HZNP - Amgen looks to Q2 top bottom line beats after missing in Q1

2023-08-02 14:20:25 ET

Amgen ( NASDAQ: AMGN ) is scheduled to announce Q2 2023 financial results on Thursday, August 3, after market close.

The consensus EPS estimate is $4.49 (+3.4% Y/Y) and the consensus revenue estimate is $6.68B (+1.2% Y/Y).

Over the last two years, the biotech has had seven EPS beats and six revenue beats.

Over the last three months, annual EPS estimates have seen four upward revisions and eight downward ones. Revenue estimates have seen three upward revisions and nine downward ones.

In Q1, Amgen's ( AMGN ) EPS came in-line while revenue missed estimates.

One item investors should pay attention to is any additional color from management on the ongoing battle between the company and the FTC over Amgen's ( AMGN ) proposed acquisition of Horizon Therapeutics ( HZNP ). The FTC is seeking to block the $28B deal .

In a note, William Blair's Matt Phipps, who has a market perform rating on the stock, doesn't anticipate any updates before a court hearing on the matter in September. He added that the timing of his estimates that include Horizon ( HZNP ) as part of Amgen ( AMGN ) don't begin until 2024.

Baird's Brian Skorney, who rates Amgen ( AMGN ) underperform, said that the most important focus on the financials will be to see if Enbrel has recovered from a disappointing Q1 and how much market share Amjevita, a biosimilar of AbbVie's ( ABBV ) Humira, has gained.

More on Amgen

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Amgen: Is The 3.79% Dividend Yield Worth The Fuss?

Amgen: A Healthcare Bargain With A 4% Yield

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