Direct Answer
Amgen Inc. (AMGN) reported total revenues of $33.264 billion in fiscal year 2024, an increase of approximately 19% from approximately $28.2 billion in FY2023. Revenue growth was driven by a full year of Horizon Therapeutics products following the $27.8 billion acquisition that closed in October 2023, alongside strong volume growth in Repatha, Blincyto, and TEZSPIRE. GAAP diluted EPS was $5.58, depressed by non-cash amortization of acquired intangibles; non-GAAP diluted EPS was $19.78. Free cash flow was approximately $8.0 billion. Amgen has increased its quarterly dividend for more than 13 consecutive years, raising it to $2.38 per quarter ($9.52 annualized) as of FY2024.
Revenue by key product (FY2023 vs. FY2024)
| Product | Indication | FY2023 (approx.) | FY2024 (approx.) |
|---|---|---|---|
| Prolia (denosumab) | Osteoporosis | ~$3.8B | ~$4.0B |
| Enbrel (etanercept) | Rheumatoid arthritis | ~$3.8B | ~$3.1B |
| Repatha (evolocumab) | LDL cholesterol reduction | ~$1.6B | ~$2.2B |
| Otezla (apremilast) | Psoriasis | ~$2.2B | ~$2.2B |
| XGEVA (denosumab) | Bone metastases | ~$1.9B | ~$2.1B |
| Tepezza (teprotumumab) | Thyroid eye disease (Horizon) | ~$0.5B* | ~$2.0B |
| Blincyto (blinatumomab) | B-cell leukemia | ~$0.7B | ~$0.9B |
| TEZSPIRE (tezepelumab) | Severe asthma | ~$0.4B | ~$0.8B |
* Tepezza and KRYSTEXXA figures for FY2023 reflect only the partial period after the Horizon Therapeutics acquisition closed on October 6, 2023. These products contributed a full year of revenue in FY2024, which accounts for a significant portion of Amgen's reported year-over-year growth.
Prolia remains Amgen's largest single product by revenue, benefiting from the ongoing global expansion of the osteoporosis treatment market. Enbrel is declining in Europe where biosimilar competition has eroded market share, while U.S. revenues hold more stable due to a different competitive landscape.
Repatha has shown strong volume growth as prescribers become more comfortable with PCSK9 inhibitor therapy for patients with high LDL cholesterol who do not adequately respond to statins. TEZSPIRE, partnered with AstraZeneca for severe asthma, is earlier in its growth trajectory.
Key financial metrics (FY2023 vs. FY2024)
| Metric | FY2023 (approx.) | FY2024 |
|---|---|---|
| Total revenues | ~$28.2B | $33.264B |
| GAAP net income | ~$2.8B | $3.314B |
| Non-GAAP net income | ~$8.4B | ~$8.7B |
| GAAP diluted EPS | ~$4.70 | $5.58 |
| Non-GAAP diluted EPS | ~$18.65 | $19.78 |
| Free cash flow | ~$8.5B | ~$8.0B |
| Quarterly dividend per share | $2.13 | $2.38 |
| Annualized dividend per share | $8.52 | $9.52 |
The large gap between GAAP and non-GAAP earnings reflects non-cash amortization of intangible assets acquired in the Horizon Therapeutics transaction. Intangible assets such as drug patents and trade names are capitalized at acquisition and amortized over their estimated useful lives, producing a recurring charge that reduces GAAP income without affecting cash generation. Amgen's free cash flow of approximately $8.0 billion in FY2024 is a more representative indicator of the cash the business generated from operations after capital expenditures.
Amgen has raised its dividend for more than 13 consecutive years. To qualify as a Dividend Aristocrat (S&P 500 index constituents with 25 or more consecutive years of dividend increases), the company would need to continue raising its dividend for approximately another 12 years at the current pace. The company joined the Dow Jones Industrial Average on August 31, 2020, replacing Pfizer.
Horizon Therapeutics acquisition impact
Amgen completed the acquisition of Horizon Therapeutics on October 6, 2023, for approximately $27.8 billion in cash. At the time of closing, it was the largest acquisition in the history of the biopharmaceutical industry. The deal added a portfolio of rare disease medicines to Amgen's existing portfolio, which had been concentrated in immunology, oncology, and cardiovascular disease.
The three core products acquired through Horizon are:
- Tepezza (teprotumumab-trbw): Approved by the FDA in January 2020 for the treatment of thyroid eye disease (also called thyroid-associated ophthalmopathy), a serious inflammatory condition affecting the eyes in some patients with thyroid disorders. Tepezza was the first FDA-approved treatment specifically for thyroid eye disease. It generated approximately $2.0 billion in revenue for Amgen in FY2024, making it one of the company's top revenue contributors in its first full year under Amgen ownership.
- KRYSTEXXA (pegloticase): Approved for the treatment of chronic refractory gout in adults who have failed conventional therapies. KRYSTEXXA generated approximately $0.9 billion in revenue in FY2024. Amgen has pursued a label expansion strategy, including use alongside immunomodulators to improve response rates, which could expand the eligible patient population.
- Uplizna (inebilizumab-cdon): Approved for the treatment of neuromyelitis optica spectrum disorder, a rare autoimmune disease affecting the spinal cord and optic nerves. Uplizna was earlier in its commercial launch at the time of the acquisition and represents a smaller revenue contributor at this stage.
The financial consequence of the acquisition on reported GAAP earnings is substantial. The $27.8 billion purchase price was allocated across identified intangible assets (principally the acquired drug portfolios), which are being amortized over their estimated useful lives. This produces an annual non-cash amortization charge that flows through GAAP cost of goods sold and operating expenses, reducing GAAP net income significantly below operating cash generation. This is a standard accounting treatment for large pharmaceutical acquisitions and is the primary reason Amgen separately reports non-GAAP financial measures that exclude amortization of acquired intangibles.
MariTide obesity pipeline: AMG 133
MariTide (maridebart cafraglutide, formerly known as AMG 133) is Amgen's investigational obesity treatment currently in Phase 2 clinical development. It is a bispecific molecule designed to inhibit glucose-dependent insulinotropic polypeptide (GIP) receptors while activating glucagon-like peptide-1 (GLP-1) receptors.
This mechanism distinguishes MariTide from approved GLP-1 receptor agonists such as semaglutide (Ozempic, Wegovy) and tirzepatide (Mounjaro, Zepbound). Rather than activating GIP receptors as tirzepatide does, MariTide blocks them, which Amgen believes may produce a differentiated efficacy and side-effect profile. The drug is designed to be administered via a monthly or potentially less-frequent subcutaneous injection, which could represent a dosing convenience advantage over weekly GLP-1 injections if Phase 3 trials confirm the Phase 2 dosing durability.
Amgen reported Phase 2 data from MariTide in 2024 showing significant weight loss in study participants over the trial period. The company has stated its intention to advance MariTide into Phase 3 development, with initiation and readout timelines expected to be among the key catalysts for the stock over the coming years.
The commercial context is significant. Approved GLP-1 and GIP/GLP-1 therapies generated tens of billions of dollars in combined revenue in 2024, and multiple analyst forecasts project the obesity drug market could reach $100 billion or more in annual sales by the late 2020s to early 2030s. A successful Phase 3 readout for MariTide would position Amgen as a competitor in this market. Failure to demonstrate competitive efficacy or tolerability relative to established agents would remove this optionality from the investment thesis.
Amgen has not yet recognized any revenue from MariTide; it remains a pipeline asset. The value investors assign to it is a function of Phase 3 success probability, estimated market share achievable against entrenched competitors, and the timing of potential approval. Investors seeking to model this should verify current Phase 3 trial design, enrollment targets, and endpoint definitions directly from Amgen's investor relations disclosures and SEC filings.
Frequently Asked Questions
What was Amgen's total revenue in fiscal year 2024?
Amgen reported total revenues of $33.264 billion in FY2024, an increase of approximately 19% from approximately $28.2 billion in FY2023. The growth was driven largely by a full year of revenue from Horizon Therapeutics products (including Tepezza and KRYSTEXXA), which Amgen acquired in October 2023 for $27.8 billion. Excluding the Horizon contribution, underlying product volume growth from existing medicines such as Repatha, Blincyto, and TEZSPIRE also contributed to the increase.
Why is Amgen's GAAP net income lower than its non-GAAP net income?
Amgen's GAAP net income of $3.314 billion in FY2024 was significantly lower than its non-GAAP net income of approximately $8.7 billion because GAAP results include large non-cash charges and acquisition-related items. These include amortization of intangible assets acquired in the Horizon Therapeutics deal (the $27.8 billion acquisition price is allocated to identifiable intangibles, which are amortized over their useful lives), integration costs, and restructuring charges. Non-GAAP earnings exclude these items to provide a view of the ongoing operational profitability of the business.
What did Amgen acquire from Horizon Therapeutics?
Amgen acquired Horizon Therapeutics in October 2023 for $27.8 billion, the largest biotech acquisition ever at the time. The deal added three key medicines: Tepezza (teprotumumab-trbw), approved for thyroid eye disease; KRYSTEXXA (pegloticase), approved for uncontrolled gout in adults who have failed conventional therapies; and Uplizna (inebilizumab-cdon), approved for neuromyelitis optica spectrum disorder. Tepezza generated approximately $2.0 billion in revenue for Amgen in FY2024, making it one of the company's top revenue contributors in its first full year of Amgen ownership.
What is MariTide and why is it significant for Amgen investors?
MariTide (maridebart cafraglutide, also known as AMG 133) is Amgen's investigational obesity treatment in Phase 2 clinical development. It is a bispecific molecule that combines a GIP receptor antagonist with a GLP-1 receptor agonist, potentially differentiating it from approved GLP-1 drugs such as semaglutide and tirzepatide. Phase 2 data released in 2024 showed significant weight loss. If Phase 3 trials succeed, MariTide could position Amgen to compete in the obesity market, which analysts project could reach hundreds of billions of dollars in annual sales by the early 2030s. Phase 3 trial initiation and results are key pipeline milestones that investors are watching closely.