Analyst Consensus ?
ConsensusHold41 ratings
Bullish2253.7%
Neutral1639.0%
Bearish37.3%
Amgen Inc. · AMGN · FY2023 Q3 · Calendar Q4 2023
Amgen: Volume Growth and Horizon Integration Shape the Outlook
The supplied analysis supports a constructive but qualified view: resilient volume growth, Horizon's rare-disease portfolio, and pipeline investment strengthen the growth framework, while debt, pricing, integration, and execution risks temper the outlook.
Reported After market closeNASDAQHealthcare
$229.74B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.71
Consensus $4.59
EPS surprise
+2.6%
Reported versus consensus
Reported revenue
$8.20B
Consensus $8.13B
Revenue surprise
+0.9%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-6.4%
Event window
SPY move
+0.8%
Same window
Abnormal move
-7.2%
Stock minus SPY
Volume
3.2×
Versus trailing sessions
Subsequent drift
-7.8%
Up to 20 sessions
AMGNSPY benchmark
Ask FN2 about AMGN FY2023 Q3
Transcript, numbers and history already loaded
Why did AMGN fall 6.4% after beating EPS estimates in FY2023 Q3?What changed in AMGN's guidance and outlook in FY2023 Q3?Give me the bull and bear case for AMGN after FY2023 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the company had closed the Horizon acquisition, reported continued double-digit volume growth, raised revenue guidance, and emphasized higher investment in manufacturing, R&D, and generative AI. The analysis also identifies higher interest expense and potential Horizon inventory effects as new or more prominent considerations.
Guidance delta
Revenue guidance was raised, while EPS guidance was narrowed; the analysis also points to higher R&D, capex, and interest expense.
Key takeaways
- Management described double-digit global volume growth, with notable momentum in BLINCYTO and continued strength in Repatha and EVENITY.
- The Horizon acquisition expanded rare diseases into a larger commercial pillar, while also increasing debt-related interest expense and integration considerations.
- The company is investing in obesity research, new manufacturing capacity, and generative AI across discovery, clinical development, and commercial functions.
Management priorities
- Integrate Horizon's rare-disease portfolio and expand its commercial reach.
- Advance obesity, Lp(a), oncology, and other late-stage pipeline programs.
- Build manufacturing capacity and deploy generative AI across research, clinical, and commercial work.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$424.94Previous close
$182Low
$348.75Average
$500High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 20, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Guggenheim | Neutral | Neutral | Maintain | Oct 13, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 12, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Oct 12, 2026 |
| UBS | Buy | Buy | Maintain | Oct 9, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 8, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Oct 8, 2026 |
| Truist Securities | Hold | Hold | Maintain | Oct 7, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 7, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Sep 29, 2026 |
| HSBC | Hold | Buy | Downgrade | Sep 10, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 20, 2026 |
| Argus Research | Buy | Buy | Maintain | Aug 19, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Aug 18, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Aug 14, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 7, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Aug 6, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 5, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Aug 5, 2026 |
| Canaccord Genuity | Hold | Hold | Maintain | Aug 5, 2026 |
| Baird | Underperform | Underperform | Maintain | Aug 5, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Aug 5, 2026 |
| Freedom Broker | Hold | Buy | Downgrade | Feb 12, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Feb 4, 2026 |
| Jefferies | Buy | Buy | Maintain | Nov 12, 2024 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 7, 2024 |
| William Blair | Outperform | Market Perform | Upgrade | May 3, 2024 |
| Daiwa Capital | Buy | Neutral | Upgrade | Dec 21, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 12, 2023 |
| SVB Leerink | Market Perform | Market Perform | Maintain | Feb 2, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 1, 2023 |
| Atlantic Equities | Underweight | Underweight | Maintain | Aug 9, 2022 |
| Raymond James | Outperform | Market Perform | Upgrade | Oct 26, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 30, 2020 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 29, 2020 |
| CFRA | Buy | Buy | Maintain | May 1, 2020 |
| Evercore ISI Group | Outperform | In Line | Upgrade | Jan 21, 2020 |
| PiperJaffray | Overweight | Overweight | Maintain | Jul 27, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Bank of America | Buy | Neutral | Upgrade | Feb 1, 2017 |
| Nomura | Buy | Buy | Maintain | Sep 22, 2015 |
Named analyst price targets
Upside is calculated against the persisted previous close $424.94. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Guggenheim | Vamil Divan | $378 | $417.57 | -11.0% | Oct 13, 2026 |
| BMO Capital | Analyst unavailable | $415 | $415.8 | -2.3% | Oct 12, 2026 |
| Wells Fargo | Analyst unavailable | $430 | $414.87 | +1.2% | Oct 12, 2026 |
| RBC Capital | Analyst unavailable | $430 | $407.58 | +1.2% | Oct 8, 2026 |
| Cantor Fitzgerald | Carter Gould | $440 | $413.08 | +3.5% | Oct 8, 2026 |
| Truist Financial | Analyst unavailable | $380 | $413.67 | -10.6% | Oct 7, 2026 |
| Scotiabank | Louise Chen | $500 | $417.71 | +17.7% | Sep 28, 2026 |
| Jefferies | Akash Tewari | $410 | $410.24 | -3.5% | Sep 23, 2026 |
| UBS | Michael Yee | $430 | $378.42 | +1.2% | Sep 17, 2026 |
| Wells Fargo | Mohit Bansal | $435 | $444.12 | +2.4% | Sep 4, 2026 |
| Piper Sandler | David Amsellem | $457 | $442.36 | +7.5% | Aug 20, 2026 |
| Morgan Stanley | Analyst unavailable | $362 | $440.28 | -14.8% | Aug 19, 2026 |
| Argus Research | Analyst unavailable | $460 | $439.95 | +8.3% | Aug 19, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $400 | $419.38 | -5.9% | Aug 18, 2026 |
| Mizuho Securities | Analyst unavailable | $352 | $419.38 | -17.2% | Aug 18, 2026 |
| Barclays | Emily Field | $380 | $417.84 | -10.6% | Aug 14, 2026 |
| Guggenheim | Vamil Divan | $388 | $410.94 | -8.7% | Aug 10, 2026 |
| Bernstein | Analyst unavailable | $345 | $407.83 | -18.8% | Aug 6, 2026 |
| Scotiabank | Louise Chen | $450 | $406.25 | +5.9% | Aug 5, 2026 |
| Oppenheimer | Analyst unavailable | $450 | $390.02 | +5.9% | Aug 5, 2026 |
| RBC Capital | Analyst unavailable | $400 | $390.02 | -5.9% | Aug 5, 2026 |
| Robert W. Baird | Brian Skorney | $230 | $390.02 | -45.9% | Aug 5, 2026 |
| Canaccord Genuity | Gary Nachman | $384 | $390.02 | -9.6% | Aug 5, 2026 |
| BMO Capital | Evan Seigerman | $450 | $390.02 | +5.9% | Aug 5, 2026 |
| Barclays | Emily Field | $360 | $393.1 | -15.3% | Jul 29, 2026 |
| UBS | Analyst unavailable | $420 | $358.68 | -1.2% | Jul 13, 2026 |
| Guggenheim | Analyst unavailable | $343 | $363.39 | -19.3% | Jul 13, 2026 |
| Morgan Stanley | Analyst unavailable | $333 | $368.1 | -21.6% | Jul 8, 2026 |
| BMO Capital | Evan David Seigerman | $400 | $362.45 | -5.9% | Jul 1, 2026 |
| Mizuho Securities | Salim Syed | $303 | $350.53 | -28.7% | Jun 16, 2026 |
| Morgan Stanley | Analyst unavailable | $340 | $344.56 | -20.0% | Jun 9, 2026 |
| Goldman Sachs | Analyst unavailable | $389 | $352.62 | -8.5% | Jun 5, 2026 |
| Piper Sandler | Analyst unavailable | $427 | $336.45 | +0.5% | May 14, 2026 |
| Guggenheim | Analyst unavailable | $340 | $329.82 | -20.0% | May 4, 2026 |
| Morgan Stanley | Analyst unavailable | $332 | $329.3 | -21.9% | May 1, 2026 |
| Canaccord Genuity | Analyst unavailable | $366 | $350.16 | -13.9% | Apr 20, 2026 |
| Morgan Stanley | Terence Flynn | $326 | $352.59 | -23.3% | Apr 10, 2026 |
| Guggenheim | Analyst unavailable | $351 | $355.6 | -17.4% | Apr 9, 2026 |
| Truist Financial | Analyst unavailable | $325 | $349.81 | -23.5% | Apr 8, 2026 |
| Jefferies | Akash Tewari | $350 | $373.08 | -17.6% | Mar 10, 2026 |
| Leerink Partners | David Risinger | $355 | $367.6 | -16.5% | Mar 5, 2026 |
| Barclays | Analyst unavailable | $185 | $375.5 | -56.5% | Feb 19, 2026 |
| Wells Fargo | Analyst unavailable | $375 | $379.73 | -11.8% | Feb 19, 2026 |
| Piper Sandler | Analyst unavailable | $432 | $373.36 | +1.7% | Feb 18, 2026 |
| Mizuho Securities | Analyst unavailable | $295 | $364.65 | -30.6% | Feb 11, 2026 |
| RBC Capital | Analyst unavailable | $360 | $357.29 | -15.3% | Feb 4, 2026 |
| Morgan Stanley | Analyst unavailable | $309 | $351.81 | -27.3% | Feb 4, 2026 |
| Oppenheimer | Analyst unavailable | $400 | $343.57 | -5.9% | Jan 29, 2026 |
| UBS | Analyst unavailable | $390 | $348.99 | -8.2% | Jan 26, 2026 |
| Bernstein | Market Perform | $335 | $330.44 | -21.2% | Jan 20, 2026 |
| UBS | Analyst unavailable | $380 | $330.17 | -10.6% | Jan 6, 2026 |
| Morgan Stanley | Analyst unavailable | $304 | $317.67 | -28.5% | Dec 12, 2025 |
| HSBC | Analyst unavailable | $425 | $313.85 | +0.0% | Dec 10, 2025 |
| BMO Capital | Evan Seigerman | $372 | $338.36 | -12.5% | Dec 3, 2025 |
| Wells Fargo | Analyst unavailable | $400 | $334.3 | -5.9% | Nov 25, 2025 |
| Truist Financial | Analyst unavailable | $318 | $336.2 | -25.2% | Nov 24, 2025 |
| Piper Sandler | David Amsellem | $381 | $332.43 | -10.3% | Nov 14, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $315 | $318.4 | -25.9% | Nov 6, 2025 |
| Wells Fargo | Analyst unavailable | $300 | $296.7 | -29.4% | Nov 5, 2025 |
| Piper Sandler | Analyst unavailable | $342 | $288.47 | -19.5% | Aug 25, 2025 |
| UBS | Trung Huynh | $315 | $281.22 | -25.9% | May 2, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $305 | $278.4 | -28.2% | Apr 22, 2025 |
| Johnson Rice | Analyst unavailable | $294 | $316.57 | -30.8% | Mar 5, 2025 |
| Jefferies | Michael Yee | $380 | $298.84 | -10.6% | Nov 12, 2024 |
| Cantor Fitzgerald | Olivia Brayer | $405 | $298.84 | -4.7% | Nov 12, 2024 |
| Morgan Stanley | Terence Flynn | $319 | $316.74 | -24.9% | Oct 21, 2024 |
| Goldman Sachs | Salveen Richter | $369 | $325.09 | -13.2% | Oct 16, 2024 |
| Barclays | Carter Gould | $315 | $319.66 | -25.9% | Oct 7, 2024 |
| BMO Capital | Evan David Seigerman | $362 | $330.92 | -14.8% | Sep 25, 2024 |
| Raymond James | Christopher Raymond | $344 | $330.92 | -19.0% | Sep 25, 2024 |
| Robert W. Baird | Brian Skorney | $215 | $330.92 | -49.4% | Sep 25, 2024 |
| Wells Fargo | Mohit Bansal | $335 | $328.95 | -21.2% | Aug 7, 2024 |
| Morgan Stanley | Terence Flynn | $303 | $330.78 | -28.7% | Aug 6, 2024 |
| RBC Capital | Gregory Renza | $332 | $298.71 | -21.9% | Jun 14, 2024 |
| Oppenheimer | Jay Olson | $380 | $312.32 | -10.6% | May 17, 2024 |
| Mizuho Securities | Salim Syed | $235 | $307.31 | -44.7% | May 9, 2024 |
| Morgan Stanley | Terence Flynn | $310 | $315.19 | -27.0% | May 3, 2024 |
| BMO Capital | Evan David Seigerman | $355 | $278.39 | -16.5% | May 3, 2024 |
| UBS | Colin Bristow | $307 | $278.39 | -27.8% | May 3, 2024 |
| Barclays | Carter Gould | $300 | $278.39 | -29.4% | May 3, 2024 |
| Wells Fargo | Mohit Bansal | $320 | $265.1 | -24.7% | Apr 17, 2024 |
| Jefferies | Michael Yee | $310 | $260.31 | -27.0% | Sep 13, 2023 |
| Wells Fargo | Mohit Bansal | $265 | $251.08 | -37.6% | Apr 12, 2023 |
| Wells Fargo | Mohit Bansal | $275 | $228.84 | -35.3% | Mar 10, 2023 |
| Leerink Partners | Analyst unavailable | $267 | $246.41 | -37.2% | Feb 2, 2023 |
| RBC Capital | Analyst unavailable | $258 | $242.92 | -39.3% | Feb 1, 2023 |
| Oppenheimer | Analyst unavailable | $294 | $243.8 | -30.8% | Feb 1, 2023 |
| Cowen & Co. | Analyst unavailable | $289 | $243.47 | -32.0% | Feb 1, 2023 |
| BMO Capital | Analyst unavailable | $253 | $252.4 | -40.5% | Feb 1, 2023 |
| Wells Fargo | Analyst unavailable | $285 | $260.67 | -32.9% | Jan 3, 2023 |
| Leerink Partners | Analyst unavailable | $282 | $266.26 | -33.6% | Dec 22, 2022 |
| Piper Sandler | Analyst unavailable | $299 | $276.78 | -29.6% | Dec 13, 2022 |
| Oppenheimer | Analyst unavailable | $310 | $285.59 | -27.0% | Dec 6, 2022 |
| Raymond James | Christopher Raymond | $297 | $285.72 | -30.1% | Dec 5, 2022 |
| Credit Suisse | Analyst unavailable | $240 | $287.3 | -43.5% | Nov 18, 2022 |
| Barclays | Carter Gould | $234 | $273.81 | -44.9% | Oct 31, 2022 |
| Atlantic Equities | Analyst unavailable | $182 | $247.29 | -57.2% | Aug 9, 2022 |
| RBC Capital | Analyst unavailable | $236 | $246.98 | -44.5% | Aug 5, 2022 |
| Piper Sandler | Analyst unavailable | $265 | $246.98 | -37.6% | Aug 5, 2022 |
| Morgan Stanley | Analyst unavailable | $253 | $247.87 | -40.5% | Jul 15, 2022 |
| Oppenheimer | Jay Olson | $290 | $248.94 | -31.8% | Jun 3, 2022 |
| Mizuho Securities | Salim Syed | $208 | $239.24 | -51.1% | May 10, 2022 |
| BMO Capital | Evan Seigerman | $243 | $238.13 | -42.8% | Apr 29, 2022 |
| Barclays | Carter Gould | $236 | $254.02 | -44.5% | Apr 16, 2022 |
| BMO Capital | Evan David Seigerman | $240 | $220.77 | -43.5% | Feb 21, 2022 |
| UBS | Colin Bristow | $232 | $238.96 | -45.4% | Feb 8, 2022 |
| Piper Sandler | Christopher Raymond | $255 | $238.96 | -40.0% | Feb 8, 2022 |
| RBC Capital | Kennen MacKay | $218 | $238.96 | -48.7% | Feb 8, 2022 |
| Cowen & Co. | Yaron Werber | $275 | $222.1 | -35.3% | Jan 27, 2022 |
| Bank of America Securities | Geoff Meacham | $255 | $223.23 | -40.0% | Jan 5, 2022 |
| Goldman Sachs | Salveen Richter | $258 | $207.02 | -39.3% | Dec 6, 2021 |
| Wolfe Research | Tim Anderson | $230 | $214.47 | -45.9% | Nov 3, 2021 |
| DZ BANK AG | Elmar Kraus | $278 | $228.31 | -34.6% | Aug 5, 2021 |
| Atlantic Equities | Steve Chesney | $200 | $229.35 | -52.9% | Apr 28, 2021 |
| Credit Suisse | Tiago Fauth | $259 | $229.35 | -39.1% | Apr 28, 2021 |
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Start freeCompany context
Snapshot as of publicationAmgen Inc., established in 1980 and headquartered in Thousand Oaks, California, is a global biotechnology leader focused on discovering, developing, manufacturing, and delivering groundbreaking human medicines. The company's scientific endeavors span several critical therapeutic categories, including inflammatory conditions, oncology and hematology, bone health, cardiovascular diseases, nephrology, and neuroscience. Its extensive portfolio features a range of significant pharmaceutical products. Notable examples include Enbrel, prescribed for conditions like plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, which helps cancer patients by reducing the risk of infection linked to a low white blood cell count; Prolia, utilized in postmenopausal women to combat osteoporosis; and Xgeva, designed to prevent skeletal-related complications. Otezla offers relief for adult patients suffering from plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease.…
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
- Polygon adjusted daily market bars · 2026-10-20T12:40:45.156818+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-20T12:40:45.154932+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-20. For educational purposes only; not investment advice.