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Amgen 4Q22 Financial Results

Prolia, Evenity, Amgevita, and Kyprolis achieve record sales in the quarter.

By: Anthony Vecchione

Amgen
4Q Revenues: $6.8 billion (flat)
4Q Earnings: $1.6 billion (-15%)
FY Revenues: $26.3 billion (+1%)
FY Earnings: $6.6 billion (+11%)
Comments: Revenues benefited from a 4% increase in product sales, offset by lower other revenue from Amgen’s COVID-19 manufacturing collaboration.

Product sales growth was driven by double-digit volume growth for several products including: Lumakras/Lumykras (sotorasib), Nplate (romiplostim), Evenity (romosozumab-aqqg), Repatha (evolocumab), Parsabiv (etelcalcetide), Amgevita (adalimumab), Kyprolis (carfilzomib), and Prolia (denosumab).

In the general medicine category, Prolia sales increased 14% to a record $992 million for the fourth quarter and 12% for the year to $3.6 billion, primarily driven by volume growth.

Evenity sales increased 57% to a record $225 million for the fourth quarter and 48% for the full year to $787 million, driven by strong volume growth.

Repatha sales increased 22% to a record $333 million for the fourth quarter and 16% for the year to $1.3 billion.

In the inflammation sector, Tezspire generated $79 million of sales in the quarter and $170 million in its first year of launch, driven by strong adoption in the U.S. across patients with all types of severe asthma.

Otezla (apremilast) sales decreased 2% for the fourth quarter, driven by lower net selling price and unfavorable changes to estimated sales deductions, partially offset by 7% volume growth.

Enbrel (etanercept) sales decreased 1% for the fourth quarter, driven by declines in volume and net selling price, partially offset by higher year-end inventory levels.

Amgevita sales increased 3% to a record $119 million for the fourth quarter and 5% for the full year, driven by 25% volume growth for both periods, partially offset by unfavorable foreign exchange impact and lower net selling price resulting from increased competition.

In the Hematology-Oncology category, Lumakras/Lumykras generated $71 million of sales for the fourth quarter and $285 million for the full year. Quarter-over-quarter sales declined 5%, driven by lower net selling price and unfavorable changes to estimated sales deductions, partially offset by 12% volume growth.

Kyprolis sales increased 14% to a record $325 million for the fourth quarter and 13% for the full year to $1.4 billion, driven by 13% and 14% volume growth, respectively. While XGEVA (denosumab) sales decreased 11% year-over-year for the fourth quarter, primarily driven by 4% decline in volume and unfavorable changes to estimated sales deductions, partially offset by higher net selling price. For the years sales were flat at $2.0 billion.

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