These Analysts Revise Their Forecasts On Amgen After Q3 Results

Amgen Inc AMGN reported mixed third-quarter financial results.

Amgen reported quarterly sales of $6.90 billion, slightly missing the consensus of $6.94 billion. Adjusted EPS increased 6% to $4.96, driven by increased revenues, beating the consensus of $4.66.

Amgen said it expects FY23 adjusted EPS of $18.20-$18.80 versus prior guidance of $17.80-$18.80 and consensus of $18.26. The company sees FY23 revenues of $28 billion-$28.4 billion versus prior guidance of $26.6 billion-$27.4 billion and consensus of $27.54 billion.

Amgen shares gained 1.1% to trade at $258.52 on Wednesday.

These analysts made changes to their price targets on Amgen following earnings announcement.

• Morgan Stanley slashed the price target on Amgen from $300 to $291. Morgan Stanley analyst Terence Flynn maintained an Equal-Weight rating.
• RBC Capital increased the price target on Amgen from $253 to $256. RBC Capital analyst Gregory Renza maintained a Sector Perform rating.

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