Amgen Inc AMGN reported Q2 FY23 sales of $6.99 billion, up 7% Y/Y, beating the consensus of $6.63 billion.

Product sales increased 6%, driven by 11% volume growth, partially offset by a 2% lower net selling price, 1% lower inventory levels, and 1% negative impact from foreign exchange.

Adjusted EPS of $5.00 increased 8%, beat the consensus of $4.44.

The company released topline data from tarlatamab Phase 2 DeLLphi-301 study in relapsed or refractory small-cell lung cancer.

• Tarlatamab demonstrated a durable objective response rate (ORR) (primary endpoint), exceeding the previously reported in the Phase 1 study. 
• Safety and tolerability were also more favorable than in the Phase 1 study, with no new safety signals identified. 

Amgen also said its KRAS-blocking drug Lumakras succeeded in the Phase 3 CodeBreaK 300 trial, delaying the progression of chemorefractory metastatic KRAS G12C mutated colorectal cancer.

Amgen announced discontinuing further enrollment in the study of Lumakras combined with a PD-1 inhibitor in KRAS G12C mutated NSCLC.

Guidance: Amgen expects FY23 revenue of $26.6-$27.4 billion versus the previous range of $26.2-$27.3 billion and consensus of $26.56 billion.

The company sees adjusted EPS of $17.80-$18.80 compared to $17.60-$18.70 expected earlier and the Wall Street estimate of $17.75.

Price Action: AMGN shares are down 1.43% at $234 during the premarket session on the last check Friday.