Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Amgen (AMGN): Decoding Trump’s Election Win Impact—How Shifting Policy Winds Could Shape the Pipeline, R&D Evolution, and Future Catalysts!
Amgen’s Q3 2024 results underscore strong operational execution, with revenues rising 23% YoY to $8.5 billion, driven by double-digit growth across key brands like Repatha (+40%), TEZSPIRE (+67%), and EVENITY (+30%). Adjusted EPS of $5.58 exceeded estimates by $0.47, supported by resilient product sales (+8% YoY) and disciplined portfolio management. Rare disease assets contributed $1.2 billion, as the Horizon integration progresses with gains in TEPEZZA (+8% YoY) and global expansion opportunities for UPLIZNA. Pipeline innovation remains central to Amgen’s strategy, with key catalysts like MariTide’s Phase II readouts (obesity, type 2 diabetes) and TEZSPIRE’s COPD trials driving future growth prospects. While biosimilars provided stable cash flow (+9% YoY), pricing pressures and legacy product erosion (e.g., Enbrel -20% YoY) continue to weigh on margins. Amgen’s non-GAAP operating margin of 49.6% reflects heightened R&D investments (+35% YoY) in transformative assets, although rising Q4 expenses could pressure near-term profitability. Regulatory shifts under a Republican-led administration could ease Medicare pricing pressures, benefiting established products, but uncertainties around the Inflation Reduction Act and FDA policies pose risks. With strategic execution critical to advancing the pipeline and sustaining growth, how can Amgen navigate pricing pressures, regulatory uncertainty, and competition to achieve its long-term ambitions?
