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Mar 31, 2022
Amgen Q1 2022 Earnings Report
Amgen's financial results for Q1 2022 were announced, demonstrating revenue growth and progress in key product areas.
Key Takeaways
Amgen reported a 6% increase in total revenues, reaching $6.2 billion, driven by volume growth in key products and contributions from COVID-19 manufacturing collaborations. GAAP EPS decreased by 5% to $2.68, while non-GAAP EPS increased by 15% to $4.25. The company reaffirmed its 2022 total revenue guidance and revised its EPS guidance.
Total revenues increased by 6% to $6.2 billion, driven by a 2% growth in global product sales and increased Other Revenue from COVID-19 manufacturing collaboration.
GAAP EPS decreased 5% to $2.68, while non-GAAP EPS increased 15% to $4.25, driven by increased revenues and lower weighted-average shares outstanding.
GAAP operating income increased 17% to $2.5 billion, and GAAP operating margin increased 5.5 percentage points to 43.6%.
The company generated $2.0 billion of free cash flow, compared to $1.9 billion in the first quarter of 2021.
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
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CapyFin.comAMJEVITA / AMGEVITA Revenue
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CapyFin.comNeulasta Revenue
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CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
Amgen reaffirmed its 2022 total revenues guidance at $25.4-$26.5 billion and non-GAAP EPS guidance at $17.00-$18.00. The company revised its GAAP EPS guidance to $12.53-$13.58.
Positive Outlook
- Total revenues are expected to be in the range of $25.4 billion to $26.5 billion.
- Non-GAAP EPS is expected to be in the range of $17.00 to $18.00.
- Capital expenditures are anticipated to be approximately $950 million.
- Share repurchases are planned in the range of $6.0 billion to $7.0 billion.
- Non-GAAP tax rate is expected to be in the range of 13.5% to 14.5%.
Challenges Ahead
- GAAP EPS is projected to be in the range of $12.53 to $13.58.
- GAAP tax rate is expected to be in the range of 10.5% to 12.0%.
- The company is contesting adjustments and penalties proposed by the IRS for the 2010-15 period, which could result in additional federal tax of approximately $5.1 billion, plus interest, and penalties of approximately $2 billion.
- The IRS is currently auditing the 2016-2018 period, and the outcome is uncertain.
- Potential transfer pricing adjustments by the IRS for the 2016-2018 period may be lessened by the change in tax rates resulting from the 2017 tax reform law.
Revenue & Expenses
Visualization of income flow from segment revenue to net income