What drove AMGN's strong earnings performance in 2024?

Amgen's strong earnings performance in 2024 was driven by several key factors:

1. **Revenue Growth**: Amgen saw a 0.19% increase in total revenue, reaching $33.42 billion. This growth was primarily driven by a 24% increase in product sales, which amounted to $8.5 billion in the third quarter. Ten products, including Repatha, TEZSPIRE, BLINCYTO, EVENITY, and TAVNEOS, delivered double-digit sales growth.
2. **Volume Growth**: The company experienced significant volume growth, with a 29% increase in U.S. volume and a 17% increase in ex-U.S. volume. This trend was evident across multiple products, contributing to the overall revenue growth.
3. **Pipeline Progress**: Amgen's focus on delivering innovative therapies across core therapeutic areas, including oncology and rare diseases, paid off significantly. Products like TEZSPIRE, which saw a 67% year-over-year sales growth, and TAVNEOS, with a 116% increase in sales, demonstrate the success of this strategy.
4. **Market Adoption**: The adoption of new products, such as TEPEZZA and UPLIZNA, contributed to the growth in sales. These products, part of Amgen's rare disease portfolio, delivered $1.2 billion in sales, growing 21% year-over-year.
5. **Dividend Increase**: Amgen also increased its dividend by 6% to $2.25 per share, reflecting confidence in its cash flow and commitment to shareholders.

In summary, Amgen's strong earnings performance in 2024 was driven by robust revenue growth, particularly from product sales, volume growth, successful pipeline progress, market adoption of new products, and a strategic dividend increase.