Amgen posts Q1 beat driven by volumes even as Enbrel and Otezla sales decline
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Amgen (NASDAQ:AMGN) narrowly exceeded Street forecasts with its 1Q 2022 revenue on Wednesday as sales volumes surged ~9% YoY, offset by a 7% YoY decline in net selling price.
Meanwhile, the first quarter witnessed a 2% YoY ($110M) benefit related to estimated sales deductions, and the negative impact from forex changes stood at 2%.
Sales from Rheumatoid arthritis drug Enbrel fell ~7% YoY to $862M, while plaque psoriasis pill Otezla added $451M sales with a ~7% YoY decline.
Sales for osteoporosis drug Prolia jumped ~12% to $852M, while Xgeva and Repatha sales gained ~7% YoY and ~15% YoY to $502M and $329M, respectively. Neulasta sales fell ~28% YoY to $348M.
Newly approved KRAS inhibitor Lumakras generated $62M in sales compared to $90M in the preceding quarter. The drug, approved in nearly 40 countries, has now been prescribed to approximately 2,500 patients so far.
The companyâs GAAP and non-GAAP earnings per share reached $2.68 and $4.25, with a ~5% YoY decline and ~15% YoY growth, respectively.
For 2022, Amgen (AMGN) has revised the GAAP EPS guidance to $12.53 â $13.58 and kept the revenue and non-GAAP guidance unchanged at $25.4B â $26.5B and $17.00 â $18.00 compared to ~$26.1B and $17.61 in the consensus, respectively.