NEW YORK – Biotechnology giant Amgen (NASDAQ:) reported third-quarter earnings that surpassed analyst expectations, driven by strong product sales growth across its portfolio. The company also raised its full-year 2024 guidance.
Amgen posted adjusted earnings per share of $5.58, beating the analyst consensus of $5.11 by $0.47. Revenue for the quarter came in at $8.5 billion, slightly below the $8.51 billion estimate but representing a 23% YoY increase.
Product sales grew 24% YoY, driven by 29% volume growth, partially offset by 2% lower net selling price. Excluding sales from the recently acquired Horizon Therapeutics (NASDAQ:), product sales increased 8%, with 12% volume growth.
“Strong growth in sales and earnings this quarter reflects the momentum we’re building throughout our business,” said Robert A. Bradway, chairman and CEO of Amgen.
Ten products delivered at least double-digit sales growth in the quarter, including Repatha, TEZSPIRE, and BLINCYTO. The company’s rare disease portfolio, bolstered by the Horizon acquisition, contributed $1.2 billion in sales.
Looking ahead, Amgen raised its full-year 2024 guidance. The company now expects total revenues between $33.0 billion and $33.8 billion, up from its previous forecast. Adjusted EPS is projected to be in the range of $19.20 to $20.00, compared to the analyst consensus of $19.51.
The company generated $3.3 billion in free cash flow during the quarter, up from $2.5 billion in the same period last year, driven by business performance and timing of working capital items.
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