Amgen, Inc. (NASDAQ:AMGN) stock fell 3.67% (As on February 19, 11:48:51 AM UTC-4, Source: Google Finance) though the company posted better than expected results for the fourth quarter of FY 22. The Company generated $8.8 billion of free cash flow for the full year versus $8.4 billion in 2021.

AMGN in the fourth quarter of FY 22 has reported the adjusted earnings per share of $4.09, beating the analysts’ estimates for the adjusted earnings per share of $4.04, according to Zacks Investment Research. The company had reported the adjusted revenue of $6.84 billion in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $6.74 billion. Q4 revenues benefited from a 4% increase in product sales, offset by lower Other Revenue from the COVID-19 manufacturing collaboration. Product sales growth was driven by 10% volume growth, partially offset by 3% lower net selling price and 2% negative impact from foreign exchange.  Volume growth of 10% included double-digit volume growth for a number of products including LUMAKRAS/LUMYKRAS (sotorasib), Nplate (romiplostim), EVENITY (romosozumab-aqqg), Repatha (evolocumab), Parsabiv (etelcalcetide), AMGEVITA (adalimumab), KYPROLIS (carfilzomib), and Prolia (denosumab).

Meanwhile, Otezla sales decreased 2% year-over-year for the quarter and increased 2% for the full year. The company saw 7% volume growth in both periods. This was offset by lower net selling price, stemming from enhancements to the co-pay and patient assistance programs to support new patients starting treatment as well as additional rebates to improve the quality of coverage. During the fourth quarter, the U.S. Otezla business was impacted by new patient demand from free drug programs by newly launched topical and systemic competition. The company expects that impact to continue in Q1 of 2023. The company also expects to see the typical pattern of lower sales in the first quarter relative to subsequent quarters due primarily to the effect of insurance reverifications, co-pays and deductibles for patients. The combined effect could lead to first quarter Otezla sales being similar to or below those from Q1 of 2022

Moreover, ENBREL sales decreased 1% year-over-year for the fourth quarter, driven by declines in volume and net selling price, partially offset by higher year-end inventory levels. TEZSPIRE continues its strong launch with $79 million in sales in the fourth quarter. Sales of TAVNEOS were $21 million in the fourth quarter.

Amgen expects full-year earnings to be in the range of $17.40 to $18.60 per share, with revenue expected to be in the range of $26 billion to $27.2 billion.