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Amgen Reports Promising First Quarter 2024 Financial Growth
THOUSAND OAKS, Calif., May 2, 2024 – Amgen (NASDAQ: AMGN), a leading biotechnology company, today announced its financial results for the first quarter of 2024, highlighting significant revenue increases and exciting advances in its product pipeline.
Amgen's Financial Performance: Impressive Revenue Increase in Q1
Amgen reported a robust 22% increase in total revenues, reaching $7.4 billion compared to the first quarter of 2023. This growth is primarily attributed to a 25% increase in product volume, demonstrating strong market demand for Amgen's therapies.
Key Product Contributions to Revenue Growth
Among the standout products contributing to this growth were Repatha®, TEZSPIRE®, EVENITY®, BLINCYTO®, and TAVNEOS®, each showing double-digit volume growth. Particularly notable were the sales from Amgen's recent acquisition of Horizon Therapeutics, which contributed $914 million to the quarterly sales, led by high-performing medications such as TEPEZZA®, KRYSTEXXA®, and UPLIZNA®.
Challenges and Adjustments: A Look at Amgen's Financial Strategies
Despite the positive growth in product sales, Amgen reported a GAAP loss per share of $0.21 for the quarter, a decrease from the previous year's GAAP earnings per share of $5.28. This was largely due to a mark-to-market loss on equity investments and increased operating expenses, including those related to the Horizon acquisition.
Sector-Specific Sales Highlights
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Oncology and General Medicine Lead: The oncology sector showed strong performance with BLINCYTO® sales up by 26% and LUMAKRAS®/LUMYKRAS™ by 11%. In general medicine, Repatha® led with a 33% increase in sales, while Prolia® and EVENITY® also showed significant growth.
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Inflammation and Rare Disease: In the inflammation segment, TEZSPIRE® sales surged by 80%, reflecting its growing acceptance in treating severe asthma. The rare disease portfolio also shone brightly, with TEPEZZA® leading with $424 million in sales.
Amgen's Strategic Outlook and Future Projections
Looking ahead, Amgen remains optimistic about its long-term growth trajectory, supported by ongoing innovations and advancements in its treatment pipeline. The company also anticipates continued competitive pressure on pricing but is well-positioned to manage these challenges through strategic market positioning and ongoing research and development efforts.
Free Cash Flow and Operational Efficiency
Amgen generated $0.5 billion in free cash flow during the quarter, a decrease from the previous year, impacted by a significant tax deposit and the timing of working capital adjustments.
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