Amgen, Inc. (NASDAQ:AMGN) stock fell 0.20% (As on November 4, 1:48:15 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 22. Volumes grew double-digits for a number of products including LUMAKRAS/LUMYKRAS (sotorasib), Repatha (evolocumab), EVENITY (romosozumab-aqqg), Parsabiv (etelcalcetide), and Vectibix (panitumumab).

AMGN in the third quarter of FY 22 has reported the adjusted earnings per share of $4.70, beating the analysts’ estimates for the adjusted earnings per share of $4.43. The company had reported 1 percent fall in the adjusted revenue to $6.65 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $6.57 billion. This is driven by  a 1% decline in global product sales, which reflected 8% volume growth offset primarily by 5% lower net selling price and 2% negative impact from foreign exchange.

Additionally, the Company generated $2.8 billion of free cash flow in the third quarter of 2022 versus $2.2 billion in the third quarter of 2021 primarily driven by favorable changes in working capital. The Company’s third quarter 2022 dividend of $1.94 per share was declared on August 3, 2022, and was paid on September 8, 2022, to all stockholders of record as of August 18, 2022, representing a 10% increase from 2021. During the third quarter, 1.5 million shares of common stock were retired in connection with the final settlement of accelerated share repurchase agreements that the Company entered into in February 2022. Cash and investments totaled $11.5 billion and debt outstanding totaled $38.7 billion as of September 30, 2022.

Amgen expects full-year earnings in the range of $17.25 to $17.85 per share, with revenue in the range of $26 billion to $26.3 billion. For fiscal year, the company expects Capital expenditures to be approximately $950 million, unchanged from previous guidance. Share repurchases is expected to be in the range of $6.0 billion to $7.0 billion, unchanged from previous guidance.

Meanwhile, an abstract based on data from the Repatha FOURIER and FOURIER-open label extension studies highlighting the association between the significant and sustained achievement of low and very low, low-density lipoprotein cholesterol (LDL-C) levels and lower rates of major cardiovascular events has been accepted as a late-breaking abstract at the American Heart Association Scientific Sessions (AHA) in November. A Phase 1 study of AMG 133, a multispecific that inhibits the gastric inhibitory polypeptide receptor (GIPR) and activates the glucagon-like peptide 1 (GLP-1) receptor, has completed enrollment.