Street View: Amgen to face bumpy H2 as competitive headwinds persist

Horizon Therapeutics

04/08/2023 11:14

** Amgen  AMGN.O , which is facing U.S. Federal Trade
Commission (FTC) delays to its planned acquisition of Horizon
Therapeutics  HZPN.O , on Thursday reported higher quarterly
profit on strong sales of treatments for cholesterol,
osteoporosis and other drugs
    ** Shares up ~1% at $233.4 premarket on Friday
    
    KEY PRODUCTS TO HELP NEAR-TERM GROWTH
    ** Baird ("underperform", PT: $185) says optimism around
AMGN should be limited given concerns around value-creating
potential of the Horizon deal; sees deal as a challenging
longer-term growth outlook for the base business
    ** RBC ("sector perform", PT: $253) expects a bumpy H2
trajectory with competitive headwinds on key products including
Otezla and a developing biosimilar franchise
    ** Truist Securities ("hold", PT: $260) sees growth drivers
of Q2 continuing to support company's near-term growth
    ** Morningstar (fair value: $268) sees Amgen as "slightly
undervalued", as market uncertainty surrounding the pending
Horizon Therapeutics acquisition is likely weighing on shares

 (Reporting by Reshma Rockie George in Bengaluru)
 ((Reshma.George@thomsonreuters.com))