Amgen revises 2022 guidance as Q3 results beat on top and bottom lines
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Amgen revised its full-year revenue and EPS guidance in the wake of Q3 financial results that beat on the top and bottom lines.
Revenue is now expected to be $26B-$26.3B from a prior outlook of $25.5-$26.4B ($26.13B consensus). Non-GAAP EPS is now projected at $17.25-$17.85 from a prior outlook of $17.00-$18.00 ($17.51 consensus).
In the quarter, net income rose ~14% to ~$2.1B compared to the prior-year period ($3.98 EPS diluted vs. $3.31.).
Revenue of ~$6.7B was a ~1% year-over-year decline.
The biotech said that while it achieved 8% year-over-year volume growth, it was offset primarily by 5% lower net selling price and 2% negative impact from foreign exchange.
Sales of the biotech's best-selling drug, Prolia (denosumab), increased 7% year-over-year to $862M.
Amgen (NASDAQ:AMGN) also saw 35% growth for both Evenity (romosozumab) and Aimovig (Erenumab). Q3 sales were, respectively, $149M and $79M.
The company ended the quarter with cash and cash equivalents of $11.5B, a ~43% increase from Dec. 31, 2021.
Read why Seeking Alpha contributor Stock Waves considers Amgen (AMGN) a buy.