Amgen (NASDAQ:AMGN) Releases FY24 Earnings Guidance

Amgen (NASDAQ:AMGN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $19.00 to $20.20 for the period, compared to the consensus estimate of $19.47. The company issued revenue guidance of $32.5 billion to $33.8 billion, compared to the consensus revenue estimate of $32.96 billion.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on AMGN shares. Morgan Stanley boosted their price objective on shares of Amgen from $271.00 to $310.00 and gave the stock an equal weight rating in a research note on Friday. William Blair raised Amgen from a market perform rating to an outperform rating in a research report on Friday. Leerink Partnrs lowered Amgen from an outperform rating to a market perform rating in a report on Wednesday, February 7th. Barclays raised Amgen from an underweight rating to an equal weight rating and raised their price target for the company from $230.00 to $300.00 in a report on Friday. Finally, Royal Bank of Canada decreased their price objective on shares of Amgen from $332.00 to $328.00 and set an outperform rating on the stock in a report on Friday. Ten research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Amgen currently has an average rating of Moderate Buy and an average target price of $305.05.

Amgen Price Performance

Shares of Amgen stock traded up $32.90 on Friday, reaching $311.29. 9,644,682 shares of the stock were exchanged, compared to its average volume of 2,279,398. The company has a debt-to-equity ratio of 10.14, a quick ratio of 1.13 and a current ratio of 1.65. The firm has a market cap of $166.97 billion, a PE ratio of 44.47, a P/E/G ratio of 3.01 and a beta of 0.60. The firm’s 50 day moving average is $274.95 and its 200-day moving average is $281.46. Amgen has a one year low of $211.71 and a one year high of $329.72.

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 the consensus estimate of $3.76 by $0.20. Amgen had a return on equity of 145.62% and a net margin of 12.74%. The firm had revenue of $7.45 billion during the quarter, compared to analysts’ expectations of $7.45 billion. During the same period in the prior year, the company earned $3.98 earnings per share. The company’s quarterly revenue was up 22.0% on a year-over-year basis. As a group, analysts anticipate that Amgen will post 19.46 EPS for the current fiscal year.

Amgen Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued 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 dividend payout ratio (DPR) is currently 128.57%.

Insider Activity at Amgen

In other news, SVP Nancy A. Grygiel sold 2,117 shares of the company’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 completion of the transaction, the senior vice president now directly owns 9,883 shares in the company, valued at $3,094,268.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.46% of the stock is currently owned by insiders.

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.