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BMY - Otezla: A High Cost But Strategically Aligned Acquisition For Amgen
Bristol-Myers Squibb Company
Amgen (AMGN) is one of the world’s largest pharmaceutical companies in terms of revenue and holds a $120B-plus valuation. With 17 drug categories generating annual revenue in the $20-$22B range, the company is well established, but future growth has become a concern - sales growth has been flat or low single digits for the past few quarters.
In response to Amgen's growth slowdown, the Otezla acquisition is expected to be a shot in the arm. Amgen remains undervalued relative to its peers, but it may have overpaid for the Otezla acquisition. It remains