Amgen said total product sales rose in 2023, driven mainly by volume growth for Repatha, TEZSPIRE, EVENITY, Prolia and BLINCYTO, and by $954 million in product sales from the Horizon acquisition from October 6, 2023 through December 31. It said declines in net selling prices for certain products partly offset these gains.

10-KAnnual reportFiled Feb 14, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

Amgen said total product sales rose in 2023, driven mainly by volume growth for Repatha, TEZSPIRE, EVENITY, Prolia and BLINCYTO, and by $954 million in product sales from the Horizon acquisition from October 6, 2023 through December 31. It said declines in net selling prices for certain products partly offset these gains.
The company said operating cash flow was $8.5 billion in 2023, and it paid quarterly cash dividends of $2.13 per share, an increase of 10%. It declared a cash dividend of $2.25 per share for Q1 2024, up 6%, in December 2023.
Amgen said it issued $24.0 billion of debt in March 2023 through 8 series of notes, and borrowed $4.0 billion under a term loan credit agreement in October 2023, the month the acquisition was completed. It said the current portion of long-term debt was $63.2 billion at year-end 2023 and $37.4 billion at year-end 2022.
Amgen said cost of sales rose to 30.0% of total revenues in 2023, citing higher amortization from acquisition-related assets tied to the Horizon acquisition, higher profit share and royalty expense, and product mix changes. It said the impact of the Puerto Rico tax law change partly offset these factors in 2022.

Key figures

Fiscal year ended December 31, 2023

Revenue: $28.2B
Operating income: $7.9B
Net income: $6.7B
EPS: $12.49
Operating cash flow: $8.5B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Horizon Acquisition and Product Sales Mix

Amgen said total product sales rose in 2023, driven mainly by volume growth for Repatha, TEZSPIRE, EVENITY, Prolia and BLINCYTO, and by $954 million in product sales from the Horizon acquisition from October 6, 2023 through December 31. It said declines in net selling prices for certain products partly offset these gains.

Source · Based on the MD&A text of the filing

Operating Cash Flow and Dividends

The company said operating cash flow was $8.5 billion in 2023, and it paid quarterly cash dividends of $2.13 per share, an increase of 10%. It declared a cash dividend of $2.25 per share for Q1 2024, up 6%, in December 2023.

Source · Based on the MD&A text of the filing

Financing for the Horizon Acquisition

Amgen said it issued $24.0 billion of debt in March 2023 through 8 series of notes, and borrowed $4.0 billion under a term loan credit agreement in October 2023, the month the acquisition was completed. It said the current portion of long-term debt was $63.2 billion at year-end 2023 and $37.4 billion at year-end 2022.

Source · Based on the MD&A text of the filing

Cost of Sales Ratio and Puerto Rico Tax Law Change

Amgen said cost of sales rose to 30.0% of total revenues in 2023, citing higher amortization from acquisition-related assets tied to the Horizon acquisition, higher profit share and royalty expense, and product mix changes. It said the impact of the Puerto Rico tax law change partly offset these factors in 2022.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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