Amgen Inc.


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SKU: AMGN Category:


Amgen continued to witness a decent top-line growth despite the lingering effects of the pandemic driven by the gradually increasing demand for its offerings. The company’s total revenue grew by 5% in Q2 compared to the previous year and 11% compared to the previous quarter. Its performance in non-U.S. markets was noteworthy and saw a 22% volume growth. Biosimilars were also a major contributor to the top-line. Sadly, a trimmed guidance for the rest of 2021 resulted in the stock price witnessing a strong correction. The rationale behind the lower guidance for 2021 is simple – patient visits and lab test procedure trends continue to be well below pre-Covid levels and their recovery is slow. Reduced doctor-patient visits, particularly on account of the spreading Delta variant, are resulting in many of the company’s key drugs being hit including its migraine drug Aimovig, psoriasis drug Otezla, and arthritis drug Enbrel. The management is looking to aggressively push its drugs in the Asia-Pacific region where two notable approvals in Q2 should provide additional growth moving forward. We maintain our ‘Hold’ rating on the stock 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
⦁ Disclosures

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