Amneal rises after J.P. Morgan upgrades to 'neutral' on strength in generics unit

Amneal Pharmaceuticals

06/09/2024 13:56

** Shares of Amneal Pharmaceuticals  AMRX.O  rise 1.4% to
$8.57 premarket   
    ** Brokerage J.P.Morgan upgrades rating on the drug
developer to "neutral" from "underweight", citing strength in
its generics business 
    ** Amneal's generic business now more levered towards
complex products and biosimilars should enable the company to
generate growth well ahead of peers -brokerage
    ** Sees bioisimilars as a growth driver for the company with
several launches expected over the next 1-2 years -brokerage
    ** Biosimilars are close but not exact copies of branded
biologic medicines
    ** Brokerage expects AMRX's generics business to generate
mid-single-digit to high-single-digit growth over the next
several quarters
    ** Separately, AMRX late on Thursday said the U.S. FDA has
approved its ready-to-use version of Takeda'  4502.T  blood
cancer treatment Velcade for under-the-skin administration  
    ** Up to last close, stock up 39.2% YTD 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))