Amgen (NASDAQ:AMGN) is expected to report Q1 earnings after the market close on Tuesday, April 24 with a conference call scheduled for 5:00 pm ET.
Analysts are looking for EPS of $1.45 on revenue of $3.93B. The consensus range is $1.34-$1.60 for EPS, and $3.84B-$4.04B for revenue, according to First Call. The focus of this Amgen quarter will be recent deals like the Micromet and KAI Pharma deal. Positive catalysts for the company in the quarter may be seen coming from Prolia and Xgeva, although the FDA is unlikely to approve a new use for Xgeva next month. Negatives for the quarter may be seen coming from higher Medicaid rebates and FDA restrictions on Epogen and Aranesp.
On March 6, Bernstein downgraded Amgen to Market Perform from Outperform. Bernstein downgraded Amgen based on valuation and looming competition in 2013 with a price target of $76, and on March 15, Stifel Nicolaus resumed coverage of the company with a Hold.