AMGN Reports Mixed 4Q Results

Analysts at Bank of America Merril Lynch maintain their "neutral" rating on Amgen Inc (NASDAQ: AMGN), while revising their estimates for the company. The target price for AMGN has been set to $60.

Amgen has reported mixed results for 4Q, with 2009 product sales in-line with the estimates. However, AMGN's EPS quality was lower than expected and the EPS would have missed the lower end of the company's guidance in the absence of the one-time tax gain AMGN witnessed in 2H09, the analysts say. Weak Aranesp and Enbrel franchises were offset by strength in Epogen, the analysts add.

According to Bank of America Merrill Lynch, AMGN is likely to receive FDA approval for Prolia, its drug for osteoporosis, in late June. The analysts expect Amgen to file for the approval of Prolia in metastatic cancer in 2Q10.

Bank of America Merril Lynch has raised its 2010 EPS estimate from $5.12 to $5.14, while reducing the 2011 EPS estimate from $5.23 to $5.22.

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