THOUSAND OAKS, Calif. - Amgen Inc . (NASDAQ:AMGN) today reported a strong performance for the first quarter of 2024, with a notable 22% surge in total revenues, reaching $7.4 billion, compared to $6.1 billion in the same period last year. AMGN shares were down 2% in after-hours trading.
The company's adjusted earnings per share (EPS) for the quarter came in at $3.96, slightly higher than the analyst consensus of $3.89.
The revenue growth was largely attributed to a 25% increase in product sales volume, with significant contributions from innovative products such as Repatha®, TEZSPIRE®, EVENITY®, BLINCYTO®, and TAVNEOS®. Additionally, Amgen's recent acquisition of Horizon Therapeutics (NASDAQ:HZNP) added $914 million in sales, driven by medicines like TEPEZZA®, KRYSTEXXA®, and UPLIZNA®. Excluding Horizon's sales, Amgen's product sales still grew by 6%, primarily due to a 9% volume growth.
Despite the revenue increase, Amgen's GAAP loss per share was reported at -$0.21 for the first quarter, compared to the GAAP earnings per share of $5.28 for the same quarter in the previous year. This loss was driven by a mark-to-market loss on the company's BeiGene (NASDAQ:BGNE), Ltd. equity investment and increased operating expenses, including higher amortization expense from Horizon-acquired assets and incremental expenses from Horizon, partially offset by higher revenues.
For the full year 2024, Amgen has updated its guidance, expecting total revenues in the range of $32.5 billion to $33.8 billion. The GAAP EPS is projected to be between $7.15 and $8.40, with an adjusted EPS forecast of $19.00 to $20.20, which is slightly below the analyst consensus of $19.53. The company also anticipates capital expenditures to be approximately $1.1 billion and share repurchases not to exceed $500 million.
Robert A. Bradway, chairman and chief executive officer of Amgen, expressed optimism about the company's future, stating, "With many of our innovative products delivering strong growth and promising new medicines advancing through our pipeline, we are excited about delivering attractive long-term growth."
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