Seeking Alpha

Executive Summary

Amgen (AMGN) is among the largest global biotechnology companies, with a $68B market cap and over $15.5B in combined sales in 2011. Our research shows that Amgen will have significant revenue growth from several key drugs that have been approved since 2006. As AMGN's current stock price is ~$88, we believe that the stock is currently slightly undervalued, and trading at a 10% discount compared to its fair value of $96.

Amgen has had several transformations in its business model that have driven its stock price upwards since 2011. The key drivers for its revenues come from Prolia and Xgeva, both approved in 2011 for the treatment and prevention of osteoporosis. There is significant upside...

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