Why did AMGN's Q3 2024 earnings fall short?

Amgen's Q3 2024 earnings fell short due to higher expenses, despite a 20% increase in revenue:

1. **Higher Expenses**: The primary reason for the decline in profitability was the increase in operating expenses. These higher costs, partly due to the development of the experimental obesity drug MariTide, offset the positive impact of higher revenue.
2. **Impact of Horizon Acquisition**: The acquisition of Horizon Therapeutics in October 2023 contributed significantly to revenue growth, with a 20% increase in quarterly revenue reported. However, the integration of Horizon into Amgen's operations presented challenges that affected profitability.
3. **Profitability Challenges**: Amgen faced challenges in maintaining profitability despite strong revenue growth. The company reported a 46% fall in net earnings per share, which decreased from $2.57 to $1.38. This decline in profitability was a result of higher operating expenses, including those related to the Horizon deal and research and development.

In summary, Amgen's Q3 2024 earnings were impacted by higher expenses, particularly related to the development of new drugs and the integration of Horizon Therapeutics, despite a robust increase in revenue.

|code|Ticker|Name|Date|Total Revenue|Net Income|market_code|
|---|---|---|---|---|---|---|
|AMGN|AMGN.O|Amgen|2024 Q1|7.447E9|-1.13E8|185|
|AMGN|AMGN.O|Amgen|2024 Q2|8.388E9|7.46E8|185|
|AMGN|AMGN.O|Amgen|2024 Q3|8.503E9|2.83E9|185|
|AMGN|AMGN.O|Amgen|2024 Q4|9.086E9|6.27E8|185|

|code|Ticker|Name|Date|Net Income|market_code|
|---|---|---|---|---|---|
|AMGN|AMGN.O|Amgen|2024 Q1|-1.13E8|185|
|AMGN|AMGN.O|Amgen|2024 Q2|7.46E8|185|
|AMGN|AMGN.O|Amgen|2024 Q3|2.83E9|185|
|AMGN|AMGN.O|Amgen|2024 Q4|6.27E8|185|

|code|Ticker|Name|Date|Net Income YoY|Net Income|market_code|
|---|---|---|---|---|---|---|
|AMGN|AMGN.O|Amgen|2024 Q1|-103.97747272087292|-1.13E8|185|
|AMGN|AMGN.O|Amgen|2024 Q2|-45.902828136330676|7.46E8|185|
|AMGN|AMGN.O|Amgen|2024 Q3|63.58381502890174|2.83E9|185|
|AMGN|AMGN.O|Amgen|2024 Q4|-18.252933507170795|6.27E8|185|

|code|Ticker|Name|Date|Total Revenue YoY|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|AMGN|AMGN.O|Amgen|2024 Q1|21.98198198198198|7.447E9|185|
|AMGN|AMGN.O|Amgen|2024 Q2|20.068708846263956|8.388E9|185|
|AMGN|AMGN.O|Amgen|2024 Q3|23.178328263074025|8.503E9|185|
|AMGN|AMGN.O|Amgen|2024 Q4|10.858955588091753|9.086E9|185|