Amgen’s total revenues slid 1% during Q3, though the company’s operating income rose 12%, according to its latest earnings report released Thursday.
The revenue decline was attributed to a dropoff in global product sales, the company stated. However, when excluding the 2% negative impact of foreign exchange on product sales, Amgen said its total revenues increased 2%.
Bright spots for Amgen included Prolia sales rising 7%, Evenity sales up 35% and Repatha sales up 14%. Similarly, Otezla sales jumped 3% while Enbrel sales declined 14% year-over-year.
Still, Amgen’s net income rose 14% year-over-year while its earnings per share jumped 20% over the same period. The company’s dividends paid per share also rose 10%.
One highlight for Amgen during Q3 was the announcement that it would purchase ChemoCentryx, a company focused on developing orally administered treatments for autoimmune diseases, inflammatory disorders and cancer. That deal closed in mid-October.
“Our medicines generated 8% volume growth in the quarter globally, with 11 products achieving record quarterly sales,” Amgen CEO Robert Bradway said in a statement. “This growth reflects the strong underlying demand for our medicines and the value they bring to patients.”
Amgen’s free cash flow was $2.8 billion, up from $2.2 billion during Q3 2021 and its non-GAAP operating income increased to $3.3 billion.
Looking ahead, Amgen revised its total revenue guidance to a range of $26 billion to $26.3 billion, with an EPS guidance between $11.46 to $12.17.
