Analyst Conference Summary

biotechnology

conference date: February 4, 2025 @ 1:30 PM Pacific Time
for quarter ending: December 31, 2024 (fourth quarter, Q4)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $8.50 billion and up % from $ billion in the year-earlier quarter.

Net income was $ billion, up % sequentially from $2.83 billion, and up % from $ billion year-earlier.

Earnings Per Share (diluted EPS) were $, up % sequentially from $5.22 and up % from $ year-earlier.

Guidance:

Conference Highlights:

Robert A. Bradway, CEO said ""

Lumakras continues Phase 3 enrollment, combined with Vectibix and Folfiri, for CRC patients with KRAS G12C mutations. A regulatory submission is on track for Lumakras with Vectibix. Other combination trials are underway.

On June 5, 2024 Amgen announced positive Phase 3 results for Uplinza for IgG4-RD (immunoglobulin G4-related disease).

Xaluritamig (AMG 509) was in two Phase 1 studies for mCRPC (metastatic castrate resistant prostate cancer). Results in September 2024 were positive. A Phase 3 study in post-taxane metastatic castrate resistant prostate cancer should initiate in Q4 2024.

Tezspire Phase 3 data for chronic rhinosinusitis with nasal polyps data expected before the end of 2024.

Many other studies are ongoing.

Non-GAAP numbers: net income was $ billion, up % sequentially from $3.02 billion, and up % from $ billion year-earlier. EPS was $, up % sequentially from $5.58 and up % from $ year-earlier.

Product sales were $ billion, up % sequentially from $ billion, and up % y/y from $8.15 billion. Non-product revenue was $ million, up % sequentially from $ million, and down % from $ million year-earlier.

Cash and equivalents balance ended at $ billion, down sequentially from $9.0 billion. Operating cash flow $ billion. Capital expenditures $ million. Free cash flow was $ billion. Long-term debt was $ billion. No shares were repurchased in the quarter. Dividend payments were $ billion.

See also the Amgen pipeline.

GAAP cost of sales was $ billion. Research and development expense was $ billion; selling general and administrative expense $ billion; and other operating expense $ million, for total operating expenses of $ billion. Operating income was $ billion. Interest expense was $ million, other income $ billion, income taxes $ million.

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