Why Amgen Shares Are Trading Lower

Amgen, Inc. AMGN shares are trading lower by 6.21% at $233.33 after the company reported first-quarter earnings results.

Amgen reported quarterly earnings of $4.25 per share which beat the analyst consensus estimate of $4.15. The company reported quarterly sales of $6.24 billion which beat the analyst consensus estimate of $6.11 billion by 2%. This sales figure represents a 6% increase over sales of $5.90 billion in the same period last year.

Amgen also reaffirmed the company's FY22 adjusted EPS guidance range of as low as $17.00 or as high as $18.00, versus the analyst consensus estimate of $17.63. Amgen reaffirmed FY22 sales guidance of as low as $25.4 billion or as high as $26.5 billion, versus the analyst consensus estimate of $26.14 billion.

• Piper Sandler analyst Christopher Raymond maintained Amgen with an Overweight and raised the price target from $255 to $260.
• BMO Capital maintained Amgen with a Market Perform and lowered the price target from $263 to $243.
• RBC Capital analyst Gregory Renza maintained Amgen with a Sector Perform and raised the price target from $218 to $223.

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Amgen discovers, develops, manufactures and delivers human therapeutics worldwide. The firm focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology and neuroscience areas.

According to data from Benzinga Pro, Amgen has a 52-week high of $258.81 and a 52-week low of $198.64.