12:30 AM EST, 02/02/2023 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
Our 12-month target price of $254, raised $3, reflects a 13.5x multiple on our '24 EPS estimate, in line with AMGN's historical forward average. We cut our '23 EPS estimate by $0.61 to $17.97, and start our '24 EPS estimate at $18.79. Q4 EPS of $4.09, vs. $4.36, matched the consensus view. Otezla volumes rose 7% in Q4, helped by a label expansion, Repatha volumes rose 32% in the U.S., and AMGN's development of a drug for obesity continues. We think AMGN's new biosimilar, Amjevita, could make a dent in sales of Humira by Abbvie (ABBV 146 ***), given the loss of exclusivity for the latter as of January '23, although the degree to which prescribers might shift to Amjevita remains to be seen. AMGN expects to spend more on R&D in '23 (about 3% - 4% more), but with efficiency improvement on SG&A, we think margin degradation should only be modest. Shares yield 3.4%, but with a payout ratio of 47% in '23, we think further hikes are likely to be modest in the next year or two.
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