Amgen (NASDAQ:AMGN) Issues FY24 Earnings Guidance

Amgen (NASDAQ:AMGN) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $19.10-20.10 for the period, compared to the consensus earnings per share estimate of $19.50. The company issued revenue guidance of $32.8-33.8 billion, compared to the consensus revenue estimate of $33.07 billion. Amgen also updated its FY 2024 guidance to 19.100-20.100 EPS.

Amgen Stock Down 5.0 %

Shares of AMGN traded down $16.45 on Wednesday, reaching $312.50. The stock had a trading volume of 4,617,806 shares, compared to its average volume of 2,651,555. Amgen has a 12-month low of $248.38 and a 12-month high of $346.85. The company has a debt-to-equity ratio of 11.96, a quick ratio of 0.98 and a current ratio of 1.42. The firm has a market capitalization of $167.64 billion, a price-to-earnings ratio of 44.64, a price-to-earnings-growth ratio of 2.78 and a beta of 0.58. The company has a 50-day simple moving average of $317.26 and a 200-day simple moving average of $298.55.

Amgen (NASDAQ:AMGN) last posted its earnings results on Tuesday, August 6th. The medical research company reported $4.97 EPS for the quarter, missing analysts’ consensus estimates of $5.01 by ($0.04). Amgen had a return on equity of 156.21% and a net margin of 12.74%. The business had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.35 billion. During the same period in the previous year, the business posted $5.00 EPS. The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. Sell-side analysts predict that Amgen will post 19.5 EPS for the current year.

Amgen Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 6th. Investors of record on Friday, August 16th were given a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date was Friday, August 16th. Amgen’s dividend payout ratio (DPR) is presently 128.57%.

Wall Street Analyst Weigh In

AMGN has been the subject of several recent research reports. StockNews.com raised Amgen from a hold rating to a buy rating in a report on Friday, May 3rd. Argus upped their price objective on Amgen from $300.00 to $340.00 and gave the stock a buy rating in a research note on Thursday, June 27th. Bank of America upped their price objective on Amgen from $325.00 to $330.00 and gave the stock a neutral rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and issued a $305.00 price objective (down previously from $310.00) on shares of Amgen in a research note on Wednesday. Finally, Barclays raised Amgen from an underweight rating to an equal weight rating and increased their price target for the company from $230.00 to $300.00 in a research note on Friday, May 3rd. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $326.89.

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.