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Jun 30, 2023
Amgen Q2 2023 Earnings Report
Amgen reported a strong quarter with increased revenues and non-GAAP earnings per share, driven by volume growth across all geographies and therapeutic categories.
Key Takeaways
Amgen's Q2 2023 results showed a strong performance with a 6% increase in total revenues to $7.0 billion, driven by an 11% increase in product sales volume. Non-GAAP EPS increased by 8% to $5.00, and the company generated $3.8 billion in free cash flow.
Total revenues increased by 6% to $7.0 billion, driven by an 11% increase in product sales volume.
GAAP EPS increased by 5% to $2.57, while non-GAAP EPS increased by 8% to $5.00.
Free cash flow for the quarter was $3.8 billion, driven by timing of tax payments, higher interest income and higher operating income.
Positive top-line results were reported for Tarlatamab in small cell lung cancer and LUMAKRAS® (Sotorasib) plus Vectibix® (Panitumumab) in metastatic colorectal cancer.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the full year 2023, excluding any contribution from the announced acquisition of Horizon, the Company now expects total revenues in the range of $26.6 billion to $27.4 billion and on a non-GAAP basis, EPS in the range of $17.80 to $18.80.
Positive Outlook
- Total revenues in the range of $26.6 billion to $27.4 billion.
- GAAP EPS in the range of $14.30 to $15.41.
- Tax rate in the range of 17.0% to 18.5% (GAAP).
- Non-GAAP EPS in the range of $17.80 to $18.80.
- Tax rate in the range of 17.5% to 18.5% (Non-GAAP).
Challenges Ahead
- Excludes any contribution from the announced acquisition of Horizon Therapeutics plc.
- Capital expenditures to be approximately $925 million.
- Share repurchases not to exceed $500 million.
- Guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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