Amgen Earnings Preview: Will Biotech Giant Beat Expectations?
Biotech company Amgen (NASDAQ: AMGN) is set to report its earnings on Tuesday afternoon. Last quarter, Amgen beat analysts' revenue expectations with $8.62 billion in revenues, a 5.8% year-on-year increase.
This quarter, the market anticipates a 2.4% year-over-year growth in revenue, which is slower than the 9.4% recorded in the same quarter last year. Analysts covering Amgen have reconfirmed their estimates over the past month, indicating they expect the company to perform similarly.
Amgen's peers in the therapeutics segment have already reported their Q2 results, with Biogen and Moderna delivering revenue growth of 3.4% and 2.1%, respectively. Their share prices have been relatively flat over the last month, while Amgen has increased by 5.7%. The company's average analyst price target is $357.03, compared to its current share price of $386.80.