Amgen Inc. Revenue & Financials

Amgen's financial profile in fiscal year 2024 reflected both the transformative impact of the Horizon Therapeutics acquisition and the ongoing pressure from patent expirations and pricing dynamics. Total revenues reached approximately $33.4 billion, representing a significant increase from $26.3 billion in fiscal year 2023, driven primarily by the first full year of Horizon product contributions including Tepezza ($1.9 billion) and Krystexxa ($800 million). Product sales of $32.3 billion accounted for nearly all revenue, with other revenues (royalties, licensing) contributing approximately $1.1 billion. Gross margin remained robust at approximately 73% on a non-GAAP basis, consistent with Amgen's historical profile as a manufacturer of high-value biologics. Non-GAAP operating income was approximately $13.5 billion, though GAAP operating income was substantially lower due to acquisition-related amortization of Horizon intangibles, which runs approximately $3 billion annually. Net income on a GAAP basis was approximately $3.8 billion in 2024, while non-GAAP net income was approximately $11.2 billion, reflecting the significant gap between GAAP and adjusted metrics common to acquisitive pharmaceutical companies. The most significant financial development was the ongoing deleveraging following the Horizon deal. Long-term debt stood at approximately $58 billion at year-end 2024, carrying a weighted average interest rate of approximately 4.2%. Amgen generated approximately $8.5 billion in free cash flow during 2024 and applied the majority toward debt reduction and dividend payments. The quarterly dividend was maintained at $2.25 per share throughout 2024. Amgen's stock returned approximately 12% in 2024, underperforming the S&P 500 but outperforming many large-cap biotechs dealing with similar patent cliff concerns.