Recently, the company Amgen Inc (AMGN) published good financial report for 2Q13 which was better than analysts ' forecasts. So, EPS was $1,89 (consensus: $1,72), the total revenues was $4,68 billion (consensus: $4.5 billion). Currently the portfolio of the company has several new drugs: AMG145 (results of 3 stage of testing will be ready in 1 quarter of 2014), TVEC (drug for the treatment of melanoma), trebananib (drug for the treatment of cancer) etc. In addition, medium-term driver can become the news that recently Amgen bought the company Onyx Pharmaceuticals (ONXX), for $10.4 billion. Onyx Pharmaceuticals is a biotechnology company, the portfolio of which contains three anti-cancer products: Nexavar (in collaboration with the company Bayer), Carfilzomib, Regorafenib. Thus, after the purchase of the Onyx, Amgen will significantly expand its range of anti-cancer drugs. Our medium-term fundamental valuation of Amgen shares is $126.Short-term goal is $120.