Amgen Announces Financial Performance for Q1 2024

Summary of Financial Highlights:

In the first quarter of 2024, the company experienced significant growth across various metrics:

  • Total Revenues: Increased by 22% to $7.4 billion compared to the first quarter of 2023.
  • Product Sales: Grew by 22%, primarily fueled by a 25% increase in volume.
  • Key Product Performance: Ten products achieved double-digit volume growth, with notable performers including Repatha®, TEZSPIRE®, EVENITY®, BLINCYTO®, and TAVNEOS®.
  • Geographical Performance: U.S. volume grew by 29%, while ex-U.S. volume grew by 17%.
  • Impact of Horizon Acquisition: $914 million in sales were attributed to Horizon Therapeutics, driven by several innovative medicines.
  • Profitability: GAAP loss per share was $0.21, primarily due to a mark-to-market loss on equity investment and higher operating expenses. Non-GAAP EPS decreased slightly by 1%.
  • Operating Income: GAAP operating income decreased to $1.0 billion, while non-GAAP operating income increased to $3.1 billion.
  • Cash Flow: The company generated $0.5 billion of free cash flow, impacted by an $800 million tax deposit.
  • Dividend: A dividend of $2.25 per share was declared, representing a 6% increase from the previous year.
  • Financial Position: Cash and investments totaled $9.7 billion, with debt outstanding at $64.0 billion as of March 31, 2024.

Overall, the company demonstrated robust growth in revenues and product sales, despite challenges such as increased operating expenses and a shift in earnings mix due to acquisitions.

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