Amgen (AMGN) Q1 2025 Earnings
How Did AMGN Stock React to Q1 2025 Earnings?
S&P 500 over the same 30 days: +5.15%.
Did AMGN Beat Earnings? Q1 2025 Results
Yes. Amgen reported Q1 2025 earnings of $4.90 a share on May 1, 2025, beating the $4.26 consensus estimate by 15.0%. Revenue was $8.1B against a $8.0B estimate.
Amgen opened 2025 with a notably strong quarter, posting first-quarter earnings per share of $4.90 against a consensus estimate of $4.26, a 15.00% beat, while revenue of $8.15 billion edged past expectations by 1.42% and climbed 9.4% year over year. The performance was anchored by broad-based product momentum, with 14 drugs delivering double-digit sales growth; Repatha gained 27% to $656.00 million on 41% volume increases, BLINCYTO rose 52% to $370.00 million, and the newly launched Stelara biosimilar WEZLANA contributed a swift $150.00 million in its first full quarter, helping push biosimilar revenues up 35% overall. Non-GAAP operating margin expanded 2.5 percentage points to 45.7%, underscoring disciplined cost management even as the company absorbed an $800.00 million Otezla impairment charge on the GAAP line. Free cash flow doubled year over year to $980.00 million, and Amgen retired $2.80 billion in debt during the quarter. Management maintained full-year 2025 revenue guidance of $34.30 billion to $35.70 billion and non-GAAP EPS of $20.00 to $21.20, though flagged anticipated Prolia biosimilar pressure in the second half.
- 14% volume growth drove 11% product sales increase, partially offset by 6% lower net selling price
- U.S. sales grew 14%
- Fourteen products delivered at least double-digit sales growth
- Non-GAAP operating margin expanded 2.5 percentage points to 45.7%
- Lower amortization expense from fair value step-up of Horizon acquired inventory reduced GAAP cost of sales
- R&D expenses increased 11% driven by higher spend in later-stage clinical programs
“Demand for our products was strong globally in the first quarter. Ongoing new product launches and successful Phase 3 trial results for several products make us feel confident in our long-term growth prospects.”
Amgen CEO, on the earnings call
What Was Amgen's Outlook in Q1 2025?
For full year 2025, Amgen expects total revenues of $34.3 billion to $35.7 billion; GAAP EPS of $12.21 to $13.46; non-GAAP EPS of $20.00 to $21.20; GAAP tax rate of 11.0% to 12.5%; non-GAAP tax rate of 14.5% to 16.0%; capital expenditures of approximately $2.3 billion; and share repurchases not to exceed $500 million. Guidance includes the estimated impact of implemented tariffs but does not account for potential future tariffs, including sector-specific tariffs. The company expects Prolia and XGEVA sales erosion from biosimilar competition particularly in the second half of 2025. Enbrel's year-over-year net selling price impact is expected to be less pronounced in future quarters. MVASI is expected to see continued sales erosion from competition.
AMGN YoY Financials
| Metric | Q1 2025 | Q1 2024 | Year over year |
|---|---|---|---|
| Revenue | $8.1B | $7.4B | +9.4% |
| Gross Profit | $4.9B | $4.2B | +15.5% |
| Operating Income | $1.2B | $991.0M | +18.9% |
| Net Income | $1.7B | $99.9M | +1,631.0% |
AMGN Revenue by Segment
AMGN Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.