Sagebrush Health Sues Amgen for Over $7 Million in Damages
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: Businesswire
- Lawsuit Initiated: Sagebrush Health Services has filed a lawsuit against Amgen, alleging that the company unlawfully terminated discounted drug sales to its clinics, which has hindered its ability to provide necessary medications to over 10,000 patients, thereby impacting its service capacity.
- Significant Damages Sought: The lawsuit demands the return of over $7 million in improperly retracted discounts from Amgen and seeks treble damages and punitive damages under California law to penalize Amgen and deter similar future conduct.
- 340B Program Dispute: Sagebrush claims that Amgen unilaterally determined its ineligibility for the 340B Program without following established federal processes, which has compromised its ability to serve economically challenged and uninsured populations, thus harming patient access to care.
- Community Services Limited: Amgen's actions have severely curtailed Sagebrush's ability to reinvest savings from the 340B Program into vital community services, particularly in STI testing and prevention programs, which are crucial for supporting underserved populations.
Analyst Views on AMGN
Wall Street analysts forecast AMGN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for AMGN is 345.87 USD with a low forecast of 272.00 USD and a high forecast of 425.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
19 Analyst Rating
11 Buy
7 Hold
1 Sell
Moderate Buy
Current: 330.410
Low
272.00
Averages
345.87
High
425.00
Current: 330.410
Low
272.00
Averages
345.87
High
425.00
About AMGN
Amgen Inc. is a biotechnology company. It discovers, develops, manufactures and delivers medicines for the toughest diseases. It focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve people’s lives. It operates in the human therapeutics segment. Its marketed products portfolio includes EPOGEN (epoetin alfa); Aranesp (darbepoetin alfa); Parsabiv (etelcalcetide); Neulasta (pegfilgrastim); KANJINTI (trastuzumab-anns); Otezla; BLINCYTO (blinatumomab); ACTIMMUNE (interferon gamma-1b); Neulasta (pegfilgrastim); Sensipar/Mimpara (cinacalcet); Prolia (denosumab); ENBREL; QUINSAIR (levofloxacin); Repatha (evolocumab) and others. It markets ENBREL, a tumor necrosis factor blocker, in the United States and Canada. It markets Otezla, a small molecule that inhibits phosphodiesterase 4, in many countries around the world. It markets Repatha, a proprotein convertase subtilisin/kexin type 9 (PCSK9) inhibitor, in many countries around the world.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
