BMO Capital analyst M. Ian Somaiya reiterated an Outperform rating and raised his price target on Amgen (NASDAQ: AMGN) to $186.00 (from $183.00). He notes while results were solid all eyes will be on the upcoming Repatha CV outcomes trial.

Somaiya commented, "AMGN reported 1Q16 earnings that were ahead of our and Street estimates driven primarily by lower-than-expected operating expenses. With Amgen’s base business continuing to decline due to competition, we expect investor focus to remain on key growth driver Repatha, where CV outcomes data are expected in 2H16. We believe confirmation of Repatha’s benefits on CV events will lead to fewer payor access restrictions and accelerate Repatha growth, supporting our $5.5bn peak sales estimate."

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Shares of Amgen closed at $160.56 yesterday.