- Amgen Inc's AMGN fourth-quarter revenues were $6.84 billion, beating the consensus of $6.76 billion, largely unchanged from Q4 2021, and benefited from a 4% increase in product sales, offset by lower COVID-19 manufacturing collaboration revenues.
- Product sales growth was driven by 10% volume growth, partially offset by a 3% lower net selling price and a 2% negative impact from foreign exchange. Excluding the 2% negative impact of foreign exchange on product sales, total revenues increased by 2%.
- The company's listed "other revenue," which includes the manufacturing deal, fell to $287 million from $575 million last year.
- Adjusted earnings per share decreased to $4.09 from $4.40 a year ago, in line with the consensus estimates.
- Amgen product sales were led by a 14% jump in osteoporosis drug Prolia to a quarterly record of $992 million.
- Guidance: Amgen expects 2023 revenue of $26-$27.2 billion, excluding the impact of its anticipated acquisition of Horizon Therapeutics Plc HZNP, versus the consensus of $27.3 billion.
- "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," Amgen Chief Executive Robert Bradway said.
- The company forecasts adjusted EPS of $17.40-$18.60 versus the consensus of $18.33.
- Earlier Tuesday, Amgen launched Amjevita, the first U.S. biosimilar of AbbVie Inc's ABBV arthritis treatment Humira that the FDA approved in 2016.
- Price Action: AMGN shares are down 0.95% at $250 during the premarket session on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
