Amgen (NASDAQ:AMGN) Posts Quarterly Earnings Results, Beats Expectations By $0.47 EPS

Amgen (NASDAQ:AMGN) announced its quarterly earnings data on Wednesday. The medical research company reported $5.58 EPS for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47, Briefing.com reports. The business had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. Amgen had a return on equity of 181.58% and a net margin of 13.00%. The business’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.96 earnings per share. Amgen updated its FY24 guidance to $19.20-$20.00 EPS and its FY 2024 guidance to 19.200-20.000 EPS.

Amgen Trading Down 0.3 %

Shares of Amgen stock opened at $319.22 on Friday. Amgen has a fifty-two week low of $260.52 and a fifty-two week high of $346.85. The company has a quick ratio of 0.89, a current ratio of 1.26 and a debt-to-equity ratio of 9.64. The firm has a market cap of $171.53 billion, a price-to-earnings ratio of 40.87, a price-to-earnings-growth ratio of 2.84 and a beta of 0.61. The business has a fifty day simple moving average of $324.47 and a 200-day simple moving average of $315.19.

Amgen Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 18th will be given a $2.25 dividend. The ex-dividend date is Monday, November 18th. This represents a $9.00 dividend on an annualized basis and a yield of 2.82%. Amgen’s dividend payout ratio (DPR) is 115.24%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Barclays raised their target price on shares of Amgen from $300.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Sanford C. Bernstein began coverage on Amgen in a research note on Thursday, October 17th. They issued an “outperform” rating and a $380.00 target price for the company. Dbs Bank raised shares of Amgen to a “strong-buy” rating in a research note on Monday, September 16th. Wells Fargo & Company downgraded Amgen from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $320.00 to $335.00 in a report on Wednesday, August 7th. Finally, TD Cowen upped their target price on shares of 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 given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $333.50.

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.