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Sep 30, 2023
Amgen Q3 2023 Earnings Report
Amgen's Q3 2023 financial results were released, showcasing a 4% increase in total revenues and pipeline advancements.
Key Takeaways
Amgen reported a 4% increase in total revenues to $6.9 billion, driven by an 5% increase in product sales. Volume growth of 11% included double-digit volume growth from BLINCYTO, EVENITY, Repatha and Nplate. GAAP EPS decreased 19% to $3.22, while non-GAAP EPS increased 6% to $4.96. The company generated $2.5 billion in free cash flow.
Total revenues increased by 4% to $6.9 billion, driven by a 5% increase in product sales.
GAAP EPS decreased 19% to $3.22, influenced by a net impairment charge of approximately $650 million.
Non-GAAP EPS increased 6% to $4.96, supported by increased revenues, partially offset by higher operating expenses.
Free cash flow for the quarter was $2.5 billion, compared to $2.8 billion in the same period of the previous year.
Amgen
Amgen
Amgen Revenue by Segment
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.comMVASI Revenue
CapyFin.comNeulasta Revenue
CapyFin.comTEZSPIRE Revenue
CapyFin.comOther products Revenue
CapyFin.com Forward Guidance
Amgen anticipates total revenues between $28.0 billion and $28.4 billion for the full year 2023. GAAP EPS is projected to be in the range of $11.23 to $12.73, with a tax rate between 14.0% and 15.5%. Non-GAAP EPS is expected to range from $18.20 to $18.80, with a tax rate between 16.5% and 17.0%. Capital expenditures are estimated to be approximately $950 million, and share repurchases are not expected to exceed $500 million.
Positive Outlook
- Total revenues are projected to be in the range of $28.0 billion to $28.4 billion.
- Non-GAAP EPS is expected to range from $18.20 to $18.80.
- Capital expenditures are estimated to be approximately $950 million.
- Share repurchases are not expected to exceed $500 million.
- Company is making progress on pipeline programs
Challenges Ahead
- GAAP EPS is projected to be in the range of $11.23 to $12.73.
- Tax rate is expected to range between 14.0% and 15.5% on a GAAP basis.
- Tax rate is expected to range between 16.5% and 17.0% on a non-GAAP basis.
- Initial accounting for the Horizon acquisition is incomplete, pending identification and measurement of assets acquired and liabilities assumed.
- Preliminary projected range of adjustments related to Horizon acquisition is subject to change.
Revenue & Expenses
Visualization of income flow from segment revenue to net income