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): Powering Its Bottom-Line Defense Amid Legacy Products & Price Risks—What Are the Key Catalysts?-Major Drivers, Earnings Thesis & Initiation of Coverage :Forecasts,DCF, Valuation, Peer Analysis, ESG & Risks
Amgen’s Q2 2024 results showcased strong growth, hitting $8.4 billion in revenue—a 20% year-over-year surge. Standout performers like Repatha (25% growth), Evenity (39%), and Tezspire (76%) drove volume increases, cementing Amgen’s robust market position despite pricing pressures on legacy drugs like Enbrel and Otezla. While GAAP EPS fell short due to rising R&D and integration costs from the Horizon acquisition, the company’s product pipeline shows promise. Amgen’s next big bet, obesity drug MariTide, is heading into Phase III, targeting an $8.5 billion market potential by 2033. Amgen is also betting big on new growth drivers like BLINCYTO, which saw a 28% rise in sales following its frontline approval for B-cell ALL. Meanwhile, the Horizon integration is progressing well, fueling further volume gains. While legacy drugs face increasing competition, Amgen’s diverse portfolio and strong biosimilar pipeline will act as buffers, with biosimilars like WEZLANA and BEKEMV set for 2025 launches. Can Amgen leverage its high-growth assets while managing legacy risks? We delve into Major Drivers, Our perspective & follow up to our Initiation of Coverage :Earnings Review F2Q24, Forecasts,DCF, Valuation, Peer Analysis, ESG & Risks
