Amgen Inc (NASDAQ:AMGN) reported better-than-expected fourth-quarter revenues and earnings, while witnessing “strength across key drivers (Repatha, Uplizna), even before the full impact of recent label updates,” according to Cantor Fitzgerald.
The Amgen Analyst: Analyst Carter Gould reiterated a Neutral rating, while raising the price target from $315 to $350.
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The Amgen Thesis: Fourth-quarter revenues rose 9% to $9.9 billion, with product sales up 7% on 10% higher volume, partially offset by a 4% decline in net selling price.
Full-year revenues increased 10% to $36.8 billion, with product sales up 10% on 13% higher volume, partially offset by a 3% drop in net selling price. Highlights include 18 products hitting record sales, 14 exceeding $1 billion annually, and 13 …