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Sep 30, 2024
Amgen Q3 2024 Earnings Report
Amgen's financial performance for Q3 2024 reflected strong growth in sales and earnings, driven by volume growth and the acquisition of Horizon Therapeutics.
Key Takeaways
Amgen reported a strong third quarter in 2024, with total revenues increasing by 23% to $8.5 billion. Product sales grew by 24%, driven by a 29% increase in volume. GAAP EPS increased by 62% to $5.22, while non-GAAP EPS increased by 13% to $5.58. The company generated $3.3 billion in free cash flow.
Total revenues increased by 23% to $8.5 billion, with product sales growing by 24%.
GAAP EPS increased by 62% to $5.22, and non-GAAP EPS increased by 13% to $5.58.
Ten products delivered at least double-digit sales growth, including Repatha, TEZSPIRE, and BLINCYTO.
The company generated $3.3 billion of free cash flow.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the full year 2024, Amgen expects total revenues to be in the range of $33.0 billion to $33.8 billion and non-GAAP EPS in the range of $19.20 to $20.00.
Positive Outlook
- Total revenues in the range of $33.0 billion to $33.8 billion.
- On a non-GAAP basis, EPS in the range of $19.20 to $20.00.
- Tax rate in the range of 9.0% to 10.5% on a GAAP basis.
- Tax rate in the range of 14.0% to 15.0% on a non-GAAP basis.
- Capital expenditures to be approximately $1.3 billion.
Challenges Ahead
- Share repurchases not to exceed $500 million.
- GAAP EPS in the range of $8.71 to $9.56.
- Lower interest income.
- Continued sales erosion driven by competition for MVASI.
- Continued declining net selling price and relatively flat volumes for Enbrel.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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