Amgen, a leading biotechnology company, has announced a significant increase in revenue for the latest quarter, partly attributed to its acquisition of Horizon Therapeutics.
In the fourth quarter ended Dec. 31, Amgen recorded net income of $767 million, or $1.42 per share, compared to $1.62 billion, or $3 per share, in the previous year. Adjusted earnings were reported at $4.71 per share, surpassing analysts' estimates of $4.59 per share.
The company's revenue experienced a 20% rise, totaling $8.2 billion compared to $6.84 billion previously. This surpassed expectations of $8.13 billion by analysts polled by FactSet.
Notably, Amgen's results for the quarter included $954 million in sales from the period of Oct. 6 through Dec. 31 as a result of its acquisition of Horizon Therapeutics.
The growth in product sales was a significant contributing factor, with a 20% increase driven by a 23% volume growth. However, this was partially offset by a 3% decrease in net selling price.
Looking ahead to 2024, Amgen's forecast predicts revenue between $32.4 billion and $33.8 billion, along with adjusted earnings per share ranging from $18.90 to $20.30. Analysts surveyed by FactSet had expected revenue of around $32.71 billion and adjusted earnings per share of $19.96.
Chief Executive Robert Bradway expressed optimism about the company's future, stating that their marketed products are reaching a growing number of patients worldwide. Additionally, he mentioned that they anticipate more than a dozen significant pipeline milestones in 2024.
Related Articles
![Atlassian to Acquire Loom in $975 Million Deal](https://www.signalsforex.net/img/0888b08e-b978-43c0-bdb4-4db1785eb1d5/news-article-3.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
Atlassian to Acquire Loom in $975 Million Deal
Atlassian is acquiring Loom for $975 million to enhance team collaboration with async video technology, ensuring more efficient and meaningful communication wit...
![London Stock Exchange Group Financial Report](https://www.signalsforex.net/img/0888b08e-b978-43c0-bdb4-4db1785eb1d5/news-article-3.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
London Stock Exchange Group Financial Report
London Stock Exchange Group reports lower pretax profit but higher income in 2023 financial overview, plans share buyback program.
![A EUR500 billion Market for Local Decarbonizing Energy](https://www.signalsforex.net/img/0888b08e-b978-43c0-bdb4-4db1785eb1d5/news-article-3.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
A EUR500 billion Market for Local Decarbonizing Energy
The world energy landscape is changing, and local decarbonizing energy is becoming vital. This article explores the market's worth of EUR500 billion, Veolia's r...