Amgen, Inc. (NASDAQ:AMGN) stock fell 5.51% (As on Apr 28, 11:47:40 AM UTC-4, Source: Google Finance) after the company beaten the earnings estimates for the first quarter of FY 22. Non-GAAP operating income increased 10% to $3.1 billion, and non-GAAP operating margin increased 3.6 percentage points to 54.8%. The Company generated $2.0 billion of free cash flow for the first quarter versus $1.9 billion in the first quarter of 2021. In total, the Company repurchased 24.6 million shares of common stock at a total cost of $6.3 billion during the first quarter of 2022, including shares received under the ASR agreements. Cash and investments totaled $6.5 billion and debt outstanding totaled $36.9 billion as of March 31, 2022.

AMGN in the first quarter of FY 22 has reported the adjusted earnings per share of $4.25, beating the analysts’ estimates for the adjusted earnings per share of $4.10, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 5.8 percent to $6.24 billion in the first quarter of FY 22. This is driven from 2% growth in global product sales and increased Other Revenue from our COVID-19 manufacturing collaboration. Volumes grew double-digits for a number of products including Repatha (evolocumab), Prolia  (denosumab) and EVENITY (romosozumab-aqqg).

Moreover, total product sales increased 2% for the first quarter of 2022 versus the first quarter of 2021. Unit volumes grew 9%, offset by 7% lower net selling price and 2% negative impact from foreign exchange, and sales in the first quarter benefited 2% ($110 million) from year-over-year favorable changes to estimated sales deductions. Consistent with prior years, Enbrel (etanercept) and Otezla (apremilast) followed the pattern of lower Q1 sales relative to the remainder of the year due to the impact of benefit plan changes, insurance reverifications and increased co-pay expenses as U.S. patients work through deductibles.

For the full year 2022, the Company now expects total revenues to be in the range of $25.4 billion to $26.5 billion. On a non-GAAP basis, EPS in the range of $17.00 to $18.00 and a tax rate in the range of 13.5% to 14.5%. Capital expenditures is expected to be approximately $950 million. Share repurchases is expected to be in the range of $6.0 billion to $7.0 billion.

Meanwhile, in April, the Company announced results from two Repatha open label extension (OLE) studies (FOURIER-OLE) designed to assess the long-term safety and tolerability of Repatha in more than 6,600 high-risk adults with clinically evident atherosclerotic cardiovascular disease.