Amgen Reports Strong Revenue Growth, Mixed Earnings in Q2

Double-Digit Sales Growth Driven by Acquisition

Earnings Per Share Decline Due to Higher Expenses

Biotechnology giant Amgen reported strong revenue growth but mixed earnings results for the second quarter of 2023. Sales surged by double digits, boosted by the recent acquisition of Horizon Therapeutics for $27.8 billion. However, earnings per share (EPS) under generally accepted accounting principles (GAAP) declined by 46%, from $2.57 to $1.38, due to a rise in operating expenses.

Despite the earnings dip, Amgen's non-GAAP EPS increased by 8%, driven by increased revenues that were partially offset by higher expenses. The company's total revenues increased by 20% to $8.2 billion in the fourth quarter, compared to the same period last year.

Amgen's Chief Executive Officer, Robert Bradway, attributed the strong revenue growth to increased demand for its innovative therapies. "Our second-quarter results reflect the continued strength of our business," he said. "Our commercial teams are executing well, and we are seeing broad-based demand for our products across all of our major markets."