Amgen "outperform"

01.10.07 - Bear Stearns

NEW YORK, October 1 (newratings.com) - Analyst Mark Schoenebaum of Bear Stearns maintains his "outperform" rating on Amgen Inc (AMGN). The target price is set to $63.

In a research note published this morning, the analyst mentions that IMS sales data indicates that Epogen sales in 3Q07 are tracking ahead of the estimates and the consensus. Epogen inventory levels rose marginally in 2Q and fluctuations could impact sales adversely in 3Q07, the analyst says. Forthcoming events for Amgen include a revised FDA label for Aranesp/Epogen, a CERA patent case decision in the forthcoming 45 days and a possible weakening of the Medicare reimbursement rule for cancer, which appears unlikely, Bear Stearns adds.