiterated a Buy rating and $187.00 price target on Amgen (NASDAQ: AMGN) following the FDA's approval recommendation of AMGN's Humira Biosimilar. The FDA voted unanimously, noting that the totality of the evidence demonstrates biosimilarity of ABP 501 vs. Humira.

Analyst Eun Yang commented, "While a positive approval recommendation for the first biosimilar version of Humira (ABP 501) was widely expected, ongoing legal hurdles may keep AMGN's ABP 501 off market well beyond BsUFA date 9/25/16. To date, AMGN hasn't provided a launch timing or legal strategy for ABP 501. AMGN's biosimilar products are very small part of our total revenue projections; thus ABP 501 delayed launch would have a <<1% impact on our '17-'18 revenue/ EPS estimates."

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 $161.96 yesterday.

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