Analyst Sees Greater Vectibix Sales For Amgen

Porges said he believes Amgen's profit and revenue growth will improve, reaching the mid-single digits in 2010 and mid-teens in 2012.

"While this does not match the Amgen of old, it should make the company's profile materially more attractive than pharma company peers," he wrote. In 2008, Amgen's profit and revenue grew less than 2 percent, and the company expects little growth this year.

He added that greater Vectibix sales would help overcome weaker sales growth for many of Amgen's older key drugs.

Porges said his profit and sales estimates are below Wall Street averages, but he believes the stock has become inexpensive. He noted that the company will need to make large investments to increase Vectibix sales, and to launch the osteoporosis drug candidate denosumab, which is being reviewed for approval by the Food and Drug Administration.