Amgen 4Q Revenue Surges as Acquisition Boosts Results

By Denny Jacob

Amgen posted a surge in revenue in the latest quarter, boosted in part by its prior acquisition of Horizon Therapeutics.

The biotechnology company logged net income of $767 million, or $1.42 a share, for the fourth quarter ended Dec. 31, down from $1.62 billion, or $3 a share, a year earlier. Adjusted earnings were $4.71 a share, above analysts' estimates of $4.59 a share.

Revenue rose 20% to $8.2 billion from $6.84 billion. Analysts polled by FactSet expected $8.13 billion.

Amgen said its results included $954 million of sales for the period of Oct. 6 through Dec. 31 from its acquisition of Horizon Therapeutics.

Amgen said product sales grew 20%, driven by 23% volume growth, partially offset by a 3% lower net selling price.

For 2024, Amgen forecast revenue in the range of $32.4 billion and $33.8 billion as well as adjusted earnings between $18.90 a share and $20.30 a share. Analysts polled by FactSet expected $32.71 billion in revenue and adjusted earnings per-share of $19.96.

"Our marketed products are reaching many more patients around the world, and we anticipate more than a dozen significant pipeline milestones in 2024," said Chief Executive Robert Bradway.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

February 06, 2024 16:48 ET (21:48 GMT)

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