Jefferies Initiates Amgen At Hold With $350 Target After 35% Rally
Jefferies initiated coverage on Amgen with a Hold rating and $350 price target after a 35% rally, noting strong execution but limited upside. The firm highlighted Q4 revenue of $9.87 billion and non-GAAP EPS of $5.29, driven by Repatha’s 44% growth and Enbrel’s 48% decline.
1. Jefferies Initiation
Jefferies launched coverage on Amgen with a Hold rating and a $350 price target, stating that a 35% share rally has largely priced in recent execution and leaves limited near-term upside for investors.
2. Q4 Financial Performance
In the fourth quarter, Amgen reported revenue of $9.87 billion, beating consensus, and non-GAAP EPS of $5.29, led by Repatha’s 44% sales jump to $870 million offset by a 48% decline in Enbrel to $532 million.
3. Outlook and Valuation
While catalysts such as the MariTide Phase 3 obesity trial and the VESALIUS-CV Repatha study may drive future upside, Jefferies warns that biosimilar pressure on Prolia and XGEVA and the current valuation argue for waiting below the $350 target.