Amgen (NASDAQ:AMGN) reported earnings for its latest quarter on Tuesday, topping consensus profit expectations and raising guidance.
The company reported Q3 EPS of $4.96, $0.28 better than the analysts' estimate of $4.68, while revenue for the quarter came in at $6.9 billion, up 4% YoY but slightly below the consensus estimate of $6.92 billion.
The company said the revenue increase was due to a 5% rise in product sales, with product sales growth driven by 11% volume growth, partially offset by a 3% lower net selling price and 3% unfavorable changes to estimated sales deductions.
"We are excited about our pipeline progress and our operating performance in the third quarter," said Robert Bradway, chairman and chief executive officer of Amgen. "With the completion of the Horizon acquisition, Amgen has added rare disease medicines that fit well with our broad, innovative portfolio."
Looking ahead, Amgen sees FY2023 earnings from $18.20 to $18.80 per share, versus the consensus of $17.31, with FY2023 revenue between $28 billion and $28.4 billion, versus the consensus of $25.99 billion. The previous FY2023 revenue estimate range topped out at $27.4 billion.