PREVIEW: Amgen ticks up with earnings on deck

Horizon Therapeutics

03/08/2023 18:28

** Amgen  AMGN.O  shares up 0.08% at $230.60 ahead of Q2
earnings scheduled for after the closing bell
    ** The biotech company is expected to report EPS of $4.49 on
revenue of $6.7 bln, per Refinitiv data, vs yr-ago results of
$4.65 per share and $6.6 bln 
    ** Amgen's report comes as it faces Federal Trade Commission
delays to its planned $28 bln acquisition of Horizon
Therapeutics  HZNP.O 
    ** AMGN has topped EPS estimates in seven of past eight
quarters, with most recent miss in Q4 2022; on revenue side AMGN
has fallen shy of expectations in six of the past eight
quarters, with most recent miss in Q1 2023
    ** The current average analyst rating on the shares is
"hold" and the breakdown of recommendations is 10 "strong buy"
or "buy," 13 "hold" and 4 "sell" or "strong sell" ratings
    ** Median price target of $256.50 is down from $265 on May 3
      
    ** AMGN shares down ~12% YTD vs ~6% gain in Dow Industrials
 .DJI  and ~17% climb in S&P 500  .SPX 

 (Reporting by Chuck Mikolajczak)
 ((charles.mikolajczak@tr.com; @ChuckMik;))