Amgen Faces Near-Term Challenges But Long-Term Growth Prospects Remain Strong: Analyst
Portfolio Pulse from Vandana Singh
Amgen Inc. (NASDAQ:AMGN) reported strong Q2 sales growth of 20% year-over-year, driven by a 26% increase in volume. Despite missing EPS expectations, the company raised its 2024 guidance. William Blair sees significant upside potential for Amgen, particularly with its pipeline assets like MariTide, Imdelltra, and rocatinlimab. Near-term challenges include upcoming biosimilar launches and market share struggles. The stock was down 4.99% at $312.80.
August 07, 2024 | 2:06 pm
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Amgen reported strong Q2 sales growth but missed EPS expectations. The company raised its 2024 guidance and has promising pipeline assets. Near-term challenges include upcoming biosimilar launches and market share struggles. The stock was down 4.99%.
Amgen's strong Q2 sales growth and raised 2024 guidance are positive indicators for long-term growth. However, missing EPS expectations and near-term challenges with biosimilars have caused a short-term negative impact on the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100