Amgen (NASDAQ:AMGN) Issues Earnings Results

Amgen (NASDAQ:AMGN) posted its quarterly earnings results on Wednesday. The medical research company reported $5.58 earnings per share 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 for the quarter, compared to the consensus estimate of $8.50 billion. During the same quarter in the previous year, the business earned $4.96 EPS. The company’s quarterly revenue 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 Price Performance

Amgen stock traded up $6.44 during midday trading on Thursday, reaching $321.98. The company had a trading volume of 911,549 shares, compared to its average volume of 2,412,353. 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 12-month low of $249.70 and a 12-month high of $346.85. The company has a market capitalization of $172.72 billion, a P/E ratio of 45.08, a P/E/G ratio of 2.86 and a beta of 0.61. The firm’s fifty day simple moving average is $324.75 and its 200-day simple moving average is $314.78.

Amgen Dividend Announcement

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

Analyst Ratings Changes

AMGN has been the topic of a number of recent research reports. Sanford C. Bernstein initiated coverage on Amgen in a research report on Thursday, October 17th. They issued an “outperform” rating and a $380.00 target price on the stock. Bank of America upped their price objective on shares of Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $405.00 target price on shares of Amgen in a report on Tuesday, October 22nd. Barclays upped their price target on shares of Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Finally, TD Cowen lifted their price objective on Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Amgen currently has a consensus 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.