Amgen Stock Price Slips After Positive IMDELLTRA Results

Amgen (AMGN) has reported Phase 3 DeLLphi-305 results for IMDELLTRA combined with AstraZeneca's Imfinzi in extensive stage small cell lung cancer. The data shows improved overall and progression-free survival versus Imfinzi alone. This comes after a rough patch for the stock, which saw its 7-day share price return drop by 13.70% and its 30-day share price return decline by 9.12%. However, the 90-day share price return is up 7.65%, and the year-to-date share price return is up 15.17%, pointing to strong longer-term momentum.

The stock's value has been a topic of discussion, with some considering it overvalued at its recent close of $377.35. The 'Amgen 2027 Bull Case' relies on macro obesity market growth and FDA's CNPV tailwinds triggering a re-rating, but critics point out that CNPV solves regulatory speed, not the manufacturing bottleneck. Amgen lacks the massive domestic GLP-1 supply chain infrastructure that Lilly and Novo command.

A DCF model values Amgen at $669.81 per share, significantly above its current price, implying it is trading 43.7% below this estimate. This suggests the earlier fair value of $359.98 may be conservative.