10:00 AM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Amgen ( AMGN ) reported Q1 earnings yesterday after market close. We lift our target price to $357 from $352, 16.8x our 2025 EPS, slightly above AMGN's historical forward P/E average, justified by its strengthening outlook. We keep our 2024 EPS estimate at $19.92 and 2025's at $21.31. Amgen ( AMGN ) posted Q1 EPS of $3.96 vs. $3.98, $0.07 above the consensus estimate. Q1 revenues of $7.4B rose by a solid 22% Y/Y, broadly in line with expectations, $62M above our forecast and $6M below consensus. Q1 sales had a $914M contribution from the Horizon acquisition, which closed in Q4 2023. General medicine reported solid revenue growth this quarter with sales from Repatha, up 33% Y/Y ($517M), and Evenity, up 35% Y/Y ($342M). While the Q1 release was mostly uneventful, in our view, shares were up more than 12% pre-market this morning following the update shared on MariTide in Phase 2 clinical trials for the treatment of obesity. Management seems encouraged about the interim results and confident about the drug's differentiated profile.