Summary
Amgen Inc. reported solid revenue growth for the third quarter of 2020, with total revenues increasing by 12% year-over-year to $6.42 billion, driven by strong performance across several key products including Otezla, Prolia, and Repatha. Net income saw a modest increase to $2.02 billion, resulting in diluted earnings per share of $3.43. The company's balance sheet remains robust, with total assets growing to $64.6 billion and substantial cash, cash equivalents, and marketable securities totaling $12.4 billion. Amgen also continued its capital return program, repurchasing $2.3 billion in stock and paying dividends, while managing a significant debt load of approximately $34.2 billion.
Financial Highlights
54 data pointsBeta
Financial Statements
Beta
| Revenue | $6.42B |
| Cost of Revenue | $1.56B |
| Gross Profit | $4.54B |
| SG&A Expenses | $1.35B |
| Operating Expenses | $3.97B |
| Operating Income | $2.45B |
| Interest Expense | $302.00M |
| Net Income | $2.02B |
| EPS (Basic) | $3.45 |
| EPS (Diluted) | $3.43 |
| Shares Outstanding (Basic) | 585.00M |
| Shares Outstanding (Diluted) | 589.00M |
Key Highlights
- 1Total revenues increased 12% year-over-year to $6.42 billion for Q3 2020.
- 2Net income rose 3% to $2.02 billion, with diluted EPS at $3.43.
- 3Product sales grew 12% year-over-year, driven by new brands like Otezla, MVASI, KANJINTI, and Repatha.
- 4The company maintained a strong liquidity position with $12.4 billion in cash, cash equivalents, and marketable securities.
- 5Amgen repurchased $2.3 billion of its common stock and paid $2.8 billion in dividends during the first nine months of 2020.
- 6Operating expenses increased 22% primarily due to acquisition and commercialization costs for Otezla.
- 7The company is actively engaged in patent litigations related to its key products, including Enbrel and Neulasta, facing biosimilar competition.