Mixed second quarter 2024 for Amgen

7 August 2024

US biotech major Amgen (Nasdaq: AMGN) reported second quarter 2024 financial results late yesterday, showing total revenues increased 20% to $8.4 billion in comparison to the like quarter of 2023.

Product sales grew 20%, driven by 26% volume growth, partially offset by 3% lower net selling price. Excluding sales from its around $28 billion Horizon Therapeutics acquisition which completed last October, product sales grew 5%, driven by volume growth of 10%.

Amgen reported a net income of $746 million, a $1.38 per diluted share, for the second quarter, a 46% decline compared to $1.38 billion, or $2.570 per diluted share, for the respective quarter in 2023. Amgen’s shares fell 2.1% to $322.00 in after-hours trading.

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