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Sep 30, 2020
Amgen Q3 2020 Earnings Report
Amgen's financial performance for Q3 2020 showcased strong revenue growth and earnings per share, driven by increased volume growth and strategic acquisitions.
Key Takeaways
Amgen reported a 12% increase in total revenues to $6.4 billion for the third quarter of 2020, driven by higher volume growth. GAAP EPS increased by 5% to $3.43, while non-GAAP EPS increased by 19% to $4.37. The company generated $3.2 billion in free cash flow.
Total revenues increased by 12% to $6.4 billion compared to Q3 2019, driven by volume growth.
GAAP EPS increased 5% to $3.43, and non-GAAP EPS increased 19% to $4.37.
Free cash flow remained consistent at $3.2 billion compared to the same period last year.
2020 total revenue guidance narrowed to $25.1-$25.5 billion, and EPS guidance was revised to $11.53-$11.93 on a GAAP basis and $15.80-$16.15 on a non-GAAP basis.
Amgen
Amgen
Amgen Revenue by Segment
Amgen Revenue by Geographic Location
Revenue by Segment
Repatha Revenue
CapyFin.comEVENITY Revenue
CapyFin.comProlia Revenue
CapyFin.comOtezla Revenue
CapyFin.comEnbrel Revenue
CapyFin.comKyprolis Revenue
CapyFin.comXGEVA Revenue
CapyFin.comVectibix Revenue
CapyFin.comNplate Revenue
CapyFin.comBLINCYTO Revenue
CapyFin.comAranesp Revenue
CapyFin.comParsabiv Revenue
CapyFin.comAMJEVITA / AMGEVITA Revenue
CapyFin.comMVASI Revenue
CapyFin.comNeulasta Revenue
CapyFin.comOther products Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
Amgen narrowed its total revenue guidance for 2020 to $25.1-$25.5 billion. The company revised its EPS guidance to $11.53-$11.93 on a GAAP basis and $15.80-$16.15 on a non-GAAP basis.
Positive Outlook
- Total revenues are expected to be in the range of $25.1 billion to $25.5 billion.
- GAAP EPS is projected to be in the range of $11.53 to $11.93.
- Non-GAAP EPS is expected to be in the range of $15.80 to $16.15.
- Capital expenditures are estimated to be approximately $600 million.
- Quarterly dividend is maintained at $1.60 per share.
Challenges Ahead
- Share repurchases are expected to be at the lower end of the previous guidance of $3 billion to $5 billion.
- The company anticipates continued quarter-to-quarter variability due to the pandemic.
- Expected decline in year-over-year growth rates for Prolia in Q4 compared to pre-COVID-19 trends.
- U.S. sales of Parsabiv were negatively impacted late in Q3, and this trend is expected to continue in Q4.
- Neulasta pricing and volume trends are expected to continue to decline.
Revenue & Expenses
Visualization of income flow from segment revenue to net income