Summary
Amgen Inc. reported robust total revenue growth of 19% for the fiscal year 2024, reaching $33.42 billion. This growth was primarily driven by a 23% increase in product sales volume, boosted significantly by the acquisition of Horizon Therapeutics, which contributed $4.2 billion to sales. Key products like Repatha and TEZSPIRE showed strong performance, with sales increasing by 36% and 71% respectively. However, established products like ENBREL experienced a 10% decline in sales, reflecting ongoing competitive pressures and net selling price decreases. Amgen continued its strategic investment in R&D, with expenses increasing by 25% to $5.96 billion, indicating a strong commitment to pipeline development. The company also focused on debt reduction and returning capital to shareholders, with a 6% increase in its quarterly dividend.
Financial Highlights
55 data points| Revenue | $33.42B |
| Cost of Revenue | $12.86B |
| Gross Profit | $20.57B |
| SG&A Expenses | $7.10B |
| Operating Expenses | $26.17B |
| Operating Income | $7.26B |
| Interest Expense | $3.15B |
| Net Income | $4.09B |
| EPS (Basic) | $7.62 |
| EPS (Diluted) | $7.56 |
| Shares Outstanding (Basic) | 537.00M |
| Shares Outstanding (Diluted) | 541.00M |
Key Highlights
- 1Amgen reported a 19% increase in total revenues to $33.42 billion for FY2024, driven by a 23% rise in product sales volume.
- 2The acquisition of Horizon Therapeutics contributed $4.2 billion to sales in 2024.
- 3Strong sales growth was observed in Repatha (36% increase) and TEZSPIRE (71% increase).
- 4ENBREL sales declined by 10% due to lower net selling prices.
- 5R&D expenses increased by 25% to $5.96 billion, signaling continued investment in pipeline development.
- 6Amgen increased its quarterly dividend by 6% and continues to focus on debt reduction and capital allocation.
- 7The company is facing patent expirations for Prolia and XGEVA in early 2025, anticipating biosimilar competition and sales erosion.