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Amgen Inc. (AMGN) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing details Amgen's financial performance, reporting total product sales of $32.0 billion, an increase of 19% compared to the previous year. This growth was driven by a 23% increase in volume, partially offset by a 2% decline in net selling price.
U.S. product sales accounted for $23.3 billion, a 21% increase, while international sales reached $8.7 billion, up 14%. Key contributors to this growth included products such as Repatha, TEZSPIRE, EVENITY, BLINCYTO, and Prolia.
Amgen's operating expenses rose by 29% to $26.2 billion, influenced by higher amortization expenses related to the Horizon acquisition, increased R&D and SG&A expenses, and higher profit share and royalty expenses.
The company reported a net income of $4.1 billion, a decrease of 39% from the previous year, with diluted earnings per share of $7.56.
Amgen's R&D expenses increased by 25% to $6.0 billion, reflecting higher spending on clinical programs and support for marketed products, including those acquired from Horizon.
Amgen's balance sheet showed cash and cash equivalents of $12.0 billion as of December 31, 2024. The company repaid $3.6 billion in debt during the year and returned capital to shareholders through $4.8 billion in dividends and $200 million in stock repurchases.
The company continues to face challenges from biosimilar competition, particularly for products like Prolia and XGEVA, with patents expiring in 2025. Amgen is also navigating regulatory and reimbursement pressures, including Medicare price setting under the Inflation Reduction Act.
Amgen's strategic focus remains on advancing its innovative pipeline, expanding its manufacturing network, and leveraging its global presence to drive growth. The company is also committed to achieving its environmental sustainability targets by 2027.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Amgen Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.