NASDAQ$AMGN
Amgen Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Amgen's financial performance for Q1 2024 showed revenue growth driven by strong volume growth and contributions from the Horizon Therapeutics acquisition, but earnings were impacted by increased operating expenses.
Amgen reported a 22% increase in total revenues to $7.4 billion for the first quarter of 2024, driven by a 25% increase in volume and the acquisition of Horizon Therapeutics. GAAP loss per share was $0.21, while non-GAAP EPS decreased 1% to $3.96. The company generated $0.5 billion in free cash flow.
- Total revenues increased by 22% to $7.4 billion, with product sales growing by 22% due to a 25% increase in volume.
- U.S. volume grew by 29%, and ex-U.S. volume grew by 17%.
- Horizon Therapeutics acquisition contributed $914 million in sales, with key products like TEPEZZA, KRYSTEXXA and UPLIZNA.
- GAAP loss per share was $0.21, while non-GAAP EPS decreased 1% to $3.96, impacted by higher operating and interest expenses.
Headline financials
Revenue & EPS history
Amgen · Revenue · Quarterly
$7.45B
Revenue by segment
Amgen · $6.14B total across 17 segments · Q3 2023
- Enbrel$1.04B-6.4%16.9%
- Prolia$986M+14.4%16.1%
- Otezla$567M-9.6%9.2%
- XGEVA$519M+4.8%8.5%
- Nplate$419M+45.5%6.8%
- Repatha$406M+31.4%6.6%
- KYPROLIS$349M+9.7%5.7%
- Aranesp$323M-9.8%5.3%
- EVENITY$307M+52.7%5.0%
- Vectibix$252M+2.0%4.1%
- BLINCYTO$220M+54.9%3.6%
- MVASI$213M+1.9%3.5%
- Other products$167M+46.5%2.7%
- TEZSPIRE$161M+192.7%2.6%
- Neulasta$124M-49.8%2.0%
- LUMAKRAS/LUMYKRAS$52M-30.7%0.8%
- TAVNEOS$37M—0.6%
Forward guidance
For the full year 2024, Amgen expects total revenues in the range of $32.5 billion to $33.8 billion and non-GAAP EPS in the range of $19.00 to $20.20.
Tailwinds
- Total revenues are expected to be in the range of $32.5 billion to $33.8 billion.
- Capital expenditures are anticipated to be approximately $1.1 billion.
- On a GAAP basis, EPS is projected to be in the range of $7.15 to $8.40.
- On a GAAP basis, the tax rate is expected to be in the range of 9.5% to 11.0%.
- On a non-GAAP basis, the tax rate is expected to be in the range of 15.0% to 16.0%.
Headwinds
- Share repurchases are not expected to exceed $500 million.
- GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, asset impairments, litigation
- GAAP diluted EPS guidance does not include changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments.
- Global economic conditions may magnify certain risks that affect our business.
- Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.3%
Avg return
Earnings day
+0.0%
Avg return
5 days after
+0.1%
Avg return
30 days after
53%
39 / 73 earnings
Positive
+12.2%
Q1 2024
Best reaction
-8.7%
Q3 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.9% | -4.4% | -2.7% | |
| Q4 2025 | +3.0% | +11.0% | +9.1% | |
| Q3 2025 | +7.7% | +9.1% | +11.2% | |
| Q2 2025 | -5.1% | -5.0% | -5.5% | |
| Q1 2025 | -1.1% | -2.8% | +1.6% | |
| Q4 2024 | +6.5% | +2.0% | +12.4% | |
| Q3 2024 | +1.3% | +0.3% | -10.5% | |
| Q2 2024 | -3.9% | -0.8% | -0.3% | |
| Q1 2024 | +12.2% | +8.3% | +10.3% | |
| Q4 2023 | -8.1% | -9.6% | -15.3% | |
| Q3 2023 | -0.9% | +2.5% | +2.5% | |
| Q2 2023 | +5.6% | +13.2% | +11.4% | |
| Q1 2023 | +0.4% | -1.2% | -9.2% | |
| Q4 2022 | -2.1% | -2.6% | -6.7% | |
| Q3 2022 | +0.0% | +8.7% | +6.1% | |
| Q2 2022 | -0.4% | +0.5% | -1.9% | |
| Q1 2022 | -4.7% | -7.6% | +2.2% | |
| Q4 2021 | +8.5% | +2.7% | +4.2% | |
| Q3 2021 | +4.0% | +1.9% | -4.1% | |
| Q2 2021 | -4.8% | -4.0% | -5.8% | |
| Q1 2021 | -7.4% | -6.2% | -7.9% | |
| Q4 2020 | -1.4% | -1.7% | -7.7% | |
| Q3 2020 | -2.5% | -1.5% | +0.6% | |
| Q2 2020 | -1.9% | -3.5% | -0.3% | |
| Q1 2020 | -2.0% | +0.3% | -2.5% | |
| Q4 2019 | -4.9% | -2.4% | -12.1% | |
| Q3 2019 | +2.9% | +6.3% | +14.4% | |
| Q2 2019 | +6.0% | +6.3% | +17.5% | |
| Q1 2019 | -2.8% | -2.1% | -6.7% | |
| Q4 2018 | -3.7% | -2.5% | -1.0% | |
| Q3 2018 | +2.4% | -0.6% | +7.5% | |
| Q2 2018 | -0.3% | +1.8% | +1.9% | |
| Q1 2018 | +0.1% | +1.6% | +1.9% | |
| Q4 2017 | +0.5% | -5.1% | -0.5% | |
| Q3 2017 | -2.1% | -3.2% | -5.7% | |
| Q2 2017 | -2.9% | -3.6% | -6.1% | |
| Q1 2017 | -1.2% | -1.3% | -5.9% | |
| Q4 2016 | +4.9% | +4.5% | +12.9% | |
| Q3 2016 | -8.7% | -11.5% | -8.5% | |
| Q2 2016 | +2.2% | +3.9% | +2.6% | |
| Q1 2016 | -1.7% | — | — | |
| Q4 2015 | +1.5% | — | — | |
| Q3 2015 | -0.9% | — | — | |
| Q2 2015 | +3.0% | — | — | |
| Q1 2015 | +1.9% | — | — | |
| Q4 2014 | -3.2% | — | — | |
| Q3 2014 | +6.7% | — | — | |
| Q2 2014 | +6.0% | — | — | |
| Q1 2014 | -3.2% | — | — | |
| Q4 2013 | +0.5% | — | — | |
| Q3 2013 | +1.8% | — | — | |
| Q2 2013 | -1.0% | — | — | |
| Q1 2013 | -7.5% | — | — | |
| Q4 2012 | -0.8% | — | — | |
| Q3 2012 | +0.8% | — | — | |
| Q2 2012 | +7.6% | — | — | |
| Q1 2012 | +0.2% | — | — | |
| Q4 2011 | -0.8% | — | — | |
| Q3 2011 | +4.9% | — | — | |
| Q2 2011 | -3.0% | — | — | |
| Q1 2011 | -1.5% | — | — | |
| Q4 2007 | +0.7% | — | — | |
| Q4 2010 | +0.7% | — | — | |
| Q3 2008 | +0.7% | — | — | |
| Q3 2010 | -0.9% | — | — | |
| Q2 2010 | -0.4% | — | — | |
| Q1 2009 | +1.5% | — | — | |
| Q1 2010 | +1.2% | — | — | |
| Q4 2009 | +0.5% | — | — | |
| Q3 2009 | +1.6% | — | — | |
| Q4 2008 | +3.8% | — | — | |
| Q2 2009 | +3.8% | — | — | |
| Q2 2008 | +3.8% | — | — |
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