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(AOF) – In the second quarter of 2024, Amgen’s revenue increased 20% to $8.4 billion. Earnings per share decreased 46%, from $2.57 to $1.38, due to increased operating expenses, including depreciation of assets acquired by Horizon and additional Horizon-related expenses, partially offset by increased revenue. Operating income decreased from $2.7 billion to $1.9 billion.
The operating margin decreased by 16.5 percentage points to 23.7%.
The company generated $2.2 billion of free cash flow in the second quarter of 2024, compared to $3.8 billion in the second quarter of 2023, due to the timing of tax payments.
On the outlook side, for the full year 2024, Amgen now expects revenue of between $32.8 billion and $33.8 billion versus a previous estimate of between $32.5 billion and $33.8 billion.
EPS is expected to range from $6.57 to $7.62 versus a prior projection of $7.15 to $8.40.
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