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Highlights
- Amgen Inc. (NASDAQ:AMGN) revenue grew 2% to US$26.0 billion in fiscal 2021.
- Its non-GAAP EPS was US$17.10, up 6% YoY, driven by higher revenue and lower expenses.
- The stock fell 5.9% in one year.
Pharma major Amgen Inc. (NASDAQ:AMGN) reported fourth-quarter revenue of US$6.8 billion in the extended hours trading on Monday.
Its product sales fell by 1% in the quarter, while full-year sales stayed flat YoY.
The quarterly revenue grew by 3%, driven by gains from its collaboration with Eli Lilly & Company for Covid-19 vaccines. The GAAP operating income rose by 16% YoY to US$2.3 billion.
Likewise, GAAP earnings per share increased by 22% to US$3.36 in the quarter, primarily due to higher revenue and lower weighted average shares outstanding.
The Non-GAAP EPS came in at US$4.36, representing an increase of 26% YoY.
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Full-year Result
Its full-year revenue increased by 2% to US$26.0 billion. The GAAP operating income declined 16% to US$7.6 billion, while the operating income fell after acquiring Five Prime Therapeutics.
The full-year GAAP EPS decreased by 16% to US$10.28 due to writing off US$1.5 billion in research & development while acquiring Five Prime, partially offset by the increased revenue.
Non-GAAP EPS came in at US$17.10, up 6% YoY, driven by higher revenue and lower expenses.
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Amgen’s free cash flow was US$8.4 billion in FY2021 compared to US$9.9 billion in FY2020.
It repurchased 21.7 million shares of its common stock worth US$5 billion in FY2021.
Also, its cash and investments decreased from US$10.6 billion as of December 31, 2020, to US$8.0 billion as of December 31, 2021.
Amgen’s outstanding debt stood at US$33.3 billion as of December 31, 2021.
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About company
Amgen is a biotechnology company engaged in manufacturing innovative human therapeutics. It uses advanced human genetics to study diseases and human biology.
California-based company has a market capitalization of US$125.9 billion, a P/E ratio of 23.02, and a dividend yield of 3.08%.
The stock closed at US$223.53 on Monday, up 0.64% from its previous close.
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Bottomline
Analysts said the company's long-term growth potential remains strong. In the earnings release, Chairman and CEO Robert A. Bradway noted: "We realized strong volume growth for many of our key products during last year." He said the existing and other products in the pipeline position the company for long-term growth.
