Oppenheimer Reiterates Outperform Rating on Amgen (AMGN), remains well-positioned across various Horizon (HZNP) scenarios

Oppenheimer analyst Jay Olson reiterated an Outperform rating and $280.00 price target on Amgen (NASDAQ: AMGN).

"We interviewed legal expert Douglas Lichtman, Professor of Law at UCLA, to discuss the recently filed FTC complaint on the proposed HZNP acquisition with potential implications for AMGN and the biopharma industry. Prof. Lichtman suggests FTC's concerns about the potential for anti-competitive business practices are speculative, so the FTC would have to prove AMGN has enough leverage using a bundling strategy for formulary contracting that would entrench monopolies for HZNP's products and threaten competition. AMGN has responded to the lawsuit with its stated commitment to avoid such practices and Prof. Lichtman believes the FTC and AMGN could settle pending enforceability. AMGN expects deal closure in mid-Dec. 2023, and we update our model accordingly. We see AMGN as well-positioned across various scenarios."

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 $225.02 yesterday.

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