Amgen Inc. (NASDAQ: AMGN) has confirmed that the release date for its Q3 2021 earnings release, which will be on November 2, 2021, after market close.
What to look for
The company is expected to grow its revenue in Q3, driven by high demand for its products. In Q2, product sales were up 3% globally, driven by high volume growth in various products, including Prolia, Repatha, and the biosimilar products MVASI and KANJINTI. In Q3, the product's sales are likely to continue driving revenue and profitability.
Earnings: Stockearning’s Estimated EPS for Q3 2021 is $4.09 per share, representing a YoY drop of 6.41%. Historical EPS Performance for the past 12 quarters shows that the company has beat estimates 11 times (91%) and missed once (8%). In the past quarter, the company posted EPS of $4.38, beating estimates of $4.13.
Revenue: The company expects revenue of $6.7billion in Q3 2021, up 4.35% YoY. For the full year, the company expects revenue of $26.08 billion. Total revenue in Q2 2021 was $6.5 billion, up 5% YoY driven by high unit demand which was offset by low net selling prices.
Stock movement: Since the last earnings release, Amgen stock is has lost 14.1%. The share price has been DOWN 28 times in the past 48 quarters following the earnings release. So, the historical price reaction suggests a 58% chance of the share price going DOWN after earnings release. According to the Stockearning algorithm, the predicted stock move on the first day is 2%, while the predicted move on the seventh day is 3%.
What analysts are saying
Piper Sandler analyst Christopher Raymond maintains a "Buy" rating in Amgen stock with a target price of $255 following the presentation of findings ion AMG 451 in adults with moderate-to-severe atopic dermatitis not well-managed with topicals. Raymond told investors in a research note that while efficacy measures after 16 weeks seem to be competitive with Regeneron’s Dupixent Phase 2 experience, the analyst said they are intrigued with the long-term deepening of impact. In addition, the analyst thinks the company has a competitive agent that will offer an alternative to patients that don't respond to Dupixent, which represents a single-digit percentage.
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