Amgen (AMGN) shares received a boost just two days before the FDA votes whether to support denosumab as an osteoporosis treatment in post-menopausal women and to help prevent bone loss in treat cancer and prostate cancer patients on hormone therapy.
The shares rallied after a study released showed that denosumab prevented fractures and strengthened bones in men taking hormone therapy for prostate cancer. Almost exactly a month ago, AMGN released encouraging Phase 3 trial results for denosumab in breast cancer patients.
A potential blockbuster like denosumab could eventually generate $2 billion to $3 billion of annual revenues, which could help take the pressure off Amgen’s other drugs, which are facing higher scrutiny from the FDA as well as increased competition from both branded and biosimilar (generic biologic) drugs.
AMGN shares finished the day +2.56%
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Peter J. Lazaroff, Investment Analyst
Tuesday, August 11, 2009
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