Amgen 2023 revenue, earnings outlook include consensus estimates
CharlieAJA

Amgen's (NASDAQ:AMGN) full-year 2023 revenue and EPS outlook ranges both include the consensus estimates.
The biotech giant is guiding toward revenue between $26.2B and $27.3B ($26.72B consensus).
On a non-GAAP basis, EPS is expected to be between $17.60 to $18.70 ($17.83 consensus).
In Q1 2023, Amgen missed on the top line but the bottom line was in line.
Net income in the quarter surged ~92% compared to Q1 2022 to ~$2.8B ($5.28 per share, diluted vs. $2.68) thanks to ~$2B in "other income" earned in the quarter.
Amgen's best selling drug in the quarter was the osteoporosis biologic Prolia (denosumab), which brought in $927M, a 9% year-over-year increase. The next best seller, Enbrel (etanercept), brought in $579M, a 33% decline from the prior-year.
Amjevita/Amgevita, Amgen's biosimilar of AbbVie's (ABBV) Humira (adalimumab), brought in $164M, a 52% YoY increase. $51M of that figure came from the US, where Amjevita launched in January.
Sales of Evenity (romosozumab) increased 49% year over year to $254M.
Total operating expenses increased ~12% in the quarter to ~$4.2B.
Amgen (AMGN) ended the quarter with cash and cash equivalents of ~$31.6B, a 239% increase from Dec. 31, 2022.
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