Amgen (NASDAQ:AMGN) Issues FY 2024 Earnings Guidance

Amgen (NASDAQ:AMGN) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 19.000-20.200 for the period, compared to the consensus estimate of 19.480. The company issued revenue guidance of $32.5 billion-$33.8 billion, compared to the consensus revenue estimate of $33.0 billion.

Amgen Stock Down 3.8 %

Amgen stock traded down $11.81 during midday trading on Monday, hitting $299.48. The stock had a trading volume of 4,717,087 shares, compared to its average volume of 2,915,562. The company has a current ratio of 1.42, a quick ratio of 0.98 and a debt-to-equity ratio of 11.96. The business has a fifty day moving average price of $275.21 and a 200 day moving average price of $281.59. Amgen has a 12 month low of $211.71 and a 12 month high of $329.72. The stock has a market cap of $160.64 billion, a P/E ratio of 42.78, a P/E/G ratio of 3.00 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share for the quarter, beating analysts’ consensus estimates of $3.76 by $0.20. The business had revenue of $7.45 billion during the quarter, compared to the consensus estimate of $7.45 billion. Amgen had a return on equity of 156.21% and a net margin of 12.74%. The business’s quarterly revenue was up 22.0% on a year-over-year basis. During the same period in the previous year, the business earned $3.98 EPS. Research analysts predict that Amgen will post 19.46 EPS for the current year.

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a $2.25 dividend. This represents a $9.00 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend is Thursday, May 16th. Amgen’s dividend payout ratio (DPR) is presently 128.57%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. TD Cowen cut their price target on Amgen from $370.00 to $360.00 and set a buy rating on the stock in a report on Wednesday, April 17th. Morgan Stanley boosted their price target on shares of Amgen from $271.00 to $310.00 and gave the company an equal weight rating in a report on Friday. SVB Leerink cut shares of Amgen from an outperform rating to a market perform rating and dropped their price objective for the stock from $324.00 to $318.00 in a report on Wednesday, February 7th. BMO Capital Markets boosted their target price on shares of Amgen from $336.00 to $355.00 and gave the company an outperform rating in a research note on Friday. Finally, William Blair upgraded shares of Amgen from a market perform rating to an outperform rating in a research note on Friday. Ten investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $305.05.

Insider Activity

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $313.09, for a total value of $662,811.53. Following the sale, the senior vice president now directly owns 9,883 shares in the company, valued at approximately $3,094,268.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.69% 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.