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Based in Thousand Oaks, California, Amgen Inc. (AMGN) is a global leader in biotechnology, pioneering advancements in human therapeutics. With a market cap of $178.71 billion, Amgen is renowned for its innovative portfolio that enhances patient care through cutting-edge biologics and biosimilars. The company is set to announce its fiscal Q2 earnings results after the market closes on Tuesday, Aug. 6.
Ahead of the event, analysts expect AMGN to report a profit of $4.87 per share, down 2.6% from $5 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Amgen's adjusted earnings of $3.96 per share for the last quarter surpassed the consensus estimate by 5.3%. Strong product volumes, particularly for Repatha and Evenity, helped Amgen beat estimates in Q1 2024.
For fiscal 2024, analysts expect AMGN to report EPS of $19.48, up 4.5% from $18.65 in fiscal 2023.
AMGN stock is up 15.7% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 18.8% gains. However, it has outperformed the VanEck Biotech ETF’s (BBH) 8.4% returns over the same time frame.
Amgen saw its stock rise nearly 12% after reporting a 22% increase in Q1 revenue to $7.4 billion. The price increase was also driven by positive news about its obesity drug candidate, MariTide, which CEO Robert Bradway believes can compete with leading weight loss drugs. The company’s 2024 guidance aligns with analysts' expectations, projecting revenue of $32.5 billion to $33.8 billion.
The consensus opinion on AMGN stock is optimistic, with an overall “Moderate Buy” rating. Out of 25 analysts covering the stock, 12 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, 10 recommend a “Hold,” and two recommend “Strong Sell.”
This configuration is slightly more bullish than three months ago when the stock had 11 “Strong Buy” ratings. AMGN's average analyst price target is $314.95, which indicates that the stock trades at a premium.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
