THOUSAND OAKS, Calif. - Amgen (NASDAQ:AMGN), a leading biotechnology company, has announced the appointment of Howard Chang, M.D., Ph.D., as its new Senior Vice President of Research and Chief Scientific Officer, effective December 16, 2024. Chang will report to Jay Bradner, M.D., Executive Vice President of Research and Development.
In his new role, Chang is set to establish and lead research priorities across Amgen's therapeutic areas, including rare disease, oncology, inflammation, and cardiometabolic sectors. He will also oversee operations across Amgen's global research hubs.
Chang, a recognized physician-scientist with expertise in human genetics and disease biology, is expected to contribute significantly to Amgen's pursuit of disease-altering therapies. His appointment follows the earlier announced departure of Ray Deshaies, Ph.D., the former Senior Vice President of Research.
Amgen has been at the forefront of biotechnology since 1980, focusing on areas with high unmet medical needs and striving for solutions that improve health outcomes. The company is part of the Dow Jones Industrial Average and the Nasdaq-100 index and has been recognized for its workplace environment and commitment to climate leadership.
The information in this article is based on a press release statement from Amgen. The company's forward-looking statements reflect current expectations and beliefs, subject to significant risks and uncertainties that may cause actual results to differ. Amgen's performance may be influenced by various factors, including the ability to market products, clinical and regulatory developments, competition, manufacturing challenges, and global economic conditions.
Investors are reminded that forward-looking statements are not guarantees of future performance and that Amgen's actual results may vary. The company's business could also be affected by broader industry changes, such as shifts in healthcare cost containment, regulatory environments, and market dynamics.
In other recent news, Amgen has experienced a 23% increase in third-quarter revenues, reaching $8.5 billion, with projected total revenues for 2024 to range between $33.0 billion and $33.8 billion. Citi has initiated coverage on Amgen with a neutral rating and a $335 price target, emphasizing the potential impact of MariTide, Amgen's treatment for obesity and diabetes. TD Cowen, Jefferies, and Cantor Fitzgerald have maintained their Buy or Overweight ratings for the company, with price targets ranging from $383 to $405. BMO Capital Markets has also maintained an Outperform rating on Amgen with a price target of $362.00, while Barclays (LON:BARC) reiterated an Equalweight rating, maintaining a price target of $315.00. These recent developments highlight the importance of MariTide's progress and the company's growth narrative in shaping the investors' perspective.
InvestingPro Insights
As Amgen prepares for a leadership transition in its research division, InvestingPro data provides additional context for investors. The company's market capitalization stands at $154.74 billion, reflecting its significant position in the biotechnology sector. Amgen's revenue growth of 21.25% over the last twelve months and a quarterly revenue growth of 23.18% in Q3 2024 indicate strong financial performance, which could support the company's research initiatives under new leadership.
An InvestingPro Tip highlights that Amgen has raised its dividend for 14 consecutive years, demonstrating a commitment to shareholder returns. This consistent dividend growth, coupled with a current dividend yield of 3.21%, may appeal to income-focused investors during this period of organizational change.
Another relevant InvestingPro Tip notes that Amgen is a prominent player in the Biotechnology industry. This status aligns with the company's focus on high-impact therapeutic areas and its ability to attract top talent like Dr. Chang to lead its research efforts.
For investors seeking a deeper understanding of Amgen's potential, InvestingPro offers 7 additional tips that could provide valuable insights into the company's future prospects. These tips, along with real-time financial metrics, can help investors make more informed decisions as Amgen enters this new phase of scientific leadership.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.