Key results include:
- For the second quarter, total revenues increased 20% to $8.4 billion in comparison to the second quarter of 2023.
- Product sales grew 20%, driven by 26% volume growth, partially offset by 3% lower net selling price. Excluding sales from our Horizon Therapeutics (Horizon) acquisition, product sales grew 5%, driven by volume growth of 10%.
- Twelve products delivered at least double-digit sales growth in the second quarter, including Prolia ® (denosumab), EVENITY ® (romosozumab-aqqg), Repatha ® (evolocumab), TEZSPIRE ® (tezepelumab-ekko), BLINCYTO ® (blinatumomab), and TAVNEOS ® (avacopan).
- Our performance included $1.1 billion of sales from our rare disease products, driven by several first-in-class, early-in-lifecycle medicines, including TEPEZZA ® (teprotumumab-trbw), KRYSTEXXA ® (pegloticase), UPLIZNA ® (inebilizumab-cdon), and TAVNEOS ® (avacopan).
- GAAP earnings per share (EPS) decreased 46% from $2.57 to $1.38 , driven by higher operating expenses, including amortization expense from Horizon-acquired assets and incremental expenses from Horizon, partially offset by higher revenues.
- GAAP operating income decreased from $2.7 billion to $1.9 billion , and GAAP operating margin decreased 16.5 percentage points to 23.7%.
- Non-GAAP EPS decreased 1% from $5.00 to $4.97 , driven by higher operating expenses, including incremental expenses from Horizon, and interest expense, partially offset by higher revenues.
- Non-GAAP operating income increased from $3.5 billion to $3.9 billion , and non-GAAP operating margin decreased 4.4 percentage points to 48.2%.
- The Company generated $2.2 billion of free cash flow in the second quarter of 2024 versus $3.8 billion in the second quarter of 2023, driven by the timing of tax payments. In 2023, federal tax payments, including our repatriation tax, were made in Q4, whereas in 2024 these payments were made in Q2.
References in this release to “non-GAAP” measures, measures presented “on a non-GAAP basis” and “free cash flow” (computed by subtracting capital expenditures from operating cash flow) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented on the attached reconciliations. Refer to Non-GAAP Financial Measures below for further discussion.
Product Sales Performance
General Medicine
- Repatha ® (evolocumab) sales increased 25% year-over-year to $532 million in the second quarter, driven by 46% volume growth, partially offset by 20% lower net selling price. Repatha remains the global proprotein convertase subtilisin/kexin type 9 (PCSK9) segment leader.
- EVENITY ® (romosozumab-aqqg) sales increased 39% year-over-year to $391 million in the second quarter, primarily driven by volume growth.
- Prolia ® (denosumab) sales increased 13% year-over-year to $1.2 billion in the second quarter, primarily driven by volume growth.
Oncology
- …
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