Biotech company Amgen (NASDAQ: AMGN) will be announcing earnings results this Thursday afternoon. Here’s what investors should know.
Amgen beat analysts’ revenue expectations last quarter, reporting revenues of $9.87 billion, up 8.6% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ revenue estimates and full-year revenue guidance beating analysts’ expectations.
Is Amgen a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Amgen’s revenue to grow 4.3% year on year, slowing from the 10% increase it recorded in the same quarter last year.
Heading into earnings, analysts covering the company have grown increasingly bullish with revenue estimates seeing in majority upward revisions over the last 30 days. Amgen has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Amgen’s peers in the biotechnology segment, only Incyte has reported results so far. It exceeded analysts’ revenue estimates, delivering year-on-year sales growth of 20.9%.
Read our full analysis of Incyte’s earnings results here.There has been positive sentiment among investors in the biotechnology segment, with share prices up 10.8% on average over the last month. Amgen is down 2.9% during the same time and is heading into earnings with an average analyst price target of $352.73 (compared to the current share price of $338.80).
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