Amgen (AMGN): Reducing PT To $193 - Leerink
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Leerink Partners analyst, Geoffrey Porges reiterated his Market Perform rating on shares of Amgen (NASDAQ: AMGN) but cut his price target to $193 from $195 . Based on current trends in the prescription data, continued pricing power, and branded and biosimilar competition, the analyst now forecasts peak Enbrel US sales of $6.7bn and Humira US sales of $15bn in 2021, with varying degrees of erosion following thereafter. Subcutaneous (subq) anti-TNF products have been on the market for nearly two decades and have become entrenched therapeutics.
However, when the analyst factored the entry of biosimilar competitors. The analyst expects them to erode ~30% of revenues (share plus price) and then to continue to take share on an annual basis. This impacts the DCF slightly and reduced the price target to $193.
Shares of Amgen closed at $169.30 yesterday.
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