NASDAQ$AMGN
Amgen Inc · Q3 2020 earnings
Q3 2020 earnings · · Investor relations
Briefing
Amgen's financial performance for Q3 2020 showcased strong revenue growth and earnings per share, driven by increased volume growth and strategic acquisitions.
Amgen reported a 12% increase in total revenues to $6.4 billion for the third quarter of 2020, driven by higher volume growth. GAAP EPS increased by 5% to $3.43, while non-GAAP EPS increased by 19% to $4.37. The company generated $3.2 billion in free cash flow.
- Total revenues increased by 12% to $6.4 billion compared to Q3 2019, driven by volume growth.
- GAAP EPS increased 5% to $3.43, and non-GAAP EPS increased 19% to $4.37.
- Free cash flow remained consistent at $3.2 billion compared to the same period last year.
- 2020 total revenue guidance narrowed to $25.1-$25.5 billion, and EPS guidance was revised to $11.53-$11.93 on a GAAP basis and $15.80-$16.15 on a non-GAAP basis.
Headline financials
Revenue & EPS history
Amgen · Revenue · Quarterly
$6.42B
Revenue by segment
Amgen · $5.58B total across 16 segments · Q3 2020
- Enbrel$1.33B-3.0%23.7%
- Prolia$701M+11.3%12.6%
- Neulasta$555M-21.9%9.9%
- Otezla$538M—9.6%
- XGEVA$481M+1.1%8.6%
- Aranesp$384M-15.0%6.9%
- KYPROLIS$260M-2.3%4.7%
- MVASI$231M—4.1%
- Nplate$212M+8.7%3.8%
- Repatha$205M+22.0%3.7%
- Vectibix$193M-1.5%3.5%
- Parsabiv$183M+16.6%3.3%
- BLINCYTO$89M+4.7%1.6%
- Other products$83M-2.4%1.5%
- AMJEVITA/AMGEVITA$80M+31.1%1.4%
- EVENITY$59M—1.1%
Forward guidance
Amgen narrowed its total revenue guidance for 2020 to $25.1-$25.5 billion. The company revised its EPS guidance to $11.53-$11.93 on a GAAP basis and $15.80-$16.15 on a non-GAAP basis.
Tailwinds
- Total revenues are expected to be in the range of $25.1 billion to $25.5 billion.
- GAAP EPS is projected to be in the range of $11.53 to $11.93.
- Non-GAAP EPS is expected to be in the range of $15.80 to $16.15.
- Capital expenditures are estimated to be approximately $600 million.
- Quarterly dividend is maintained at $1.60 per share.
Headwinds
- Share repurchases are expected to be at the lower end of the previous guidance of $3 billion to $5 billion.
- The company anticipates continued quarter-to-quarter variability due to the pandemic.
- Expected decline in year-over-year growth rates for Prolia in Q4 compared to pre-COVID-19 trends.
- U.S. sales of Parsabiv were negatively impacted late in Q3, and this trend is expected to continue in Q4.
- Neulasta pricing and volume trends are expected to continue to decline.
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 Q3 2020
+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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