Rochester, NY 7/31/2009 7:01:26 PM
Glaxosmithkline plc, GSK - Second Quarter Results and Higher Outlook with Marketing Deal
GLAXOSMITHKLINE PLC
GLAXOSMITHKLINE PLC, GSK
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GlaxoSmithKline PLC will co-market the osteoporosis drug denosumab in some countries like Europe, Australia, New Zealand and Mexico, pending approval from regulators. GlaxoSmithKline will also sell the drug in countries such as China, Brazil, India and South Korea, where Amgen does not have a presence. Jefferies analyst Eun Yang said she expects further gains for Amgen shares.
Morgan Stanley analyst Steven Harr said the denosumab deal will shore up Amgen's profits in 2009 and 2010, since the company will get open payments as well as half the profits on the drug, plus royalties. He said denosumab is "a potential mega blockbuster." Harr maintained a price target of $74 per share.
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