Amgen (NASDAQ:AMGN) Updates FY24 Earnings Guidance

Amgen (NASDAQ:AMGN) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $19.00 to $20.20 for the period, compared to the consensus earnings per share 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.

Amgen Price Performance

Shares of NASDAQ AMGN traded up $32.90 during mid-day trading on Friday, hitting $311.29. 9,644,682 shares of the stock were exchanged, compared to its average volume of 2,279,398. Amgen has a twelve month low of $211.71 and a twelve month high of $329.72. The stock’s fifty day simple moving average is $274.95 and its two-hundred day simple moving average is $281.46. 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 company has a market cap of $166.97 billion, a P/E ratio of 44.47, a PEG ratio of 3.01 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.76 by $0.20. Amgen had a net margin of 12.74% and a return on equity of 145.62%. The business had revenue of $7.45 billion for the quarter, compared to the consensus estimate of $7.45 billion. During the same quarter in the prior year, the company earned $3.98 EPS. The firm’s quarterly revenue was up 22.0% on a year-over-year basis. As a group, analysts forecast 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. Stockholders of record on Friday, May 17th will be given a dividend of $2.25 per share. The ex-dividend date of this dividend 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 currently 128.57%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Oppenheimer reissued an outperform rating and set a $350.00 price objective on shares of Amgen in a report on Thursday, February 1st. The Goldman Sachs Group raised their price objective on shares of Amgen from $313.00 to $350.00 and gave the company a buy rating in a research note on Wednesday, February 7th. 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. BMO Capital Markets raised their price target on Amgen from $336.00 to $355.00 and gave the stock an outperform rating in a research report on Friday. Finally, William Blair upgraded Amgen from a market perform rating to an outperform rating in a report on Friday. Ten investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $305.05.

Insider Buying and Selling

In other Amgen news, SVP Nancy A. Grygiel sold 2,117 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was 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 owns 9,883 shares of the company’s stock, valued at approximately $3,094,268.47. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by corporate 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.