Amgen Soars 12% on Strong Quarterly Results and Promising Drug Updates

Friday, 3 May 2024, 22:15

Amgen's stock jumped nearly 12% after the company reported robust financial results for the first quarter, including a 22% revenue increase and positive earnings. The surge was also attributed to positive developments in their investigational obesity drug, MariTide, announced by CEO Robert Bradway. Additionally, Amgen's guidance for 2024 met expectations, signaling continued growth potential for the company.
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Amgen Soars 12% on Strong Quarterly Results and Promising Drug Updates

First-quarter beats, and exciting news from the pipeline

  • Amgen's revenue grew by 22% to $7.4 billion in the first quarter, with strong sales across various products.
  • Adjusted earnings per share exceeded analyst estimates at $3.96, even though overall earnings slipped by 1%.

Guidance broadly met expectations

  • Amgen expects revenue of $32.5 billion to $33.8 billion for 2024, with an adjusted EPS of $19 to $20.20.
  • Analysts foresee slightly lower figures but remain positive about Amgen's future.

Investors responded positively to Amgen's growth and drug pipeline updates, leading to a notable 12% increase in the stock price.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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