Amgen (NASDAQ:AMGN) Updates FY24 Earnings Guidance

Amgen (NASDAQ:AMGN) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $19.00 to $20.20 for the period, compared to the consensus estimate of $19.47. The company issued revenue guidance of $32.5 billion to $33.8 billion, compared to the consensus revenue estimate of $32.96 billion.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. William Blair raised Amgen from a market perform rating to an outperform rating in a research note on Friday. SVB Leerink lowered shares of Amgen from an outperform rating to a market perform rating and dropped their price target for the stock from $324.00 to $318.00 in a research report on Wednesday, February 7th. Oppenheimer reiterated an outperform rating and issued a $350.00 price target on shares of Amgen in a report on Thursday, February 1st. TD Cowen dropped their price objective on Amgen from $370.00 to $360.00 and set a buy rating for the company in a report on Wednesday, April 17th. Finally, Barclays upgraded Amgen from an underweight rating to an equal weight rating and lifted their target price for the company from $230.00 to $300.00 in a report on Friday. Ten equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Amgen has an average rating of Moderate Buy and a consensus price target of $305.05.

Amgen Stock Up 11.8 %

Shares of AMGN stock traded up $32.90 on Friday, hitting $311.29. The stock had a trading volume of 9,644,682 shares, compared to its average volume of 2,279,398. The stock’s 50 day moving average is $274.95 and its 200-day moving average is $281.46. The firm has a market capitalization of $166.97 billion, a price-to-earnings ratio of 44.47, a P/E/G ratio of 3.01 and a beta of 0.60. Amgen has a 52-week low of $211.71 and a 52-week high of $329.72. The company has a debt-to-equity ratio of 10.14, a quick ratio of 1.13 and a current ratio of 1.65.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Thursday, May 2nd. The medical research company reported $3.96 EPS for the quarter, topping analysts’ consensus estimates of $3.76 by $0.20. Amgen had a net margin of 12.74% and a return on equity of 145.62%. The firm had revenue of $7.45 billion for the quarter, compared to analyst estimates of $7.45 billion. During the same quarter in the previous year, the business posted $3.98 EPS. The firm’s revenue was up 22.0% compared to the same quarter last year. As a group, research analysts expect that Amgen will post 19.46 earnings per share for the current year.

Amgen Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a dividend of $2.25 per share. The ex-dividend date is Thursday, May 16th. This represents a $9.00 annualized dividend and a yield of 2.89%. Amgen’s dividend payout ratio is presently 128.57%.

Insider Transactions at Amgen

In other Amgen news, SVP Nancy A. Grygiel sold 2,117 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $313.09, for a total transaction of $662,811.53. Following the completion of the transaction, the senior vice president now directly owns 9,883 shares of the company’s stock, valued at approximately $3,094,268.47. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.