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Dec 31, 2024
Amgen Q4 2024 Earnings Report
Amgen's Q4 2024 financial results were announced, showcasing revenue growth and advancements in the pipeline.
Key Takeaways
Amgen reported an 11% increase in total revenues for the fourth quarter, reaching $9.1 billion. Non-GAAP EPS increased by 13% to $5.31, driven by higher revenues, partially offset by increased operating expenses. The company's performance was bolstered by strong sales growth in several key products and strategic investments in its pipeline.
Total revenues increased by 11% to $9.1 billion, with product sales growing by 11%, driven by 14% volume growth.
GAAP EPS decreased by 18% to $1.16, primarily due to mark-to-market losses on equity investments, while non-GAAP EPS increased by 13% to $5.31.
Ten products, including Repatha, BLINCYTO, TEZSPIRE, and EVENITY, achieved double-digit sales growth during the quarter.
Free cash flow for the full year reached $10.4 billion, driven by business performance and the timing of working capital items.
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.comParsabiv Revenue
CapyFin.comMVASI Revenue
CapyFin.comNeulasta Revenue
CapyFin.comUPLIZNA Revenue
CapyFin.comTEZSPIRE Revenue
CapyFin.comOther products Revenue
CapyFin.com Forward Guidance
For the full year 2025, Amgen anticipates total revenues between $34.3 billion and $35.7 billion. GAAP EPS is projected to be in the range of $10.89 to $12.14, with a tax rate of 11.0% to 12.5%. Non-GAAP EPS is expected to be between $20.00 and $21.20, with a tax rate of 15.0% to 16.0%. Capital expenditures are estimated at approximately $2.3 billion, and share repurchases are not expected to exceed $500 million.
Positive Outlook
- Total revenues are expected to be in the range of $34.3 billion to $35.7 billion.
- GAAP EPS is projected to be between $10.89 and $12.14.
- Non-GAAP EPS is expected to be in the range of $20.00 to $21.20.
- Share repurchases are planned, not exceeding $500 million.
- Ongoing clinical trials and regulatory submissions for key products are expected to advance.
Challenges Ahead
- Capital expenditures are projected to be approximately $2.3 billion.
- Sales erosion is expected for Prolia and XGEVA due to biosimilar competition.
- Continued declining net selling price is expected for Enbrel.
- Lower sales in the first quarter are anticipated for Otezla and Enbrel due to benefit plan changes and increased co-pay expenses.
- The Phase 3 SUNRISE study for TEZSPIRE will be discontinued due to limited enrollment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income