Amgen Inc's AMGN Q4 revenues increased 3% Y/Y to $6.84 billion, slightly missing the consensus of $6.88 billion.
- The increase is driven by increased revenue from the Eli Lilly And Co LLY COVID-19 manufacturing collaboration. However, its Product sales decreased 1% globally for the fourth quarter.
- For FY21, total revenues increased 2% to $26.0 billion. Product sales for the full year were flat versus 2020, with a 7% growth in unit volumes offset by a 7% decline in net selling price.
- Adjusted EPS increased 26% to $4.36, ahead of the consensus estimate of $4.12.
- Enbrel sales declined 13% to $1.11 billion. Enbrel treats autoimmune conditions. It also noted that another of its drugs, Otezla, gained FDA approval for plaque psoriasis, chipping away at Enbrel sales.
- Sales of newer cancer drug Lumakras totaled $45 million for Q4.
- Among Amgen's bigger products, sales of osteoporosis treatment Prolia rose 17% to $873 million, and revenue from cholesterol treatment Repatha inched 8% ahead to $273 million.
- But Aimovig, its migraine prevention drug, brought in just $90 million, falling 13% year over year. Meanwhile, sales of bone marrow-stimulating drugs Neulasta and Neupogen tumbled 35% and 33%, respectively. Both are facing off against biosimilar competition.
- Amgen didn't guide for 2022. Instead, it said it would do so at its business review early Tuesday.
- Price Action: AMGN shares are trading lower by 0.31% at $222.84 premarket on the last check Tuesday.
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