Obesity update and strong financials boost Amgen share price

3 May 2024

Amgen (Nasdaq: AMGN) has reported better-than-expected first quarter 2024 results, with simultaneous news from its obesity pipeline lifting the firm’s stock price by almost 15%.

For the first quarter, total revenues increased 22% to $7.4 billion, with product sales growing 22%, driven by 25% volume growth.

The firm reported a loss per share of $0.21 for the first quarter, down from $5.28 for the first quarter of 2023, driven by a mark-to-market loss on its BeiGene (Nasdaq: BGNE) equity investment and higher operating expenses.

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