Amgen (NASDAQ:AMGN) Posts Earnings Results, Beats Expectations By $0.47 EPS

Amgen (NASDAQ:AMGN) posted its quarterly earnings data on Wednesday. The medical research company reported $5.58 EPS for the quarter, beating the consensus estimate of $5.11 by $0.47, Briefing.com reports. The business had revenue of $8.50 billion for the quarter, compared to analysts’ expectations of $8.50 billion. Amgen had a net margin of 10.12% and a return on equity of 161.72%. The firm’s revenue was up 23.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.96 EPS. Amgen updated its FY24 guidance to $19.20-$20.00 EPS and its FY 2024 guidance to 19.200-20.000 EPS.

Amgen Stock Performance

AMGN stock traded up $5.82 during trading hours on Thursday, hitting $321.36. 1,287,683 shares of the stock were exchanged, compared to its average volume of 2,414,136. Amgen has a 12 month low of $249.70 and a 12 month high of $346.85. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 9.64. The firm has a market capitalization of $172.39 billion, a P/E ratio of 45.08, a P/E/G ratio of 2.86 and a beta of 0.61. The company has a 50-day simple moving average of $324.75 and a two-hundred day simple moving average of $314.78.

Amgen Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be paid a $2.25 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $9.00 annualized dividend and a yield of 2.80%. Amgen’s dividend payout ratio (DPR) is presently 128.57%.

Wall Street Analyst Weigh In

Several research firms have commented on AMGN. Oppenheimer restated an “outperform” rating and issued a $380.00 target price on shares of Amgen in a research note on Wednesday, August 7th. Truist Financial lowered shares of Amgen from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $320.00 to $333.00 in a research report on Monday, October 14th. Sanford C. Bernstein began coverage on shares of Amgen in a report on Thursday, October 17th. They set an “outperform” rating and a $380.00 target price for the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $305.00 price target (down from $310.00) on shares of Amgen in a research note on Wednesday, August 7th. Finally, Robert W. Baird restated an “underperform” rating and set a $215.00 price objective on shares of Amgen in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Amgen has an average rating of “Moderate Buy” and a consensus price target of $332.55.

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.