Yaron Werber, an analyst from TD Cowen, reiterated the Buy rating on Amgen. The associated price target remains the same with $389.00.
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Yaron Werber has given his Buy rating due to a combination of factors including Amgen’s strong financial performance and promising growth prospects. The company reported a robust second quarter with revenues of $9.2 billion, surpassing expectations and driven by the success of its core products like Repatha, Evenity, and Uplizna. This performance resulted in a significant earnings per share beat, highlighting the company’s ability to manage operating margins effectively.
In addition to current financial strength, Werber sees potential in Amgen’s pipeline, particularly with the expansion of Uplizna and Tezspire, as well as upcoming data from MariTide and Bemarituzumab studies. Despite some challenges from biosimilar competition and legacy product softness, the broad growth portfolio and upcoming catalysts like the VESALIUS-CV Ph3 data for Repatha provide a positive outlook. Werber believes these factors create a favorable risk/reward scenario for investors.
According to TipRanks, Werber is a 5-star analyst with an average return of 10.7% and a 55.80% success rate. Werber covers the Healthcare sector, focusing on stocks such as Ultragenyx Pharmaceutical, Argenx Se, and Ionis Pharmaceuticals.