Biotech company Amgen NASDAQ:AMGNwill be reporting earnings this Tuesday afternoon. Here’s what you need to know.
Amgen beat analysts’ revenue expectations last quarter, reporting revenues of $8.62 billion, up 5.8% year on year. It was a satisfactory quarter for the company, with a beat of analysts’ EPS estimates but full-year revenue guidance meeting analysts’ expectations.
Is Amgen a buy or sell going into earnings? .
This quarter, the market is expecting Amgen’s revenue to grow 2.4% year on year, slowing from the 9.4% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Amgen rarely misses Wall Street’s revenue estimates.
Looking at Amgen’s peers in the therapeutics segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Biogen delivered year-on-year revenue growth of 3.4%, beating analysts’ expectations by 12.1%, and Moderna reported revenues up 2.1%, topping estimates by 35.8%. Biogen traded up 1.1% following the results.
Read our full analysis of and .
Investors in the therapeutics segment have had steady hands going into earnings, with share prices flat over the last month. Amgen is up 5.7% during the same time and is heading into earnings with an average analyst price target of $357.03 (compared to the current share price of $386.80).
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