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Stock Update (NASDAQ:AMGN): Sanofi, Amgen cholesterol drugs win UK backing after price cuts

[Reuters] – Two rival cholesterol-lowering injections from Sanofi and Amgen have been recommended by Britain’s healthcare cost watchdog after the manufacturers offered special discounts to the country’s state-run health service. Sanofi’s Praluent, which was developed with Regeneron , and Amgen’s Repatha are both so-called PCSK9 medicines that work in a different way to existing cholesterol fighters such as statins. The National Institute for Health and Care Excellence (NICE) said in draft guidance on Friday that both drugs could be considered for use by people whose cholesterol is still not under control despite trying other treatments. Read more on this. Amgen Inc. (AMGN) , valued at $115.84B, began trading this morning at $154.13. Looking at the equity, the company’s one day range is $153.36 to $156.21 and has traded between $130.09 and $181.81 over the past year. AMGN shares are currently priced at 13.90x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -1.94x earnings multiple. And for those looking to make a return holding the stock, the company pays shareholders $4.00 per share annually in dividends, yielding 2.56%. Consensus earnings for the current quarter by the 19 sell-side analysts covering the stock is an estimate of $2.76 per share, which would be $0.19 better than the year-ago quarter and a $0.03 sequential increase. The full-year EPS estimate is $11.09, which would be a $0.71 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $5.59 Billion. If reported, that would be a 4.10% increase over the year-ago quarter. Recently, Citigroup Initiated AMGN at Neutral (Feb 25, 2016). Previously, Credit Suisse Initiated AMGN at to Outperform. The average price target for AMGN shares by the analysts covering it is $182.06, which is 18.12% above where the stock opened. See more in (NASDAQ:AMGN) Similar Articles: Stock Update: Amgen Inc (NASDAQ:AMGN) – UK cost agency rejects Amgen’s virus-based cancer drug Stock Update: Amgen Inc (NASDAQ:AMGN) – Unilife and Amgen Enter Strategic Collaboration for Injectable Drug Delivery Systems Market Update: Amgen Inc (NASDAQ:AMGN) – Amgen Announces Positive Top-Line Results From Phase 3 GAUSS-3 Trial Of Repatha® (Evolocumab) In Statin-Intolerant Patients With High Cholesterol
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