Amgen Reports Revenue, Earnings Increase, But Shares Fall on Lower Guidance

Amgen Inc. beat expectations on revenue and earnings, but issued lower guidance for the rest of the year, sending shares lower.The Thousand Oaks biotechnology company reported revenue of $6.5 billion, a 5.2 percent increase year-over-year that was driven by higher unit demand and partially offset by lower net selling prices.Amgen’s adjusted earnings increased 4 percent to $2.5 billion, or $4.38 per share, benefiting from increased revenues and fewer average shares outstanding because of a buyback program. Wall Street analysts expected $4.10 a share on average, according to Refinitiv.“As we look to the balance of the year, we are excited to be launching Lumakras, a first-in-class lung cancer treatment, and advancing a robust pipeline of potential new medicines to meet the demands of patients around the world,” Robert Bradway, Amgen’s chief executive, said in a statement.However, Amgen said patient visits and lab test procedures are still below pre-pandemic level and that the volume of new patients starting treatments has been suppressed due to the pandemic’s impact on diagnoses.The company decreased its annual guidance for GAAP net income to $8.84 to $9.90 per share from its prior estimate of $9.11 to $10.71.Amgen released its quarterly report late Tuesday. Shares of Amgen (AMGN) fell $15.77, or 6.5 percent, to close at $228.31 on the Nasdaq on Wednesday, a day when the market closed up 19.24 percent.