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Dec 31, 2023
Amgen Q4 2023 Earnings Report
Amgen's financial performance for Q4 2023 showed revenue growth driven by volume, with GAAP EPS impacted by acquisition-related expenses.
Key Takeaways
Amgen reported a 20% increase in total revenues for the fourth quarter of 2023, reaching $8.2 billion. This growth was primarily driven by a 23% increase in volume, although partially offset by a 3% decrease in net selling price. GAAP EPS decreased by 53% to $1.42, influenced by acquisition-related expenses and Horizon's operating expenses. Non-GAAP EPS increased by 15% to $4.71. The company's performance included $954 million in sales from the Horizon Therapeutics acquisition.
Total revenues increased by 20% to $8.2 billion, driven by a 23% volume growth.
GAAP EPS decreased by 53% to $1.42 due to acquisition-related expenses and incremental operating expenses from Horizon.
Non-GAAP EPS increased by 15% to $4.71, driven by increased revenues.
The company generated $7.4 billion of free cash flow for the full year.
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
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CapyFin.comVectibix Revenue
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CapyFin.comNeulasta Revenue
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CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
For the full year 2024, Amgen expects total revenues in the range of $32.4 billion to $33.8 billion and non-GAAP EPS in the range of $18.90 to $20.30.
Positive Outlook
- Total revenues are expected to be in the range of $32.4 billion to $33.8 billion.
- Capital expenditures are anticipated to be approximately $1.1 billion.
- On a non-GAAP basis, EPS is expected to be in the range of $18.90 to $20.30.
- Share repurchases are planned not to exceed $500 million.
- GAAP tax rate in the range of 11.5% to 13.0%.
Challenges Ahead
- GAAP EPS is projected to be in the range of $8.42 to $9.87.
- Non-GAAP tax rate is expected to be in the range of 16.0% to 17.0%.
- Share repurchases are capped at $500 million.
- Unspecified risks associated with forward-looking statements.
- Dependence on successful marketing and regulatory developments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income