Q4 2024 Amgen Inc Earnings Call Transcript
Key Points
- Amgen Inc (AMGN) reported a 19% year-over-year increase in total revenues for 2024, driven by strong product sales growth.
- The company achieved double-digit growth for 10 products and had 14 products annualizing at over $1 billion in sales.
- Repatha and EVENITY showed significant growth, with Repatha sales increasing by 36% to over $2.2 billion.
- Amgen Inc (AMGN) successfully launched TEPEZZA in Japan and plans to expand into seven additional countries in 2025.
- The company is advancing its pipeline with important Phase 3 data readouts expected in 2025, including for MariTide in obesity and related conditions.
- Amgen Inc (AMGN) faces challenges from declining net prices and losses of exclusivity for some products.
- The company anticipates continued price declines across its portfolio in 2025, which could impact revenue growth.
- There is increased competition in the market for Repatha, particularly from oral PCSK9 inhibitors.
- Amgen Inc (AMGN) is dealing with the impact of increased interest expenses due to the Horizon acquisition.
- The company expects a decline in free cash flow performance in 2025 compared to 2023, driven by working capital changes and increased capital expenditures.
My name is Julianne, and I will be your conference facilitator today for Amgen's fourth quarter and full year 2024 financial results conference call. (Operator Instructions)
I would now like to introduce Justin Claeys, Vice President of Investor Relations. Mr. Claeys, you may now begin.
Thank you, Julianne. Good afternoon, everyone, and welcome to our fourth quarter 2024 earnings call. Bob Bradway will lead the call and be followed by a broader review of our performance by Murdo Gordon, Jay Bradner, and Peter Griffith.
Through the course of our discussion today, we will use non-GAAP financial measures to describe our performance and have provided appropriate reconciliations within the materials that accompany this call.
We will also make some forward-looking statements which are qualified by our safe harbor statement and please note that actual results can vary materially.
Over to you, Bob.
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