Amgen (NASDAQ:AMGN) Issues FY 2024 Earnings Guidance

Amgen (NASDAQ:AMGN) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 19.200-20.000 for the period, compared to the consensus earnings per share estimate of 19.490. The company issued revenue guidance of $33.0 billion-$33.8 billion, compared to the consensus revenue estimate of $33.2 billion. Amgen also updated its FY24 guidance to $19.20-$20.00 EPS.

Analyst Ratings Changes

Several brokerages have weighed in on AMGN. Bank of America upped their target price on Amgen from $325.00 to $330.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $405.00 target price on shares of Amgen in a research note on Tuesday, October 22nd. TD Cowen increased their price target on shares of Amgen from $381.00 to $383.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Morgan Stanley reduced their price objective on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating for the company in a research note on Thursday, July 11th. Finally, Oppenheimer restated an “outperform” rating and set a $380.00 target price on shares of Amgen in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Amgen currently has a consensus rating of “Moderate Buy” and an average target price of $332.55.

Amgen Stock Down 0.1 %

AMGN traded down $0.46 during trading on Wednesday, reaching $315.54. The company had a trading volume of 2,208,707 shares, compared to its average volume of 2,419,429. The company has a market cap of $169.27 billion, a P/E ratio of 45.14, a PEG ratio of 2.86 and a beta of 0.61. The company has a debt-to-equity ratio of 9.64, a current ratio of 1.26 and a quick ratio of 0.89. Amgen has a 12 month low of $249.70 and a 12 month high of $346.85. The business’s fifty day moving average price is $325.02 and its 200 day moving average price is $314.78.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Tuesday, August 6th. The medical research company reported $4.97 earnings per share for the quarter, missing the consensus estimate of $5.01 by ($0.04). The firm had revenue of $8.39 billion for the quarter, compared to analyst estimates of $8.35 billion. Amgen had a return on equity of 161.72% and a net margin of 10.12%. The firm’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the company earned $5.00 earnings per share. Equities analysts anticipate that Amgen will post 19.49 EPS for the current year.

Amgen Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 18th will be paid a $2.25 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $9.00 annualized dividend and a yield of 2.85%. Amgen’s payout ratio is currently 128.57%.

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.