Jefferies affirms Amgen (Nasdaq: AMGN) with a Buy rating and $198 price target following receipt of FDA CRL on Parsabiv.

The firm commented, On positive Ph3 data, FDA approval of Parsabiv for treatment of secondary hyperparathyroidism was largely expected. Details of the CRL is undisclosed. While we can't accurately forecast timing of potential approval, as we've assumed a launch in 2017 (~$500M in 2022 sales vs. cons. $575M), at present we're not changing our estimates. Parsabiv represents a small part of our current valuation for Amgen (NPV of ~$2/sh on 50% probability-adjusted, ~1% of our PT of $198).

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