Credit Suisse Sees Solid Q4 For Amgen

In a report published Wednesday, Credit Suisse analyst Ravi Mehrotra reiterated a Neutral rating and $180.00 price target on

. In the report, Credit Suisse noted, “AMGN reported a clean beat on the top and bottom lines, driven by higher than expected Enbrel and Prolia revenues as well as a favorable federal R&D tax credit extension (Q4 tax rate: 10.2% vs. CS/consensus: 17.1%/17.0%). The main focus of the conference call was on continued progress on achieving the milestones set out in Q2'14 as part of the transformation as well as on AMGN's pipeline. Several clinical/regulatory updates were provided, including submission of sNDA and MAA for Kyprolis in Q1'15; 3-month extension of the PDUFA target action date for Corlanor and T-vec and PIII topline data for biosimilar Humira is expected in Q1'15, and biosimilar Avastin in H2'15. We make minor changes to our model and our new FY'15, FY'16 and FY'17 EPS estimates are $9.21, $10.45 and $12.37.” Amgen closed on Tuesday at $158.89.