Amgen reported strong Q2 2024 financial results with total revenues increasing 20% to $8.4 billion, driven by 26% volume growth partially offset by 3% lower net selling price. Product sales grew 20% to $8.0 billion, including $1.1 billion from rare disease products. Twelve products achieved double-digit sales growth, including Prolia, EVENITY, Repatha, and TEZSPIRE.GAAP earnings per share decreased 46% to $1.38, impacted by higher operating expenses including Horizon-related amortization. Non-GAAP EPS declined slightly by 1% to $4.97. Operating margin decreased to 23.7% GAAP and 48.2% non-GAAP. The company generated $2.2 billion in free cash flow.The company maintained its full-year 2024 guidance with total revenues expected between $32.8-33.8 billion. GAAP EPS is projected at $6.57-7.62 and non-GAAP EPS at $19.10-20.10. Amgen remains on track to achieve over $10 billion in debt reduction by end of 2025, having reduced debt by $2.0 billion year-to-date.

Amgen reported strong Q2 2024 financial results with total revenues increasing 20% to $8.4 billion, driven by 26% volume growth partially offset by 3% lower net selling price. Product sales grew 20% to $8.0 billion, including $1.1 billion from rare disease products. Twelve products achieved double-digit sales growth, including Prolia, EVENITY, Repatha, and TEZSPIRE.GAAP earnings per share decreased 46% to $1.38, impacted by higher operating expenses including Horizon-related amortization. Non-GAAP EPS declined slightly by 1% to $4.97. Operating margin decreased to 23.7% GAAP and 48.2% non-GAAP. The company generated $2.2 billion in free cash flow.The company maintained its full-year 2024 guidance with total revenues expected between $32.8-33.8 billion. GAAP EPS is projected at $6.57-7.62 and non-GAAP EPS at $19.10-20.10. Amgen remains on track to achieve over $10 billion in debt reduction by end of 2025, having reduced debt by $2.0 billion year-to-date.