Amgen (NASDAQ:AMGN) Releases FY24 Earnings Guidance

Amgen (NASDAQ:AMGN) 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:AMGN) 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.

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.