NASDAQ$AMGN
Amgen Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Amgen's Q3 2023 financial results were released, showcasing a 4% increase in total revenues and pipeline advancements.
Amgen reported a 4% increase in total revenues to $6.9 billion, driven by an 5% increase in product sales. Volume growth of 11% included double-digit volume growth from BLINCYTO, EVENITY, Repatha and Nplate. GAAP EPS decreased 19% to $3.22, while non-GAAP EPS increased 6% to $4.96. The company generated $2.5 billion in free cash flow.
- Total revenues increased by 4% to $6.9 billion, driven by a 5% increase in product sales.
- GAAP EPS decreased 19% to $3.22, influenced by a net impairment charge of approximately $650 million.
- Non-GAAP EPS increased 6% to $4.96, supported by increased revenues, partially offset by higher operating expenses.
- Free cash flow for the quarter was $2.5 billion, compared to $2.8 billion in the same period of the previous year.
Headline financials
Revenue & EPS history
Amgen · Revenue · Quarterly
$6.9B
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
Amgen anticipates total revenues between $28.0 billion and $28.4 billion for the full year 2023. GAAP EPS is projected to be in the range of $11.23 to $12.73, with a tax rate between 14.0% and 15.5%. Non-GAAP EPS is expected to range from $18.20 to $18.80, with a tax rate between 16.5% and 17.0%. Capital expenditures are estimated to be approximately $950 million, and share repurchases are not expected to exceed $500 million.
Tailwinds
- Total revenues are projected to be in the range of $28.0 billion to $28.4 billion.
- Non-GAAP EPS is expected to range from $18.20 to $18.80.
- Capital expenditures are estimated to be approximately $950 million.
- Share repurchases are not expected to exceed $500 million.
- Company is making progress on pipeline programs
Headwinds
- GAAP EPS is projected to be in the range of $11.23 to $12.73.
- Tax rate is expected to range between 14.0% and 15.5% on a GAAP basis.
- Tax rate is expected to range between 16.5% and 17.0% on a non-GAAP basis.
- Initial accounting for the Horizon acquisition is incomplete, pending identification and measurement of assets acquired and liabilities assumed.
- Preliminary projected range of adjustments related to Horizon acquisition is subject to change.
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 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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