2024-05-03 13:45:00 ET
Summary
- Amgen released its Q1'24 earnings earlier today with revenues increasing 22% YoY to $7.45bn, with non-GAAP net income of $2.14bn.
- Non-GAAP EPS fell by 1% YoY to $3.96 per share, and GAAP EPS to $(0.21) owing to underlying Beigene holding and costs related to the Horizon acquisition.
- Amgen's weight loss drug candidate, MariTide, is showing promising results in Phase 2 trials, management says. Upcoming data represents a major potential upside catalyst.
- This was a solid set of earnings that seems to show management is successfully future-proofing the company from looming patent expiries.
- All eyes will be on MariTide, however, and whether Amgen can become a third major player in the mooted +$100bn per annum obesity markets.
Investment Overview
Amgen ( AMGN ) announced its Q1'24 earnings earlier today, and the stock price is up over 10% at the time of writing - let's dive into the numbers.
The company's revenues increased 22% year-on-year, to $7.45bn, with product sales totaling $7.12bn - also up 22% year-on-year. With cost of sales ($1.34bn), R&D spend ($1.32bn), and SG&A ($1.7bn) increasing respectively by 32%, 26%, and 40%, however, non-GAAP net income came to $2.14bn - flat year-on-year. Non-GAAP earnings per share ("EPS") fell by 1% year-on-year, to $3.96 per share....
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Amgen's Q1 Earnings: Solid All Court Progress, Major Weight Loss Catalyst Pending