Amgen (NASDAQ: AMGN) reported its fourth-quarter and full-year 2024 financial results, showing strong growth in sales and earnings. For the fourth quarter, total revenues increased 11% to $9.1 billion, with product sales growing by 11%, driven by 14% volume growth. Notably, the company achieved $1.2 billion in sales from its rare disease products, including TEPEZZA, KRYSTEXXA, and UPLIZNA.

For the full year, Amgen reported a 19% increase in total revenues, reaching $33.4 billion. Product sales grew 19%, primarily due to a 23% increase in volume, partially offset by a 2% decrease in net selling price. Ten products delivered double-digit sales growth, with 21 products reaching record sales for the year.

However, Amgen’s GAAP earnings per share (EPS) decreased 18% in the fourth quarter to $1.16, and 39% for the full year to $7.56, primarily due to mark-to-market losses on equity investments and higher operating expenses, including those from the Horizon acquisition.

Non-GAAP EPS for the fourth quarter increased by 13%, reaching $5.31, and for the full year, it rose 6% to $19.84. Non-GAAP operating income also increased in both periods, but operating margins were impacted by higher expenses. The company generated $10.4 billion in free cash flow for the year, up from $7.4 billion in 2023.

Amgen continues to invest in its rapidly advancing pipeline, aiming to deliver innovative therapies across its therapeutic areas.