Amgen (NASDAQ: AMGN) will announce fourth-quarter earnings results this Monday, February 07, after the market closes.
Amgen shares have weakened slightly above 1% since the beginning of the 2022 year, and the current price stands at $222.11.
Bank of America downgraded shares of Amgen
Amgen will announce fourth-quarter earnings results tomorrow; the consensus earnings per share estimate stands at $4.05 (+6.3% Y/Y), while the consensus revenue estimate is $6.88 billion (+3.8% Y/Y).
Amgen reported solid results in the last quarter, and the company will continue to grow by focusing on international expansion as well as biosimilars. Over the last two years, Amgen has beaten earning per share and revenue estimate 88% of the time.
At the beginning of 2022, Bank of America downgraded shares of Amgen as “growth skepticism” is likely to persist until the company demonstrates a clear return to “strong, volume-driven revenue upside” for several of its key franchises. Bank of America added:
Amgen’s growth is more likely to be in line with its peers even with a broader Otezla label and a strong rollout of Lumakras and Tezspire drugs.
Geoff Meacham, an analyst from Bank of America, assigned a price target of $255 on Amgen stock (prior target was$285) and also said that the stock underwhelmed in 2021 due to lingering COVID-19 headwinds and net pricing pressures.
Despite this, Amgen has a strong position in the market; the company continues to pay an attractive dividend, and shares of this company represent solid long-term investment at the current price.
The company has been paying a dividend since 2011, and it recently announced dividend raise from $1.76 to $1.94 per quarter. Salveen Richter, an analyst from Goldman Sachs, said
