Amgen (NASDAQ:AMGN) Releases Earnings Results, Beats Expectations By $0.20 EPS

Amgen (NASDAQ:AMGN) announced its earnings results on Thursday. The medical research company reported $3.96 EPS for the quarter, beating the consensus estimate of $3.76 by $0.20, Briefing.com reports. The business 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 154.27% and a net margin of 23.83%. The company’s revenue was up 22.0% on a year-over-year basis. During the same period last year, the business posted $3.98 EPS. Amgen updated its FY24 guidance to $19.00 to $20.20 EPS.

Amgen Stock Up 11.8 %

AMGN stock traded up $32.90 during trading hours on Friday, hitting $311.29. The company’s stock had a trading volume of 9,644,103 shares, compared to its average volume of 2,894,568. The company has a quick ratio of 1.13, a current ratio of 1.65 and a debt-to-equity ratio of 10.14. Amgen has a 12 month low of $211.71 and a 12 month high of $329.72. The stock has a 50 day moving average price of $274.51 and a two-hundred day moving average price of $281.33. The company has a market capitalization of $166.97 billion, a PE ratio of 24.92, a price-to-earnings-growth ratio of 2.68 and a beta of 0.60.

Amgen Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a $2.25 dividend. The ex-dividend date is Thursday, May 16th. This represents a $9.00 dividend on an annualized basis and a yield of 2.89%. Amgen’s dividend payout ratio is currently 72.06%.

Insiders Place Their Bets

In other Amgen news, SVP Nancy A. Grygiel sold 2,117 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $313.09, for a total transaction of $662,811.53. Following the transaction, the senior vice president now owns 9,883 shares in the company, valued at $3,094,268.47. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AMGN shares. SVB Leerink cut shares of Amgen from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $324.00 to $318.00 in a research report on Wednesday, February 7th. BMO Capital Markets upped their price objective on shares of Amgen from $336.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday. Truist Financial restated a “buy” rating and set a $320.00 target price on shares of Amgen in a research note on Friday, April 12th. The Goldman Sachs Group increased their price target on Amgen from $313.00 to $350.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Finally, Barclays upgraded Amgen from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $230.00 to $300.00 in a report on Friday. Ten analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $305.05.

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.