S&P: Amgen outlook stable

Standard & Poor's said it revised the outlook on Amgen Inc. to stable from negative and affirmed its A+ corporate credit and senior unsecured debt ratings.

The agency said the actions are based on the continued strength of the company's drug portfolio and belief that the sales drop in Amgen's flagship franchise is moderating.

Ratings reflect the company's strong business profile, highlighted by its high-margin product portfolio and improving pipeline, its robust free cash flows and continued conservative financial policies, the agency said.

These factors are slightly offset by Amgen's challenges in generating sales growth and expanding its still relatively narrow drug offering, S&P noted.

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