Q3 2024 Amgen Inc Earnings Call Transcript
Key Points
- Amgen Inc (AMGN) reported a 23% increase in third-quarter revenues, reaching $8.5 billion, with 10 products delivering double-digit or better sales growth.
- The company's innovative oncology portfolio saw a 17% sales growth, with products like BLINCYTO and IMDELLTRA showing strong performance.
- Amgen Inc (AMGN) is advancing its pipeline with potentially first-in-class or best-in-class medicines, including MariTide for obesity and type 2 diabetes.
- The rare disease portfolio delivered $1.2 billion in sales, growing 21% year-over-year, driven by products like TEPEZZA and UPLIZNA.
- TEZSPIRE showed a 67% year-over-year sales growth, indicating strong market adoption and potential for further expansion into COPD and other indications.
- Otezla sales decreased by 1% year-over-year, impacted by a 7% lower net selling price despite volume growth.
- Enbrel sales dropped 20% year-over-year, primarily due to unfavorable changes in estimated sales deductions and lower net selling prices.
- Amgen Inc (AMGN) faces increased competition in the Repatha segment outside the U.S., despite retaining category leadership.
- The company expects continued declining net selling prices for Enbrel, impacting future revenue.
- Non-GAAP operating expenses increased 27% year-over-year, largely driven by the addition of Horizon, impacting overall profitability.
My name is Julianne, and I will be your conference facilitator today for Amgen's third-quarter 2024 financial results conference call. (Operator Instructions)
I would now like to introduce Justin Claeys, Vice President of Investor Relations. Mr. Claeys, you may now begin.
Thank you, Julianne. Good afternoon, everyone, and welcome to our third quarter 2024 earnings call. Bob Bradway will lead the call and be followed by a broader review of our performance by Murdo Gordon, Vikram Karnani, Jay Bradner, and Peter Griffith.
Through the course of our discussion today, we will use non-GAAP financial measures to describe our performance and have provided appropriate reconciliations within the materials that accompany this call. We will also make some forward-looking statements, which are qualified by our safe harbor statement, and please note that actual results can vary materially.
Over to you, Bob.
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