Amgen (NASDAQ:AMGN) Updates FY24 Earnings Guidance

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

Amgen Stock Up 11.8 %

AMGN stock traded up $32.90 during midday trading on Friday, reaching $311.29. 9,644,682 shares of the company’s stock traded hands, compared to its average volume of 2,279,398. Amgen has a 52 week low of $211.71 and a 52 week high of $329.72. The company has a market cap 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. The firm’s fifty day moving average price is $274.95 and its 200-day moving average price is $281.46. The company has a quick ratio of 1.13, a current ratio of 1.65 and a debt-to-equity ratio of 10.14.

Amgen (NASDAQ:AMGN) last posted its earnings results on Thursday, May 2nd. The medical research company reported $3.96 EPS for the quarter, topping the consensus estimate of $3.76 by $0.20. The company 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%. The firm’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same period in the previous year, the firm posted $3.98 earnings per share. As a group, sell-side analysts forecast that Amgen will post 19.46 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a dividend of $2.25 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $9.00 annualized dividend and a yield of 2.89%. Amgen’s dividend payout ratio (DPR) is currently 128.57%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on AMGN shares. BMO Capital Markets upped their target price on shares of Amgen from $336.00 to $355.00 and gave the stock an outperform rating in a research note on Friday. Royal Bank of Canada dropped their target price on shares of Amgen from $332.00 to $328.00 and set an outperform rating on the stock in a research report on Friday. Barclays raised Amgen from an underweight rating to an equal weight rating and upped their target price for the company from $230.00 to $300.00 in a report on Friday. Leerink Partnrs lowered Amgen from an outperform rating to a market perform rating in a report on Wednesday, February 7th. Finally, SVB Leerink downgraded Amgen from an outperform rating to a market perform rating and reduced their price objective for the company from $324.00 to $318.00 in a research note on Wednesday, February 7th. Ten analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $305.05.

Insider Activity at Amgen

In other Amgen news, SVP Nancy A. Grygiel sold 2,117 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $313.09, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by company 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.