#United States #Amgen #Thousand Oaks #Repatha #TEZSPIRE

Overview

Amgen Inc. (NASDAQ: AMGN) has announced impressive financial results for the fourth quarter and full year of 2024, highlighting substantial growth over the prior year. With total revenues soaring to $33.4 billion, the company reported a 19% increase owing to surging product sales, primarily driven by volume growth across several key therapeutic areas.

Quarterly Performance

For the fourth quarter alone, Amgen achieved revenues of $9.1 billion, marking an 11% rise compared to the same period in 2023. The increase was mainly propelled by a 14% growth in product volume, reflecting the strong demand for key medicines such as Repatha®, EVENITY®, and TEZSPIRE®. Notably, ten products exhibited double-digit sales growth, underscoring Amgen’s success in delivering innovations across its portfolio.

• - Repatha® (evolocumab) demonstrated significant traction with sales increasing 45% year-over-year, reaching $606 million in Q4 alone. The total annual sales rose by 36%, bolstered by a 43% rise in volume despite a 10% drop in net selling price.
• - TEZSPIRE® (tezepelumab-ekko) saw an impressive 67% year-over-year growth in Q4, totaling $296 million, with a full-year increase of 71%.

Full Year Highlights

Throughout 2024, Amgen's full-year financial performance remained robust, with earnings exhibiting resilience despite headwinds like rising operating expenses and market fluctuations. GAAP earnings per share (EPS) fell to $7.56 for 2024, a decrease of 39% compared to the previous year, primarily attributed to escalating operating expenses related to the Horizon Therapeutics acquisition and market dynamics.

However, the non-GAAP EPS increased by 6%, indicating a steady improvement in operational performance, despite challenges.

Cash Flow and Investment

Amgen reported a record $10.4 billion in free cash flow for the full year, significantly up from $7.4 billion in 2023. This increase reflects efficient operational management and timing of working capital items, particularly collections. The company also declared a quarterly dividend of $2.25 per share, showcasing its commitment to returning value to shareholders.

Pipelines and Future Guidance

Looking ahead, Amgen's pipeline remains strong with investments aimed at enhancing its therapeutic offerings across various domains, emphasizing rare diseases, oncology, and inflammation. The company anticipates total revenues between $34.3 billion to $35.7 billion for 2025, alongside a robust project pipeline schedule.

With a clear strategy and a robust financial foundation, Amgen is poised for continued success in innovating treatments that cater to patient needs globally. Investors and market analysts alike are watching closely as Amgen positions itself to deliver on both financial performance and impactful pioneering therapies in the upcoming year.

Conclusion

In summary, Amgen's 2024 financial results not only reflect a solid growth trajectory but also highlight the company’s resilience and adaptability in the face of market challenges. With a strong therapeutic pipeline and promising future guidance, Amgen is set to maintain its leaders' position in the biotech industry.