MNI BRIEF: Brussels To Ease EU Fiscal Rules To Boost Defence

MNI China Daily Summary: Friday, February 14

MNI BRIEF: China Jan Yuan Loans, Financing Beat Expectations

MNI BRIEF: Brazil Outlook Demands 'Higher Doses Of Medicine'

CHINA JAN NEW LOANS CNY5.13 TRLN VS MEDIAN CNY4.53 TRL

MNI BRIEF: China Machinery Expects Stable Trade In 2025

BAKER HUGHES CANADA RIG COUNT 245; OIL RIGS 174; GAS RIGS 71

MNI: BAKER HUGHES US RIG COUNT 588; OIL RIGS 481; GAS RIGS 101

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

HEALTHCARE: Amgen (AMGN: Baa1/BBB+ neg/BBB): Q4 24 Results

HEALTHCARE
USBulletCredit BulletsNorth America

Very Positive: but only has one € 750m 2026 bond out of $60bn outstanding

  • Stock initially fell 3% in the after market as early-stage obesity drug AMG-513 was paused
  • Up 6% now as focus turns to breadth of sales growth
  • 10 products saw >10% growth
  • FY sales $33.4bn +19%
  • FCF $10.4bn vs $7.4bn 2023
  • Patent cliff is a real risk for Amgen with 20% (Prolia & Xgeva) losing exclusivity in 1Q25 and Enbrel & Otezla by '28/'29 (19% sales)
  • R&D 19.8% investing in pipeline
  • Debt fell $4.5bn for FY24; Debt/EBITDA 4.5x
  • Guidance 2025 Sales +4.7% at mid-point
  • Weight-Loss: MariTide is still being tested after Nov's disappointment. AMG-513 on hold.
  • Pipeline is significant aside from weight-loss drugs.
  • Last issued 2023. $3.5bn matures 2025.
110 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Very Positive: but only has one € 750m 2026 bond out of $60bn outstanding

  • Stock initially fell 3% in the after market as early-stage obesity drug AMG-513 was paused
  • Up 6% now as focus turns to breadth of sales growth
  • 10 products saw >10% growth
  • FY sales $33.4bn +19%
  • FCF $10.4bn vs $7.4bn 2023
  • Patent cliff is a real risk for Amgen with 20% (Prolia & Xgeva) losing exclusivity in 1Q25 and Enbrel & Otezla by '28/'29 (19% sales)
  • R&D 19.8% investing in pipeline
  • Debt fell $4.5bn for FY24; Debt/EBITDA 4.5x
  • Guidance 2025 Sales +4.7% at mid-point
  • Weight-Loss: MariTide is still being tested after Nov's disappointment. AMG-513 on hold.
  • Pipeline is significant aside from weight-loss drugs.
  • Last issued 2023. $3.5bn matures 2025.