Amgen Q1 2024 Earnings Report
Key Takeaways
Amgen reported a 22% increase in total revenues to $7.4 billion for the first quarter of 2024, driven by a 25% increase in volume and the acquisition of Horizon Therapeutics. GAAP loss per share was $0.21, while non-GAAP EPS decreased 1% to $3.96. The company generated $0.5 billion in free cash flow.
Total revenues increased by 22% to $7.4 billion, with product sales growing by 22% due to a 25% increase in volume.
U.S. volume grew by 29%, and ex-U.S. volume grew by 17%.
Horizon Therapeutics acquisition contributed $914 million in sales, with key products like TEPEZZA, KRYSTEXXA and UPLIZNA.
GAAP loss per share was $0.21, while non-GAAP EPS decreased 1% to $3.96, impacted by higher operating and interest expenses.
Amgen
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Amgen Revenue by Segment
Amgen Revenue by Geographic Location
Forward Guidance
For the full year 2024, Amgen expects total revenues in the range of $32.5 billion to $33.8 billion and non-GAAP EPS in the range of $19.00 to $20.20.
Positive Outlook
- Total revenues are expected to be in the range of $32.5 billion to $33.8 billion.
- Capital expenditures are anticipated to be approximately $1.1 billion.
- On a GAAP basis, EPS is projected to be in the range of $7.15 to $8.40.
- On a GAAP basis, the tax rate is expected to be in the range of 9.5% to 11.0%.
- On a non-GAAP basis, the tax rate is expected to be in the range of 15.0% to 16.0%.
Challenges Ahead
- Share repurchases are not expected to exceed $500 million.
- GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, asset impairments, litigation
- GAAP diluted EPS guidance does not include changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments.
- Global economic conditions may magnify certain risks that affect our business.
- Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock.
Revenue & Expenses
Visualization of income flow from segment revenue to net income