Amgen (NASDAQ:AMGN) Updates FY 2024 Earnings Guidance

Amgen (NASDAQ:AMGN) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 19.000-20.200 for the period, compared to the consensus earnings per share estimate of 19.480. The company issued revenue guidance of $32.5 billion-$33.8 billion, compared to the consensus revenue estimate of $33.0 billion.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Leerink Partnrs downgraded Amgen from an outperform rating to a market perform rating in a report on Wednesday, February 7th. William Blair raised Amgen from a market perform rating to an outperform rating in a report on Friday. Barclays raised 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 report on Friday. StockNews.com raised Amgen from a hold rating to a buy rating in a report on Friday. Finally, UBS Group increased their target price on Amgen from $284.00 to $307.00 and gave the stock a neutral rating in a report on Friday. Ten research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $305.05.

Amgen Stock Performance

AMGN traded down $11.81 during trading hours on Monday, hitting $299.48. The company’s stock had a trading volume of 4,717,087 shares, compared to its average volume of 2,915,562. Amgen has a fifty-two week low of $211.71 and a fifty-two week high of $329.72. The company has a current ratio of 1.42, a quick ratio of 0.98 and a debt-to-equity ratio of 11.96. The firm has a market capitalization of $160.64 billion, a PE ratio of 42.78, a PEG ratio of 3.00 and a beta of 0.60. The company has a 50-day simple moving average of $275.21 and a 200 day simple moving average of $281.59.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.76 by $0.20. Amgen had a return on equity of 156.21% and a net margin of 12.74%. The company had revenue of $7.45 billion for the quarter, compared to analysts’ expectations of $7.45 billion. During the same period last year, the firm earned $3.98 EPS. The firm’s revenue for the quarter was up 22.0% on a year-over-year basis. As a group, sell-side analysts expect that Amgen will post 19.46 EPS for the current year.

Amgen Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend is Thursday, May 16th. Amgen’s dividend payout ratio (DPR) is presently 128.57%.

Insider Activity

In other news, SVP Nancy A. Grygiel sold 2,117 shares of Amgen stock in a transaction 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 directly owns 9,883 shares in the company, valued at approximately $3,094,268.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.69% of the stock is owned by insiders.

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.