Amgen (NASDAQ: AMGN) released its Q4 2024 financial results this week, reporting USD 33.42 billion in annual sales after a robust 19% year-on-year (YOY) increase. Sales during Q4 reached USD 9.09 billion, up 11% YOY. The strong performance was driven by growth across key product lines and the impact of strategic acquisitions.
Product Sales and Volume Growth
Product sales for the full year stood at USD 32 billion, up 19% YOY, with sales volume increasing by 23%. Excluding sales from the Horizon acquisition, product sales grew by 7%, driven by an 11% increase in volume. The company’s best-selling drugs included Repatha (evolocumab) at USD 2.2 billion (up 36%), Tezspire (tezepelumab) at USD 976 million (up 71%), Evenity (romosozumab) at USD 1.56 billion (up 35%), Blincyto (blinatumomab) at USD 1.22 billion (up 41%), and Tavneos (avacopan) at USD 283 million (up 111%).
Pipeline and Development Updates
Despite the majority of Amgen’s pipeline running smoothly, two drugs saw their indications terminated for development. Fipaxalparant, an LPAR1 antagonist for patients with diffuse cutaneous systemic sclerosis, had completed a Phase II study but failed to meet either the primary or secondary endpoints. Additionally, the Phase III SUNRISE study for Tezspire in severe asthma was terminated.
2025 Revenue Outlook
Amgen expects to achieve revenues between USD 34.3 billion and 35.7 billion in 2025. This outlook reflects the company’s continued focus on innovation and the anticipated impact of its growing product portfolio.-Fineline Info & Tech
