Why Amgen Shares Are Falling

Amgen, Inc. AMGN shares are trading lower by 3.85% to $242.69 Wednesday morning after the company reported fourth-quarter financial results and issued FY23 revenue guidance below estimates.

What Happened?

Amgen reported quarterly earnings of $4.09 per share which met the analyst consensus estimate. The company also reported quarterly sales of $6.84 billion which beat the analyst consensus estimate of $6.76 billion by 1.2%.

Amgen sees FY23 revenue in a range of $26 billion-$27.2 billion, versus the analyst consensus estimate of $27.3 billion. Amgen sees adjusted EPS in a range of $17.40-$18.60, versus the analyst consensus estimate of $18.33.

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Amgen says for 2022 the total revenue increase of 1% to $26.3 billion is a result of a 2% increase in product sales driven by a 9% increase in volume, partially offset by 5% lower net selling price and 2% negative impact from foreign exchange. Excluding the 2% negative impact of foreign exchange on product sales, total revenues increased 3% for the full year.

"We executed effectively in 2022, delivering strong volume growth, advancing numerous first-in-class medicines in our pipeline, and staying on track to achieve our long-term growth objectives," said Robert A. Bradway, chairman and chief executive officer.

"The announced acquisition of Horizon Therapeutics, which we expect to complete in the first half of this year, represents a compelling opportunity to serve more patients and strengthen our growth profile."

According to data from Benzinga Pro, AMGN has a 52-week high of $296.67 and a 52-week low of $214.39.