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Mar 31, 2021
Amgen Q1 2021 Earnings Report
Amgen's financial performance declined due to the impact of COVID-19 but was offset by volume growth in key products.
Key Takeaways
Amgen's first quarter 2021 results showed a decrease in total revenues by 4% to $5.9 billion, driven by lower net selling prices, though partially offset by volume growth. GAAP EPS decreased by 8% to $2.83, while non-GAAP EPS decreased by 12% to $3.70. The company reaffirmed its full-year revenue guidance and revised its GAAP EPS guidance.
Total revenues decreased by 4% to $5.9 billion due to lower net selling prices, offset by volume growth.
GAAP EPS decreased by 8% to $2.83, and non-GAAP EPS decreased by 12% to $3.70.
The company generated $1.9 billion in free cash flow, compared to $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.
Amgen
Amgen
Amgen Revenue by Segment
Amgen Revenue by Geographic Location
Revenue by Segment
Repatha Revenue
CapyFin.comEVENITY Revenue
CapyFin.comProlia Revenue
CapyFin.comOtezla Revenue
CapyFin.comEnbrel Revenue
CapyFin.comKyprolis Revenue
CapyFin.comXGEVA Revenue
CapyFin.comVectibix Revenue
CapyFin.comNplate Revenue
CapyFin.comBLINCYTO Revenue
CapyFin.comAranesp Revenue
CapyFin.comParsabiv Revenue
CapyFin.comAMJEVITA / AMGEVITA Revenue
CapyFin.comMVASI Revenue
CapyFin.comNeulasta Revenue
CapyFin.comOther products Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
Amgen reaffirmed its total revenue guidance for 2021, projecting revenues between $25.8 billion and $26.6 billion. The company revised its GAAP EPS guidance to $9.11-$10.71 and reaffirmed its non-GAAP EPS guidance at $16.00-$17.00.
Positive Outlook
- Total revenues in the range of $25.8 billion to $26.6 billion, unchanged from previous guidance.
- On a non-GAAP basis, EPS in the range of $16.00 to $17.00, unchanged from previous guidance
- Share repurchases in the range of $3.0 billion to $5.0 billion, versus previous guidance of $3.0 billion to $4.0 billion.
- Enrollment completed in a Phase 3 study (CodeBreaK 200) comparing LUMAKRAS to docetaxel in patients with KRAS G12C-mutated advanced NSCLC.
- Regulatory submissions in the U.S. and EU are expected in Q2 2021 for Tezepelumab.
Challenges Ahead
- On a GAAP basis, EPS in the range of $9.11 to $10.71.
- Previously, the Company expected GAAP EPS in the range of $12.12 to $13.17.
- Capital expenditures to be approximately $900 million.
- Parsabiv’s inclusion in the end-stage renal disease (ESRD) bundled payment system in the U.S., we expect declining year-over-year sales trends to continue through 2021 as numerous dialysis centers update their treatment protocols due to the reimbursement change
- We expect to see continuing disruption from COVID-19 in the second quarter and, to a lesser degree, in the second half of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income