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Take Your Position: Amgen

Biotech investors will be closely watching results from Amgen on Wednesday. How should you game this stock into earnings?

Analysts widely believe the company continued to grapple with a weakened economy during the quarter, though price increases and a boost from overseas drug sales are expected to help Amgen's results.

Furthermore, the company's shares managed to avoid the volatility seen in other health care sectors as the debate over health care reform continues.

The quarter brought new developments for the company's next anticipated blockbuster, denosumab, or Prolia. On Monday, the FDA requested additional information on the drug, delaying the entire program for at least a few months.

Wall Street has been looking toward the treatment to help offset sagging revenue following a downturn in sales of anemia drugs Aranesp, which prompted the company to lower its full-year profit outlook earlier in the year.

Analysts polled by Thomson Reuters expect profit of $1.27 per share on about $3.79 billion in revenue.

What’s the trade?

The most important thing about Amgen earnings is how the top line is doing, says Cowen analyst Eric Schmidt. We had a schizophrenic set of results with Q2 being a terrific quarter and Q1 being the worst in the company’s history. First and foremost I want to see the base business stabilize.

What do you think? We want to know!




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