Earnings Preview: Amgen

| About: Amgen Inc. (AMGN)

Amgen (NASDAQ:AMGN) is expected to report Q2 earnings after the market close on Thursday, July 26 with a conference call scheduled for 5:00 pm ET.


Analysts are looking for EPS of $1.54 on revenue of $4.08B. The consensus range is $1.46-$1.67 for EPS, and $3.99B-$4.18B for revenue, according to First Call. After reporting better-than-expected EPS and revenue in Q1, the company gave a FY12 EPS forecast of $5.90-$6.15 and FY12 revenue of $16.1B-$16.5B. Amgen reported Xgeva sales and Prolia sales up 14% and 9%, respectively. It also announced that it expected to continue share buybacks for the remainder of 2012. In the Q2 earnings conference call, the company should provide updates on several drugs in its pipeline, including Xgeva, Prolia, Aranesp, Enbrel and Rilotumumab, which was recently granted Orphan Drug status. At a conference earlier in the quarter, Amgen said it expected to increase its dividend "meaningfully" over time. It also noted stabilization for the Aranesp business and increased confidence in Embrel.

Analyst Views

Amgen was upgraded to Outperform at Credit Suisse, while its price target was raised at RBC Capital and RW Baird, as analysts cited stock buybacks, dividend raises, and its insulation from weak macro conditions.

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