Investors' Focus Around Amgen's Obesity Drug Data Shadows Better Than Expected Q4 Earnings
Portfolio Pulse from Vandana Singh
Amgen Inc (NASDAQ:AMGN) reported a 15% increase in Q4 2023 adjusted net profit to $4.71, surpassing the consensus of $4.62, driven by a 20% increase in revenues to $8.2 billion. The growth was partially offset by higher operating expenses. Product sales, including $954 million from the Horizon Therapeutics acquisition, grew 20%. Amgen expects adjusted EPS of $18.90-$20.30 and revenue of $32.4 billion-$33.8 billion. Investors are keen on Amgen's obesity drug data, with Phase 1 and 2 study results expected in 2024. Analysts have adjusted price targets, reflecting various outlooks on the company's performance and potential.
February 07, 2024 | 7:36 pm
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Amgen reported a significant Q4 earnings beat, driven by product sales growth and the Horizon Therapeutics acquisition. The company provided positive guidance for adjusted EPS and revenue, with a focus on upcoming obesity drug data. Analysts have updated price targets with mixed outlooks.
Amgen's Q4 earnings beat and positive guidance indicate a strong financial position, but the focus on obesity drug data and mixed analyst ratings suggest uncertainty in short-term stock performance. The drop in share price reflects market reaction to these factors.
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