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

Amgen (NASDAQ:AMGN) released its earnings results on Wednesday. The medical research company reported $5.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.11 by $0.47, Briefing.com reports. The firm had revenue of $8.50 billion during the quarter, compared to analyst estimates of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 181.58%. The business’s revenue was up 23.2% on a year-over-year basis. During the same quarter last year, the business earned $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 Up 1.5 %

Shares of Amgen stock opened at $320.16 on Friday. Amgen has a 52-week low of $249.70 and a 52-week high of $346.85. The firm’s 50 day moving average price is $324.66 and its 200-day moving average price is $314.82. The company has a quick ratio of 0.89, a current ratio of 1.26 and a debt-to-equity ratio of 9.64. The company has a market cap of $172.03 billion, a P/E ratio of 40.99, a PEG ratio of 2.84 and a beta of 0.61.

Amgen Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Monday, November 18th will be issued a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend is Monday, November 18th. Amgen’s dividend payout ratio is currently 115.24%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Bank of America boosted their target price on Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. UBS Group cut their price objective on Amgen from $335.00 to $326.00 and set a “neutral” rating on the stock in a research report on Thursday. TD Cowen lifted their target price on Amgen from $381.00 to $383.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Barclays upped their price target on shares of Amgen from $300.00 to $315.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $362.00 price objective on shares of Amgen in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Amgen has a consensus rating of “Moderate Buy” and an average target price of $333.50.

About Amgen

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.