Amgen (NASDAQ:AMGN) Releases FY24 Earnings Guidance

Amgen (NASDAQ:AMGN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $19.00 to $20.20 for the period, compared to the consensus earnings per share estimate of $19.47. The company issued revenue guidance of $32.5 billion to $33.8 billion, compared to the consensus revenue estimate of $32.96 billion.

Amgen Stock Performance

AMGN stock traded up $32.90 during trading on Friday, hitting $311.29. 9,644,682 shares of the company traded hands, compared to its average volume of 2,279,398. The company has a debt-to-equity ratio of 10.14, a current ratio of 1.65 and a quick ratio of 1.13. The company has a market cap of $166.97 billion, a PE ratio of 44.47, a P/E/G ratio of 3.01 and a beta of 0.60. The stock’s 50-day simple moving average is $274.95 and its 200 day simple moving average is $281.46. Amgen has a 1 year low of $211.71 and a 1 year high of $329.72.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share for the quarter, beating the consensus estimate of $3.76 by $0.20. Amgen had a return on equity of 145.62% and a net margin of 12.74%. The firm had revenue of $7.45 billion during the quarter, compared to analyst estimates of $7.45 billion. During the same quarter in the previous year, the business earned $3.98 EPS. Amgen’s revenue for the quarter was up 22.0% compared to the same quarter last year. On average, equities analysts expect that Amgen will post 19.46 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be paid a dividend of $2.25 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.89%. Amgen’s dividend payout ratio is currently 128.57%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group lifted their price objective on Amgen from $313.00 to $350.00 and gave the stock a buy rating in a report on Wednesday, February 7th. Leerink Partnrs cut Amgen from an outperform rating to a market perform rating in a research report on Wednesday, February 7th. William Blair upgraded Amgen from a market perform rating to an outperform rating in a report on Friday. BMO Capital Markets lifted their target price on shares of Amgen from $336.00 to $355.00 and gave the stock an outperform rating in a research note on Friday. Finally, Truist Financial reiterated a buy rating and issued a $320.00 target price on shares of Amgen in a research report on Friday, April 12th. Ten investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $305.05.

Insider Activity at Amgen

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