Amgen Inc.


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SKU: AMGN Category:


Amgen has been struggling off-late and reported a rather tepid Q1 2021 result given the continued struggles of its legacy brands. Due to the pandemic, people postponed certain nonessential medical procedures primarily in the months of January and February as infection rates surged in the United States and Europe. The increasing competition from generics is also one of the biggest reasons for the recent weakness. However, the biotech giant continues to invest in innovation, the launch of new products, and digitization efforts which are expected to deliver once the economy recovers. Moreover, the management plans to spend approximately $900 million in the form of capital expenditures in 2021 and also push its newer drugs such as Otezla (psoriasis), Prolia (osteoporosis), and biosimilars such as Amjevita, Kanjinti, and Mvasi. While we are optimistic about the company’s recovery in 2021, we maintain our ‘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
⦁ Disclosures

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