Amgen Reports Q3 Higher Profit, Despite Slight Fall In Topline Growth

Amgen Inc's AMGN Q3 revenue reached $6.65 billion, down 1% Y/Y, due to 8% volume growth offset primarily by a 5% lower net selling price and a 2% negative impact from foreign exchange. Analysts estimated sales of $6.56 billion.
Excluding the 2% negative impact of foreign exchange, total revenues increased by 2%.
The company reported Q3 adjusted EPS of $4.70, up 15%, beating the consensus of $4.44.
Related: Amgen's Lumakras Cuts Risk Of Progression By 34% In KRAS-Mutated Lung Cancer Patients.
The company also said data from a Phase I study of its potential obesity treatment AMG133 would be presented at the World Congress on Insulin Resistance, Diabetes, and Cardiovascular Disease conference in December.
AMG133 is designed to block a hormone and protein in blood sugar control.
"Our medicines generated 8% volume growth in the quarter globally, with 11 products achieving record quarterly sales," Amgen Chief Executive Robert Bradway said in a statement.
Guidance: For FY22, Amgen narrowed its adjusted EPS outlook to $17.25-$17.85 on revenue of $26-$26.3 billion from its previous forecast of $17-$18 per share on revenue of $25.5-$26.4 billion.
Price Action: AMGN shares are up 1.18% at $269.01 premarket on the last check Friday.

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