2023年8月14日,

得到它!加州千橡市——5月17日:安進標誌顯示在安進公司總部外5月…2023年[+]17日在千橡市,加利福尼亞。美國聯邦貿易委員會(Federal Trade Commission)正在起訴阻止該公司以278億美元的價格收購較小的製藥公司地平線療法。(圖片由馬裏奧名叫阿玉/蓋蒂圖片社)蓋蒂圖片社:出現一個月上升了17%,超過範圍更廣的標準普爾指數上漲了1%。最近的增長可以歸因於其樂觀Q2的結果。該公司報告收入70億美元,同比上漲6%,表現優於分析師普遍預計的67億美元。同時,其底線的5.00美元每股,調整估計的確高於4.46美元的共識。調整後的營業利潤率收縮當季約50個基點至52.6%,部分原因是更高的研發成本。有趣的是,出現股票自2017年初以來,夏普比率為0.4,低於0.6,同期標準普爾500指數。 This compares with the Sharpe of 1.2 for the Trefis Reinforced Value portfolio . Sharpe is a measure of return per unit of risk, and high-performance portfolios can provide the best of both worlds. If we look at the longer term, AMGN stock is up 16% from levels seen in late 2021, faring better than the S&P 500 index, down around 6%. This 16% rise for Amgen stock since late 2021 can be attributed to 1. the company’s P/S ratio expanding 10% to 5.3x revenues vs. 4.8x in 2021, 2. a 3.4% fall in its total shares outstanding to 535 million, and 3. Amgen’s revenue growth of 2,3% to $27 billion over the last twelve months, compared to $26 billion in 2021. This has meant that the company’s revenue per share metric has risen 6% to $49.70 now, compared to $46.90 in 2021—our dashboard on Why Amgen Stock Moved has more details. Amgen’s expansion of some of its drugs, including Prolia, Otezla, Tezspire, and Repatha, is driving its revenue growth, while some of the older drugs, such as Enbrel and Neulasta, are seeing a y-o-y decline in sales. Enbrel – the rheumatoid arthritis and plaque psoriasis drug, is Amgen’s top-selling product. However, the company has seen the drug’s sales fall to $4.1 billion in 2022, compared to $5.4 billion in 2017. Although Enbrel’s market exclusivity is still far out (2029), it faces increased competition from other companies’ drugs, including AbbVie’s Stelara. Amgen launched a biosimilar - Amjevita - for AbbVie’s Humira. This biosimilar saw a 29% y-o-y growth in sales to $150 million in Q2. Amgen is eyeing inorganic growth to boost its sales and pipeline. Last year, it acquired ChemoCentryx in a $4 billion deal, giving it Tavneos – a drug approved for the treatment of anti-neutrophil cytoplasmic antibody-associated vasculitis with potential peak sales of a little over $1 billion. Amgen plans to close its $28 billion Horizon Therapeutics acquisition in December this year. Horizon has two fast-growing drugs, the thyroid eye disease treatment Tepezza and the gout treatment, Krystexxa, with a combined peak sales estimate of over $5 billion. This acquisition will give Amgen ammunition to combat the competition for Enbrel. MORE FOR YOU The company expects its 2023 sales to be around $27 billion and adjusted earnings to be $18.30 per share at the mid-point of the provided range. With the Horizon acquisition closing toward the end of this year, Amgen will see a jump in 2024 sales, given that Horizon’s last twelve-month sales were $3.6 billion. Looking at valuation, AMGN stock looks fully priced. At its current level of $262, AMGN is trading at 5.2x sales, compared to its last five-year average of 5.1x. Our Amgen Valuation Ratios Comparison dashboard has more details. AMGN Return Compared With Trefis Multi-Strategy Portfolio Trefis