Amgen (NASDAQ:AMGN) Issues FY24 Earnings Guidance

Amgen (NASDAQ:AMGN) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $19.00 to $20.20 for the period, compared to the consensus EPS 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

Several research analysts recently weighed in on the company. Oppenheimer reaffirmed an outperform rating and set a $350.00 target price on shares of Amgen in a research note on Thursday, February 1st. William Blair raised shares of Amgen from a market perform rating to an outperform rating in a research note on Friday. Barclays upgraded shares of Amgen from an underweight rating to an equal weight rating and lifted their price target for the stock from $230.00 to $300.00 in a research report on Friday. Raymond James assumed coverage on Amgen in a report on Thursday, March 28th. They set a market perform rating on the stock. Finally, SVB Leerink cut shares of Amgen from an outperform rating to a market perform rating and decreased their target price for the stock from $324.00 to $318.00 in a report on Wednesday, February 7th. Ten equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $305.05.

Amgen Stock Performance

Shares of AMGN stock traded up $32.90 during trading on Friday, reaching $311.29. The company had a trading volume of 9,644,682 shares, compared to its average volume of 2,279,398. The firm’s 50 day simple moving average is $274.95 and its two-hundred day simple moving average is $281.46. Amgen has a one year low of $211.71 and a one year high of $329.72. The company has a debt-to-equity ratio of 10.14, a current ratio of 1.65 and a quick ratio of 1.13. The company has a market capitalization of $166.97 billion, a PE ratio of 44.47, a PEG ratio of 3.01 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Thursday, May 2nd. The medical research company reported $3.96 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 12.74% and a return on equity of 145.62%. Amgen’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.98 EPS. Sell-side analysts forecast 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. Stockholders of record on Friday, May 17th will be paid a $2.25 dividend. The ex-dividend date is Thursday, May 16th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.89%. Amgen’s payout ratio is presently 128.57%.

Insider Activity at Amgen

In other 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 value of $662,811.53. Following the sale, the senior vice president now owns 9,883 shares in the company, valued at $3,094,268.47. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by corporate insiders.

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.