Amgen reports 3rd-qtr sales in line with expectations, EPS beats

US biotech giant Amgen (Nasdaq: AMGN) saw its shares fall by 4.4% to $251.44 on Tuesday, after it announced financial results for the third quarter of 2023.

Total revenues increased 4% to $6.9 billion in comparison to the third quarter of 2022, resulting from a 5% increase in product sales. Product sales growth was driven by 11% volume growth, partially offset by 3% lower net selling price and 3% unfavorable changes to estimated sales deductions.

Non-generally accepted accounting practices (GAAP) earnings per share (EPS) increased 6% from $4.70 to $4.96, driven by increased revenues, partially offset by higher operating expenses. Non-GAAP operating income increased from $3.3 billion to $3.4 billion, and non-GAAP operating margin decreased 0.5 percentage points to 52.0%.