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Amgen Q4 earnings and revenue beat estimates

Published 2024-02-06, 04:18 p/m
Updated 2024-02-06, 04:18 p/m
© Reuters.

Amgen (NASDAQ:AMGN) posted better-than-expected fourth-quarter earnings and revenue.

The biopharma company reported Q4 earnings per share (EPS) of $4.71, topping the consensus projection of $4.59. It generated $8.2 billion in revenue during the quarter, up 20% year-over-year, and above the estimated $8.12 billion.

Product sales brought in $7.83 billion, up 20% YoY, and compared to $7.72 billion expected by analysts.

Revenue from Repatha drug stood at $417 million in Q4, up 25% from the year-ago period, and missing the consensus estimates of $434.6 million. Proila revenue was reported at $1.1 billion, up 12% YoY and better than the $1.08 billion estimated by analysts.

Amgen reported adjusted operating expenses of $4.54 billion, in line with expectations. Adjusted operating income also matched estimates at $3.66 billion.

Meanwhile, the adjusted operating margin stood at 46.7%, compared to the projected 45.9%.

Looking ahead, the company expects EPS to be in the range of $18.90 to $20.30 for the full fiscal 2024, while analysts guided for $19.83. Revenue is anticipated to land between $32.4 million and $33.8 million, broadly better than the estimated $32.5 million.

"2023 was another year of performance and progress for our company," said Robert A. Bradway, chairman and CEO of Amgen.

"Our marketed products are reaching many more patients around the world, and we anticipate more than a dozen significant pipeline milestones in 2024."

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