Amgen Inc. Q2 FY2024 results: revenue $8.4 billion, up 20.1% on the year

Amgen Inc. (AMGN) reported revenue of $8.4 billion for Q2 FY2024, the quarter ended 30 June 2024, up 20.1% on the same quarter a year earlier. Net income was $746 million, down 45.9% on the year, and diluted earnings per share $1.38. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2024.

Revenue$8.4 billionup 20.1%

Net income$746 milliondown 45.9%

Diluted EPS$1.38

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	8,388	7,447	n/a	n/a
Cost of revenue	3,236	3,200	n/a	n/a
Gross profit	5,152	4,247	n/a	n/a
Gross margin	61.4%	57.0%	n/a
Research and development	1,447	1,343	n/a	n/a
Selling, general and administrative	1,785	1,808	n/a	n/a
Operating income	1,909	991	n/a	n/a
Operating margin	22.8%	13.3%	n/a
Interest expense	808	824	n/a	n/a
Pre-tax income	794	-68.0	n/a	n/a
Income tax	48.0	45.0	n/a	n/a
Effective tax rate	6.0%	n/a	n/a
Net income	746	-113	n/a	n/a
Net margin	8.9%	-1.5%	n/a
Diluted EPS	$1.38	-$0.21	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	2,459	689	n/a	n/a
Capital expenditure	238	230	n/a	n/a
Free cash flow	2,221	459	n/a	n/a
Free cash flow margin	26.5%	6.2%	n/a
Depreciation and amortisation	202	1,399	n/a	n/a
Share-based compensation	157	103	n/a	n/a
Dividends paid	1,209	1,208	n/a	n/a
Dividend per share	$2.25	$2.25	n/a	n/a
Diluted shares, weighted	541m	536m	n/a	n/a
Shares outstanding at period end	537m	536m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	90,907	92,980	n/a	n/a
Cash and equivalents	9,301	9,708	n/a	n/a
Receivables	6,934	6,776	n/a	n/a
Inventory	7,995	8,724	n/a	n/a
Goodwill	18,616	18,570	n/a	n/a
Long-term debt	62,645	64,020	n/a	n/a
Shareholders' equity	5,925	5,022	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	6,903	8,196	7,447	8,388	8,503	9,086	8,149	9,179	9,557	9,866	8,618	10,054
Cost of revenue	1,806	3,112	3,200	3,236	3,310	3,112	2,968	3,011	3,082	2,976	2,744	2,811
Gross profit	5,097	5,084	4,247	5,152	5,193	5,974	5,181	6,168	6,475	6,890	5,874	7,243
Gross margin	74%	62%	57%	61%	61%	66%	64%	67%	68%	70%	68%	72%
R&D	1,079	1,534	1,343	1,447	1,450	1,724	1,486	1,744	1,900	2,142	1,719	1,868
SG&A	1,353	2,274	1,808	1,785	1,625	1,878	1,687	1,691	1,720	1,952	1,602	1,745
Operating income	2,021	1,271	991	1,909	2,047	2,311	1,178	2,656	2,526	2,720	2,666	3,514
Operating margin	29%	16%	13%	23%	24%	25%	14%	29%	26%	28%	31%	35%
Interest expense	759	821	824	808	776	747	723	694	685	653	657	673
Pre-tax income	1,947	852	-68.0	794	3,101	782	1,973	1,568	3,921	1,514	2,084	2,768
Tax rate	11%	10%	n/a	6%	9%	20%	12%	9%	18%	12%	13%	14%
Net income	1,730	767	-113	746	2,830	627	1,730	1,432	3,216	1,333	1,819	2,375
Net margin	25%	9%	-2%	9%	33%	7%	21%	16%	34%	14%	21%	24%
Diluted EPS	$3.22	$1.42	-$0.21	$1.38	$5.22	$1.17	$3.20	$2.65	$5.93	$2.45	$3.34	$4.37
Operating cash flow	2,760	538	689	2,459	3,571	4,771	1,391	2,280	4,684	1,603	2,189	4,002
Capital expenditure	248	249	230	238	257	371	411	369	436	642	712	513
Free cash flow	2,512	289	459	2,221	3,314	4,400	980	1,911	4,248	961	1,477	3,489
Buybacks	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	1,140	1,140	1,208	1,209	1,210	1,205	1,279	1,280	1,282	1,283	1,358	1,362
Shares outstanding	535m	535m	536m	537m	538m	537m	538m	538m	538m	539m	540m	541m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 7 August 2024, accession 0000318154-24-000035: the filing on EDGAR. All of Amgen Inc.'s filings: EDGAR company page.

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