Wells Fargo sees downside to Amgen’s (AMGN) 2025 consensus estimates, saying the company’ sales guidance could came in below expectations. It models $34.1B in revenue versus the consensus estimate of $34.5B. Wells also assumes higher research and development spend contributing to lower 2025 earnings per share of $20.10 than the consensus of $20.84. Script trends suggest Enbrel is tracking for a 16% year-over-year decline in 2024 sales, after a 10% drop in prior year, the analyst tells investors in a research note. The firm models a further 15% decline in 2025 sales to $2.7B, which is $150M below consensus. Wells says that while Amgen’s fiscal 2025 outlook could fall below expectations, the company’s Q4 “appears in line.” It keeps an Equal Weight rating on the shares with a $280 price target
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