NEW YORK – Biotech giant Amgen (NASDAQ reported third-quarter earnings that topped analyst expectations, driven by strong product sales growth across its portfolio. The company also raised its full-year guidance 2024.
Amgen posted adjusted earnings per share of $5.58, beating analysts' consensus of $5.11 by $0.47. Revenue for the quarter came in at $8.5 billion, slightly below the estimate of $8.51 billion but representing a 23% year-over-year increase.
Product sales grew 24% year over year, driven by 29% volume growth, partially offset by a 2% lower net selling price. Excluding sales of the recently acquired Horizon Therapeutics (NASDAQ:), product sales increased 8%, with volume growth of 12%.
“The strong growth in sales and earnings this quarter reflects the momentum we are generating across our business,” said Robert A. Bradway, president and chief executive officer of Amgen.
Ten products generated at least double-digit sales growth in the quarter, including Repatha, TEZSPIRE and BLINCYTO. The company's rare disease portfolio, bolstered by the Horizon acquisition, contributed $1.2 billion in sales.
Looking ahead, Amgen raised its guidance for the full year 2024. The company now expects total revenue of between $33 billion and $33.8 billion, up from its previous guidance. Adjusted EPS is projected to be in the range of $19.20 to $20.00, compared to the analyst consensus of $19.51.
The company generated $3.3 billion in free cash flow during the quarter, up from $2.5 billion in the same period last year, driven by business performance and the timing of working capital items.
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