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Tuesday, Oct 3, 2023

Amgen Expected to Meet Earnings Targets

Amgen Inc. is expected to meet its earnings targets when it reports its third quarter results on Tuesday. The Thousand Oaks pharmaceutical giant is expected to report net income of $1.47 a share, a gain of 5 percent compared to the same quarter a year earlier, according to Thomson Financial Network. Revenue is expected to grow 7 percent to $4.2 billion. Both results are within projections by the company and analysts. Mark Schoenebaum, analyst at ISI Group, wrote in a research note Monday that investors should watch how well how Amgen’s anemia drug Epogen has held up against the competition. Palo Alto-based Affymax has a competing medication called Omontys that went on the market earlier this year and has recorded impressive gains. Robyn Karnauskas, an analyst at Deutsche Bank, upgraded Amgen on Monday, noting that the stock trades at a discount compared to other pharmaceutical and biotech stocks. That’s even though shares have risen 37 percent this year, reaching an all-time high last week of $89.64. Shares rose 64 cents, or nearly 1 percent, to close Monday at $87.80 on the Nasdaq. Joel Russell

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