Amgen Inc. Revenue in 2024

Amgen Inc. reported $33.4B in revenue for fiscal year 2024. This represents a growth of 18.6% compared to the 2023 figure of $28.2B.

Amgen paid $27.8 billion for Horizon Therapeutics in 2023 — and the FTC sued to block it on the grounds that Amgen's rebating practices could exclude competing drugs from insurance formularies. The companies won. The acquisition closed. It was the most expensive biotech deal of the year and among the largest in a decade, financed primarily with debt that raised Amgen's leverage ratio significantly. Revenue moved from $25.9 billion in 2021 to $33.4 billion in 2024, partly organic and partly Horizon-driven. Net income of $3.8 billion reflects both the interest expense on acquisition debt and the R&D investment required to sustain a pipeline of over 40 clinical-stage molecules. The company spent approximately $3.24 billion on R&D in FY2024. The biosimilar business — Amgen's own copies of competitor branded biologics — generated volume growth at lower margins than branded products but provided a hedge against the same competitive pressure the company faces from biosimilars to its own drugs. Enbrel, the rheumatoid arthritis treatment that peaked at over $5 billion in US annual sales, faces biosimilar competition that has been slower to materialize in the US than in Europe, but the erosion is arriving. Market capitalization of approximately $153 billion against $33.4 billion in revenue is a multiple that reflects the pharmaceutical earnings model: current products have known trajectories, pipeline assets have probabilistic values, and which Phase III clinical trial results in the next three years will move both numbers meaningfully.