The availability of CWENCH Hydration at 54 MacEwen-owned Esso , Shell , MacEwen and Quickie gas stations is a direct result of the recently announced distribution agreement between Cizzle Brands Corporation and Keurig Dr Pepper Canada subsidiary Van Houtte Coffee Services ("VHCS"), which distributes to over 30,000 commercial sites across Canada. This agreement with VHCS has already yielded meaningful results in helping to commercialize CWENCH Hydration™.
Cizzle Brands Corporation (Cboe Canada: CZZL) (OTC: CZZLF) (Frankfurt: 8YF) ( the "Company" or "Cizzle Brands") is pleased to announce that the Blue Raspberry and Rainbow ready-to-drink ("RTD") flavours of its flagship brand CWENCH Hydration™ are now being carried in 54 Esso , Shell , MacEwen , and Quickie gas stations in Ontario and Quebec that are owned and operated by MacEwen Petroleum .
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250211625004/en/
CWENCH Hydration ready-to-drink flavours seen in a fridge at a MacEwen-owned gas station. The availability of CWENCH Hydration at MacEwen is an example of one of the many benefits of Cizzle Brands' relationship with Van Houtte Coffee Services. (Photo: Business Wire)
This chain placement of CWENCH Hydration™ products was secured by Van Houtte Coffee Services ("VHCS"), which is a subsidiary of Keurig Canada Inc., doing business as Keurig Dr Pepper Canada. In a press release dated January 29, 2025 , Cizzle Brands announced its distribution agreement with VHCS, in which VHCS would distribute the Company's product lines across Canada and take over distributorship for certain existing Cizzle Brands accounts in categories including sporting goods retailers and stadiums.
Cizzle Brands highlights the following aspects of the MacEwen placement, with respect to the foreseeable business value that can be generated through the Company's relationship with VHCS:
Cizzle Brands Founder, Chairman, and Chief Executive Officer, John Celenza commented, "Working with VHCS was a transformational step for Cizzle Brands, as it enables us to commercialize CWENCH Hydration™ at a mass scale in a short amount of time. Making the product available to consumers in convenient locations is a key part of driving brand adoption in the beverage category, and this partnership with VHCS gives us the ability to accelerate that availability at a scale that is not normally possible for newer brands on the market. More specifically, major beverage distributors such as Keurig Dr Pepper do not normally take on brands that have only recently launched. Following the market debut of CWENCH Hydration™ in May of 2024, we have steadily built grassroots-level demand, and we believe that VHCS will be an important catalyst for this natural next step in our growth journey. CWENCH Hydration™ has only been placed in a small percentage of VHCS' accounts so far, and just a couple of weeks into the relationship, this truly is just the beginning."
About Cizzle Brands Corporation
Cizzle Brands Corporation is elevating the game in health and wellness. Through extensive collaboration and testing with leading athletes and trainers across several elite sports, Cizzle Brands has launched two leading product lines in the sports nutrition category: (i) CWENCH Hydration, a better-for-you sports drink that is now carried in over 1,200 stores in Canada, the United States, and Europe; and (ii) Spoken Nutrition, a premium brand of athlete-grade nutraceuticals that carry the prestigious NSF Certified for Sport® qualification. All Cizzle Brands products are designed to help people achieve their best in both competitive sports and in living a healthy, vibrant, active lifestyle.
For more information about Cizzle Brands, please visit: https://www.cizzlebrands.com/
For more information about CWENCH, please visit: https://www.cwenchhydration.com
Notice Regarding Images and Links: This press release may contain images and/or links to outside web pages, which could play an important role in providing the full context of the news update being conveyed through this press release. Some news aggregation services may remove these images and/or links at their discretion. Therefore, readers are encouraged to access SEDAR+ or the News section of the Cizzle Brands Corporation website to view this press release containing all images and/or links as originally published.
On behalf of the Board of Directors of the Company,
"John Celenza"
John Celenza, Founder, Chairman, and Chief Executive Officer
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" which may include, but is not limited to, information with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, such as, but not limited to: new products of the Company and potential sales and distribution opportunities. Such forward-looking information is often, but not always, identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company.
Forward looking information involves known and unknown risks, uncertainties and other risk factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks, regulatory risks, financing, capitalization and liquidity risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation, except as otherwise required by law, to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors change.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250211625004/en/
For further information, please contact:
Setti Coscarella
Head of Corporate Development
investors@cizzlebrands.com
1-844-588-2088
News Provided by Business Wire via QuoteMedia
Amgen (NASDAQ: AMGN) will present at the 35 th Annual Oppenheimer Healthcare Life Sciences Conference at 11:20 a.m. ET on Wednesday Feb. 12, 2025. Narimon Honarpour, senior vice president of global development at Amgen, will present at the conference. The webcast will be broadcast over the internet simultaneously and will be available to members of the news media, investors and the general public.
The webcast, as with other selected presentations regarding developments in Amgen's business given by management at certain investor and medical conferences, can be found on Amgen's website, www.amgen.com , under Investors. Information regarding presentation times, webcast availability and webcast links are noted on Amgen's Investor Relations Events Calendar. The webcast will be archived and available for replay for at least 90 days after the event.
About Amgen
Amgen discovers, develops, manufactures and delivers innovative medicines to help millions of patients in their fight against some of the world's toughest diseases. More than 40 years ago, Amgen helped to establish the biotechnology industry and remains on the cutting-edge of innovation, using technology and human genetic data to push beyond what's known today. Amgen is advancing a broad and deep pipeline that builds on its existing portfolio of medicines to treat cancer, heart disease, osteoporosis, inflammatory diseases and rare diseases.
In 2024, Amgen was named one of the "World's Most Innovative Companies" by Fast Company and one of "America's Best Large Employers" by Forbes, among other external recognitions. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average®, and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.
For more information, visit Amgen.com and follow Amgen on X , LinkedIn , Instagram , YouTube and Threads .
CONTACT: Amgen, Thousand Oaks
Elissa Snook , 609-251-1407 (media)
Justin Claeys , 805-313-9775 (investors)
View original content to download multimedia: https://www.prnewswire.com/news-releases/amgen-to-present-at-the-35th-annual-oppenheimer-healthcare-life-sciences-conference-302371476.html
SOURCE Amgen
News Provided by PR Newswire via QuoteMedia
Amgen (NASDAQ: AMGN) will present at the 35 th Annual Oppenheimer Healthcare Life Sciences Conference at 11:20 a.m. ET on Wednesday Feb. 12, 2025. Narimon Honarpour, senior vice president of global development at Amgen, will present at the conference. The webcast will be broadcast over the internet simultaneously and will be available to members of the news media, investors and the general public.
The webcast, as with other selected presentations regarding developments in Amgen's business given by management at certain investor and medical conferences, can be found on Amgen's website, www.amgen.com , under Investors. Information regarding presentation times, webcast availability and webcast links are noted on Amgen's Investor Relations Events Calendar. The webcast will be archived and available for replay for at least 90 days after the event.
About Amgen
Amgen discovers, develops, manufactures and delivers innovative medicines to help millions of patients in their fight against some of the world's toughest diseases. More than 40 years ago, Amgen helped to establish the biotechnology industry and remains on the cutting-edge of innovation, using technology and human genetic data to push beyond what's known today. Amgen is advancing a broad and deep pipeline that builds on its existing portfolio of medicines to treat cancer, heart disease, osteoporosis, inflammatory diseases and rare diseases.
In 2024, Amgen was named one of the "World's Most Innovative Companies" by Fast Company and one of "America's Best Large Employers" by Forbes, among other external recognitions. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average®, and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.
For more information, visit Amgen.com and follow Amgen on X , LinkedIn , Instagram , YouTube and Threads .
CONTACT: Amgen, Thousand Oaks
Elissa Snook , 609-251-1407 (media)
Justin Claeys , 805-313-9775 (investors)
View original content to download multimedia: https://www.prnewswire.com/news-releases/amgen-to-present-at-the-35th-annual-oppenheimer-healthcare-life-sciences-conference-302371476.html
SOURCE Amgen
News Provided by PR Newswire via QuoteMedia
Entering its third year, the CWENCH All Canadian Volleyball Games is Canada's premier girls' volleyball event. Set to take the national stage with live streaming on CBC Gem, the event features 60 of Canada's top-performing girls' volleyball players in each of the 17U and 16U age categories. As a proudly Canadian house of brands, this sponsorship is part of Cizzle Brands' ongoing initiatives to support youth sports in Canada.
Cizzle Brands Corporation (Cboe Canada: CZZL) (OTC: CZZLF) (Frankfurt: 8YF) ( the "Company" or "Cizzle Brands") is pleased to announce that its flagship brand CWENCH Hydration™ has become the title sponsor of the CWENCH All Canadian Volleyball Games (the " Event "), Canada's premier annual girls' volleyball event, which is taking place this year at the Athlete Institute in Orangeville, Ontario on Sunday, June 8, 2025.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250206101209/en/
CWENCH Hydration has become the title sponsor for the All Canadian Volleyball Games, part of Cizzle Brands' commitment to supporting Canadian youth sports and athletes. (Graphic: Business Wire)
Started in 2023, the All Canadian Volleyball Games has become a highly recognized and exclusive event for girls' volleyball, which received over 66 million views and impressions in its first year. As an invitation-only event for Canada's most elite girls' volleyball players, many of the participants in previous All Canadian Volleyball Games have gone on to be recruited by post-secondary institutions on athletic scholarships.
The Event was founded by Gerry Dee , a Canadian actor, director, and comedian who has hosted the televised Family Feud Canada game show since 2019. Gerry Dee's objective with the Event was to bolster visibility of girls' volleyball, a sport that he became passionate about as a father of two daughters who play the sport competitively. Cizzle Brands' Founder, Chairman, and Chief Executive Officer John Celenza also played a supporting role in the Event's launch in 2023.
In September 2024, the Associated Press reported that the popularity of girls' volleyball was at an all-time high with participation increasing every year since at least 1980 (excluding the 2020-21 pandemic year).
Under the five-year sponsorship agreement, Cizzle Brands will benefit from high-visibility placement of the CWENCH Hydration™ name and logo (on the volleyball court, arena signage, player jerseys, etc.) as part of the All Canadian Volleyball Games' marketing and recruitment initiatives, preliminary events, and the annual main event which will be live-broadcasted nationally on CBC Gem. The sponsorship agreement also provides for product placement of CWENCH Hydration™ as the sports drink provided to players and coaches/trainers, in addition to Spoken Nutrition nutraceutical supplements being made available for participants to use.
A replay of the 2024 Event can be viewed on YouTube through the following link: https://www.youtube.com/watch?v=rCJq4wNTP7s
Players who have competed in previous years include the following (along with the post-secondary institution at which they have committed or currently play), many of whom will return for the 2025 CWENCH All Canadian Volleyball Games:
Sydney Bell (Buffalo) | Maëli Cormier (Oregon State) | Remy Catojo (High Point) | Aly Donoghue (Duke) |
Lauren Edlund (Northern Arizona) | Jasmine Ellison (Oklahoma) | Brooke Fermaniuk (Northern Arizona) | Alyssa Flack (Oklahoma) |
Nikola Gamlin (Sacramento State) | Ashlyn Gent (Old Dominion) | Sara Gray (North Dakota) | Brooklyn Grobb-Prins (UTSA) |
Ella Hope (Arizona State) | Logan King (Long Beach) | Calinda Kok (USC) | Elodie Lalonde (High Point) |
Arianna Lonardi (Long Beach) | Emerson Matthews (Buffalo) | Avaya Maya (Oklahoma) | Sydney McDermott (Kansas State) |
Ana Nastase (Southern Methodist) | Ofure Odigie (Stanford) | Dumebi Okoye (Colorado) | Olivia Pasternak (Connecticut) |
Ella Piskorz (Pepperdine) | Trinity Schadd Ceres (Wisconsin) | Carmen Waye (Michigan State) | Sofia Zabjek (Colorado State) |
Grace Blaskovits (St. Mary's) | Chloe Bradley (UBC) | Emma Buntic (Western) | Jasmine Cormier (Calgary) |
Paisley Dickie (Trinity Western) | Tayana Dmitruk (Trinity Western) | Sienna Driedger (Trinity Western) | Athalia Duong (Western) |
Gabi Flaman (Saskatchewan) | Makenna Gillick (Trent) | Faith Hughes (Humber) | Sol Henson (UBC) |
Delfina Henson (UBC) | Trinity Lam (York) | Eva Lin (McMaster) | Julia Liu (Toronto) |
Julia Martens (Manitoba) | Faith Obasi (Mount Royal) | Raven Ogbodu (Mount Royal) | Abby Wasutyk (UBC) |
Toni Wilson (Western) | Jennifer Wu (McMaster) |
Cizzle Brands' sponsorship of the Event is the continuation of the Company's commitment to Canada and the nation's emerging athletes. In addition to the CWENCH All Canadian Volleyball Games, Cizzle Brands is a sponsor of The Quebec International Pee-Wee Hockey Tournament, The CWENCH Next Gen Series, the BCHL, the KLEVR Network, Play Hockey, The Hockey Super League, HPL Hockey, The Brick Invitational Hockey Tournament and hundreds of youth hockey teams across the country.
Cizzle Brands Founder, Chairman, and Chief Executive Officer, John Celenza commented, "Having been personally involved in the launch of the first All Canadian Volleyball Games back in 2023, I am particularly thrilled that CWENCH Hydration™ is becoming the title sponsor of the Event. Supporting Canadian youth sports across the country is core to who we are at Cizzle Brands and is more important than ever these days. Not only is it the right thing to do as proud Canadians, the fact is that the communities that we support return the investment in spades, giving patronage to our brands with incredible loyalty. We look forward to working with Gerry and supporting the players for the next five years, during which we foresee many opportunities to make a positive impact for girls' volleyball across Canada."
Regarding Cizzle Brands' sponsorship of the All Canadian Volleyball Games, Gerry Dee commented, "It is incredible to be working with John and his team again to support Canadian sports and girls' volleyball. This is a sport that I have grown to love because of my daughters Aly and Faith, whose participation in competitive volleyball has proven to play a key role in their journey into adulthood. As the CWENCH All Canadian Volleyball Games enters its third year, we could not be more excited to be working with Cizzle Brands as a sponsor and making CWENCH Hydration™ a valued part of the Event by providing an all-natural, sugar-free hydration option to Canada's most promising emerging volleyball stars."
Tickets for the 2025 CWENCH All Canadian Volleyball Games taking place on June 8, 2025 will be available for purchase at https://www.allcanadianvolleyball.com/ .
About Cizzle Brands Corporation
Cizzle Brands Corporation is elevating the game in health and wellness. Through extensive collaboration and testing with leading athletes and trainers across several elite sports, Cizzle Brands has launched two leading product lines in the sports nutrition category: (i) CWENCH Hydration, a better-for-you sports drink that is now carried in over 1,200 stores in Canada, the United States, and Europe; and (ii) Spoken Nutrition, a premium brand of athlete-grade nutraceuticals that carry the prestigious NSF Certified for Sport® qualification. All Cizzle Brands products are designed to help people achieve their best in both competitive sports and in living a healthy, vibrant, active lifestyle.
For more information about Cizzle Brands, please visit: https://www.cizzlebrands.com/
For more information about CWENCH Hydration, please visit: https://cwenchhydration.ca/
For more information about the CWENCH All Canadian Volleyball Games, please visit: https://www.allcanadianvolleyball.com/
Notice Regarding Images and Links: This press release may contain images and/or links to outside web pages, which could play an important role in providing the full context of the news update being conveyed through this press release. Some news aggregation services may remove these images and/or links at their discretion. Therefore, readers are encouraged to access SEDAR+ or the News section of the Cizzle Brands Corporation website to view this press release containing all images and/or links as originally published.
On behalf of the Board of Directors of the Company,
"John Celenza"
John Celenza, Founder, Chairman, and Chief Executive Officer
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" which may include, but is not limited to, information with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, such as, but not limited to: new products of the Company and potential sales and distribution opportunities. Such forward-looking information is often, but not always, identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company.
Forward looking information involves known and unknown risks, uncertainties and other risk factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks, regulatory risks, financing, capitalization and liquidity risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation, except as otherwise required by law, to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors change.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250206101209/en/
For further information, please contact:
Setti Coscarella
Head of Corporate Development
investors@cizzlebrands.com
1-844-588-2088
News Provided by Business Wire via QuoteMedia
Amgen (NASDAQ:AMGN) today announced financial results for the fourth quarter and full year of 2024 versus comparable periods in 2023.
"Robust growth in sales and earnings throughout 2024 reflects the momentum of our business. With strong performance globally, we are investing heavily in our rapidly advancing pipeline to deliver innovative therapies across our four therapeutic areas," said Robert A. Bradway , chairman and chief executive officer.
Key results include:
References in this release to "non-GAAP" measures, measures presented "on a non-GAAP basis," "free cash flow" (computed by subtracting capital expenditures from operating cash flow), "EBITDA, or earnings before interest, taxes, depreciation and amortization" (computed by adding interest expense, provision for income taxes, and depreciation and amortization expense to GAAP net income) and "debt leverage ratio" (calculated as the ratio of GAAP total debt to EBITDA) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented on the attached reconciliations. Refer to Non-GAAP Financial Measures below for further discussion.
Product Sales Performance
General Medicine
Rare Disease
Except for TAVNEOS ® , the products listed below were added through the acquisition of Horizon on Oct. 6, 2023 .
Inflammation
Oncology
Established Products
Product Sales Detail by Product and Geographic Region
$Millions, except percentages | Q4 '24 | Q4 '23 | YOY Δ | |||||||
U.S | ROW | TOTAL | TOTAL | TOTAL | ||||||
Repatha ® | $ 315 | $ 291 | $ 606 | $ 417 | 45 % | |||||
EVENITY ® | 325 | 106 | 431 | 318 | 36 % | |||||
Prolia ® | 775 | 390 | 1,165 | 1,107 | 5 % | |||||
TEPEZZA ®(1) | 456 | 4 | 460 | 448 | 3 % | |||||
KRYSTEXXA ®(1) | 346 | — | 346 | 272 | 27 % | |||||
UPLIZNA ®(1) | 93 | 8 | 101 | 65 | 55 % | |||||
TAVNEOS ® | 76 | 5 | 81 | 44 | 84 % | |||||
Ultra-Rare products (1) | 205 | 9 | 214 | 164 | 30 % | |||||
TEZSPIRE ® | 296 | — | 296 | 177 | 67 % | |||||
Otezla ® | 514 | 110 | 624 | 629 | (1 %) | |||||
Enbrel ® | 1,008 | 7 | 1,015 | 1,015 | — % | |||||
AMJEVITA ® /AMGEVITA ™ | 153 | 141 | 294 | 160 | 84 % | |||||
BLINCYTO ® | 245 | 136 | 381 | 241 | 58 % | |||||
Vectibix ® | 134 | 112 | 246 | 251 | (2 %) | |||||
KYPROLIS ® | 236 | 136 | 372 | 350 | 6 % | |||||
LUMAKRAS ® /LUMYKRAS ™ | 53 | 32 | 85 | 77 | 10 % | |||||
XGEVA ® | 369 | 192 | 561 | 527 | 6 % | |||||
Nplate ® | 221 | 116 | 337 | 386 | (13 %) | |||||
IMDELLTRA ® | 67 | — | 67 | — | N/A | |||||
MVASI ® | 108 | 65 | 173 | 188 | (8 %) | |||||
EPOGEN ® | 19 | — | 19 | 55 | (65 %) | |||||
Aranesp ® | 90 | 218 | 308 | 319 | (3 %) | |||||
Parsabiv ® | 39 | 36 | 75 | 89 | (16 %) | |||||
Neulasta ® | 72 | 26 | 98 | 239 | (59 %) | |||||
Other products (2) | 294 | 67 | 361 | 295 | 22 % | |||||
Total product sales | $ 6,509 | $ 2,207 | $ 8,716 | $ 7,833 | 11 % | |||||
N/A = not applicable | ||||||||||
(1) Horizon-acquired products, and the Ultra-Rare products consist of RAVICTI ® , PROCYSBI ® , ACTIMMUNE ® , | ||||||||||
(2) Consists of (i) Aimovig ® , KANJINTI ® , AVSOLA ® , RIABNI ® , PAVBLU ™ , NEUPOGEN ® , WEZLANA ™ /WEZENLA ™ , | ||||||||||
$Millions, except percentages | FY '24 | FY '23 | YOY Δ | |||||||
US | ROW | TOTAL | TOTAL | TOTAL | ||||||
Repatha ® | $ 1,139 | $ 1,083 | $ 2,222 | $ 1,635 | 36 % | |||||
EVENITY ® | 1,131 | 432 | 1,563 | 1,160 | 35 % | |||||
Prolia ® | 2,885 | 1,489 | 4,374 | 4,048 | 8 % | |||||
TEPEZZA ®(1) | 1,835 | 16 | 1,851 | 448 | * | |||||
KRYSTEXXA ®(1) | 1,185 | — | 1,185 | 272 | * | |||||
UPLIZNA ®(1) | 314 | 65 | 379 | 65 | * | |||||
TAVNEOS ® | 256 | 27 | 283 | 134 | * | |||||
Ultra-Rare products (1) | 726 | 32 | 758 | 164 | * | |||||
TEZSPIRE ® | 972 | — | 972 | 567 | 71 % | |||||
Otezla ® | 1,699 | 427 | 2,126 | 2,188 | (3 %) | |||||
Enbrel ® | 3,288 | 28 | 3,316 | 3,697 | (10 %) | |||||
AMJEVITA ® /AMGEVITA ™ | 202 | 559 | 761 | 626 | 22 % | |||||
BLINCYTO ® | 800 | 416 | 1,216 | 861 | 41 % | |||||
Vectibix ® | 519 | 526 | 1,045 | 984 | 6 % | |||||
KYPROLIS ® | 948 | 555 | 1,503 | 1,403 | 7 % | |||||
LUMAKRAS ® /LUMYKRAS ™ | 214 | 136 | 350 | 280 | 25 % | |||||
XGEVA ® | 1,507 | 718 | 2,225 | 2,112 | 5 % | |||||
Nplate ® | 970 | 486 | 1,456 | 1,477 | (1 %) | |||||
IMDELLTRA ® | 115 | — | 115 | — | N/A | |||||
MVASI ® | 449 | 278 | 727 | 800 | (9 %) | |||||
EPOGEN ® | 125 | — | 125 | 226 | (45 %) | |||||
Aranesp ® | 386 | 956 | 1,342 | 1,362 | (1 %) | |||||
Parsabiv ® | 203 | 153 | 356 | 362 | (2 %) | |||||
Neulasta ® | 318 | 113 | 431 | 848 | (49 %) | |||||
Other products (2) | 1,115 | 230 | 1,345 | 1,191 | 13 % | |||||
Total product sales | $ 23,301 | $ 8,725 | $ 32,026 | $ 26,910 | 19 % | |||||
* Change in excess of 100% | ||||||||||
N/A = not applicable | ||||||||||
(1) Horizon-acquired products, and the Ultra-Rare products consist of RAVICTI ® , PROCYSBI ® , ACTIMMUNE ® , | ||||||||||
(2) Consists of (i)Aimovig ® ,KANJINTI ® ,RIABNI ® ,AVSOLA ® ,NEUPOGEN ® ,Corlanor ® , IMLYGIC ® ,BEKEMV ™ , | ||||||||||
Operating Expense, Operating Margin and Tax Rate Analysis
On a GAAP basis:
On a non-GAAP basis:
$Millions, except percentages | GAAP | Non-GAAP | ||||||||||
Q4 '24 | Q4 '23 | YOY Δ | Q4 '24 | Q4 '23 | YOY Δ | |||||||
Cost of Sales | $ 3,112 | $ 3,112 | — % | $ 1,536 | $ 1,278 | 20 % | ||||||
% of product sales | 35.7 % | 39.7 % | (4.0) pts | 17.6 % | 16.3 % | 1.3 pts | ||||||
Research & Development | $ 1,724 | $ 1,534 | 12 % | $ 1,698 | $ 1,494 | 14 % | ||||||
% of product sales | 19.8 % | 19.6 % | 0.2 pts | 19.5 % | 19.1 % | 0.4 pts | ||||||
Selling, General & Administrative | $ 1,878 | $ 2,274 | (17 %) | $ 1,819 | $ 1,764 | 3 % | ||||||
% of product sales | 21.5 % | 29.0 % | (7.5) pts | 20.9 % | 22.5 % | (1.6) pts | ||||||
Other | $ 61 | $ 5 | * | $ — | $ — | N/A | ||||||
Total Operating Expenses | $ 6,775 | $ 6,925 | (2 %) | $ 5,053 | $ 4,536 | 11 % | ||||||
Operating Margin | ||||||||||||
operating income as % of product sales | 26.5 % | 16.2 % | 10.3 pts | 46.3 % | 46.7 % | (0.4) pts | ||||||
Tax Rate | 19.8 % | 10.0 % | 9.8 pts | 14.8 % | 15.9 % | (1.1) pts | ||||||
pts: percentage points | ||||||||||||
* change in excess of 100% | ||||||||||||
N/A = not applicable | ||||||||||||
$Millions, except percentages | GAAP | Non-GAAP | ||||||||||
FY '24 | FY '23 | YOY Δ | FY '24 | FY '23 | YOY Δ | |||||||
Cost of Sales | $ 12,858 | $ 8,451 | 52 % | $ 5,736 | $ 4,573 | 25 % | ||||||
% of product sales | 40.1 % | 31.4 % | 8.7 pts | 17.9 % | 17.0 % | 0.9 pts | ||||||
Research & Development | $ 5,964 | $ 4,784 | 25 % | $ 5,878 | $ 4,700 | 25 % | ||||||
% of product sales | 18.6 % | 17.8 % | 0.8 pts | 18.4 % | 17.5 % | 0.9 pts | ||||||
Selling, General & Administrative | $ 7,096 | $ 6,179 | 15 % | $ 6,782 | $ 5,518 | 23 % | ||||||
% of product sales | 22.2 % | 23.0 % | (0.8) pts | 21.2 % | 20.5 % | 0.7 pts | ||||||
Other | $ 248 | $ 879 | (72 %) | $ — | $ — | N/A | ||||||
Total Operating Expenses | $ 26,166 | $ 20,293 | 29 % | $ 18,396 | $ 14,791 | 24 % | ||||||
Operating Margin | ||||||||||||
operating income as % of product sales | 22.7 % | 29.3 % | (6.6) pts | 46.9 % | 49.8 % | (2.9) pts | ||||||
Tax Rate | 11.3 % | 14.5 % | (3.2) pts | 14.5 % | 16.5 % | (2.0) pts | ||||||
pts: percentage points | ||||||||||||
N/A = not applicable | ||||||||||||
Cash Flow and Balance Sheet
$Billions, except shares | Q4 '24 | Q4 '23 | YOY Δ | FY '24 | FY '23 | YOY Δ | ||||||
Operating Cash Flow | $ 4.8 | $ 0.5 | $ 4.2 | $ 11.5 | $ 8.5 | $ 3.0 | ||||||
Capital Expenditures | $ 0.4 | $ 0.2 | $ 0.1 | $ 1.1 | $ 1.1 | $ 0.0 | ||||||
Free Cash Flow | $ 4.4 | $ 0.3 | $ 4.1 | $ 10.4 | $ 7.4 | $ 3.0 | ||||||
Dividends Paid | $ 1.2 | $ 1.1 | $ 0.1 | $ 4.8 | $ 4.6 | $ 0.3 | ||||||
Share Repurchases | $ 0.2 | $ — | $ 0.2 | $ 0.2 | $ — | $ 0.2 | ||||||
Average Diluted Shares (millions) | 542 | 540 | 2 | 541 | 538 | 3 | ||||||
Note: Numbers may not add due to rounding | ||||||||||||
$Billions | 12/31/24 | 12/31/23 | YTD Δ | |||
Cash and Investments | $ 12.0 | $ 10.9 | $ 1.0 | |||
Debt Outstanding | $ 60.1 | $ 64.6 | $ (4.5) | |||
Note: Numbers may not add due to rounding | ||||||
2025 Guidance
For the full year 2025, the Company expects:
Fourth Quarter Product and Pipeline Update
The Company provided the following updates on selected product and pipeline programs:
General Medicine
MariTide (maridebart cafraglutide, AMG 133)
AMG 513
Olpasiran (AMG 890)
Repatha
Rare Disease
TAVNEOS
TEPEZZA
KRYSTEXXA
UPLIZNA
Dazodalibep
Daxdilimab
Fipaxalparant
Inflammation
TEZSPIRE
Rocatinlimab (AMG 451/KHK4083)
Otezla
Blinatumomab
Inebilizumab
Ordesekimab (AMG 714/PRV-015)
AMG 104 (AZD8630)
Oncology
BLINCYTO
IMDELLTRA
Xaluritamig (AMG 509)
AMG 193
Bemarituzumab
LUMAKRAS/LUMYKRAS
Nplate
Biosimilars
TEZSPIRE is being developed in collaboration with AstraZeneca.
AMG 104 is being developed in collaboration with AstraZeneca.
Rocatinlimab, formerly AMG 451/KHK4083, is being developed in collaboration with Kyowa Kirin.
Ordesekimab, formerly AMG 714 and also known as PRV-015, is being developed in collaboration with Provention Bio, a Sanofi Company. For the purposes of the collaboration, Provention Bio conducts a clinical trial and leads certain development and regulatory activities for the program.
Xaluritamig, formerly AMG 509, is being developed pursuant to a research collaboration with Xencor, Inc.
IDE397 is an investigational MAT2A inhibitor from IDEAYA Biosciences.
OPDIVO is a registered trademark of Bristol-Myers Squibb Company.
KEYTRUDA is a registered trademark of Merck & Co., Inc.
OCREVUS is a registered trademark of Genentech, Inc.
Non-GAAP Financial Measures
In this news release, management has presented its operating results for the fourth quarters and full years of 2024 and 2023, in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis. In addition, management has presented its full year 2025 EPS and tax guidance in accordance with GAAP and on a non-GAAP basis. These non-GAAP financial measures are computed by excluding certain items related to acquisitions, divestitures, restructuring and certain other items from the related GAAP financial measures. Management has presented Free Cash Flow (FCF), which is a non-GAAP financial measure, for the fourth quarters and full years of 2024 and 2023. FCF is computed by subtracting capital expenditures from operating cash flow, each as determined in accordance with GAAP. Management has also presented Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and debt leverage ratio for 2024, both of which are non-GAAP financial measures. EBITDA is computed by adding interest expense, provision for income taxes, and depreciation and amortization expense to GAAP net income. Debt leverage ratio is calculated as the ratio of GAAP total debt to EBITDA.
The Company believes that its presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. The Company uses certain non-GAAP financial measures to enhance an investor's overall understanding of the financial performance and prospects for the future of the Company's normal and recurring business activities by facilitating comparisons of results of normal and recurring business operations among current, past and future periods. The Company believes that FCF provides a further measure of the Company's liquidity. The Company believes its debt leverage ratio provides a supplemental operating metric for the full year period as it compares the amount of cash generated by our operations for the year.
The Company uses the non-GAAP financial measures set forth in the news release in connection with its own budgeting and financial planning internally to evaluate the performance of the business, including to allocate resources and to evaluate results relative to incentive compensation targets. The non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
About Amgen
Amgen discovers, develops, manufactures and delivers innovative medicines to help millions of patients in their fight against some of the world's toughest diseases. More than 40 years ago, Amgen helped to establish the biotechnology industry and remains on the cutting-edge of innovation, using technology and human genetic data to push beyond what's known today. Amgen is advancing a broad and deep pipeline that builds on its existing portfolio of medicines to treat cancer, heart disease, osteoporosis, inflammatory diseases and rare diseases.
In 2024, Amgen was named one of the "World's Most Innovative Companies" by Fast Company and one of "America's Best Large Employers" by Forbes, among other external recognitions. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average ® , and it is also part of the Nasdaq-100 Index ® , which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.
For more information, visit Amgen.com and follow Amgen on X , LinkedIn , Instagram , YouTube and Threads .
Forward-Looking Statements
This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeiGene, Ltd. or Kyowa Kirin Co., Ltd.), the performance of Otezla ® (apremilast) (including anticipated Otezla sales growth and the timing of non-GAAP EPS accretion), our acquisitions of Teneobio, Inc., ChemoCentryx, Inc., or Horizon (including the prospective performance and outlook of Horizon's business, performance and opportunities and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition, and any projected impacts from the Horizon acquisition on our acquisition-related expenses going forward), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. If we fail to meet the compliance obligations in the corporate integrity agreement between us and the U.S. government, we could become subject to significant sanctions. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico , and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, such as COVID-19, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful. There can be no guarantee that we will be able to realize any of the strategic benefits, synergies or opportunities arising from the Horizon acquisition, and such benefits, synergies or opportunities may take longer to realize than expected. We may not be able to successfully integrate Horizon, and such integration may take longer, be more difficult or cost more than expected. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our environmental, social and governance objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.
CONTACT: Amgen, Thousand Oaks
Elissa Snook , 609-251-1407 (media)
Justin Claeys , 805-313-9775 (investors)
Amgen Inc. | |||||||
Consolidated Statements of Income - GAAP | |||||||
(In millions, except per-share data) | |||||||
(Unaudited) | |||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues: | |||||||
Product sales | $ 8,716 | $ 7,833 | $ 32,026 | $ 26,910 | |||
Other revenues | 370 | 363 | 1,398 | 1,280 | |||
Total revenues | 9,086 | 8,196 | 33,424 | 28,190 | |||
Operating expenses: | |||||||
Cost of sales | 3,112 | 3,112 | 12,858 | 8,451 | |||
Research and development | 1,724 | 1,534 | 5,964 | 4,784 | |||
Selling, general and administrative | 1,878 | 2,274 | 7,096 | 6,179 | |||
Other | 61 | 5 | 248 | 879 | |||
Total operating expenses | 6,775 | 6,925 | 26,166 | 20,293 | |||
Operating income | 2,311 | 1,271 | 7,258 | 7,897 | |||
Other income (expense): | |||||||
Interest expense, net | (747) | (821) | (3,155) | (2,875) | |||
Other (expense) income, net | (782) | 402 | 506 | 2,833 | |||
Income before income taxes | 782 | 852 | 4,609 | 7,855 | |||
Provision for income taxes | 155 | 85 | 519 | 1,138 | |||
Net income | $ 627 | $ 767 | $ 4,090 | $ 6,717 | |||
Earnings per share: | |||||||
Basic | $ 1.17 | $ 1.43 | $ 7.62 | $ 12.56 | |||
Diluted | $ 1.16 | $ 1.42 | $ 7.56 | $ 12.49 | |||
Weighted-average shares used in calculation of earnings per share: | |||||||
Basic | 537 | 535 | 537 | 535 | |||
Diluted | 542 | 540 | 541 | 538 | |||
Amgen Inc. | |||
Consolidated Balance Sheets - GAAP | |||
(In millions) | |||
December 31, | December 31, | ||
2024 | 2023 | ||
(Unaudited) | |||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 11,973 | $ 10,944 | |
Trade receivables, net | 6,782 | 7,268 | |
Inventories | 6,998 | 9,518 | |
Other current assets | 3,277 | 2,602 | |
Total current assets | 29,030 | 30,332 | |
Property, plant and equipment, net | 6,543 | 5,941 | |
Intangible assets, net | 27,699 | 32,641 | |
Goodwill | 18,637 | 18,629 | |
Other noncurrent assets | 9,930 | 9,611 | |
Total assets | $ 91,839 | $ 97,154 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable and accrued liabilities | $ 19,549 | $ 16,949 | |
Current portion of long-term debt | 3,550 | 1,443 | |
Total current liabilities | 23,099 | 18,392 | |
Long-term debt | 56,549 | 63,170 | |
Long-term deferred tax liabilities | 1,616 | 2,354 | |
Long-term tax liabilities | 2,349 | 4,680 | |
Other noncurrent liabilities | 2,349 | 2,326 | |
Total stockholders' equity | 5,877 | 6,232 | |
Total liabilities and stockholders' equity | $ 91,839 | $ 97,154 | |
Shares outstanding | 537 | 535 | |
Amgen Inc. | |||||||
GAAP to Non-GAAP Reconciliations | |||||||
(Dollars in millions) | |||||||
(Unaudited) | |||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP cost of sales | $ 3,112 | $ 3,112 | $ 12,858 | $ 8,451 | |||
Adjustments to cost of sales: | |||||||
Acquisition-related expenses (a) | (1,576) | (1,834) | (7,122) | (3,842) | |||
Certain net charges pursuant to our restructuring and cost-savings initiatives | — | — | — | (36) | |||
Total adjustments to cost of sales | (1,576) | (1,834) | (7,122) | (3,878) | |||
Non-GAAP cost of sales | $ 1,536 | $ 1,278 | $ 5,736 | $ 4,573 | |||
GAAP cost of sales as a percentage of product sales | 35.7 % | 39.7 % | 40.1 % | 31.4 % | |||
Acquisition-related expenses (a) | (18.1) | (23.4) | (22.2) | (14.3) | |||
Certain net charges pursuant to our restructuring and cost-savings initiatives | 0.0 | 0.0 | 0.0 | (0.1) | |||
Non-GAAP cost of sales as a percentage of product sales | 17.6 % | 16.3 % | 17.9 % | 17.0 % | |||
GAAP research and development expenses | $ 1,724 | $ 1,534 | $ 5,964 | $ 4,784 | |||
Adjustments to research and development expenses: | |||||||
Acquisition-related expenses (b) | (26) | (28) | (86) | (55) | |||
Certain net charges pursuant to our restructuring and cost-savings initiatives | — | (12) | — | (29) | |||
Total adjustments to research and development expenses | (26) | (40) | (86) | (84) | |||
Non-GAAP research and development expenses | $ 1,698 | $ 1,494 | $ 5,878 | $ 4,700 | |||
GAAP research and development expenses as a percentage of product sales | 19.8 % | 19.6 % | 18.6 % | 17.8 % | |||
Acquisition-related expenses (b) | (0.3) | (0.3) | (0.2) | (0.2) | |||
Certain net charges pursuant to our restructuring and cost-savings initiatives | 0.0 | (0.2) | 0.0 | (0.1) | |||
Non-GAAP research and development expenses as a percentage of product sales | 19.5 % | 19.1 % | 18.4 % | 17.5 % | |||
GAAP selling, general and administrative expenses | $ 1,878 | $ 2,274 | $ 7,096 | $ 6,179 | |||
Adjustments to selling, general and administrative expenses: | |||||||
Acquisition-related expenses (c) | (59) | (510) | (314) | (648) | |||
Certain net charges pursuant to our restructuring and cost-savings initiatives | — | — | — | (13) | |||
Total adjustments to selling, general and administrative expenses | (59) | (510) | (314) | (661) | |||
Non-GAAP selling, general and administrative expenses | $ 1,819 | $ 1,764 | $ 6,782 | $ 5,518 | |||
GAAP selling, general and administrative expenses as a percentage of product sales | 21.5 % | 29.0 % | 22.2 % | 23.0 % | |||
Acquisition-related expenses (c) | (0.6) | (6.5) | (1.0) | (2.4) | |||
Certain net charges pursuant to our restructuring and cost-savings initiatives | 0.0 | 0.0 | 0.0 | (0.1) | |||
Non-GAAP selling, general and administrative expenses as a percentage of product sales | 20.9 % | 22.5 % | 21.2 % | 20.5 % | |||
GAAP operating expenses | $ 6,775 | $ 6,925 | $ 26,166 | $ 20,293 | |||
Adjustments to operating expenses: | |||||||
Adjustments to cost of sales | (1,576) | (1,834) | (7,122) | (3,878) | |||
Adjustments to research and development expenses | (26) | (40) | (86) | (84) | |||
Adjustments to selling, general and administrative expenses | (59) | (510) | (314) | (661) | |||
Certain net charges pursuant to our restructuring and cost-savings initiatives (d) | (40) | (2) | (36) | (185) | |||
Certain other expenses (e) | (21) | (3) | (212) | (694) | |||
Total adjustments to operating expenses | (1,722) | (2,389) | (7,770) | (5,502) | |||
Non-GAAP operating expenses | $ 5,053 | $ 4,536 | $ 18,396 | $ 14,791 | |||
Three months ended December 31, | Twelve months ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP operating income | $ 2,311 | $ 1,271 | $ 7,258 | $ 7,897 | |||
Adjustments to operating expenses | 1,722 | 2,389 | 7,770 | 5,502 | |||
Non-GAAP operating income | $ 4,033 | $ 3,660 | $ 15,028 | $ 13,399 | |||
GAAP operating income as a percentage of product sales | 26.5 % | 16.2 % | 22.7 % | 29.3 % | |||
Adjustments to cost of sales | 18.1 | 23.4 | 22.2 | 14.4 | |||
Adjustments to research and development expenses | 0.3 | 0.4 | 0.2 | 0.3 | |||
Adjustments to selling, general and administrative expenses | 0.6 | 6.5 | 1.0 | 2.6 | |||
Certain net charges pursuant to our restructuring and cost-savings initiatives (d) | 0.5 | 0.1 | 0.1 | 0.7 | |||
Certain other expenses (e) | 0.3 | 0.1 | 0.7 | 2.5 | |||
Non-GAAP operating income as a percentage of product sales | 46.3 % | 46.7 % | 46.9 % | 49.8 % | |||
GAAP interest expense, net | $ (747) | $ (821) | $ (3,155) | $ (2,875) | |||
Adjustments to interest expense, net: | |||||||
Interest expense on acquisition-related debt (f) | — | 19 | — | 807 | |||
Non-GAAP interest expense, net | $ (747) | $ (802) | $ (3,155) | $ (2,068) | |||
GAAP other (expense) income, net | $ (782) | $ 402 | $ 506 | $ 2,833 | |||
Adjustments to other (expense) income, net | |||||||
Interest income and other expenses on acquisition-related debt (f) | — | (18) | — | (625) | |||
Net losses (gains) from equity investments (g) | 875 | (217) | 182 | (1,522) | |||
Total adjustments to other (expense) income, net | 875 | (235) | 182 | (2,147) | |||
Non-GAAP other income, net | $ 93 | $ 167 | $ 688 | $ 686 | |||
GAAP income before income taxes | $ 782 | $ 852 | $ 4,609 | $ 7,855 | |||
Adjustments to income before income taxes: | |||||||
Adjustments to operating expenses | 1,722 | 2,389 | 7,770 | 5,502 | |||
Adjustments to interest expense, net | — | 19 | — | 807 | |||
Adjustments to other income, net | 875 | (235) | 182 | (2,147) | |||
Total adjustments to income before income taxes | 2,597 | 2,173 | 7,952 | 4,162 | |||
Non-GAAP income before income taxes | $ 3,379 | $ 3,025 | $ 12,561 | $ 12,017 | |||
GAAP provision for income taxes | $ 155 | $ 85 | $ 519 | $ 1,138 | |||
Adjustments to provision for income taxes: | |||||||
Income tax effect of the above adjustments (h) | 537 | 404 | 1,544 | 846 | |||
Other income tax adjustments (i) | (192) | (7) | (236) | (1) | |||
Total adjustments to provision for income taxes | 345 | 397 | 1,308 | 845 | |||
Non-GAAP provision for income taxes | $ 500 | $ 482 | $ 1,827 | $ 1,983 | |||
GAAP tax as a percentage of income before taxes | 19.8 % | 10.0 % | 11.3 % | 14.5 % | |||
Adjustments to provision for income taxes: | |||||||
Income tax effect of the above adjustments (h) | 0.7 | 6.1 | 5.1 | 2.0 | |||
Other income tax adjustments (i) | (5.7) | (0.2) | (1.9) | 0.0 | |||
Total adjustments to provision for income taxes | (5.0) | 5.9 | 3.2 | 2.0 | |||
Non-GAAP tax as a percentage of income before taxes | 14.8 % | 15.9 % | 14.5 % | 16.5 % | |||
GAAP net income | $ 627 | $ 767 | $ 4,090 | $ 6,717 | |||
Adjustments to net income: | |||||||
Adjustments to income before income taxes, net of the income tax effect | 2,060 | 1,769 | 6,408 | 3,316 | |||
Other income tax adjustments (i) | 192 | 7 | 236 | 1 | |||
Total adjustments to net income | 2,252 | 1,776 | 6,644 | 3,317 | |||
Non-GAAP net income | $ 2,879 | $ 2,543 | $ 10,734 | $ 10,034 | |||
Note: Numbers may not add due to rounding | |||||||
Amgen Inc. | |||||||
GAAP to Non-GAAP Reconciliations | |||||||
(In millions, except per-share data) | |||||||
(Unaudited) | |||||||
The following table presents the computations for GAAP and non-GAAP diluted earnings per share: | |||||||
Three months ended December 31, 2024 | Three months ended December 31, 2023 | ||||||
GAAP | Non-GAAP | GAAP | Non-GAAP | ||||
Net income | $ 627 | $ 2,879 | $ 767 | $ 2,543 | |||
Weighted-average shares for diluted EPS | 542 | 542 | 540 | 540 | |||
Diluted EPS | $ 1.16 | $ 5.31 | $ 1.42 | $ 4.71 | |||
Twelve months ended December 31, 2024 | Twelve months ended December 31, 2023 | ||||||
GAAP | Non-GAAP | GAAP | Non-GAAP | ||||
Net income | $ 4,090 | $ 10,734 | $ 6,717 | $ 10,034 | |||
Weighted-average shares for diluted EPS | 541 | 541 | 538 | 538 | |||
Diluted EPS | $ 7.56 | $ 19.84 | $ 12.49 | $ 18.65 | |||
(a) | The adjustments related primarily to noncash amortization of intangible assets and fair value step-up of inventory acquired from business acquisitions. | |
(b) | For the three and twelve months ended December 31, 2024, the adjustments related primarily to acquisition-related costs related to our Horizon acquisition. For the three months ended December 31, 2023, the adjustments related primarily to acquisition-related costs related to our Horizon acquisition. For the twelve months ended December 31, 2023, the adjustments related primarily to noncash amortization of intangible assets acquired from business acquisitions. | |
(c) | For the three and twelve months ended December 31, 2024 and 2023, the adjustments related primarily to acquisition-related costs related to our Horizon acquisition. | |
(d) | For the three and twelve months ended December 31, 2024 and 2023, the adjustments related to separation costs associated with our restructuring plan and other cost-savings initiatives. | |
(e) | For the twelve months ended December 31, 2024, the adjustments related primarily to impairment charges for IPR&D intangible assets related to our Teneobio, Inc. acquisition from 2021. For the twelve months ended December 31, 2023, the adjustments related primarily to a net IPR&D intangible asset impairment charge for AMG 340. | |
(f) | For the three and twelve months ended December 31, 2023, the adjustments included (i) interest expense and income on senior notes issued in March 2023 and (ii) debt issuance costs and other fees related to our bridge credit and term loan credit agreements, incurred prior to the closing of our acquisition of Horizon. | |
(g) | For the three and twelve months ended December 31, 2024, the adjustments related primarily to our BeiGene equity fair value adjustment. For the twelve months ended December 31, 2023, the adjustments related primarily to our BeiGene equity fair value adjustment. | |
(h) | The tax effect of the adjustments between our GAAP and non-GAAP results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Generally, the tax impact of adjustments, including the amortization of intangible assets and acquired inventory, gains and losses on our investments in equity securities and expenses related to restructuring and cost-savings initiatives, depends on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rate(s) in those jurisdictions. Due to these factors, the effective tax rate for the adjustments to our GAAP income before income taxes for the three and twelve months ended December 31, 2024, was 20.7% and 19.4%, respectively, compared to 18.6% and 20.3% for the corresponding periods of the prior year. | |
(i) | The adjustments related to certain acquisition items, prior period and other items excluded from GAAP earnings. |
Amgen Inc. | |||||||
Reconciliations of Cash Flows | |||||||
(In millions) | |||||||
(Unaudited) | |||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net cash provided by operating activities | $ 4,771 | $ 538 | $ 11,490 | $ 8,471 | |||
Net cash used in investing activities | (402) | (27,089) | (1,046) | (26,204) | |||
Net cash (used in) provided by financing activities | (1,407) | 2,754 | (9,415) | 21,048 | |||
Increase (decrease) in cash and cash equivalents | 2,962 | (23,797) | 1,029 | 3,315 | |||
Cash and cash equivalents at beginning of period | 9,011 | 34,741 | 10,944 | 7,629 | |||
Cash and cash equivalents at end of period | $ 11,973 | $ 10,944 | $ 11,973 | $ 10,944 | |||
Three months ended December 31, | Twelve months ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net cash provided by operating activities | $ 4,771 | $ 538 | $ 11,490 | $ 8,471 | |||
Capital expenditures | (371) | (249) | (1,096) | (1,112) | |||
Free cash flow | $ 4,400 | $ 289 | $ 10,394 | $ 7,359 | |||
Amgen Inc. | |
Reconciliation of GAAP Net Income to EBITDA and Debt Leverage Ratio Calculation | |
(Dollars in millions) | |
(Unaudited) | |
Twelve months ended | |
GAAP Net Income | $ 4,090 |
Depreciation and amortization | 5,592 |
Interest expense, net | 3,155 |
Provision for income taxes | 519 |
EBITDA (a) | $ 13,356 |
As of December 31, 2024 | |
Current portion of long-term debt | $ 3,550 |
Long-term debt | 56,549 |
Total GAAP Debt | $ 60,099 |
As of December 31, 2024 | |
Total GAAP Debt | $ 60,099 |
EBITDA | $ 13,356 |
Debt leverage ratio | 4.5 |
(a) | 2024 EBITDA includes amortization of inventory step-up of $2.4 billion and net losses from equity investments of $182 million. |
Amgen Inc. | ||||
Reconciliation of GAAP EPS Guidance to Non-GAAP | ||||
EPS Guidance for the Year Ending December 31, 2025 | ||||
(Unaudited) | ||||
GAAP diluted EPS guidance | $ 10.89 | — | $ 12.14 | |
Known adjustments to arrive at non-GAAP*: | ||||
Acquisition-related expenses (a) | 9.06 | — | 9.11 | |
Non-GAAP diluted EPS guidance | $ 20.00 | — | $ 21.20 | |
* The known adjustments are presented net of their related tax impact, which amount to approximately $1.54 per share. |
(a) The adjustments include noncash amortization of intangible assets and fair value step-up of inventory acquired in business acquisitions. |
Our GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, asset impairments, litigation, changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments.
Reconciliation of GAAP Tax Rate Guidance to Non-GAAP | ||||
Tax Rate Guidance for the Year Ending December 31, 2025 | ||||
(Unaudited) | ||||
GAAP tax rate guidance | 11.0 % | — | 12.5 % | |
Tax rate of known adjustments discussed above | 3.5 % | — | 4.0 % | |
Non-GAAP tax rate guidance | 15.0 % | — | 16.0 % | |
View original content to download multimedia: https://www.prnewswire.com/news-releases/amgen-reports-fourth-quarter-and-full-year-2024-financial-results-302367906.html
SOURCE Amgen
News Provided by PR Newswire via QuoteMedia