The earnings call highlighted strong performance across key product segments, particularly in oncology and rare diseases, with substantial revenue growth and expansion plans. However, there were noted challenges with declining sales in certain legacy products like Enbrel and Otezla. Overall, the sentiment was positive with a focus on continued growth and innovation.

Company Guidance

During the Amgen Q3 2024 earnings call, the executives provided robust guidance and a positive outlook for the company. The third quarter saw revenues rise by 23% to $8.5 billion, with 10 products experiencing double-digit sales growth. Notably, the oncology portfolio grew by 17%, driven by strong performances from BLINCYTO and IMDELTRA. The rare disease portfolio also showed significant promise, with a 21% year-over-year increase, highlighted by TEPEZZA and UPLIZNA. TEZSPIRE continued its upward trajectory with a 67% increase in sales, and general medicine products like Repatha showed substantial volume growth. The company is advancing its pipeline with a focus on MariTide, with ongoing Phase II studies in obesity and type 2 diabetes, and plans for a broad Phase III program. Financially, Amgen projected 2024 revenues between $33.0 billion and $33.8 billion, with non-GAAP EPS guidance of $19.20 to $20.00, despite expected increases in operating expenses in Q4. The company emphasized its commitment to innovation and strategic investments to sustain long-term growth.

Strong Revenue Growth

Third quarter revenues increased by 23% to $8.5 billion, with 10 products delivering double-digit or better sales growth.

Oncology Portfolio Performance

Sales growth of 17% in the innovative oncology portfolio, with BLINCYTO experiencing a 49% increase in sales year-over-year.

Rare Disease Segment Expansion

Rare disease portfolio generated $1.2 billion in sales, growing 21% year-over-year, driven by TEPEZA, KRYSTEXXA, UPLIZNA, and TAVNEOS.

TEZSPIRE Growth

TEZSPIRE sales increased 67% year-over-year, driven by its differentiated profile and adoption by pulmonologists.

Repatha and EVENITY Sales Surge

Repatha sales increased 40% year-over-year to $567 million, and EVENITY sales grew by 30% year-over-year to almost $400 million.

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Amgen (AMGN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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AMGN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 04, 2025	2024 (Q4)	5.04 / -	4.71	―	―	―
Oct 30, 2024	2024 (Q3)	5.27 / 5.58	4.96	12.50% (+0.62)
Aug 06, 2024	2024 (Q2)	4.99 / 4.97	5	-0.60% (-0.03)
May 02, 2024	2024 (Q1)	3.88 / 3.96	3.98	-0.50% (-0.02)
Feb 06, 2024	2023 (Q4)	4.59 / 4.71	4.09	15.16% (+0.62)
Oct 31, 2023	2023 (Q3)	4.67 / 4.96	4.7	5.53% (+0.26)
Aug 03, 2023	2023 (Q2)	4.49 / 5.00	4.65	7.53% (+0.35)
Apr 27, 2023	2023 (Q1)	3.85 / 3.98	4.25	-6.35% (-0.27)
Jan 31, 2023	2022 (Q4)	4.10 / 4.09	4.36	-6.19% (-0.27)
Nov 03, 2022	2022 (Q3)	4.47 / 4.70	4.67	0.64% (+0.03)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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AMGN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 30, 2024	$313.04	$317.62	+1.46%
Aug 06, 2024	$324.08	$307.88	-5.00%
May 02, 2024	$272.34	$304.52	+11.82%
Feb 06, 2024	$306.80	$287.19	-6.39%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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