The company said total product sales rose 24% and 22% for the 3 and 9 months ended September 30, 2024, respectively, with volume growth of 29% and 27% partially offset by declines in net selling price of 2% and 3%.

10-QQuarterly reportFiled Oct 31, 2024Period of report Sep 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said total product sales rose 24% and 22% for the 3 and 9 months ended September 30, 2024, respectively, with volume growth of 29% and 27% partially offset by declines in net selling price of 2% and 3%.
Amgen said acquired Horizon products contributed $1.1 billion in product sales in Q3 2024 and over 9 months, respectively, $3.1 billion, while volume growth for its other brands was 12% and 10%.
The company said cost of sales rose to 38.9% of total revenues for the 3 months and to 40.0% for the 9 months, citing higher amortization of Horizon acquisition-related assets and higher royalty and profit share expense.
The company said it paid dividends of $3.6 billion and made debt repayments of $3.6 billion in the first 9 months of 2024, and paid $659 million to retire debt with principal of $875 million, and it did not repurchase any shares.

Key figures

Quarter ended September 30, 2024

Revenue: $8.5B
Operating income: $2.0B
Net income: $2.8B
EPS: $5.22

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 growth and volume and price drivers

The company said total product sales rose 24% and 22% for the 3 and 9 months ended September 30, 2024, respectively, with volume growth of 29% and 27% partially offset by declines in net selling price of 2% and 3%.

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

Horizon product sales contribution

Amgen said acquired Horizon products contributed $1.1 billion in product sales in Q3 2024 and over 9 months, respectively, $3.1 billion, while volume growth for its other brands was 12% and 10%.

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

Higher operating expenses and cost of sales ratio

The company said cost of sales rose to 38.9% of total revenues for the 3 months and to 40.0% for the 9 months, citing higher amortization of Horizon acquisition-related assets and higher royalty and profit share expense.

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

Dividends, debt repayment and debt retirement

The company said it paid dividends of $3.6 billion and made debt repayments of $3.6 billion in the first 9 months of 2024, and paid $659 million to retire debt with principal of $875 million, and it did not repurchase any shares.

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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