Amgen Reports Surge in Q4 Revenue

Amgen, a leading biotechnology company, has announced a significant increase in revenue for the latest quarter, partly attributed to its acquisition of Horizon Therapeutics.

In the fourth quarter ended Dec. 31, Amgen recorded net income of $767 million, or $1.42 per share, compared to $1.62 billion, or $3 per share, in the previous year. Adjusted earnings were reported at $4.71 per share, surpassing analysts' estimates of $4.59 per share.

The company's revenue experienced a 20% rise, totaling $8.2 billion compared to $6.84 billion previously. This surpassed expectations of $8.13 billion by analysts polled by FactSet.

Notably, Amgen's results for the quarter included $954 million in sales from the period of Oct. 6 through Dec. 31 as a result of its acquisition of Horizon Therapeutics.

The growth in product sales was a significant contributing factor, with a 20% increase driven by a 23% volume growth. However, this was partially offset by a 3% decrease in net selling price.

Looking ahead to 2024, Amgen's forecast predicts revenue between $32.4 billion and $33.8 billion, along with adjusted earnings per share ranging from $18.90 to $20.30. Analysts surveyed by FactSet had expected revenue of around $32.71 billion and adjusted earnings per share of $19.96.

Chief Executive Robert Bradway expressed optimism about the company's future, stating that their marketed products are reaching a growing number of patients worldwide. Additionally, he mentioned that they anticipate more than a dozen significant pipeline milestones in 2024.