Amgen Inc ( (AMGN) ) has realeased its Q3 earnings. Here is a breakdown of the information Amgen Inc presented to its investors.
Amgen Inc., a leading biotechnology company, specializes in developing and delivering innovative therapies for cancer, heart disease, osteoporosis, inflammatory diseases, and rare diseases, leveraging advanced technology and genetic data.
In the third quarter of 2024, Amgen reported a significant increase in both sales and earnings, reflecting the company’s strong business momentum. The company also emphasized its ongoing commitment to investing in its swiftly progressing pipeline to deliver groundbreaking therapies across its core therapeutic areas.
Key financial highlights include a 23% increase in total revenues to $8.5 billion, driven by a 24% growth in product sales. The GAAP earnings per share (EPS) surged by 62%, while non-GAAP EPS rose by 13%. The growth was supported by increased sales of several key products, including Repatha and Tezspire. The company also reported $3.3 billion in free cash flow, showcasing strong business performance.
Amgen also announced a 6% year-over-year increase in dividends at $2.25 per share and a reduction of $2.5 billion in principal debt during the quarter. The company’s financial performance was buttressed by its strategic acquisition of Horizon Therapeutics, contributing significantly to revenue and product portfolio expansion.
Looking ahead, Amgen maintains a positive outlook, expecting total revenues between $33.0 billion and $33.8 billion for the full year 2024. The company’s management remains focused on advancing its extensive pipeline and maximizing the potential of its recent acquisitions to sustain growth and innovation in the biotechnology sector.
