Amgen (NASDAQ:AMGN) Issues Quarterly Earnings Results

Amgen (NASDAQ:AMGN) announced its earnings results on Wednesday. The medical research company reported $5.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.11 by $0.47, Briefing.com reports. Amgen had a return on equity of 161.72% and a net margin of 10.12%. The business had revenue of $8.50 billion during the quarter, compared to analyst estimates of $8.50 billion. During the same quarter in the previous year, the business earned $4.96 earnings per share. The company’s revenue for the quarter was up 23.2% compared to the same quarter last year. Amgen updated its FY24 guidance to $19.20-$20.00 EPS and its FY 2024 guidance to 19.200-20.000 EPS.

Amgen Stock Up 2.0 %

Shares of Amgen stock traded up $6.44 during trading on Thursday, reaching $321.98. The company’s stock had a trading volume of 911,549 shares, compared to its average volume of 2,412,353. The company has a 50-day simple moving average of $324.75 and a two-hundred day simple moving average of $314.78. Amgen has a 1-year low of $249.70 and a 1-year high of $346.85. The company has a market cap of $172.72 billion, a price-to-earnings ratio of 45.08, a P/E/G ratio of 2.86 and a beta of 0.61. The company has a quick ratio of 0.89, a current ratio of 1.26 and a debt-to-equity ratio of 9.64.

Amgen Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Monday, November 18th will be issued a dividend of $2.25 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $9.00 annualized dividend and a dividend yield of 2.80%. Amgen’s dividend payout ratio is presently 128.57%.

Wall Street Analysts Forecast Growth

AMGN has been the topic of a number of recent analyst reports. Sanford C. Bernstein initiated coverage on Amgen in a research note on Thursday, October 17th. They issued an “outperform” rating and a $380.00 target price on the stock. TD Cowen lifted their price objective on shares of Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a report on Monday, October 21st. Barclays upped their target price on shares of Amgen from $300.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Dbs Bank raised shares of Amgen to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $405.00 price objective on shares of Amgen in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Amgen presently has an average rating of “Moderate Buy” and a consensus price target of $332.55.

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.