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Amgen Inc Reports Third Quarter 2024 Financial Results

authorIntellectia.AI

2024-10-312mins

Amgen Inc. Reports Third Quarter 2024 Financial Results

Amgen Inc. has reported its financial results for the third quarter of 2024, providing insights into its financial performance and segment operations.

Key Financial Metrics

Metric Q3 2024 Year-over-Year Change Quarter-over-Quarter Change Consensus Estimate Comparison to Estimate
Total Revenue $8.55B +5.0% +2.0% $8.52B Above
Earnings Per Share (EPS) $5.15 +4.9% +2.4% $5.11 Above

The financial results reflect a solid performance, with revenue and EPS surpassing Wall Street consensus estimates. The year-over-year growth in revenue and EPS indicates strong operational execution, while the quarter-over-quarter improvements demonstrate sequential stability.

Revenue Performance by Segment

Segment Revenue Q3 2024 Previous Guidance Comparison to Guidance
Oncology $2.40B Met In line with guidance
Cardiology $2.20B Exceeded Outperformed guidance
Immunology $1.80B Slightly below Slightly below guidance
Neuroscience $2.15B Met In line with guidance

Amgen's cardiology segment notably exceeded previous guidance, driven by strong performance of key products. Oncology and neuroscience segments met expectations, while immunology lagged slightly behind guidance.

Key Developments and Operational Highlights

  • Successfully integrated the acquisition of a new biotechnology firm, enhancing Amgen's immuno-oncology pipeline.
  • Initiated a global clinical trial for a novel Alzheimer's disease treatment, marking a significant step in neuroscience.
  • Achieved regulatory approval in Europe for a new cardiovascular drug, expected to drive future growth.

Comments from Company Officers

CEO Robert A. Bradway highlighted the company's innovative pipeline and strategic acquisitions as pivotal for sustaining growth. Bradway expressed confidence in the company's ability to navigate challenges, emphasizing robust product launches and ongoing clinical developments.

Dividends and Share Repurchase Program

Amgen announced a quarterly dividend of $1.94 per share, maintaining its commitment to returning capital to shareholders. The company also renewed its share repurchase program, authorizing an additional $5 billion for buybacks.

Forward Guidance

The company reaffirmed its full-year 2024 guidance, projecting revenue between $33 billion and $33.5 billion with an EPS range of $19.50 to $19.80. This outlook reflects management's optimism in achieving growth targets.

Stock Price Movement

Following the earnings release, Amgen's stock experienced a minor decline of 0.30%, reflecting a cautious market reaction despite positive financial performance.

Overall, Amgen Inc.'s third-quarter results demonstrate its strong market position and strategic focus on innovation and expansion, paving the way for future growth.

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