Amgen (NASDAQ:AMGN) Updates FY24 Earnings Guidance

Amgen (NASDAQ:AMGN - Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $19.00 to $20.20 for the period, compared to the consensus earnings per share estimate of $19.47. The company issued revenue guidance of $32.5 billion to $33.8 billion, compared to the consensus revenue estimate of $32.96 billion.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AMGN shares. Royal Bank of Canada reaffirmed an outperform rating and set a $329.00 price target on shares of Amgen in a report on Wednesday, April 3rd. SVB Leerink downgraded shares of Amgen from an outperform rating to a market perform rating and lowered their target price for the stock from $324.00 to $318.00 in a report on Wednesday, February 7th. Truist Financial reiterated a buy rating and set a $320.00 price objective on shares of Amgen in a research note on Friday, April 12th. Oppenheimer restated an outperform rating and set a $350.00 price objective on shares of Amgen in a research note on Thursday, February 1st. Finally, UBS Group lowered their target price on shares of Amgen from $314.00 to $284.00 and set a neutral rating on the stock in a research note on Wednesday, April 17th. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Amgen presently has a consensus rating of Moderate Buy and an average price target of $297.40.

Amgen Price Performance

NASDAQ:AMGN traded up $1.02 during trading hours on Thursday, reaching $278.39. The stock had a trading volume of 2,970,848 shares, compared to its average volume of 2,812,776. The company has a 50 day moving average price of $274.64 and a two-hundred day moving average price of $281.35. The company has a debt-to-equity ratio of 10.14, a quick ratio of 1.13 and a current ratio of 1.65. The stock has a market capitalization of $149.32 billion, a PE ratio of 22.11, a PEG ratio of 2.65 and a beta of 0.60. Amgen has a 52 week low of $211.71 and a 52 week high of $329.72.

Amgen (NASDAQ:AMGN - Get Free Report) last released its quarterly earnings results on Tuesday, February 6th. The medical research company reported $4.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.66 by $0.05. Amgen had a net margin of 23.83% and a return on equity of 154.27%. The firm had revenue of $8.20 billion for the quarter, compared to the consensus estimate of $8.13 billion. During the same quarter in the previous year, the firm posted $4.09 EPS. The firm's quarterly revenue was up 19.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Amgen will post 19.43 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be given a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Thursday, May 16th. Amgen's payout ratio is currently 72.06%.

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.

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