Amgen Reports Mixed Q4 Results

Biopharmaceutical company Amgen Inc. (NASDAQ: AMGN) has reported mixed results for the fourth quarter ended December 31, 2021, as earnings surpassed but revenues missed estimates.

Following the earnings, shares of the company declined marginally to close at $222.50 in Monday’s extended trading session.

Revenue & Earnings

Amgen reported quarterly revenues of $6.85 billion, up 3% year-over-year. However, the figure failed to surpass the consensus estimate of $6.88 billion. The rise in quarterly revenues was on the back of 17% and 59% year-over-year rise witnessed in the sales of Prolia and EVENITY, respectively.

The company’s earnings per share (EPS) for the quarter stood at $4.36, up 26% year-over-year. Further, the figure surpassed the consensus estimate of $4.12.

Meanwhile, the company’s operating margin declined to 47.8% from 43.1% a year ago. AMGN generated a free cash flow of $2.5 billion during the quarter, up from $2 billion a year ago.

Management Commentary

The CEO of Amgen, Robert A. Bradway, said, “We realized strong volume growth for many of our key products during last year. These products, combined with our many pipeline opportunities, position us well for long-term growth.”

Stock Rating

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 3 Buys and 7 Holds. The average Amgen price target of $238.67 implies that the stock has 6.7% upside potential from current levels. Shares have declined 5.9% over the past year.

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