Amgen Earnings: What To Look For From AMGN

Biotech company Amgen (NASDAQ:AMGN) will be reporting earnings this Tuesday after market close. Here’s what to look for.

Amgen beat analysts’ revenue expectations by 2.7% last quarter, reporting revenues of $9.18 billion, up 9.4% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

Is Amgen a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Amgen’s revenue to grow 5.4% year on year to $8.96 billion, slowing from the 23.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $5.01 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Amgen has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Amgen’s peers in the therapeutics segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Gilead Sciences delivered year-on-year revenue growth of 3%, beating analysts’ expectations by 3.7%, and Biogen reported revenues up 2.8%, topping estimates by 8.2%. Gilead Sciences traded up 1.2% following the results while Biogen was also up 4.1%.

Read our full analysis of Gilead Sciences’s results here and Biogen’s results here.

Investors in the therapeutics segment have had steady hands going into earnings, with share prices flat over the last month. Amgen is up 1.3% during the same time and is heading into earnings with an average analyst price target of $311.65 (compared to the current share price of $297.99).

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