Amgen (NASDAQ:AMGN) Releases FY24 Earnings Guidance

Amgen (NASDAQ:AMGNGet Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $19.20-$20.00 for the period, compared to the consensus EPS estimate of $19.52. The company issued revenue guidance of $33.0-$33.8 billion, compared to the consensus revenue estimate of $33.21 billion. Amgen also updated its FY 2024 guidance to 19.200-20.000 EPS.

Amgen Stock Performance

Shares of AMGN traded down $0.46 during midday trading on Wednesday, reaching $315.54. 2,208,707 shares of the stock were exchanged, compared to its average volume of 2,419,429. The company has a market capitalization of $169.27 billion, a price-to-earnings ratio of 45.14, a PEG ratio of 2.86 and a beta of 0.61. The company has a debt-to-equity ratio of 9.64, a current ratio of 1.26 and a quick ratio of 0.89. Amgen has a twelve month low of $249.70 and a twelve month high of $346.85. The business’s 50-day moving average price is $325.02 and its 200 day moving average price is $314.78.

Amgen (NASDAQ:AMGNGet Free Report) last released its quarterly earnings results on Tuesday, August 6th. The medical research company reported $4.97 EPS for the quarter, missing the consensus estimate of $5.01 by ($0.04). The firm had revenue of $8.39 billion for the quarter, compared to analyst estimates of $8.35 billion. Amgen had a return on equity of 161.72% and a net margin of 10.12%. The company’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period last year, the firm earned $5.00 EPS. On average, sell-side analysts expect that Amgen will post 19.49 EPS for the current fiscal year.

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be paid a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Monday, November 18th. Amgen’s dividend payout ratio is currently 128.57%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AMGN shares. Dbs Bank raised shares of Amgen to a “strong-buy” rating in a report on Monday, September 16th. Barclays upped their price objective on Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $405.00 target price on shares of Amgen in a report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $305.00 price target (down from $310.00) on shares of Amgen in a report on Wednesday, August 7th. Finally, Bank of America boosted their price objective on shares of Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $332.55.

Check Out Our Latest Stock Analysis on Amgen

Amgen Company Profile

(Get Free Report)

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.

See Also

Earnings History and Estimates for Amgen (NASDAQ:AMGN)

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