Amgen (NASDAQ:AMGN) Releases FY24 Earnings Guidance

Amgen (NASDAQ:AMGN) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $19.20-$20.00 for the period, compared to the consensus 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.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Sanford C. Bernstein started coverage on Amgen in a report on Thursday, October 17th. They issued an “outperform” rating and a $380.00 price target for the company. Barclays upped their price target on Amgen from $300.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $362.00 price objective on shares of Amgen in a research report on Thursday, September 26th. Robert W. Baird restated an “underperform” rating and set a $215.00 price objective on shares of Amgen in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $380.00 target price (up from $375.00) on shares of Amgen in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $332.55.

Amgen Price Performance

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

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Tuesday, August 6th. The medical research company reported $4.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.01 by ($0.04). Amgen had a net margin of 10.12% and a return on equity of 161.72%. The firm had revenue of $8.39 billion for the quarter, compared to the consensus estimate of $8.35 billion. During the same period in the previous year, the business posted $5.00 earnings per share. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. On average, equities analysts forecast that Amgen will post 19.49 EPS for the current year.

Amgen Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 18th will be issued a $2.25 dividend. 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 payout ratio is 128.57%.

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.