NEW YORK – Amgen Inc . (NASDAQ:) reported second-quarter results that exceeded analyst expectations for revenue while slightly missing on earnings per share. The biotechnology company also raised its full-year guidance above Wall Street estimates.
Amgen posted adjusted earnings of $4.97 per share for the quarter, just $0.01 below the analyst consensus of $4.98. Revenue came in at $8.39 billion, surpassing the expected $8.35 billion and marking a 20% increase YoY.
The company’s strong performance was driven by a 26% growth in sales volume, partially offset by a 3% decrease in net selling price. Excluding the impact of the Horizon Therapeutics (NASDAQ:) acquisition, product sales grew 5%, with volume growth of 10%.
“With a strong, balanced portfolio of in-market products and a rapidly advancing pipeline of innovative medicines, we are confident in our ability to deliver attractive long-term growth,” said Robert A. Bradway, chairman and chief executive officer.
Looking ahead, Amgen raised its full-year 2024 guidance. The company now expects earnings per share between $19.10 and $20.10, above the analyst consensus of $17.87. Revenue is projected to be in the range of $32.8 billion to $33.8 billion, surpassing the consensus estimate of $30.3 billion.
Despite the strong results and improved outlook, Amgen’s GAAP earnings per share decreased 46% to $1.38, primarily due to higher operating expenses related to the Horizon acquisition.
The company generated $2.2 billion in free cash flow during the quarter, down from $3.8 billion in the same period last year, mainly due to the timing of tax payments.
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