Amgen (NASDAQ:AMGN) Releases FY 2024 Earnings Guidance

Amgen (NASDAQ:AMGN) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of 19.000-20.200 for the period, compared to the consensus EPS 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.

Amgen Stock Down 3.8 %

Shares of Amgen stock traded down $11.81 on Monday, hitting $299.48. The company had a trading volume of 4,717,087 shares, compared to its average volume of 2,915,562. Amgen has a twelve month low of $211.71 and a twelve month high of $329.72. The company has a debt-to-equity ratio of 11.96, a current ratio of 1.42 and a quick ratio of 0.98. The stock has a 50-day moving average of $275.21 and a 200-day moving average of $281.59. The firm has a market capitalization of $160.64 billion, a P/E ratio of 42.78, a P/E/G ratio of 3.00 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Thursday, May 2nd. The medical research company reported $3.96 earnings per share for the quarter, topping the consensus estimate of $3.76 by $0.20. The company had revenue of $7.45 billion during the quarter, compared to analysts’ expectations of $7.45 billion. Amgen had a return on equity of 156.21% and a net margin of 12.74%. During the same period in the prior year, the firm earned $3.98 earnings per share. Amgen’s revenue for the quarter was up 22.0% compared to the same quarter last year. Research analysts predict that Amgen will post 19.46 earnings per share for the current year.

Amgen Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be given a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date is Thursday, May 16th. Amgen’s dividend payout ratio is currently 128.57%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. BMO Capital Markets raised their price target on Amgen from $336.00 to $355.00 and gave the company an outperform rating in a research note on Friday. Oppenheimer reaffirmed an outperform rating and set a $350.00 price target on shares of Amgen in a research report on Thursday, February 1st. Barclays raised shares of Amgen from an underweight rating to an equal weight rating and upped their target price for the company from $230.00 to $300.00 in a report on Friday. StockNews.com upgraded Amgen from a hold rating to a buy rating in a research note on Friday. Finally, Leerink Partnrs lowered Amgen from an outperform rating to a market perform rating in a report on Wednesday, February 7th. Ten investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Amgen presently has a consensus rating of Moderate Buy and an average price target of $305.05.

Insiders Place Their Bets

In related news, SVP Nancy A. Grygiel sold 2,117 shares of Amgen stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $313.09, for a total value of $662,811.53. Following the transaction, the senior vice president now directly 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 Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.69% of the company’s stock.

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.