Amgen (AMGN) Misses Q1 EPS by 35c, Revenues Miss; Reaffirms FY21 EPS/Revenues Guidance

Amgen (NASDAQ: AMGN) reported Q1 EPS of $3.70, $0.35 worse than the analyst estimate of $4.05. Revenue for the quarter came in at $5.9 billion versus the consensus estimate of $6.25 billion.

Key results include:

• Total revenues decreased 4% to $5.9 billion in comparison to the first quarter of 2020, driven by lower net selling prices, partially offset by volume growth. These results reflect the cumulative, continuing negative effect of COVID-19 on patient visits and new patient diagnoses.
  • Although product sales decreased 5%, volumes grew double digits or better for a number of products including Repatha® (evolocumab), Prolia® (denosumab), MVASI® (bevacizumab-awwb) and KANJINTI® (trastuzumab-anns).
• GAAP earnings per share (EPS) decreased 8% to $2.83 driven by decreased revenues, partially offset by lower weighted-average shares outstanding.
  • GAAP operating income decreased 10% to $2.1 billion and GAAP operating margin decreased 1.9 percentage points to 38.1%.
• Non-GAAP EPS decreased 12% to $3.70 driven by decreased revenues and our share of BeiGene's net loss, partially offset by lower weighted-average shares outstanding.
  • Non-GAAP operating income decreased 10% to $2.9 billion and non-GAAP operating margin decreased 2.7 percentage points to 51.2%.
• The Company generated $1.9 billion of free cash flow in the first quarter versus $2.0 billion in the first quarter of 2020.
• 2021 total revenues guidance reaffirmed at $25.8-$26.6 billion; EPS guidance revised to $9.11-$10.71 on a GAAP basis, and reaffirmed at $16.00-$17.00 on a non-GAAP basis.

GUIDANCE:

Amgen sees FY2021 EPS of $16.00-$17.00, versus the consensus of $16.80. Amgen sees FY2021 revenue of $25.8-26.6 billion, versus the consensus of $26.41 billion.

For earnings history and earnings-related data on Amgen (AMGN) click here.

You May Also Be Interested In

• Primoris cuts 2026 outlook on renewables cost overruns, COO exits
• A.O. Smith executive chairman to retire, CEO to assume chairman role
• NVE Corporation names new CEO and expands board to seven members