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Amgen Sees Strong Q4 Growth Even Without Horizon Contribution

Gains Driven By Volume For Many Products

 
• By Mandy Jackson

The company increased its full-year guidance in anticipation of Horizon’s Q4 contribution and sales for the quarter jumped 20%, but even excluding those drugs product sales were up 5%.

Amgen logo sign hanging on the office building in Rotkreuz, Switzerland
Amgen's full-year 2024 revenue guidance is $32.4bn-$33.8bn • Source: Shutterstock

Amgen, Inc.’s revenue surged during the fourth quarter of 2023, powered largely by the rare disease drug portfolio from its $27.8bn Horizon Therapeutics plc acquisition that closed during the quarter, but the company also saw significant growth for several products outside of those assets, including the osteoporosis drugs Prolia (denosumab) and Evenity (romosozumab) and LDL-lowering therapy Repatha (evolocumab).

Key Takeaways

  • Amgen’s Q4 revenue and product sales each rose 20%, based in large part on the contribution of Horizon’s rare disease drugs, but sales jumped 5% even without these newly purchased assets.

Amgen raised its full year 2023 revenue guidance by about $1bn to a range of $28bn-$28.4bn in November in anticipation...

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