Piper Sandler cuts Amgen's PT on psoriasis drug competition

Global Brokerage

19/01/2023 11:44

** Brokerage Piper Sandler cuts Amgen Inc  AMGN.O  stock's
price target to $293 from $299, but retains "overweight"
    ** Bristol-Myers Squibb Co's  BMY.N  psoriasis drug Sotyktu
is poised to take meaningful market share away from Amgen's
Otezla in the intermediate to long term - brokerage
    ** Piper Sandler sees $2.62 mln Otezla sales in FY23 vs
Refinitiv estimate of $2.65 mln; cuts Otezla sales figures for
FY23-FY26
    ** Despite Otezla setback, brokerage retains AMGN's
"overweight" rating, counting on co's recent acquisitions of eye
disease drug Tepezza and blood vessels disorder drug Tavneos
    ** Tepezza and Tavneos are estimated to collectively add
$1.42 bln, $3.15 bln, $3.89 bln, and $4.46 bln to AMGN's top
line for FY23-26, respectively - brokerage
    ** Nine of 27 brokerages rate the stock "buy" or higher, 13
"hold" and five "sell" or lower; their median PT is $278
    ** AMGN stock up 13% in the last 12 months
 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))