Amgen Reports Third Quarter 2021 Financial Results

About this update from Amgen Inc.

[{"type":"text","content":"THOUSAND OAKS, Calif., Nov. 2, 2021 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced financial results for the third quarter of 2021. Key results include:\nTotal revenues increased 4% to $6.7 billion in comparison to the third quarter of 2020, driven by higher unit demand, partially offset by lower net selling prices. Product sales increased 4% globally, driven by double-digit volume growth across a number of our products, including Prolia® (denosumab), EVENITY® (romosozumab-aqqg), Repatha® (evolocumab) and MVASI® (bevacizumab-awwb).GAAP earnings per share (EPS) decreased 3% to $3.31 driven by a $400 million licensing-related expense from our collaboration with Kyowa Kirin Co., Ltd. (Kyowa Kirin), partially offset by increased revenues. GAAP operating income decreased 3% to $2.4 billion, and GAAP operating margin decreased 2.6 percentage points to 37.6%.Non-GAAP EPS increased 11% to $4.67 driven by increased revenues and the impact of fewer weighted average shares outstanding. Total non-GAAP operating expenses increased less than 1%. Non-GAAP operating income increased 8% to $3.5 billion, and non-GAAP operating margin increased 2.5 percentage points to 54.6%.The Company generated $2.2 billion of free cash flow in the third quarter versus $3.2 billion in the third quarter of 2020, driven by higher collections in the third quarter of 2020 from customers who had been granted extended payment terms due to COVID-19. This increase was partially offset by the timing of tax payments in the third quarter of 2020. 2021 total revenues guidance of $25.8-$26.2 billion; EPS guidance of $9.55-$10.21 on a GAAP basis and $16.50-$17.10 on a non-GAAP basis. \"Our newest product, LUMAKRAS®, a first-in-class lung cancer treatment, is off to a strong start and our robust pipeline of potential new medicines across all stages of development sets us up well to drive growth over the long term,\" said Robert A. Bradway, chairman and chief executive officer. \"We achieved solid growth in the quarter as our medicines reached an increasing number of patients around the world.\"\n$Millions, except EPS, dividends paid per share and percentages\nQ3 '21\nQ3 '20\nYOY Δ\nTotal Revenues\n$\n6,706\n$\n6,423\n4%\nGAAP Operating Income\n$\n2,378\n$\n2,453\n(3%)\nGAAP Net Income\n$\n1,884\n$\n2,021\n(7%)\nGAAP EPS\n$\n3.31\n$\n3.43\n(3%)\nNon-GAAP Operating Income\n...

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