Stellar 2024 third-quarter for Amgen

31 October 2024

US biotech major Amgen (Nasdaq: AMGN) late yesterday released financial results for the third quarter of 2024, showing strong sales and earnings growth.

Revenue for the quarter came in at $8.5 billion versus the consensus estimate of $8.51 billion. Product sales grew 24%, driven by 29% volume growth, partially offset by 2% lower net selling price. Excluding sales from the Horizon Therapeutics (Horizon) acquisition, product sales grew 8%, driven by volume growth of 12%.

Based on generally accepted accounting practices (GAAP), earnings per share (EPS) increased 62% from $3.22 to $5.22, driven by mark-to-market gains on Amgen’s BeiGene equity investment and higher revenues. GAAP earnings per share (EPS) increased 62% from $3.22. Non-GAAP EPS increased 13% from $4.96 to $5.58, better than analyst estimates of $5.11.

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