Amgen gains as Leerink upgrades on earnings upside and catalysts
georgeclerk
Amgen (NASDAQ:AMGN) traded higher in the morning hours on Wednesday after Leerink Partners upgraded the pharma major, citing above-consensus earnings and several immediate and near-term catalysts.
The analyst David Risinger also raised his price target on AMGN to $267 from $318, assuming a multiple at the higher end of the companyâs five-year average forward P/E of 11â16x.
âWe expect the P/E multiple to expand due to accelerating pipeline newsflow, including oncology, obesity, and cardiovascular disease,â Risinger wrote, noting multiple data readouts expected from Amgen (AMGN) this year and next.
Leerink expects Phase 1 and 2 data for the company's cancer candidates AMG 193, Xaluritamig, and Tarlatamab within this month.
Risinger also cites an âimminentâ readout for AMGN's FDA-approved asthma drug Tezspire in urticaria before additional readouts are due in 2024â2026 for other immune-related conditions.
Additionally, the analyst notes that Amgen (AMGN) is set to update on its plans for oral weight loss drugs in Q2 2024.
Leerinkâs 2024 and 2030 earnings per share estimates for Amgen (AMGN) stand above consensus due to increased pipeline estimates and the companyâs recent acquisition of rare disease drugmaker Horizon Therapeutics.

More on Amgen

Confirmatory Trial Trouble In KRAS
Amgen Inc. (AMGN) Morgan Stanley 21st Annual Global Healthcare Conference 2023 (Transcript)
Amgen Inc. (AMGN) Citi Global Healthcare Conference (Transcript)
As FDA mulls fate of Amgen drug, Sanofi could snap up rival Mirati
Amgen completes $27.8B acquisition of Horizon Therapeutics