Amgen (NASDAQ:AMGN) Releases FY 2024 Earnings Guidance

Amgen (NASDAQ:AMGN) issued an update on its FY 2024 earnings guidance on Friday morning. 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 Price Performance

Shares of NASDAQ:AMGN 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’s 50-day moving average price is $275.21 and its 200-day moving average price is $281.59. Amgen has a fifty-two week low of $211.71 and a fifty-two week high of $329.72. The company has a quick ratio of 0.98, a current ratio of 1.42 and a debt-to-equity ratio of 11.96. The company has a market capitalization of $160.64 billion, a P/E ratio of 42.78, a price-to-earnings-growth ratio of 3.00 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last issued its 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 firm had revenue of $7.45 billion for 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 company’s revenue was up 22.0% compared to the same quarter last year. During the same quarter last year, the business posted $3.98 EPS. As a group, equities research analysts predict that Amgen will post 19.46 EPS for the current fiscal year.

Amgen Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 3.01%. The ex-dividend date is Thursday, May 16th. Amgen’s payout ratio is 128.57%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Amgen from a hold rating to a buy rating in a report on Friday. TD Cowen dropped their target price on Amgen from $370.00 to $360.00 and set a buy rating for the company in a research report on Wednesday, April 17th. SVB Leerink cut Amgen from an outperform rating to a market perform rating and reduced their price target for the stock from $324.00 to $318.00 in a report on Wednesday, February 7th. William Blair upgraded shares of Amgen from a market perform rating to an outperform rating in a report on Friday. Finally, Oppenheimer reissued an outperform rating and set a $350.00 target price on shares of Amgen in a report on Thursday, February 1st. Ten research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Amgen presently has a consensus 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 company’s stock in a transaction dated 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 approximately $3,094,268.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate 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.