The earnings call reflected a strong performance in 2024 with significant growth in product sales, particularly in oncology and biosimilars. The successful integration of Horizon and robust financial results further reinforce Amgen's position for continued growth. However, challenges such as the upcoming patent expiration for denosumab and expected price declines pose potential risks.

Company Guidance

During Amgen's fourth quarter and full year 2024 earnings call, the company provided detailed guidance and expectations for 2025. Amgen expects total revenues to range between $34.3 billion and $35.7 billion, with non-GAAP earnings per share forecasted to be between $20 and $21.20. The company anticipates continued growth driven by key products such as Repatha, EVENITY, TEZSPIRE, and its innovative oncology and rare disease portfolios, as well as biosimilars. They reported a robust 19% increase in product sales for 2024, with 23% volume growth, and highlighted that 21 products achieved record sales. Amgen projects a non-GAAP operating margin of 46% for 2025 and plans to invest strategically in their late-stage pipeline, including assets like MariTide and olpasiran. The guidance reflects optimism despite potential challenges, such as the upcoming denosumab patent expiration and expected continued price declines across their portfolio.

Strong Product Sales Growth

Fourth quarter product sales grew 11% year-over-year, and full year product sales grew 19%, with 10 products growing by double digits or better. Repatha and EVENITY together grew 35% year-over-year.

Innovative Oncology Portfolio

Amgen's oncology portfolio, including BLINCYTO and IMDELLTRA, generated almost $8 billion in sales for the full year with 11% growth year-over-year.

Biosimilars Performance

Sales of biosimilar products were $2.2 billion in 2024, an increase of 16% year-over-year. The launch of PAVBLU, a biosimilar to EYLEA, generated $31 million in just 9 weeks.

Successful Horizon Integration

The acquisition of Horizon was accretive to non-GAAP EPS for the full year 2024, with the integration progressing well and expected $500 million in pretax cost synergies by year 3 post acquisition.

Strong Financial Performance

Amgen reported full year total revenues of $33.4 billion, a 19% increase year-over-year, and generated $10.4 billion in free cash flow for the full year.

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Amgen (AMGN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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AMGN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 23, 2025	2025 (Q1)	4.29 / -	3.96	―	―	―
Feb 04, 2025	2024 (Q4)	5.09 / 5.31	4.71	12.74% (+0.60)
Oct 30, 2024	2024 (Q3)	5.27 / 5.58	4.96	12.50% (+0.62)
Aug 06, 2024	2024 (Q2)	4.99 / 4.97	5	-0.60% (-0.03)
May 02, 2024	2024 (Q1)	3.88 / 3.96	3.98	-0.50% (-0.02)
Feb 06, 2024	2023 (Q4)	4.59 / 4.71	4.09	15.16% (+0.62)
Oct 31, 2023	2023 (Q3)	4.67 / 4.96	4.7	5.53% (+0.26)
Aug 03, 2023	2023 (Q2)	4.49 / 5.00	4.65	7.53% (+0.35)
Apr 27, 2023	2023 (Q1)	3.85 / 3.98	4.25	-6.35% (-0.27)
Jan 31, 2023	2022 (Q4)	4.10 / 4.09	4.36	-6.19% (-0.27)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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AMGN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 04, 2025	$286.70	$305.34	+6.50%
Oct 30, 2024	$310.53	$315.07	+1.46%
Aug 06, 2024	$321.49	$305.41	-5.00%
May 02, 2024	$270.15	$302.08	+11.82%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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