Biotech company Amgen (NASDAQ:AMGN) will be reporting results this Tuesday after market hours. Here's what you need to know.
Amgen beat analysts' revenue expectations last quarter, reporting revenues of $10.05 billion, up 9.5% year on year. It was an exceptional quarter for the company, with full-year revenue guidance exceeding analysts' expectations and an impressive beat of analysts' full-year EPS guidance estimates.
Is Amgen a buy or sell going into earnings? Read our full analysis here, it's free for active Edge members .
This quarter, the market is expecting Amgen's revenue to grow 5.2% year on year, slowing from the 12.4% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Amgen rarely misses Wall Street's revenue estimates.
Looking at Amgen's peers in the therapeutics segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Biogen delivered year-on-year revenue growth of 10.6%, beating analysts' expectations by 6.4%, and Gilead Sciences reported revenues up 6.8%, topping estimates by 6.3%. Biogen traded down 1.2% following the results while Gilead Sciences was up 4.1%.
Read our full analysis of Biogen's results here and Gilead Sciences's results here .
There has been positive sentiment among investors in the therapeutics segment, with share prices up 3.2% on average over the last month. Amgen is up 15.6% during the same time and is heading into earnings with an average analyst price target of $397.32 (compared to the current share price of $466.00).
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