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Analyst’s Update: Amgen, Inc. (NASDAQ:AMGN), Gogo Inc (NASDAQ:GOGO)

UBS initiates Amgen, Inc.(NASDAQ:AMGN ) with a Neutral and price target of $185. During the next four years Amgen sales growth will face intensifying headwinds to Enbrel and key legacy products. The late-stage pipeline, while improved in its productivity, is unlikely to re-accelerate growth until 2019+. Indeed, erenumab (migraine), Repatha (hypercholesterolemia), and Evenity (osteoporosis) could cumulatively drive $5B in sales at peak, but each faces challenges, particularly through 2020. With AMGN shares already up +21% YTD (vs. NBI: +11%) and trading close to in-line with its historical P/E (14x vs. 15x), further break-out without a prominent commercial story looks challenging, in their view. Positive cardiovascular outcomes (CVOT) data and a legal win over Regeneron/Sanofi could provide that impetus, but firm is cautious on peak sales for the PCSK9 class and the litigation outcome is uncertain.

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Gogo Inc(NASDAQ:GOGO ): The new technology will provide an industry leading 4G experience with superior connectivity for passengers. The new service will also offer Gogo Vision, which provides the latest movies and television shows via the Gogo Vision product; flight tracker; real time weather reports; Gogo Text & Talk, which allows passengers to call and text with their personal smart phones and mobile numbers; streaming video and audio; live face-to-face conversations through a user’s favorite application; email with attachments; and web browsing — on a proven network in the continental U.S. and large portions of Alaska and Canada.

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