Amgen Reports Third Quarter 2016 Financial Results
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Leerink Partners Cuts Price Target on Amgen (AMGN); Reiterates Market Perform
October 28, 2016 7:05 AM EDTLeerink 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
