Amgen CFO Peter Griffith Retires, Thomas Dittrich Appointed Successor
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4 days ago
0mins
Source: Yahoo Finance
- Executive Transition: Amgen announced the retirement of CFO Peter Griffith on May 19, 2023, who has held the position since 2020, during which he played a crucial role in strengthening the company's financial position and driving long-term growth strategies.
- Successor Appointment: Thomas Dittrich will return to Amgen as Executive Vice President on July 1, 2023, transitioning to CFO on September 1, bringing over 30 years of international experience in the biopharmaceutical and healthcare sectors, which is expected to enhance the company's financial operations.
- Transition Period: To ensure a seamless leadership transition, Griffith will remain with the company until January 2027, providing stability and continuity in financial management during the transition period.
- Company Overview: Founded in 1980 and headquartered in California, Amgen is a drug manufacturer that delivers human therapeutics through pharmaceutical wholesale distributors, and while it is recognized as a potential investment, there is a growing interest in AI stocks with higher upside potential.
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Analyst Views on AMGN
Wall Street analysts forecast AMGN stock price to rise
24 Analyst Rating
14 Buy
9 Hold
1 Sell
Moderate Buy
Current: 336.480
Low
280.00
Averages
363.10
High
425.00
Current: 336.480
Low
280.00
Averages
363.10
High
425.00
About AMGN
Amgen Inc. is a biotechnology company. It discovers, develops, manufactures and delivers medicines for the toughest diseases. It focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve people’s lives. It operates in the human therapeutics segment. Its marketed products portfolio includes EPOGEN (epoetin alfa); Aranesp (darbepoetin alfa); Parsabiv (etelcalcetide); Neulasta (pegfilgrastim); KANJINTI (trastuzumab-anns); Otezla; BLINCYTO (blinatumomab); ACTIMMUNE (interferon gamma-1b); Neulasta (pegfilgrastim); Sensipar/Mimpara (cinacalcet); Prolia (denosumab); ENBREL; QUINSAIR (levofloxacin); Repatha (evolocumab) and others. It markets ENBREL, a tumor necrosis factor blocker, in the United States and Canada. It markets Otezla, a small molecule that inhibits phosphodiesterase 4, in many countries around the world. It markets Repatha, a proprotein convertase subtilisin/kexin type 9 (PCSK9) inhibitor, in many countries around the world.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Executive Team Participation: The executive team from Amgen, including CFO Peter Griffith, SVP of Global Development Narimon Honarpour, and SVP of Global Marketing and Access Kave Niksefat, will collectively present at the conference, highlighting the company's strategic direction and business developments.
- Webcast Availability: The conference will feature a live webcast accessible to media, investors, and the public, with Amgen providing relevant links on its website to ensure transparency and accessibility of information.
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- Executive Team Participation: The executive team from Amgen, including CFO Peter Griffith, SVP of Global Development Narimon Honarpour, and SVP of Global Marketing and Access Kave Niksefat, will collectively present at the conference, highlighting the company's strategic direction and business developments.
- Webcast Availability: The conference will feature a live webcast accessible to media, investors, and the public, with Amgen providing relevant links on its website to ensure transparency and accessibility of information.
- Company Background: Founded over 45 years ago, Amgen is dedicated to developing innovative medicines to combat major global diseases, and as a component of the Dow Jones Industrial Average and Nasdaq-100 Index, it underscores its leadership and ongoing innovation in the biotechnology industry.
See More
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- Marketing Automation: Kimberly-Clark is leveraging AI to accelerate marketing processes by developing internal tools that identify and evaluate social media influencers, thereby expanding product promotion reach and enhancing brand impact.
- AI Integration in Pharmaceuticals: Novo Nordisk is deploying AI across critical drug launch processes, including drafting regulatory documents and analyzing safety data, which is expected to save millions of dollars and improve overall operational efficiency.
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- Wells Fargo Revenue Challenges: While Wells Fargo's shares have gained 6.4% over the past year, its net interest income recovery remains slow, with anticipated Fed rate cuts in 2026 pressuring revenue growth, highlighting competitive pressures in the financial market.
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- LULU Options Volume: As of now, LULU's options volume has reached 14,930 contracts, equivalent to approximately 1.5 million shares, representing 47% of its average daily trading volume of 3.2 million shares over the past month, indicating a significant increase in market interest.
- High-Frequency Contracts: Within LULU, the $150 strike call option has shown particularly high activity, with 2,116 contracts traded today, representing about 211,600 shares, reflecting strong investor expectations for future price increases.
- AMGN Options Activity: Concurrently, AMGN's options volume stands at 12,758 contracts, approximately 1.3 million shares, accounting for 45.7% of its average daily trading volume of 2.8 million shares over the past month, showcasing the stock's market activity.
- Key Contract Analysis: For AMGN, the $440 strike call option has been notably active, with 8,267 contracts traded today, representing around 826,700 shares, indicating optimistic sentiment among investors regarding the stock's future performance.
See More
Market Timing and Dividend Growth Strategy
- Market Timing: By implementing a dollar-cost averaging (DCA) strategy, investors can reduce risk during market fluctuations, ensuring fewer shares are purchased when prices are high and more when prices are low, thereby optimizing portfolio returns.
- Dividend Reinvestment Plans: Utilizing Dividend Reinvestment Plans (DRIP), investors can automatically reinvest dividends, enhancing long-term returns, akin to a workout routine that continuously builds investment value and income streams.
- Dividend Magnet Effect: Companies like Visa and Amgen exhibit a 'Dividend Magnet' effect, where their dividend growth trends support stock prices during market downturns; Visa has increased its dividend by 378% over the past decade and repurchased 19% of its shares, showcasing strong market performance.
- Investment Opportunities: Now is an opportune time to invest in Visa and Amgen, especially during price dips; leveraging the DCA strategy along with extra cash purchases can further enhance investment returns, ensuring stable gains amid market volatility.
See More
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- Dow Component Changes: Since its establishment in 1896, the Dow Jones Index has seen significant changes in its components, with recent additions like Nvidia and Amazon reflecting economic evolution, shifting investor perception from traditional low-growth stocks to a modern blend of growth and value stocks.
- Nvidia's Dividend Surge: On May 20, Nvidia raised its quarterly dividend from $0.01 to $1 per share, a staggering 2400% increase, which, despite a current yield of only 0.5%, attracts investors seeking passive income and indicates a shift towards a more stable earnings model amid surging AI demand.
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