Street View: Amgen's pipeline packs a punch

Amgen AMGN.O on Tuesday reported quarterly financial results that beat Wall Street expectations and raised its full-year outlook, as 12% sales growth offset expenses related to experimental weight-loss drug MariTide and a higher tax rate

Shares of co rise nearly 2% to $301.79 in premarket

DRUGS WILL TELL THE STORY

Truist Securities ("hold", PT: $298) expects Prolia (for osteoporosis, a condition where bones become weak) sales to decline due to biosimilar competition, despite some benefit from lower deductions. Growth is likely from Repatha (for cholesterol), Tezspire (for asthma), Evenity (for osteoporosis), Tavneos (for vasculitis), and Uplizna (for NMOSD, a rare autoimmune disease)

Oppenheimer ("outperform", PT: $380) says the main focus is on upcoming Phase 2 updates for MariTide (a long-acting obesity drug), while Uplizna is awaiting an FDA approval decision

Mizuho ("neutral", PT: $280) says co did not provide guidance on timing but discussed several topics, including olpasiran (a cholesterol-lowering drug in Phase 3), where enrollment is slower than expected, raising questions about possible delay, as well as Imdelltra (a cancer therapy) and Repatha

TD Cowen ("buy", PT: $389) is positive on Tezspire and Uplizna as their indications expand, and also sees strong potential for MariTide, a long-acting obesity drug; recent interest in similar drugs shows their value, and new trial results expected in Q4 will confirm MariTide's role as a maintenance treatment