Amgen (NASDAQ:AMGN) Posts Earnings Results, Beats Estimates By $0.20 EPS

Amgen (NASDAQ:AMGN) posted its earnings results on Thursday. The medical research company reported $3.96 earnings per share for the quarter, topping analysts’ consensus estimates of $3.76 by $0.20, Briefing.com reports. The business had revenue of $7.45 billion for the quarter, compared to analyst estimates of $7.45 billion. Amgen had a return on equity of 154.27% and a net margin of 23.83%. The firm’s revenue was up 22.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.98 EPS. Amgen updated its FY24 guidance to $19.00 to $20.20 EPS.

Amgen Trading Up 11.8 %

NASDAQ AMGN traded up $32.90 during trading hours on Friday, hitting $311.29. 9,644,103 shares of the company’s stock were exchanged, compared to its average volume of 2,894,568. The stock has a 50-day simple moving average of $274.51 and a 200 day simple moving average of $281.33. Amgen has a 1-year low of $211.71 and a 1-year high of $329.72. The firm has a market cap of $166.97 billion, a price-to-earnings ratio of 24.92, a PEG ratio of 2.68 and a beta of 0.60. The company has a current ratio of 1.65, a quick ratio of 1.13 and a debt-to-equity ratio of 10.14.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a dividend of $2.25 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $9.00 annualized dividend and a yield of 2.89%. Amgen’s dividend payout ratio is currently 72.06%.

Insider Buying and Selling

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $313.09, for a total transaction of $662,811.53. Following the completion of the sale, the senior vice president now owns 9,883 shares of the company’s stock, valued at $3,094,268.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. SVB Leerink lowered Amgen from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $324.00 to $318.00 in a report on Wednesday, February 7th. Morgan Stanley upped their price objective on Amgen from $271.00 to $310.00 and gave the company an “equal weight” rating in a report on Friday. Leerink Partnrs lowered Amgen from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 7th. Truist Financial reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Amgen in a report on Friday, April 12th. Finally, UBS Group upped their price objective on Amgen from $284.00 to $307.00 and gave the company a “neutral” rating in a report on Friday. Eleven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Amgen currently has an average rating of “Moderate Buy” and an average price target of $305.05.

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.