Amgen has reported a 6% rise in total revenues to $6.2bn in the first quarter (Q1) of 2022 as against $6bn in Q1 2021.

The increase in revenues is driven by a 2% growth in global product sales and other revenue from the company’s Covid-19 manufacturing partnership.

In the quarter, GAAP earnings per share (EPS) declined by 5% to $2.68 from $2.83 in the year-ago quarter, due to a decline in other (expense) income, net, which was partially offset by growth in revenues and reduced weighted-average shares . 

Furthermore, the company’s GAAP operating income in Q1 2022 was $2.5bn, indicating a growth of 17% from $2.13bn in Q1 2021.

A 15% surge to $4.25 in non-GAAP EPS was recorded in the quarter in comparison with $3.7 in the first quarter of 2021.

In the first quarter of 2022, non-GAAP operating income grew by 10% to $3.1bn from $2.9bn in Q1 2021. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

For Q1 2022, a 2% growth in total product sales to $5.7bn was observed compared to $5.6bn in Q1 2021.

The company noted that Covid-19 continued to impact its business globally in Q1 2022. 

Amgen chairman and CEO Robert Bradway said: “We achieved strong, volume-driven growth in the quarter while launching two very promising first-in-class medicines. 

“We are also advancing a robust pipeline with data for several mid-to-late stage candidates expected during the year.”

The company provided the guidance for the full year 2022 and anticipates total revenues ranging between $25.4bn and $26.5bn.

Amgen acquired all outstanding shares of clinical-stage biotechnology firm Teneobio for $2.5bn, in October last year.