Q2 2024 Amgen Inc Earnings Call Transcript
Key Points
- Sales of seven innovative products, including Blincyto and Kyprolis, grew 12% year over year, contributing almost $2 billion in sales for the second quarter.
- Blincyto sales increased 28% year over year to $264 million, driven by broad prescribing across academic and community segments.
- Amgen Inc (AMGN) delivered $8.4 billion in total revenue, a 20% increase year over year, marking the highest quarterly revenues in the company's history.
- The company is positioned for future growth with upcoming biosimilar launches, including Lana (biosimilar to Stelara) and Mackenzie (biosimilar to Solaris) expected in 2025.
- Amgen Inc (AMGN) achieved favorable medical policy changes for greater than 55% of U.S. covered lives, up from 50% last quarter.
- Enbrel sales decreased 15% year over year for the second quarter, primarily driven by lower net selling price.
- Non-GAAP operating expenses increased 30% year over year, driven by higher royalties and profit share due to changes in sales mix.
- Non-GAAP SG&A expenses increased 36% year over year, primarily driven by the addition of Horizon.
- Free cash flow decreased to $2 billion from $3.8 billion in the previous year, driven by the timing of tax payments.
- The company expects continued declining net selling price and relatively flat volumes for Enbrel going forward.
(Operator instructions)
And Bill sales decreased 15% year over year for the second quarter, primarily driven by lower net selling price. Going forward, we expect continued declining net selling price and relatively flat volumes and roll is known for its efficacy and trusted by physicians. Substantial health benefits and cash flow generation provide a solid foundation for our business.
Turning now to biosimilars were sales of our biosimilar products were relatively stable year over year. For the second quarter, we're positioned for future growth with upcoming launches with Lana biosimilar to Stelara and Mackenzie. A biosimilar to Solaris are both expected to launch in the US into 2025 are vertically integrated biosimilar business model ensures efficiency and provides attractive cash flows and returns for our shareholders.
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