NASDAQ$AMGN
Amgen Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Amgen reported a strong quarter with increased revenues and non-GAAP earnings per share, driven by volume growth across all geographies and therapeutic categories.
Amgen's Q2 2023 results showed a strong performance with a 6% increase in total revenues to $7.0 billion, driven by an 11% increase in product sales volume. Non-GAAP EPS increased by 8% to $5.00, and the company generated $3.8 billion in free cash flow.
- Total revenues increased by 6% to $7.0 billion, driven by an 11% increase in product sales volume.
- GAAP EPS increased by 5% to $2.57, while non-GAAP EPS increased by 8% to $5.00.
- Free cash flow for the quarter was $3.8 billion, driven by timing of tax payments, higher interest income and higher operating income.
- Positive top-line results were reported for Tarlatamab in small cell lung cancer and LUMAKRAS® (Sotorasib) plus Vectibix® (Panitumumab) in metastatic colorectal cancer.
Headline financials
Revenue & EPS history
Amgen · Revenue · Quarterly
$6.99B
Revenue by segment
Amgen · $6.26B total across 17 segments · Q2 2023
- Enbrel$1.07B+1.6%17.1%
- Prolia$1.03B+11.5%16.4%
- Otezla$600M+1.0%9.6%
- XGEVA$530M-0.6%8.5%
- Repatha$424M+30.5%6.8%
- Aranesp$365M+2.2%5.8%
- KYPROLIS$346M+9.1%5.5%
- Nplate$310M+9.2%4.9%
- EVENITY$281M+47.1%4.5%
- Vectibix$248M+19.8%4.0%
- Neulasta$236M-23.9%3.8%
- BLINCYTO$206M+48.2%3.3%
- MVASI$197M—3.1%
- Other products$174M+54.0%2.8%
- TEZSPIRE$133M+358.6%2.1%
- Parsabiv$87M-15.5%1.4%
- TAVNEOS$30M—0.5%
Forward guidance
For the full year 2023, excluding any contribution from the announced acquisition of Horizon, the Company now expects total revenues in the range of $26.6 billion to $27.4 billion and on a non-GAAP basis, EPS in the range of $17.80 to $18.80.
Tailwinds
- Total revenues in the range of $26.6 billion to $27.4 billion.
- GAAP EPS in the range of $14.30 to $15.41.
- Tax rate in the range of 17.0% to 18.5% (GAAP).
- Non-GAAP EPS in the range of $17.80 to $18.80.
- Tax rate in the range of 17.5% to 18.5% (Non-GAAP).
Headwinds
- Excludes any contribution from the announced acquisition of Horizon Therapeutics plc.
- Capital expenditures to be approximately $925 million.
- Share repurchases not to exceed $500 million.
- Guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions.
- Our 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 divestitures, asset impairments, litigation, changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments.
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 Q2 2023
+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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