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Investing.com - Raymond James has maintained its Market Outperform rating on Regeneron Pharmaceuticals (NASDAQ:REGN) stock and Market Perform rating on Amgen (NASDAQ:AMGN) stock following disappointing trial results from Sanofi’s amlitelimab. Amgen, a prominent player in the biotechnology industry with a market cap of $152 billion and impressive gross profit margins of 69%, has shown resilient performance with revenue growth of nearly 13% over the last twelve months.
Sanofi’s amlitelimab COAST 1 Phase 3 trial in atopic dermatitis showed underwhelming efficacy data, which Raymond James described as "very rocatinlimab-like," referring to Amgen’s similarly disappointing OX40 antibody.
The placebo-adjusted EASI-75 benefit for amlitelimab was approximately 20%, significantly lower than the 36% benchmark set by Regeneron’s Dupixent that Raymond James considered necessary for competitive positioning.
Raymond James noted that a recent survey had already indicated "a general lack of enthusiasm for this mechanism among dermatologists," a view likely to persist following these results.
The investment firm anticipated Regeneron shares would trade higher following this news, as the competitive threat to its blockbuster Dupixent appears diminished based on the trial outcomes. Meanwhile, InvestingPro analysis suggests Amgen is currently undervalued, with a solid financial health score and consistent dividend payments maintained for 15 consecutive years.
In other recent news, Amgen reported second-quarter revenue of $9.20 billion, surpassing consensus estimates of $8.94 billion. This strong performance was attributed to the success of its rare disease portfolio, including products like Tepezza, Krystexxa, and Uplizna. The company’s earnings report also highlighted robust growth across its commercial portfolio, with 15 products achieving double-digit annual sales growth in the second quarter of 2025. Following these results, Amgen raised its full-year guidance.
The U.S. Food and Drug Administration expanded the approval of Amgen’s Repatha for adults with high LDL cholesterol, removing previous restrictions and allowing its use as a standalone therapy for certain genetic conditions. Analyst firms have responded to Amgen’s recent performance with varied adjustments. Piper Sandler raised its price target to $342, citing strong portfolio growth, while Bernstein SocGen lowered its target to $335 due to risks associated with MariTide.
RBC Capital increased its price target to $330, maintaining an Outperform rating, following the earnings beat. Meanwhile, Cantor Fitzgerald reiterated a Neutral rating with a price target of $305, noting strong sales from Evenity and Imdelltra. These developments reflect a mix of optimism and caution among analysts regarding Amgen’s future prospects.
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