Amgen (AMGN) – A Record Quarter Under the Sword of Damocles of Taxes and +51.6%

Amgen reported quarterly revenue of more than $10 billion for the first time, raised its annual forecast, and hit a new all-time high, but in early September, its shares lost up to 10% in a single day due to a competitor’s failure in the class of drugs that lower lipoprotein(a). At the same time, a ruling by the U.S. Tax Court is imminent in a dispute in which the IRS is seeking approximately $8.7 billion in back taxes. We’ll examine how these events fit into our gold forecast, which has yielded a 51.6% return since our first report.