Amgen Inc. reported significant financial growth for the third quarter and the first nine months of 2024, driven by strong product sales and the recent acquisition of Horizon Therapeutics plc. For the three months ended September 30, 2024, total revenues reached $8,503 million, a 23% increase from $6,903 million in the same period of 2023. Product sales for the quarter were $8,151 million, up 24% from $6,548 million year-over-year. For the nine months ended September 30, 2024, total revenues were $24,338 million, compared to $19,994 million in the prior year, reflecting a 22% increase. Product sales for this period also rose to $23,310 million from $19,077 million.
The acquisition of Horizon Therapeutics, completed on October 6, 2023, contributed significantly to Amgen's revenue, adding $1.1 billion in product sales for the third quarter and $3.1 billion for the nine-month period. This acquisition is expected to enhance Amgen's portfolio, although it has also led to increased operating expenses. Total operating expenses for the third quarter were $6,456 million, a 32% increase from $4,882 million in the same quarter of 2023, primarily due to higher amortization expenses related to the Horizon acquisition.
Net income for the third quarter of 2024 was $2,830 million, a substantial 64% increase from $1,730 million in the same period of 2023. Basic earnings per share rose to $5.27 from $3.23, while diluted earnings per share increased to $5.22 from $3.22. However, net income for the nine months ended September 30, 2024, was $3,463 million, down from $5,950 million in the same period of 2023, reflecting the impact of the Horizon acquisition and increased expenses.
Amgen's total assets decreased to $90,883 million as of September 30, 2024, from $97,154 million at the end of 2023. Total current assets also fell to $26,766 million from $30,332 million. Long-term debt decreased to $56,854 million from $63,170 million, while total stockholders’ equity increased to $7,527 million from $6,232 million.
The effective tax rate for the third quarter of 2024 was 8.7%, down from 11.1% in the same period of 2023, attributed to the earnings mix from the inclusion of the Horizon business. Amgen continues to face challenges from macroeconomic conditions, including inflation and pricing pressures, which may impact future performance.
About AMGEN INC
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