Summary
Amgen Inc. reported total revenues of $6.9 billion for the third quarter of 2023, a 4% increase compared to the same period last year, driven by a 5% rise in product sales to $6.5 billion. For the nine-month period, total revenues grew by 3% to $19.99 billion. Net income for the third quarter was $1.73 billion, a decrease of 19% year-over-year, resulting in diluted EPS of $3.22. However, for the nine-month period, net income surged by 21% to $5.95 billion, with diluted EPS of $11.06, demonstrating strong performance over the year-to-date. A significant event during the quarter was the completion of the acquisition of Horizon Therapeutics plc on October 6, 2023, for approximately $27.8 billion. This strategic move is expected to bolster Amgen's inflammation portfolio with key treatments for rare inflammatory diseases. The company also made progress in its pipeline, announcing positive Phase 2 data for tarlatamab in small cell lung cancer and positive Phase 3 data for LUMAKRAS/LUMYKRAS in colorectal cancer.
Financial Highlights
54 data points| Revenue | $6.90B |
| Cost of Revenue | $1.81B |
| Gross Profit | $5.10B |
| SG&A Expenses | $1.35B |
| Operating Expenses | $4.88B |
| Operating Income | $2.02B |
| Interest Expense | $759.00M |
| Net Income | $1.73B |
| EPS (Basic) | $3.23 |
| EPS (Diluted) | $3.22 |
| Shares Outstanding (Basic) | 535.00M |
| Shares Outstanding (Diluted) | 538.00M |
Key Highlights
- 1Total revenues for Q3 2023 increased by 4% to $6.9 billion, with product sales up 5% to $6.5 billion.
- 2Net income for Q3 2023 decreased by 19% to $1.73 billion, leading to diluted EPS of $3.22.
- 3For the first nine months of 2023, net income increased by 21% to $5.95 billion, with diluted EPS of $11.06.
- 4Amgen completed the acquisition of Horizon Therapeutics plc for approximately $27.8 billion on October 6, 2023, to strengthen its inflammation portfolio.
- 5Product sales for Prolia, Repatha, Nplate, and EVENITY showed significant year-over-year growth for both the three and nine-month periods.
- 6ENBREL and Otezla sales experienced declines in the reported periods.
- 7Interest expense significantly increased due to higher overall debt and interest rates, largely associated with financing activities for the Horizon acquisition.