Amgen (NASDAQ:AMGN) Issues FY 2024 Earnings Guidance

Amgen (NASDAQ:AMGN) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of 19.000-20.200 for the period, compared to the consensus EPS 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 AMGN stock traded down $11.81 during trading hours on Monday, reaching $299.48. 4,717,087 shares of the company’s stock were exchanged, compared to its average volume of 2,915,562. Amgen has a 1 year low of $211.71 and a 1 year high of $329.72. The stock has a market cap of $160.64 billion, a PE ratio of 42.78, a PEG ratio of 3.00 and a beta of 0.60. The company has a current ratio of 1.42, a quick ratio of 0.98 and a debt-to-equity ratio of 11.96. The stock’s fifty day moving average price is $275.21 and its two-hundred day moving average price is $281.59.

Amgen (NASDAQ:AMGN) last released its earnings results on Thursday, May 2nd. The medical research company reported $3.96 EPS for the quarter, topping analysts’ consensus estimates of $3.76 by $0.20. Amgen had a return on equity of 156.21% and a net margin of 12.74%. The firm had revenue of $7.45 billion during the quarter, compared to the consensus estimate of $7.45 billion. During the same quarter in the previous year, the company posted $3.98 earnings per share. The company’s revenue was up 22.0% compared to the same quarter last year. Research analysts predict that Amgen will post 19.46 EPS for the current year.

Amgen Dividend Announcement

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 issued a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date is Thursday, May 16th. Amgen’s dividend payout ratio (DPR) is 128.57%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on AMGN shares. Leerink Partnrs downgraded Amgen from an outperform rating to a market perform rating in a report on Wednesday, February 7th. BMO Capital Markets lifted their target price on Amgen from $336.00 to $355.00 and gave the stock an outperform rating in a report on Friday. Oppenheimer reissued an outperform rating and issued a $350.00 price target on shares of Amgen in a report on Thursday, February 1st. William Blair raised Amgen from a market perform rating to an outperform rating in a report on Friday. Finally, Raymond James initiated coverage on Amgen in a report on Thursday, March 28th. They issued a market perform rating for the company. Ten equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $305.05.

Insider Buying and Selling at Amgen

In other news, SVP Nancy A. Grygiel sold 2,117 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $313.09, for a total value of $662,811.53. Following the transaction, the senior vice president now owns 9,883 shares of the company’s stock, valued at approximately $3,094,268.47. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.69% of the stock is owned by company 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.