NEW YORK – While Amgen's revenues for the fourth quarter in 2022 were flat at around $6.84 billion compared to the same quarter in 2021, the Thousand Oaks, California, drugmaker's oncology business saw 14 percent revenue and 17 percent volume growth.
On average, analysts were expecting the company to record revenues of $6.41 billion.
For the three months ended Dec. 31, product sales were $6.55 billion, up 4 percent compared to $6.27 billion in Q4 2021. Lumakras, a treatment for KRAS G12C-mutated advanced non-small cell lung cancer, contributed $71 million to fourth quarter revenues, a 58 percent increase in sales compared to the year-ago quarter. Q4 sales of the drug dipped 5 percent sequentially compared to $75 million in Q3 2022, which Amgen attributed to a lower net selling price and unfavorable changes related to sales deductions. However, those changes were partially offset by 12 percent volume growth, according to Amgen.
In Q4, the firm recorded net income of $1.62 billion, or $3.00 per share, compared to $1.90 billion, or $3.36 per share, in the fourth quarter of 2021. On a non-GAAP basis, the company reported EPS of $4.09; on average, analysts had expected EPS of $4.39.
For the full year in 2022, Amgen had total revenues of $26.32 billion, a 1 percent increase compared to $25.98 billion in 2021, but fell short of the average Wall Street revenue estimate of $27.12 billion. Product sales over the same period grew 2 percent to $24.80 billion from $24.30 billion. Sales of Lumakras, which has now been approved in over 45 countries, more than tripled to $285 million in 2022 compared to $90 million in 2021.
The company's net income in 2022 was $6.55 billion, or $12.11 per share, compared to $5.89 billion, or $10.28 per share, in 2021. The company's non-GAAP EPS was $17.69; analysts on average were expecting EPS of $18.43.
As of Dec. 31, Amgen had $9.31 billion in cash, cash equivalents, and marketable securities.