What drove Amgen's revenue growth in Q3 2024?

Amgen's revenue growth in Q3 2024 was driven by several key factors: 1. **Innovative Product Sales**: The sales of seven innovative products, including Blincyto and Kyprolis, grew by 12% year-over-year, contributing significantly to the revenue growth. Blincyto, in particular, saw a 28% year-over-year increase in sales, reaching $264 million. 2. **Strategic Biosimilar Launches**: The company's strategic biosimilar launches have also contributed to the revenue growth. For instance, the launches of Lana (biosimilar to Stelara) and Mackenzie (biosimilar to Solaris) are expected to impact the market in 2025. 3. **Record Quarterly Revenues**: Amgen reported its highest quarterly revenues in history, driven by innovative product sales and strategic biosimilar launches. The total revenue for the quarter was $6.9 billion, reflecting a 0.23% year-over-year growth. 4. **Market Positioning**: Amgen's market positioning and favorable medical policy changes for key products such as XGEVA have supported revenue growth. The company achieved favorable medical policy changes for over 55% of U.S. covered lives, up from 50% in the previous quarter. In summary, Amgen's revenue growth in Q3 2024 was driven by the sales of innovative products, strategic biosimilar launches, record quarterly revenues, and favorable market positioning.