Amgen Outlook Is Bright, Analyst Predict Obesity-Focused Drug Potential Will Drive Shareholder Value
Portfolio Pulse from Vandana Singh
Amgen Inc (NASDAQ:AMGN) reported Q1 earnings with an adjusted EPS of $3.96, surpassing the consensus estimate of $3.87. Sales rose 22% Y/Y to $7.45 billion, beating estimates. The company forecasts full-year 2024 adjusted EPS of $19-$20.20, against a consensus of $19.48. Amgen is discontinuing AMG 786, an obesity drug candidate, to focus on MariTide, which is seen as a potential standout therapy. William Blair upgraded Amgen to Outperform, citing confidence in MariTide's efficacy and safety. Despite competition from Novo Nordisk and Eli Lilly, MariTide is expected to significantly impact Amgen's share prices positively.
May 03, 2024 | 3:24 pm
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POSITIVE IMPACT
Amgen reported strong Q1 earnings and sales, with an optimistic 2024 EPS forecast. The focus on MariTide over AMG 786 and an upgrade by William Blair to Outperform highlight the drug's potential, driving positive sentiment.
Amgen's Q1 earnings beat and positive forecast for 2024, combined with strategic focus on MariTide and an analyst upgrade, suggest a strong short-term bullish sentiment for AMGN shares. The discontinuation of AMG 786 to prioritize MariTide, which is expected to meet unmet medical needs and stand out against competitors, further supports the positive outlook.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100