Amgen Heading into Earnings with Strong Expectations

Amgen, the biotech company behind numerous medications and treatments, is set to report its earnings tomorrow afternoon. The market has been expecting a revenue growth of 2.4% year on year, which would be slower than last quarter's 9.4% increase.

Last quarter, Amgen beat analysts' revenue expectations with revenues of $8.62 billion, up 5.8% from the same period last year. The company's full-year revenue guidance also met analysts' expectations, but it did miss their EPS estimates by a small margin.

Analysts covering Amgen have generally reconfirmed their estimates over the last 30 days, indicating they anticipate the business will continue on its current trajectory. Amgen has a history of rarely missing Wall Street's revenue estimates, and investors in the therapeutics segment seem to be unfazed by earnings season, with share prices flat over the last month.

The company is heading into earnings with an average analyst price target of $357.03, compared to its current share price of $386.80. Amgen's peers, Biogen and Moderna, have already reported their Q2 results, with Biogen delivering year-on-year revenue growth of 3.4% and beating analysts' expectations by 12.1%, while Moderna reported revenues up 2.1% and topping estimates by 35.8%.