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.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: BiotechEarningsLarge CapNewsGuidanceHealth CareGeneralBriefs
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!