Amgen had an eventful 2022. The company carried out some major acquisitions in the year including the $3.7 billion purchase of ChemoCentryx followed by the even bigger, $27.8 billion acquisition of Horizon Therapeutics. The company’s financial performance in the last quarter was also strong as its growing general medicine and hematology-oncology brands experienced significant volume increases. With the introduction of TEZSPIRE and the acquisition of TAVNEOS, two first-in-class medications that treat serious illness, its therapeutic area for inflammation was enlarged. Their portfolio will also grow due to the addition of Horizon Therapeutics. Moreover, their Otezla continues to have long-term significant growth potential. Amgen also announced the release of AMJEVITA, the first biosimilar available in the United States, to HUMIRA, a drug taken by more than a million people with severe inflammatory illnesses. AMJEVITA is the first large US biosimilar in the pharmacy benefit arena, and as this market develops, they anticipate a gradual acceptance in the months ahead. Furthermore, their biosimilars, MVASI and KANJINTI, earned a significant market share in the quarter. We give Amgen a ‘Hold’ rating with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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