Amgen (AMGN) Higher Ahead of Q3 Results
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Amgen Inc (NASDAQ: AMGN) is trading up 2.5%, to $59.60, this afternoon. Amgen is expected to release its third quarter earnings after the market closes today, October 21, 2009.
Analysts see Amgen reporting a Q3 EPS of $1.27 on earnings of $3.79 billion. The company reported Q209 EPS of $1.29 and $3.7 billion of revenue. In 2008, Amgen reported Q3 EPS of $1.23 with $3.9 billion in revenues.
Amgen raised their FY09 EPS to $4.80 - $4.95 from $4.55 - $4.75, FY09 revenue toward upper end of $14.4-$14.8 billion. The Street sees FY09 EPS and revenue at $4.88 and $14.70 billion, respectively.
The company has been relatively flat over the last quarter, despite a jump in volume over an FDA letter regarding Amgen's osteoporosis treatment, Prolia. Amgen has climbed up only 1.8% since July, and the Biotech and Drug sector has risen about 11.7%.
Data from Bloomberg shows that 21 analysts have Buy ratings on Amgen and 6 have Holds on the stock. Amgen analysts have an average price target of $70.23.
Leerink Swann maintains an 'Outperform' rating on Amgen. Leerink released their report after Amgen received a letter from the FDA outlining their thoughts on Amgen's Dmab (Prolia) treatment for postmenstrual women in the treatment of osteoporosis. The firm stated that they are waiting for Amgen to go below $60/share before a purchase, which should happen before the earnings release on October 21. Leerink estimates FY10 EPS of $4.88/share. Their price target of about $70/share reflects Dmab's ability to drive Amgen to sustainable high-single-digit earnings CAGR and provide earnings growth that offsets introduction of biosimilars and other commercial challenges to existing franchises.
UBS upgrades Amgen (Nasdaq: AMGN) from Neutral to Buy. Price target increased from $63 to $70.
Amgen will issue its Q309 results via press release at approximately 4:00 PM (EDT) on October 21, 2009. Stay tuned to StreetInsider.com's Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.
Analysts see Amgen reporting a Q3 EPS of $1.27 on earnings of $3.79 billion. The company reported Q209 EPS of $1.29 and $3.7 billion of revenue. In 2008, Amgen reported Q3 EPS of $1.23 with $3.9 billion in revenues.
Amgen raised their FY09 EPS to $4.80 - $4.95 from $4.55 - $4.75, FY09 revenue toward upper end of $14.4-$14.8 billion. The Street sees FY09 EPS and revenue at $4.88 and $14.70 billion, respectively.
The company has been relatively flat over the last quarter, despite a jump in volume over an FDA letter regarding Amgen's osteoporosis treatment, Prolia. Amgen has climbed up only 1.8% since July, and the Biotech and Drug sector has risen about 11.7%.
Data from Bloomberg shows that 21 analysts have Buy ratings on Amgen and 6 have Holds on the stock. Amgen analysts have an average price target of $70.23.
Leerink Swann maintains an 'Outperform' rating on Amgen. Leerink released their report after Amgen received a letter from the FDA outlining their thoughts on Amgen's Dmab (Prolia) treatment for postmenstrual women in the treatment of osteoporosis. The firm stated that they are waiting for Amgen to go below $60/share before a purchase, which should happen before the earnings release on October 21. Leerink estimates FY10 EPS of $4.88/share. Their price target of about $70/share reflects Dmab's ability to drive Amgen to sustainable high-single-digit earnings CAGR and provide earnings growth that offsets introduction of biosimilars and other commercial challenges to existing franchises.
UBS upgrades Amgen (Nasdaq: AMGN) from Neutral to Buy. Price target increased from $63 to $70.
Amgen will issue its Q309 results via press release at approximately 4:00 PM (EDT) on October 21, 2009. Stay tuned to StreetInsider.com's Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.
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