Amgen Q2 2024 revenue up 20% to $8.4B, but GAAP EPS falls 46% to $1.38

AMGEN INC

2024-Q2 EPS reported $1.17 revenue$15,835,000,000

Total revenues $8.4B, up 20% YoY; product sales up 20% (5% ex-Horizon), driven by 26% volume growth.
GAAP EPS $1.38 (down 46%); non-GAAP EPS $4.97 (down 1%); GAAP operating margin 23.7% vs 40.2%.
Free cash flow $2.2B, vs $3.8B in Q2 2023, due to timing of tax payments.
Twelve products had double-digit sales growth; rare disease sales $1.1B; Repatha, Prolia, TEZSPIRE among leaders.
Non-GAAP operating income $3.9B (up 11%); operating margin 48.2%, down 4.4pp year-over-year.

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