Wolfe Research starts Amgen at Peer Perform given approaching patent cliffs

Wolfe Research analyst Alexandria Hammond initiated coverage of Amgen (AMGN) with a Peer Perform rating. With the antibody backbone, the firm is acknowledges the potential for differentiation for MariTide on dosing frequency and efficacy versus approved therapies, though Wolfe is less confident on Amgen’s ability to grow through its upcoming patent cliffs for Prolia/XGEVA, Otezla, Repatha, Nplate and Kyprolis, the analyst tells investors in a research note. Amgen does have multiple shots on goal, excluding obesity, with its burgeoning oncology, immunology and cardiovascular programs, but the firm prefers to have a better line of sight into the data, Wolfe adds.