Amgen (NASDAQ:AMGN) Issues FY24 Earnings Guidance

Amgen (NASDAQ:AMGN) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $19.10-20.10 for the period, compared to the consensus EPS estimate of $19.50. The company issued revenue guidance of $32.8-33.8 billion, compared to the consensus revenue estimate of $33.07 billion. Amgen also updated its FY 2024 guidance to 19.100-20.100 EPS.

Amgen Stock Down 5.0 %

Shares of NASDAQ AMGN traded down $16.45 during trading on Wednesday, reaching $312.50. 4,617,806 shares of the stock were exchanged, compared to its average volume of 2,651,555. The business’s 50-day moving average price is $317.26 and its 200 day moving average price is $298.55. Amgen has a twelve month low of $248.38 and a twelve month high of $346.85. 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 $167.64 billion, a price-to-earnings ratio of 44.64, a price-to-earnings-growth ratio of 2.78 and a beta of 0.58.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Tuesday, August 6th. The medical research company reported $4.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.01 by ($0.04). The company had revenue of $8.39 billion during the quarter, compared to analyst estimates of $8.35 billion. Amgen had a net margin of 12.74% and a return on equity of 156.21%. The company’s revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the company earned $5.00 earnings per share. As a group, equities analysts forecast that Amgen will post 19.5 EPS for the current fiscal year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, August 16th were paid a dividend of $2.25 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $9.00 annualized dividend and a yield of 2.88%. Amgen’s payout ratio is 128.57%.

Analyst Ratings Changes

Several research firms have recently commented on AMGN. Jefferies Financial Group restated a buy rating and set a $380.00 price target (up previously from $375.00) on shares of Amgen in a research report on Wednesday. Argus raised their price objective on Amgen from $300.00 to $340.00 and gave the stock a buy rating in a research note on Thursday, June 27th. BMO Capital Markets boosted their target price on Amgen from $336.00 to $355.00 and gave the stock an outperform rating in a research report on Friday, May 3rd. StockNews.com upgraded Amgen from a hold rating to a buy rating in a research report on Friday, May 3rd. Finally, Mizuho boosted their price objective on Amgen from $223.00 to $235.00 and gave the stock a neutral rating in a report on Thursday, May 9th. Eleven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $326.89.

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.