AMGN Reports Strong Revenue Growth in Latest Quarter
Segments of Revenue
AMGN operates in the human therapeutics business segment and reports its revenues on a consolidated basis. The company's revenues by product and geographic area for the year ended December 31, 2023, were as follows (in millions):
AMGN demonstrated strong revenue growth in the latest quarter, with total revenues reaching $28.19 billion, an increase of 7.0% compared to the previous year. This growth can be attributed to the solid performance of its key products, including Prolia, ENBREL, Otezla, XGEVA, Repatha, Nplate, and KYPROLIS. The company's focus on the human therapeutics segment has proven successful, as it continues to deliver robust sales across different geographic areas.
While AMGN's overall revenue growth is impressive, it is worth noting that some of its products experienced a decline in sales. For example, ENBREL, one of the company's leading products, saw a decrease in revenue from $4.04 billion in 2022 to $3.70 billion in 2023. This decline could be attributed to increased competition or other market factors. Additionally, the company's operating expenses have been steadily increasing, which may impact its profitability in the long run.
AMGN's stock performance has been positive, with the value of an investment of $100 in the company's common stock increasing from $126.16 on December 31, 2021, to $172.55 on December 31, 2023. This indicates investor confidence in the company's financial performance and growth prospects.
AMGN delivered strong revenue growth in the latest quarter, driven by the solid performance of its key products in the human therapeutics segment. While some products experienced a decline in sales, the overall revenue increase of 7.0% demonstrates the company's ability to generate consistent sales. AMGN's stock performance has also been positive, reflecting investor confidence. However, the company should closely monitor its operating expenses to ensure sustainable profitability in the future.