Amgen (NASDAQ:AMGN) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Amgen (NASDAQ:AMGN) issued its quarterly earnings results on Thursday. The medical research company reported $3.96 earnings per share for the quarter, beating analysts’ consensus estimates of $3.76 by $0.20, Briefing.com reports. The business had revenue of $7.45 billion for the quarter, compared to the consensus estimate of $7.45 billion. Amgen had a return on equity of 154.27% and a net margin of 23.83%. Amgen’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.98 earnings per share. Amgen updated its FY24 guidance to $19.00 to $20.20 EPS.

Amgen Stock Performance

Shares of NASDAQ AMGN traded up $32.90 during trading hours on Friday, hitting $311.29. 9,644,103 shares of the company’s stock were exchanged, compared to its average volume of 2,894,568. The company’s 50-day moving average price is $274.51 and its 200-day moving average price is $281.33. Amgen has a 1-year low of $211.71 and a 1-year high of $329.72. The stock has a market capitalization of $166.97 billion, a price-to-earnings ratio of 24.92, a PEG ratio of 2.68 and a beta of 0.60. The company has a debt-to-equity ratio of 10.14, a current ratio of 1.65 and a quick ratio of 1.13.

Amgen Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be paid a $2.25 dividend. The ex-dividend date is Thursday, May 16th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.89%. Amgen’s payout ratio is presently 72.06%.

Insider Buying and Selling at Amgen

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the business’s 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 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 available at this hyperlink. Insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on AMGN shares. William Blair upgraded Amgen from a “market perform” rating to an “outperform” rating in a report on Friday. Oppenheimer reiterated an “outperform” rating and issued a $350.00 target price on shares of Amgen in a research report on Thursday, February 1st. Barclays upgraded shares of Amgen from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $230.00 to $300.00 in a report on Friday. SVB Leerink lowered Amgen from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $324.00 to $318.00 in a report on Wednesday, February 7th. Finally, BMO Capital Markets boosted their target price on Amgen from $336.00 to $355.00 and gave the company an “outperform” rating in a research note on Friday. Eleven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $305.05.

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.