Amgen (AMGN) Survey Data Shows Potential Downside For Neulasta - Baird

Baird analyst Brian Skorney reiterated a Neutral rating and $179.00 price target on Amgen (NASDAQ: AMGN) after surveying 35 oncologists to gain insight to their awareness of and expected usage of Neulasta biosimilars.

The analyst stated "Survey data suggests that biosimilar usage currently accounts for ~16% of the overall Neulasta market, and over 25% of the syringe market. Further the biosimilar share in six months is expected to eclipse 30% of the overall Neulasta market, while current consensus estimates project that US Neulasta sales will be down only ~22% YoY. Based on the high degree of biosimilar erosion anticipated by survey respondents, we believe there may be potential downside to consensus Neulasta numbers as erosion of Amgen's key neutropenia franchise may occur more quickly than anticipated."

For an analyst ratings summary and ratings history on Amgen click here. For more ratings news on Amgen click here.

Shares of Amgen closed at $196.50 yesterday.

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