Amgen (AMGN): Kyprolis Fails to Show PFS Benefit - BMO
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BMO Capital analyst, Ian Somaiya, reiterated his Outperform rating on shares of Amgen (NASDAQ: AMGN) after Kyprolis failed to show a PFS benefit versus Velcade in front-line myeloma.
These results do not impact the analyst's estimates but they do eliminate ~ $1.5bn in potential upside.
Kyprolis now faces increased risk from generic Velcade as positive data could reduce pressure from payors to switch to generic. The majority of impact will be in Europe as melphalan/prednisone regimens have limited (<5%) US use.
No change to the price target of $190.
Shares of Amgen closed at $173.53 yesterday.
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