Amgen's (AMGN) expanding drug pipeline and growing product portfolio could support durable, volume-driven growth despite biosimilar competition, Oppenheimer said in a note Thursday.
The brokerage expects continued growth from Repatha, Uplizna, Tezspire and Imdelltra as the drugs expand across major markets. It sees additional potential from Tezspire's development in eosinophilic esophagitis and MariTide's longer-term dosing strategy.
Oppenheimer also highlighted positive Phase 3 results for dazodalibep in Sjogren's disease and ongoing progress in oncology as potential growth drivers.
Oppenheimer maintained the company's outperform rating and raised its price target to $480 from $450.
Price: 442.04, Change: -5.24, Percent Change: -1.17
