Amgen Beats Earnings Estimates for Q2 2023

Key Takeaways

• Amgen (AMGN) reported Q2 2023 earnings per share (EPS) of $5.00, exceeding the Zacks Consensus Estimate.
• Analysts have issued EPS upgrades and downgrades for AMGN stock.
• Amgen reported "record results" and positive pipeline data, leading to an increase in their full-year outlook.

Earnings Report Details

Amgen reported quarterly earnings of $5.00 per share, beating the Zacks Consensus Estimate of $4.65. This represents a year-over-year increase of approximately 7%.

Wall Street analysts had predicted that Amgen would post quarterly earnings within a range of $4.65 to $5.50 per share.

In addition to exceeding EPS expectations, Amgen also reported positive pipeline data. The company highlighted the progress of several key products, including its KRAS G12C inhibitor AMG 510 and its bispecific T-cell engager AMG 757.

Based on the strong results, Amgen has raised its full-year earnings guidance. The company now expects 2023 EPS to be in the range of $20.00 to $21.00, up from the previous guidance of $19.70 to $20.50.