Amgen posts 2Q beat, trims earnings guidance; new drugs outperform
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Amgen (NASDAQ:AMGN) reported better than expected financials for 2Q 2022 and lowered its earnings guidance for the full year on Thursday while the newly launched drugs exceeded Street forecasts.
Revenue for the quarter grew ~1% YoY to $6.6B as product sales added $6.2B with ~3% YoY growth after ~10% growth in unit volumes offset by a ~6% decline in selling price.
Individually, leading sales revenue generators Enbrel and Prolia exceeded forecasts in adding $1.1B and $922M, respectively, while the former reported an ~8% YoY decline and the latter a ~13% YoY growth.
Plaque psoriasis pill Otezla and hyperlipidemia drug Repatha brought $325M and $594M in sales with ~14% YoY and ~11% YoY growth, respectively.
KRAS inhibitor Lumakras exceeded forecasts with $77M revenue indicating ~24% growth from the preceding quarter. Amgen (AMGN) announced that the newly approved medication had been prescribed to over 3,000 patients by over 1,900 physicians.
Meanwhile, newly approved asthma treatment Tezspire added $29M in sales during the quarter beating the consensus forecasts.
On the clinical front, the company has discontinued further development of pavurutamab, an anti-B-cell maturation antigen that was under investigation for multiple myeloma, for strategic reasons.
For 2022, Amgen (AMGN) tightened revenue guidance to $25.5-$26.4B from $25.4B â $26.5B estimated three months ago.
However, the company lowered the per share GAAP earnings guidance to $11.01-$12.15 from $12.53-$13.58 and reiterated the adj. earnings guidance at $17 â $18, in line with the $17.40 in the consensus.
Before the market open today, Amgen (AMGN) announced a $3.7B all-cash deal to acquire ChemoCentryx (CCXI), a drug developer for autoimmune disorders.