Amgen Reports Q1 Revenue of $7.45 Billion, Up 22% Year-over-Year, Driven by Strong Product Sales and Horizon Acquisition

2024On May 2, Amgen released its Q1 financial report, with revenue of $7.447 billion, a year-on-year increase of 22%.

Driven by a 25% increase in sales volume, the overall sales revenue of the products grew by 22%. Among them, ten products, including Repatha, Tezspire, Evenity, Blincyto, and Tavneos, achieved at least double-digit sales growth, with revenues of $517 million (+33%), $173 million (+80%), $342 million (+35%), $244 million (+26%), and $51 million (nm), respectively.

In addition, Amgen's Q1 performance also includes $914 million in sales from the acquisition of Horizon, such as first-in-class drugs like Tepezza ($424 million) for thyroid eye disease, Krystexxa ($235 million) for hyperuricemia, and Uplizna ($80 million) for neuromyelitis optica, all of which are in the early stages of their life cycles and experiencing rapid growth.

In the financial report, Amgen also disclosed that its weight-loss product MariTide (AMG133) is currently undergoing a Phase II study, with data expected to be released by the end of 2024. Based on interim observations from the Phase II study, Amgen is planning to initiate multiple adaptive comprehensive Phase III studies while expanding the drug's production capacity.

About AMG133

AMG133 is a first-in-class bispecific antibody-peptide conjugate for the treatment of obesity, administered via subcutaneous injection once every 4 weeks. The drug inhibits the glucose-dependent insulinotropic polypeptide receptor (GIPR, also known as gastric inhibitory polypeptide receptor) while simultaneously activating the glucagon-like peptide-1 receptor (GLP-1R). GLP-1 and GIP are two naturally occurring incretins that have been shown to reduce food intake, regulate metabolism, and contribute to weight loss and blood sugar reduction.

Amgen is committed to benefiting patients worldwide who suffer from serious diseases by unlocking the potential of biology. To achieve this vision, Amgen has long focused on the exploration, development, manufacturing, and sales of innovative human therapeutics. By leveraging advanced tools such as cutting-edge human genetics, the company strives to uncover the complexity of diseases and gain insights into the fundamental mechanisms of human biology.

Amgen focuses on disease areas with significant medical needs that are far from being met, leveraging its advanced experience in biopharmaceuticals to make outstanding contributions to improving human health and quality of life. Since its founding in 1980, Amgen has become one of the world's leading independent biotechnology companies, providing innovative drugs to millions of patients worldwide while also having a number of highly promising drugs in development.