Amgen said total product sales rose 22% for the 3 months ended March 31, 2024, mainly reflecting volume growth in 25%. Sales of acquired Horizon products were $914 million.

10-QQuarterly reportFiled May 3, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

Amgen said total product sales rose 22% for the 3 months ended March 31, 2024, mainly reflecting volume growth in 25%. Sales of acquired Horizon products were $914 million.
Amgen said operating expenses rose for the 3 months ended March 31, 2024, and that cost of sales increased to 43.0% of total revenues. The company cited higher amortization of Horizon acquisition-related assets as the main factor.
Amgen said the interim analysis of the Phase 2 study of maridebart cafraglutide (MariTide) was completed on May 2, 2024. The company said it is planning to start a broad Phase 3 program and that it does not plan to pursue further development of AMG 786.
The company said cash and cash equivalents were $9.7 billion as of March 31, 2024. It did not repurchase any stock in the 3 months, the remaining authorization was $7.0 billion, and it declared a quarterly cash dividend of $2.25 per share payable in March 2024.

Key figures

Quarter ended March 31, 2024

Revenue: $7.4B
Operating income: $991M
Net income: −$113M
EPS: −$0.21
Operating cash flow: $689M

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 the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Total product sales up 22%

Amgen said total product sales rose 22% for the 3 months ended March 31, 2024, mainly reflecting volume growth in 25%. Sales of acquired Horizon products were $914 million.

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

Higher operating expenses and cost of sales ratio 43.0%

Amgen said operating expenses rose for the 3 months ended March 31, 2024, and that cost of sales increased to 43.0% of total revenues. The company cited higher amortization of Horizon acquisition-related assets as the main factor.

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

MariTide obesity program update

Amgen said the interim analysis of the Phase 2 study of maridebart cafraglutide (MariTide) was completed on May 2, 2024. The company said it is planning to start a broad Phase 3 program and that it does not plan to pursue further development of AMG 786.

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

Cash $9.7 billion, dividends and buybacks

The company said cash and cash equivalents were $9.7 billion as of March 31, 2024. It did not repurchase any stock in the 3 months, the remaining authorization was $7.0 billion, and it declared a quarterly cash dividend of $2.25 per share payable in March 2024.

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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