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 Price Performance

Shares of NASDAQ:AMGN traded up $3.73 during trading on Tuesday, hitting $328.95. 2,434,234 shares of the company’s stock were exchanged, compared to its average volume of 2,638,375. The company has a debt-to-equity ratio of 11.96, a current ratio of 1.42 and a quick ratio of 0.98. Amgen has a 52-week low of $243.46 and a 52-week high of $346.85. The business’s 50-day simple moving average is $316.68 and its 200 day simple moving average is $298.40. The company has a market cap of $176.46 billion, a price-to-earnings ratio of 46.99, a PEG ratio of 2.78 and a beta of 0.58.

Amgen (NASDAQ:AMGN) last released its earnings results on Tuesday, August 6th. The medical research company reported $4.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.86 by $0.11. Amgen had a return on equity of 156.21% and a net margin of 12.74%. The firm had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.35 billion. During the same quarter last year, the business posted $5.00 earnings per share. The firm’s revenue was up 20.1% on a year-over-year basis. As a group, equities analysts predict that Amgen will post 19.5 EPS for the current year.

Amgen Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 6th. Investors of record on Friday, August 16th will be given a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Friday, August 16th. Amgen’s dividend payout ratio is currently 128.57%.

Analyst Ratings Changes

AMGN has been the subject of several research analyst reports. Barclays upgraded Amgen from an underweight rating to an equal weight rating and increased their target price for the stock from $230.00 to $300.00 in a research report on Friday, May 3rd. Mizuho raised their price target on Amgen from $223.00 to $235.00 and gave the company a neutral rating in a report on Thursday, May 9th. TD Cowen cut their price target on Amgen from $370.00 to $360.00 and set a buy rating for the company in a report on Wednesday, April 17th. Morgan Stanley cut their price target on Amgen from $310.00 to $303.00 and set an equal weight rating for the company in a report on Thursday, July 11th. Finally, Truist Financial restated a buy rating and set a $320.00 price target on shares of Amgen in a report on Friday, April 12th. Ten equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Amgen presently has a consensus rating of Moderate Buy and a consensus target price of $312.63.

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.