-- Amgen's (AMGN) posted in-line Q1 revenue, but EPS beat was primarily driven by lower administrative costs and taxes, Morgan Stanley said in a Friday research report.
The brokerage said it sees favorable access dynamics for the company's Uplinza, which could become the first-line choice for appropriate patients. The company also announced the trials of the MariTide drug for obesity and type 2 diabetes.
Morgan Stanley said it awaits further developments on Tavneos, for which FDA proposed to withdraw the approval, alleging ChemoCentryx manipulated the clinical data. Amgen may seek a hearing on this proposal, analysts said. While the company continues to believe in Tavneos' benefit-risk profile, the firm said the removal of the drug from its model would impact the price target.
The brokerage said it reiterated its equalweight rating on the stock and boosted its price target to $332 per share from $326.
Price: $329.27, Change: $-16.99, Percent Change: -4.91%