At about 18 times forward earnings, Amgen stock isn’t especially pricey for a large biotech. But…for Amgen to maintain or grow its valuation, biosimilars need to arrive with a whimper, not a roar.
In 2Q15, 36% of AMGN’s product sales came from Epogen, Neupogen, and Neulasta, which are off-patent in the US and several other major countries.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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