Amgen said total revenues for Q3 2024 increased 23% from the year-earlier period to $8.5 billion. The company said product sales grew 24%, reflecting 29% volume growth partially offset by a 2% decline in net selling price.

1. 01

   Amgen said total revenues for Q3 2024 increased 23% from the year-earlier period to $8.5 billion. The company said product sales grew 24%, reflecting 29% volume growth partially offset by a 2% decline in net selling price.

2. 02

   The company said GAAP earnings per share for Q3 rose 62% from $3.22 to $5.22, and non-GAAP EPS rose 13% from $4.96 to $5.58. It cited mark-to-market gains on its BeiGene equity investment and higher revenues as factors behind the GAAP EPS increase.

3. 03

   Amgen said free cash flow for Q3 2024 was $3.3 billion, up from $2.5 billion in the year-earlier quarter. The company also said it reduced principal debt outstanding by $2.5 billion in the quarter. As of September 30, 2024, cash and investments totaled $9.0 billion and debt outstanding totaled $60.4 billion.

4. 04

   Amgen said it expects full-year 2024 total revenues of $33.0 billion to $33.8 billion and non-GAAP EPS of $19.20 to $20.00. The company put capital expenditures at approximately $1.3 billion and share repurchases at no more than $500 million.

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Original filing

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