Amgen Inc Down 4.32% To $302.41 After Earnings Beat

Wednesday, February 7, 2024 - Amgen Inc (AMGN) reported upside earnings and revenues today.

Wall Street earnings per share (EPS) projections for Amgen Inc were at $4.62. The company beat those estimates with an EPS of $4.71. The earnings per share of $4.71 (which represents a -2% EPS surprise) led to the company's profits rising 15% compared to last year when the firm reported an EPS of $4.09. The increase in Amgen Inc's annual growth rate represents how the business is performing well amid recent economic conditions.

Revenues were upbeat at $8.2 billion. That is an increase of 19.84% in revenues from the year-ago report and is 0.81% higher than consensus estimates set at $8.1 billion.

The stock is down 4.32% to $302.41 after the report.

Amgen Inc's revenue expanded at a faster pace than earnings, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Amgen Inc a Bearish Sentiment Rank from InvestorsObserver.

Amgen Inc has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 80, putting Amgen Inc in the top 25% of stocks. The firm was recently trading at a 52-week high of $329.72 on February 5, 2024 and set a 52-week low on June 1, 2023 at $211.71.

Amgen is a leader in biotechnology-based human therapeutics, with historical expertise in renal disease and cancer supportive-care products. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel and Otezla for inflammatory diseases. Amgen introduced its first cancer therapeutic, Vectibix, in 2006 and markets bone-strengthening drug Prolia/Xgeva (approved 2010) and Evenity (2019). The acquisition of Onyx bolstered the firm's therapeutic oncology portfolio with Kyprolis. Recent launches include Repatha (cholesterol-lowering), Aimovig (migraine), Lumakras (lung cancer), and Tezspire (asthma). Amgen's biosimilar portfolio includes Mvasi (biosimilar Avastin), Kanjinti (biosimilar Herceptin), and Amgevita (biosimilar Humira).