Amgen’s Strong Market Position and Growth Potential Drive Buy Rating

In a report released today, Nico Chen from DBS maintained a Buy rating on Amgen (AMGN – Research Report), with a price target of $365.00.

Nico Chen has given his Buy rating due to a combination of factors that highlight Amgen’s strong market position and growth potential. The company has demonstrated impressive financial performance in FY24, with a significant increase in revenue and a robust pipeline of products that are expected to drive future growth. Amgen’s strategic focus on biosimilars is a key strength, as these products are less vulnerable to patent cliffs and provide a steady revenue stream. The company’s success in launching biosimilars early in the market has allowed it to capture substantial market share, with expectations for continued growth in this segment.
Amgen’s commitment to research and development is evident from its increased R&D expenditures, which support the advancement of several promising late-stage drugs. Despite potential challenges such as patent expirations and reliance on a global supply chain, the company’s diversified portfolio and strategic initiatives position it well for sustained growth. The target price set by Nico Chen reflects confidence in Amgen’s ability to capitalize on its rich drug pipeline and maintain its competitive edge in the biotechnology sector.

According to TipRanks, Chen is a 2-star analyst with an average return of 1.3% and a 47.92% success rate. Chen covers the Healthcare sector, focusing on stocks such as Amgen, Pfizer, and Siemens Healthineers AG.

In another report released on May 16, Piper Sandler also reiterated a Buy rating on the stock with a $328.00 price target.