Amgen's Q2 Sales Impacted By Lower Prices, Currency Headwind, Reaffirms FY22 Outlook

Amgen Inc AMGN posted Q2 revenues of $6.59 billion, +1% Y/Y, slightly beating the consensus of $6.53 billion.
The increase resulted from a 3% growth in global product sales partially offset by lower Other Revenue from COVID-19 manufacturing collaboration.
Unit volumes grew 10%, offset by a 6% lower net selling price and a 2% negative impact from foreign exchange.
Adjusted EPS increased from $1.77 to $4.65, ahead of the consensus of $4.40.
Yesterday, Amgen agreed to acquire ChemoCentryx for $3.7 billion.
Enbrel sales declined 8% to $1.04 billion. Otezla sales increased 11% to $594 million.
Sales of newer cancer drug Lumakras totaled $77 7million for Q2.
Sales of osteoporosis treatment Prolia rose 13% to $922 million, and revenue from cholesterol treatment Repatha inched 14% ahead to $325 million.
Also Read: Amgen To Fight IRS Agency Over Tax Bill Of Whooping $10.7B: Report.
Aimovig, its migraine prevention drug, brought in $92 million, up 12% Y/Y. Sales of bone marrow-stimulating drug Neulasta tumbled by 36%. Sales from cancer drugs Mvasi and Kanjinti decreased 17% and 46%, respectively, due to increased competition and price erosion.
Guidance: Amgen expects FY22 sales of $25.5 - $26.4 billion, with adjusted EPS of $17.00 - $18.00, compared to the consensus of $26.23 billion and $17.40, respectively.
Price Action: AMGN shares closed 0.40% lower at $246.00 during after-hours trading on Thursday.

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