Goldman Says Sell Amgen

Goldman Sachs has a Sell rating on Amgen, Inc. (NASDAQ: AMGN).

In a note sent to investors Goldman writes, "Implications are negative for Amgen (AMGN, Sell) as a decline in Epogen sales further pressures growth and creates greater pressure on the key pipeline driver, denosumab, to deliver, which we see as unlikely (a key driver for our Sell thesis). We are further lowering and accelerating the
ramp of our below Street revenue estimates on Epogen. We are at $2.1 bn (from $2.3 bn) for 2011 which goes to $1.6 bn in 2014 (unchanged); Street consensus is $2.3 bn in 2011 and $2.0 bn in 2014."

Shares of AMGN gained 12 cents yesterday to close at $53.40.