Amgen (AMGN) PT Raised to $307 at BofA Securities

BofA Securities analyst Tazeen Ahmad raised the price target on Amgen (NASDAQ: AMGN) to $307.00 (from $304.00) while maintaining a Underperform rating.

The analyst comments "Total revs came in +1% vs cons (+2% vs BofAe) driven by strong performance from key growth franchises that more than offset impacts from recent LOEs (Exhibit 1). Mgmt highlighted their 6 key growth drivers (Repatha, Evenity, Tezspire, oncology, rare disease and biosimilar franchises) grew 24% y/y, now representing almost 70% of total product sales. Notably, Repatha continues to see strong growth (+34% y/y) benefiting from recent updates to treatment guidelines and continued company efforts to expand access. EPS beat +8% vs cons. (+8% vs BofAe), further aided by lower R&D. We reiterate our Underperform with slightly higher $307 PO (prev. $304; see model changes). Our rating is based on several factors including headwinds to major products, a large 10y LOE exposure, as well as our more conservative view on MariTide and olpasiran."

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