AMGEN Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.15%.
Did AMGN Beat Earnings? Q1 2025 Results
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
Forward Guidance & Outlook
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
AMGN Revenue by Segment
AMGN Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.