Amgen (AMGN) Tops Q3 EPS by 23c

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Go back to Amgen (AMGN) Tops Q3 EPS by 23c

Leerink Partners Cuts Price Target on Amgen (AMGN); Reiterates Market Perform

October 28, 2016 7:05 AM EDT

Leerink Partners maintained a Market Perform rating on Amgen (NASDAQ: AMGN), and cut the price target to $163.00 (from $193.00), following the company's 2Q earnings report. Total product revenues of $5.516bn were in line with consensus and 4% under forecasts. Epogen declined less than expected and beat consensus by 10%. On the conference call management stated that given the contract terms they have committed to, in order to protect Enbrels formulary position, they are anticipating that in 2017 Enbel will not benefit at all from net price increases.

Analyst Geoffrey Porges commented, "Amgen Reported Q2... More