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Amgen Inc. Management Meeting

  • Oppenheimer & Co. Inc.
  • October 4, 2019

Key Takeaways from Meeting with Management

Oppenheimer Analysts met with Amgen Inc. (AMGN) management to discuss industry-wide dynamics and company-specific topics. Analysts came away incrementally more positive about Amgen Inc. based on: 

  1. The Enbrel patent victory solidifying near-term cash flows
  2. The Otezla deal bolstering the auto-immune portfolio while adding potential for operating leverage
  3. The oncology pipeline providing upside scenarios with data updates expected at European Society for Medical Oncology (ESMO)
  4. Relatively recent product launches (Prolia, Repatha, Aimovig) should continue driving revenue growth
  5. The biosimilars business creating optionality, which may hedge competitive threats to mature products

Amgen Inc. Management expects industry consolidation to continue, possibly providing further capital allocation options similar to the recent Otezla deal. We are encouraged by these discussions and maintain our Outperform rating with a $240 price target. 

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