Amgen Surpasses Third Quarter Earnings Expectations, Raises Year-End Guidance

NEW YORK - Biotechnology giant Amgen (NASDAQ:AMGN) reported third-quarter earnings that exceeded analyst expectations, driven by strong product sales growth across its portfolio. The company also raised its guidance for the end of 2024.

Amgen announced adjusted earnings of $5.58 per share, surpassing the analyst consensus of $5.11 by $0.47. Revenue for the quarter was recorded at $8.5 billion, slightly below the $8.51 billion forecast, yet representing a 23% increase year-over-year.

Product sales grew by 24% year-over-year, primarily fueled by a 29% increase in volume, although partially offset by a 2% lower net selling price. Excluding sales from the recently acquired Horizon Therapeutics, product sales rose by 8% with a 12% volume increase.

Amgen's Chairman and CEO, Robert A. Bradway, stated, "The strong growth in sales and earnings this quarter reflects the momentum we are building across the entire business."

Ten products, including Repatha, TEZSPIRE, and BLINCYTO, recorded at least double-digit sales growth during the quarter. The company's rare disease portfolio, strengthened by the Horizon acquisition, contributed $1.2 billion in sales.

Looking ahead, Amgen raised its guidance for the end of 2024. The company now expects total revenue to be between $33.0 billion and $33.8 billion, exceeding its previous forecast. Adjusted earnings per share are projected to range from $19.20 to $20.00, which is comparable to the analyst consensus of $19.51.

The company generated $3.3 billion in free cash flow during the quarter, an increase from $2.5 billion during the same period last year, attributed to the timing of business performance and working capital items.