NASDAQ$AMGN
Amgen Inc · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
Amgen's financial performance declined due to the impact of COVID-19 but was offset by volume growth in key products.
Amgen's first quarter 2021 results showed a decrease in total revenues by 4% to $5.9 billion, driven by lower net selling prices, though partially offset by volume growth. GAAP EPS decreased by 8% to $2.83, while non-GAAP EPS decreased by 12% to $3.70. The company reaffirmed its full-year revenue guidance and revised its GAAP EPS guidance.
- Total revenues decreased by 4% to $5.9 billion due to lower net selling prices, offset by volume growth.
- GAAP EPS decreased by 8% to $2.83, and non-GAAP EPS decreased by 12% to $3.70.
- The company generated $1.9 billion in free cash flow, compared to $2.0 billion in the first quarter of 2020.
- 2021 total revenues guidance reaffirmed at $25.8-$26.6 billion; EPS guidance revised to $9.11-$10.71 on a GAAP basis, and reaffirmed at $16.00-$17.00 on a non-GAAP basis.
Headline financials
Revenue & EPS history
Amgen · Revenue · Quarterly
$5.9B
Revenue by segment
Amgen · $5.18B total across 16 segments · Q1 2021
- Enbrel$924M-19.9%17.8%
- Prolia$758M+15.9%14.6%
- Neulasta$482M-20.9%9.3%
- Otezla$476M-0.6%9.2%
- XGEVA$468M-2.7%9.0%
- Aranesp$355M-15.9%6.8%
- MVASI$294M+155.7%5.7%
- Repatha$286M+24.9%5.5%
- KYPROLIS$251M-10.4%4.8%
- Nplate$227M+4.1%4.4%
- Vectibix$191M-5.4%3.7%
- EVENITY$107M+7.0%2.1%
- BLINCYTO$107M+13.8%2.1%
- AMJEVITA/AMGEVITA$106M+23.3%2.0%
- Parsabiv$79M-54.9%1.5%
- Other products$72M—1.4%
Forward guidance
Amgen reaffirmed its total revenue guidance for 2021, projecting revenues between $25.8 billion and $26.6 billion. The company revised its GAAP EPS guidance to $9.11-$10.71 and reaffirmed its non-GAAP EPS guidance at $16.00-$17.00.
Tailwinds
- Total revenues in the range of $25.8 billion to $26.6 billion, unchanged from previous guidance.
- On a non-GAAP basis, EPS in the range of $16.00 to $17.00, unchanged from previous guidance
- Share repurchases in the range of $3.0 billion to $5.0 billion, versus previous guidance of $3.0 billion to $4.0 billion.
- Enrollment completed in a Phase 3 study (CodeBreaK 200) comparing LUMAKRAS to docetaxel in patients with KRAS G12C-mutated advanced NSCLC.
- Regulatory submissions in the U.S. and EU are expected in Q2 2021 for Tezepelumab.
Headwinds
- On a GAAP basis, EPS in the range of $9.11 to $10.71.
- Previously, the Company expected GAAP EPS in the range of $12.12 to $13.17.
- Capital expenditures to be approximately $900 million.
- Parsabiv’s inclusion in the end-stage renal disease (ESRD) bundled payment system in the U.S., we expect declining year-over-year sales trends to continue through 2021 as numerous dialysis centers update their treatment protocols due to the reimbursement change
- We expect to see continuing disruption from COVID-19 in the second quarter and, to a lesser degree, in the second half of the year.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2021
+0.3%
Avg return
Earnings day
+0.0%
Avg return
5 days after
+0.1%
Avg return
30 days after
53%
39 / 73 earnings
Positive
+12.2%
Q1 2024
Best reaction
-8.7%
Q3 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.9% | -4.4% | -2.7% | |
| Q4 2025 | +3.0% | +11.0% | +9.1% | |
| Q3 2025 | +7.7% | +9.1% | +11.2% | |
| Q2 2025 | -5.1% | -5.0% | -5.5% | |
| Q1 2025 | -1.1% | -2.8% | +1.6% | |
| Q4 2024 | +6.5% | +2.0% | +12.4% | |
| Q3 2024 | +1.3% | +0.3% | -10.5% | |
| Q2 2024 | -3.9% | -0.8% | -0.3% | |
| Q1 2024 | +12.2% | +8.3% | +10.3% | |
| Q4 2023 | -8.1% | -9.6% | -15.3% | |
| Q3 2023 | -0.9% | +2.5% | +2.5% | |
| Q2 2023 | +5.6% | +13.2% | +11.4% | |
| Q1 2023 | +0.4% | -1.2% | -9.2% | |
| Q4 2022 | -2.1% | -2.6% | -6.7% | |
| Q3 2022 | +0.0% | +8.7% | +6.1% | |
| Q2 2022 | -0.4% | +0.5% | -1.9% | |
| Q1 2022 | -4.7% | -7.6% | +2.2% | |
| Q4 2021 | +8.5% | +2.7% | +4.2% | |
| Q3 2021 | +4.0% | +1.9% | -4.1% | |
| Q2 2021 | -4.8% | -4.0% | -5.8% | |
| Q1 2021 | -7.4% | -6.2% | -7.9% | |
| Q4 2020 | -1.4% | -1.7% | -7.7% | |
| Q3 2020 | -2.5% | -1.5% | +0.6% | |
| Q2 2020 | -1.9% | -3.5% | -0.3% | |
| Q1 2020 | -2.0% | +0.3% | -2.5% | |
| Q4 2019 | -4.9% | -2.4% | -12.1% | |
| Q3 2019 | +2.9% | +6.3% | +14.4% | |
| Q2 2019 | +6.0% | +6.3% | +17.5% | |
| Q1 2019 | -2.8% | -2.1% | -6.7% | |
| Q4 2018 | -3.7% | -2.5% | -1.0% | |
| Q3 2018 | +2.4% | -0.6% | +7.5% | |
| Q2 2018 | -0.3% | +1.8% | +1.9% | |
| Q1 2018 | +0.1% | +1.6% | +1.9% | |
| Q4 2017 | +0.5% | -5.1% | -0.5% | |
| Q3 2017 | -2.1% | -3.2% | -5.7% | |
| Q2 2017 | -2.9% | -3.6% | -6.1% | |
| Q1 2017 | -1.2% | -1.3% | -5.9% | |
| Q4 2016 | +4.9% | +4.5% | +12.9% | |
| Q3 2016 | -8.7% | -11.5% | -8.5% | |
| Q2 2016 | +2.2% | +3.9% | +2.6% | |
| Q1 2016 | -1.7% | — | — | |
| Q4 2015 | +1.5% | — | — | |
| Q3 2015 | -0.9% | — | — | |
| Q2 2015 | +3.0% | — | — | |
| Q1 2015 | +1.9% | — | — | |
| Q4 2014 | -3.2% | — | — | |
| Q3 2014 | +6.7% | — | — | |
| Q2 2014 | +6.0% | — | — | |
| Q1 2014 | -3.2% | — | — | |
| Q4 2013 | +0.5% | — | — | |
| Q3 2013 | +1.8% | — | — | |
| Q2 2013 | -1.0% | — | — | |
| Q1 2013 | -7.5% | — | — | |
| Q4 2012 | -0.8% | — | — | |
| Q3 2012 | +0.8% | — | — | |
| Q2 2012 | +7.6% | — | — | |
| Q1 2012 | +0.2% | — | — | |
| Q4 2011 | -0.8% | — | — | |
| Q3 2011 | +4.9% | — | — | |
| Q2 2011 | -3.0% | — | — | |
| Q1 2011 | -1.5% | — | — | |
| Q4 2007 | +0.7% | — | — | |
| Q4 2010 | +0.7% | — | — | |
| Q3 2008 | +0.7% | — | — | |
| Q3 2010 | -0.9% | — | — | |
| Q2 2010 | -0.4% | — | — | |
| Q1 2009 | +1.5% | — | — | |
| Q1 2010 | +1.2% | — | — | |
| Q4 2009 | +0.5% | — | — | |
| Q3 2009 | +1.6% | — | — | |
| Q4 2008 | +3.8% | — | — | |
| Q2 2009 | +3.8% | — | — | |
| Q2 2008 | +3.8% | — | — |
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