Per JPM Equity Research:
"Prolia should hit its stride in 2H11. Although, Amgen reported sequentially
lower (-4%) Prolia revenues in 1Q (mainly due to inventory stocking at year
end), there was a cumulative increase (+60%) in Prolia syringe sales for the
month of March and the patient pool expanded. We are encouraged by the
number of PMO patients (20% in US, 50% in EU) using Prolia as a front-line
option instead of the traditional bisphosphonates. Additionally, in the US, 60%
of the prescribing physicians are PCPs, underlining Prolia’s ease of use and
growing comfort with the agent. With Prolia expected to gain retail access in
2H11 through Part D (likely early 2H11 as negotiations are going on now), we
expect this to be a very important catalyst for growth."
"Prolia should hit its stride in 2H11. Although, Amgen reported sequentially
lower (-4%) Prolia revenues in 1Q (mainly due to inventory stocking at year
end), there was a cumulative increase (+60%) in Prolia syringe sales for the
month of March and the patient pool expanded. We are encouraged by the
number of PMO patients (20% in US, 50% in EU) using Prolia as a front-line
option instead of the traditional bisphosphonates. Additionally, in the US, 60%
of the prescribing physicians are PCPs, underlining Prolia’s ease of use and
growing comfort with the agent. With Prolia expected to gain retail access in
2H11 through Part D (likely early 2H11 as negotiations are going on now), we
expect this to be a very important catalyst for growth."