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 Stock Down 3.8 %

Shares of NASDAQ:AMGN traded down $11.81 on Monday, reaching $299.48. The company had a trading volume of 4,717,087 shares, compared to its average volume of 2,915,562. The stock has a market capitalization of $160.64 billion, a P/E ratio of 42.78, a P/E/G ratio of 3.00 and a beta of 0.60. The stock has a 50-day moving average price of $275.21 and a 200 day moving average price of $281.59. Amgen has a twelve month low of $211.71 and a twelve month high of $329.72. 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 (NASDAQ:AMGN) last issued its quarterly earnings data on Thursday, May 2nd. The medical research company reported $3.96 earnings per share for the quarter, beating analysts’ consensus estimates of $3.76 by $0.20. 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 156.21% and a net margin of 12.74%. The firm’s revenue was up 22.0% compared to the same quarter last year. During the same period last year, the business earned $3.98 EPS. On average, equities analysts expect that Amgen will post 19.46 EPS for the current year.

Amgen Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AMGN. SVB Leerink lowered shares of Amgen from an outperform rating to a market perform rating and cut their target price for the stock from $324.00 to $318.00 in a research report on Wednesday, February 7th. BMO Capital Markets raised their target price on Amgen from $336.00 to $355.00 and gave the company an outperform rating in a report on Friday. Truist Financial reaffirmed a buy rating and issued a $320.00 price target on shares of Amgen in a research report on Friday, April 12th. Leerink Partnrs cut Amgen from an outperform rating to a market perform rating in a research report on Wednesday, February 7th. Finally, Oppenheimer reaffirmed an outperform rating and set a $350.00 target price on shares of Amgen in a research report on Thursday, February 1st. Ten investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $305.05.

Insider Buying and Selling at Amgen

In other news, SVP Nancy A. Grygiel sold 2,117 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now 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 SEC, which is accessible through this link. Company insiders own 0.69% of the company’s stock.

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.