Amgen Braces for Rising Expenses Ahead of Q3 Results—Is a Profit Squeeze Looming?

Impact · against what's priced in

The news is largely noise for AMGN as the market has already priced in the guidance on legacy erosion and FY operating margins. The focus remains on whether MariTide updates can trigger a re-rating, while ZS and others mentioned in the prior analysis are not materially affected by this specific text.

ZS+0.00

Doesn't touch the price's assumptions

The price assumes

Does Zscaler's sales leadership transition restore the business momentum needed to grow revenue faster than the 11.9% the price already assumes