Amgen (NASDAQ:AMGN) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

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

Amgen Trading Up 11.8 %

Shares of NASDAQ AMGN traded up $32.90 during midday trading on Friday, reaching $311.29. 9,644,103 shares of the stock were exchanged, compared to its average volume of 2,894,568. The company has a 50 day simple moving average of $274.51 and a 200 day simple moving average of $281.33. The stock has a market capitalization of $166.97 billion, a P/E ratio of 24.92, a PEG ratio of 2.68 and a beta of 0.60. The company has a debt-to-equity ratio of 10.14, a quick ratio of 1.13 and a current ratio of 1.65. Amgen has a twelve month low of $211.71 and a twelve month high of $329.72.

Amgen Dividend Announcement

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

Insider Transactions at Amgen

In other news, SVP Nancy A. Grygiel sold 2,117 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were 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 in the company, valued at approximately $3,094,268.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AMGN. William Blair raised shares of Amgen from a “market perform” rating to an “outperform” rating in a research note on Friday. StockNews.com lowered shares of Amgen from a “buy” rating to a “hold” rating in a research note on Thursday, March 28th. Oppenheimer reaffirmed an “outperform” rating and issued a $350.00 price target on shares of Amgen in a research note on Thursday, February 1st. Truist Financial reaffirmed a “buy” rating and issued a $320.00 price target on shares of Amgen in a research note on Friday, April 12th. Finally, Royal Bank of Canada decreased their price target on shares of Amgen from $332.00 to $328.00 and set an “outperform” rating on the stock in a research note on Friday. Eleven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Amgen presently has a consensus rating of “Moderate Buy” and a consensus 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.