Amgen Records Slight Fall In Quarterly Earnings; Lower COVID-19 Manufacturing Pacts Impact Bottomline

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.