Summary by Moomoo AI
Amgen reported robust Q3 2024 financial results with total revenues increasing 23% to $8.5 billion, driven by a 24% rise in product sales to $8.2 billion. Net income surged 64% to $2.8 billion, while diluted EPS grew 62% to $5.22. The strong performance was primarily attributed to 29% volume growth, partially offset by a 2% decline in net selling price.Product portfolio showed broad-based growth with significant contributions from acquired Horizon products totaling $1.1 billion. Key growth drivers included Repatha (+40%), TEZSPIRE (+67%), EVENITY (+30%), and BLINCYTO (+49%). The company's established products like Prolia and XGEVA maintained steady performance with 6% and 4% growth respectively.Operating expenses increased 32% to $6.5 billion, mainly due to higher amortization from Horizon acquisition-related assets. The company maintained its strong cash position with $9.0 billion in cash and cash equivalents, while continuing to invest in R&D and returning capital to shareholders through quarterly dividends of $2.25 per share.
