Amgen downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Umer downgraded Amgen to In Line citing increased biosimilar competition and an imminent court decision on Enbrel patents with Sandoz. Raffat sees a reasonable chance the Enbreal patents are not upheld and thinks consensus is not forecasting in a biosimilar Enbrel till mid-2020s. Sandoz has expressed a desire to launch in the wake of a district court decision, and the appeals process will be wrapped up by January 2020 regardless, the analyst wrote in a note to investors. Further, Raffat thinks double patenting is a real concern for Amgen’s 2028 patents.
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