On Tuesday, Amgen Inc. AMGN reported mixed second-quarter results.BMO Capital Markets writes, “A commercially in-line quarter for Amgen underscores the importance of upcoming clinical readouts in obesity and inflammatory disease.” The analyst keeps the Outperform rating with a price target of $362.The analyst notes that while the company’s base business underperformed (Enbrel -6% and Repatha -1% compared to consensus), its growth portfolio had some strength. However, they anticipate greater momentum from Ho ...

Shares may have been likely to fall no matter what the company reported.By no means were Amgen's (AMGN -5.54%) second-quarter numbers "bad." Revenue for most of its core drugs was up year over year, and the slight earnings dip is the predictable result of rising expenses. The pharmaceutical company's outlook remains optimistic as well.Yet, S&P Global Market Intelligence data indicates Amgen shares are down 5.9% as of 12:46 p.m. ET today. The prompt for the sell-off is mostly an earnings miss, but the actual ...

Amgen (AMGN) reported second-quarter 2024 adjusted earnings of $4.97 per share, which beat the Zacks Consensus Estimate of $4.93. Earnings declined 1% year over year due to higher operating costs and higher interest expenses.Total revenues of $8.39 billion beat the Zacks Consensus Estimate of $8.31 billion. Total revenues rose 20% year over year.Total product revenues increased 20% from the year-ago quarter to $8.04 billion. Higher volumes were partially offset by lower selling prices of several drugs. Volu ...

Amgen TodayAMGNAmgen$313.39 -15.56 (-4.73%) 52-Week Range$248.38▼$346.85Dividend Yield2.87%P/E Ratio44.77Price Target$312.63Add to WatchlistAmgen NASDAQ: AMGN is a biotechnology firm that has made its way into the weight loss treatment battle. The company’s shares have performed relatively well in 2024, providing a total return of 16%, outpacing its sector and the market. The Health Care Select Sector SPDR Fund NYSEARCA: XLV has returned 9%.Let's start by exploring Amgen's main products and growth opportuni ...

Financial Data and Key Metrics Changes - Amgen reported second quarter revenues of $8.4 billion, a 20% increase year-over-year, marking the highest quarterly revenue in the company's history, achieved with 26% volume growth [7][39] - Non-GAAP operating margin was 48.2% of product sales, with total non-GAAP operating expenses increasing 30% year-over-year [40] - Free cash flow for the quarter was $2.2 billion, a decrease of $3.8 billion from the previous year, primarily due to the timing of tax payments [41] Business Line Data and Key Metrics Changes - General Medicine portfolio saw sales growth of 20% year-over-year, with Repatha sales increasing 25% to $532 million [11][12] - Inflammation product TEZSPIRE sales grew 76% year-over-year to $234 million [14] - Oncology products collectively grew 12% year-over-year, with BLINCYTO sales increasing 28% to $264 million [17][19] Market Data and Key Metrics Changes - U.S. sales of EVENITY increased 39% year-over-year to $391 million, with significant growth in Japan as well [13] - Rare disease portfolio delivered over $1.1 billion in sales, with TEPEZZA sales at $479 million, reflecting 8% year-over-year growth [20][22] - Biosimilars sales remained stable year-over-year, with upcoming launches expected to drive future growth [16] Company Strategy and Development Direction - Amgen is focused on expanding its pipeline with over a dozen significant milestones anticipated in 2024, including the launch of MariTide for obesity and related conditions [8][10] - The company is investing in manufacturing capacity and digital capabilities to support its innovative pipeline [42][43] - Strategic focus on rare diseases and expanding access to therapies like TEPEZZA and UPLIZNA is a key part of the growth strategy [21][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite market volatility, emphasizing the importance of innovative medicines [6][39] - The company anticipates mid-single-digit growth in revenues for the fourth quarter compared to Q3, with a full-year revenue projection of $32.8 billion to $33.8 billion [44] - Management highlighted the ongoing integration of Horizon and expected synergies to enhance operational efficiency [41][42] Other Important Information - Amgen received accelerated approval for IMDELLTRA for small cell lung cancer, marking a significant advancement in its oncology portfolio [8][26] - The company is actively pursuing international expansion for several products, including TEPEZZA and UPLIZNA [21][22] Q&A Session Summary Question: Insights on UPLIZNA and MINT study data expectations - Management expressed excitement about UPLIZNA's performance and the potential to liberate patients from steroids, with results expected in the second half of the year [47][48] Question: Enbrel negotiations with CMS and market impact - Management noted that Enbrel continues to perform well despite competition, and the CMS price negotiation process has concluded [53][54] Question: Positioning of MariTide in the obesity market - Management remains confident in MariTide's differentiated profile and its potential to address unmet needs in obesity and related conditions [56][58] Question: Timing for MariTide Phase III program initiation - Management indicated that they are focused on completing the Phase II trial before moving to Phase III, without providing specific dates [74]

Amgen (AMGN) reported $8.39 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 20.1%. EPS of $4.97 for the same period compares to $5.00 a year ago.The reported revenue represents a surprise of +0.98% over the Zacks Consensus Estimate of $8.31 billion. With the consensus EPS estimate being $4.93, the EPS surprise was +0.81%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expecta ...

Financial Performance - Total revenues for the three months ended June 30, 2024, were $8,388 million, a 20% increase from $6,986 million in the same period of 2023[10] - Product sales reached $8,041 million for the three months ended June 30, 2024, compared to $6,683 million in the same period of 2023, reflecting a 20% growth[10] - Net income for the three months ended June 30, 2024, was $746 million, down 46% from $1,379 million in the same period of 2023[10] - Earnings per share (EPS) for the three months ended June 30, 2024, were $1.39 (basic) and $1.38 (diluted), compared to $2.58 (basic) and $2.57 (diluted) in the same period of 2023[10] - Operating income for the three months ended June 30, 2024, was $1,909 million, a decrease of 29% from $2,684 million in the same period of 2023[10] - Total revenues for the six months ended June 30, 2024, amounted to $15,835 million, compared to $13,091 million in the same period of 2023, marking an increase of approximately 20.9%[45] - Total product sales for the six months ended June 30, 2024, reached $15,159 million, a significant increase from $12,529 million in the same period of 2023, representing a growth of approximately 20.7%[45] Expenses and Liabilities - Research and development expenses increased to $1,447 million for the three months ended June 30, 2024, from $1,113 million in the same period of 2023, representing a 30% increase[10] - Total operating expenses for the three months ended June 30, 2024, were $6,479 million, up from $4,302 million in the same period of 2023, marking a 50% increase[10] - Total liabilities increased from $90,907 million to $97,154 million, an increase of approximately 6.8%[16] - The current portion of long-term debt rose significantly from $1,443 million to $5,528 million, an increase of about 284%[16] - Total long-term debt decreased from $63.17 billion as of December 31, 2023, to $57.12 billion as of June 30, 2024, a reduction of approximately 9.6%[81] Cash Flow and Assets - Cash provided by operating activities for the six months ended June 30, 2024, was $3,148 million, down from $5,173 million in the prior year, a decrease of approximately 39%[25] - Total current assets decreased from $30,332 million as of December 31, 2023, to $27,206 million as of June 30, 2024, a decline of approximately 10.5%[16] - Cash and cash equivalents decreased from $10,944 million to $9,301 million, representing a decrease of about 15%[16] - The company’s inventories decreased from $9,518 million to $7,995 million, a reduction of approximately 16%[16] Acquisitions - The company completed the acquisition of Horizon Therapeutics on October 6, 2023, expanding its product portfolio significantly[7] - Amgen completed the acquisition of Horizon Therapeutics for approximately $27.8 billion, paying $116.50 per share in cash[33] - The acquisition strengthens Amgen's rare disease portfolio by adding first-in-class medicines, including TEPEZZA, KRYSTEXXA, and UPLIZNA[33] - The estimated fair value of developed-product-technology rights and IPR&D intangible assets from the acquisition was $20.7 billion[36] - Goodwill from the acquisition amounted to $3.1 billion, reflecting expected synergies and benefits from the marketed products acquired[39] Tax and Legal Matters - The effective tax rates for the three and six months ended June 30, 2024, were 6.0% and 12.8%, respectively, compared to 14.6% and 16.5% for the same periods in the prior year, indicating a decrease in tax burden[47] - The trial for tax disputes with the IRS regarding years 2010-2012 and 2013-2015 is scheduled to begin on November 4, 2024, with potential implications for future tax liabilities[53] - The company is involved in various legal proceedings and government investigations that may affect its business, as detailed in its Annual Report on Form 10-K for the year ended December 31, 2023[123] - Amgen filed a lawsuit against Celltrion for patent infringement related to its Prolia and XGEVA products, asserting infringement of 29 patents[129] Other Comprehensive Income - The company reported other comprehensive income of $35 million for the three months ended June 30, 2024, compared to a loss of $12 million in the same period of 2023[13] - The balance of accumulated other comprehensive income (loss) was $(155) million as of June 30, 2024, reflecting various adjustments[87] Future Outlook - Future outlook includes continued investment in research and development to drive innovation and market expansion[10]

Amgen (AMGN) came out with quarterly earnings of $4.97 per share, beating the Zacks Consensus Estimate of $4.93 per share. This compares to earnings of $5 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 0.81%. A quarter ago, it was expected that this world's largest biotech drugmaker would post earnings of $3.76 per share when it actually produced earnings of $3.96, delivering a surprise of 5.32%.Over the last four quarters, t ...

Exhibit 99.1 News Release One Amgen Center Drive Thousand Oaks, CA 91320-1799 Telephone 805-447-1000 www.amgen.com THOUSAND OAKS, Calif. (Aug. 6, 2024) - Amgen (NASDAQ:AMGN) today announced financial results for the second quarter 2024. "With a strong, balanced portfolio of in-market products and a rapidly advancing pipeline of innovative medicines, we are confident in our ability to deliver attractive long-term growth," said Robert A. Bradway, chairman and chief executive officer. Key results include: • Fo ...

Amgen Inc. AMGN is expected to release earnings results for its second quarter, after the closing bell on Tuesday, Aug. 6.Analysts expect the Thousand Oaks, California-based company to report quarterly earnings at $5.01 per share, up slightly from $5.00 per share in the year-ago quarter. Amgen is projected to report quarterly revenue of $8.33 billion, compared to $6.99 billion a year earlier, according to data from Benzinga Pro.On Aug. 2, Amgen declared a $2.25 per share dividend for the third quarter of 20 ...