Amgen (NASDAQ:AMGN) Updates FY 2024 Earnings Guidance

Amgen (NASDAQ:AMGN) issued an update on its FY 2024 earnings guidance on Friday morning. 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.

Amgen Price Performance

AMGN traded down $11.81 during trading on Monday, reaching $299.48. The stock had a trading volume of 4,717,087 shares, compared to its average volume of 2,915,562. The firm has a market capitalization of $160.64 billion, a price-to-earnings ratio of 42.78, a price-to-earnings-growth ratio of 3.00 and a beta of 0.60. The company has a quick ratio of 0.98, a current ratio of 1.42 and a debt-to-equity ratio of 11.96. Amgen has a 1-year low of $211.71 and a 1-year high of $329.72. The stock has a 50 day moving average of $275.21 and a two-hundred day moving average of $281.59.

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

Amgen Dividend Announcement

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

Analyst Ratings Changes

Several research analysts have issued reports on AMGN shares. Royal Bank of Canada dropped their price target on Amgen from $332.00 to $328.00 and set an outperform rating on the stock in a report on Friday. StockNews.com raised Amgen from a hold rating to a buy rating in a report on Friday. UBS Group upped their price target on Amgen from $284.00 to $307.00 and gave the company a neutral rating in a report on Friday. BMO Capital Markets upped their price target on Amgen from $336.00 to $355.00 and gave the company an outperform rating in a report on Friday. Finally, William Blair raised Amgen from a market perform rating to an outperform rating in a report on Friday. Ten analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $305.05.

Insider Activity

In other Amgen news, SVP Nancy A. Grygiel sold 2,117 shares of the stock in a transaction on Friday, May 3rd. The shares were 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 of the company’s stock, valued at $3,094,268.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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.