Amgen Inc. (AMGN) Q3 2022 Earnings Call Transcript

Amgen Inc. (NASDAQ:AMGN) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET

Company Participants

Arvind Sood - VP, IR

Bob Bradway - Chairman and CEO

Peter Griffith - CFO

Murdo Gordon - EVP, Global Commercial Operations

David Reese - EVP, Research and Development

Conference Call Participants

Salveen Richter - Goldman Sachs

Matthew Harrison - Morgan Stanley

Umer Raffat - Evercore

Michael Yee - Jefferies

Jay Olson - Oppenheimer

Evan Seigerman - BMO Capital

Mohit Bansal - Wells Fargo

Yaron Werber - Cowen

David Risinger - SVB Securities

Robyn Karnauskas - Truist

Colin Bristow - UBS

Carter Gould - Barclays

Tim Anderson - Wolfe Research

Operator

My name is Jason, and I will be your conference facilitator today for Amgen's Third Quarter 2022 Financial Results Conference Call. [Operator Instructions]

I would now like to introduce Arvind Sood, Vice President of Investor Relations. Mr. Sood, you may now begin.

Arvind Sood

Okay. Thank you, Jason. Good afternoon, everybody, and welcome to our Q3 call. So we continued with our execution during the quarter with a focus on driving volume growth for our key products and advancing our innovative pipeline.

Leading the discussion today will be our Chairman and CEO, Bob Bradway. We have posted some slides for your reference and my customary reminder that we'll be making some forward-looking statements and use non-GAAP financial measures to describe our performance.

So with that, I would like to turn the call over to Bob.

Bob Bradway

Okay. Thank you, all of you, for joining our call. In the face of both macroeconomic and industry-specific challenges, Amgen remains laser-focused on delivering for patients and shareholders. Benefit of that focus was evident in the third quarter with volumes up a healthy 8% and 16% outside the United States. These results reflect the strong underlying demand for our medicines and the value they bring to patients even in challenging economic times like those prevailing at the moment.

Revenues for the quarter were down 1%, reflecting a 5% net price decline consistent with what we communicated earlier in the year and a 2% impact from foreign exchange. All told, 11 of our products generated record sales in the quarter, and non-GAAP earnings per share increased 15% with free cash flows reaching $2.8 billion for the quarter. Looking forward, we remain focused on several growth drivers.

With the recent closing of the ChemoCentryx acquisition, we're excited to have TAVNEOS in our portfolio. TAVNEOS is the first new treatment for ANCA-associated vasculitis in more than 10 years, and we're confident that we can leverage our decades of experience in inflammation and nephrology to bring this innovative medicine to many more patients moving forward.