NASDAQ$AMGN
Amgen Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Amgen's financial performance in Q1 2023 was marked by a revenue decrease, offset by volume growth and EPS increase.
Amgen reported a 2% decrease in total revenues to $6.1 billion for Q1 2023, driven by lower Other Revenue, but this was partially offset by a 2% increase in product sales due to a 14% volume growth. GAAP EPS increased by 97% to $5.28, while non-GAAP EPS decreased by 6% to $3.98. The company generated $0.7 billion in free cash flow, and is moving forward with the Horizon Therapeutics acquisition.
- Total revenues decreased by 2% to $6.1 billion, while product sales increased by 2% driven by 14% volume growth.
- GAAP EPS increased by 97% to $5.28, influenced by other income from investment gains and lower outstanding shares.
- Non-GAAP EPS decreased by 6% to $3.98 due to decreased revenues and increased operating expenses.
- Free cash flow was $0.7 billion, impacted by the timing of payments, lower operating income, and higher capital expenditures.
Headline financials
Revenue & EPS history
Amgen · Revenue · Quarterly
$6.11B
Revenue by segment
Amgen · $5.51B total across 18 segments · Q1 2023
- Prolia$927M+8.8%16.8%
- Enbrel$579M-32.8%10.5%
- XGEVA$536M+6.8%9.7%
- Otezla$392M-13.1%7.1%
- Repatha$388M+17.9%7.0%
- Nplate$362M+36.1%6.6%
- KYPROLIS$358M+24.7%6.5%
- Aranesp$355M-0.8%6.4%
- EVENITY$254M+49.4%4.6%
- Neulasta$249M-28.4%4.5%
- Vectibix$233M+15.9%4.2%
- MVASI$202M-17.2%3.7%
- BLINCYTO$194M+40.6%3.5%
- Other products$193M+127.1%3.5%
- TEZSPIRE$96M+1271.4%1.7%
- Parsabiv$91M+5.8%1.7%
- LUMAKRAS/LUMYKRAS$74M+19.4%1.3%
- TAVNEOS$23M—0.4%
Forward guidance
Amgen provided full year 2023 guidance, excluding any contribution from the announced acquisition of Horizon Therapeutics plc. Total revenues are expected to be in the range of $26.2 billion to $27.3 billion. GAAP EPS is projected to be between $15.38 and $16.59, with a tax rate of 17.0% to 18.5%. Non-GAAP EPS is expected to range from $17.60 to $18.70, with a tax rate of 18.0% to 19.0%. Capital expenditures are estimated to be approximately $925 million, and share repurchases are not expected to exceed $500 million.
Tailwinds
- Total revenues are expected in the range of $26.2 billion to $27.3 billion.
- GAAP EPS is expected to be between $15.38 and $16.59.
- Non-GAAP EPS is expected to range from $17.60 to $18.70.
- Capital expenditures are projected to be approximately $925 million.
- Share repurchases will not exceed $500 million.
Headwinds
- Guidance excludes any contribution from the announced acquisition of Horizon Therapeutics plc.
- GAAP tax rate is expected to be in the range of 17.0% to 18.5%.
- Non-GAAP tax rate is expected to be in the range of 18.0% to 19.0%.
- Share repurchases are capped at $500 million.
- Unspecified risks and uncertainties could affect actual results.
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 2023
+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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