Everything Investors Should Know About Amgen Q1 Earnings

Without a doubt, Amgen Inc. (AMGN - Analyst Report) is an upstanding leader in the Biotechnology industry.  The company develops and manufactures innovative medicines, helping millions across the world who are afflicted with cancer, kidney disease, arthritis, and other serious illnesses.

Amgen has downgraded in the last week, going from a Zacks Rank #1 (Strong Buy), to a Zacks Rank #2 (Buy).  This could change in the near future, as the company beat the Capital IQ Consensus Estimate by a significant margin.  It also helps that the company revised its future earnings forecast higher.  Q1 earnings were announced after the closing bell today.

Earnings: Amgen beat on the Capital IQ Consensus Estimate.  The Capital IQ Consensus Estimate called for earnings of $2.11 per share.  The company actually reported adjusted EPS of $2.48 for the quarter.

Revenue: Amgen posted a beat on revenues.  The company had revenues of $5.03 billion, surpassing the Capital IQ Consensus Estimate, which called for revenues of $4.93 billion.

Key stats to note:  Amgen expects to have earnings from $9.35-$9.65 per share for this fiscal year.  This is above the Capital IQ Consensus Estimate, which expects to see EPS of $9.28 for this fiscal year.  Total product sales were up 12% compared to this same quarter last year.

Stock price: Shares were up about a percent in trading today, finishing up about 1% higher by the time the market closed.  Shares shot up 2% in after hour trading following the earnings report.  AMGN is currently trading for $171.76.