AMGEN Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.54%.
Did AMGN Beat Earnings? Q2 2025 Results
Amgen posted a standout second quarter for 2025, with non-GAAP EPS of $6.02 clearing the $5.28 consensus estimate by 14.08% and revenue of $9.18 billion topping expectations by 3.01% on 9.4% year-over-year growth, fueled by 13% volume growth across a broadening product portfolio. The headline driver was the continued momentum of Amgen's growth franchise, where fifteen products posted at least double-digit sales gains, led by UPLIZNA up 91%, IMDELLTRA up 65% quarter-over-quarter, and Repatha up 31%, more than offsetting a 34% drop in Enbrel tied to 340B Program mix and Medicare Part D redesign effects. The quarter also delivered a pivotal clinical moment, as the DeLLphi-304 Phase 3 trial showed IMDELLTRA reduced the risk of death by 40% versus chemotherapy in small cell lung cancer. Looking ahead, Amgen guided full-year 2025 revenue to $35.00 to $36.00 billion and non-GAAP EPS of $20.20 to $21.30, even as accelerating biosimilar competition for Prolia and XGEVA in the second half adds a layer of caution to the otherwise constructive outlook, a result that contributed to <a href="https://247wallst.com/investing/2025/07/31/stock-market-live-july-31-sp-500-voo-rises-on-positive-china-earnings-news/">broader market gains</a> on the session.
- 13% volume growth across product portfolio partially offset by 3% lower net selling price
- Fifteen products delivered at least double-digit sales growth
- Lower amortization expense from Horizon inventory step-up improved GAAP margins
- Non-GAAP operating margin expanded 0.7 percentage points to 48.9%
- Strong growth from Repatha, EVENITY, UPLIZNA, TAVNEOS, TEZSPIRE, BLINCYTO, and IMDELLTRA
“We're delivering strong performance and reaching more patients with innovative medicines and biosimilars that address serious diseases. We continue to invest in science that enables longer, healthier lives and supports sustainable, long-term growth.”
Amgen CEO, on the earnings call
Forward Guidance & Outlook
For full year 2025, Amgen expects total revenues of $35.0 billion to $36.0 billion, GAAP EPS of $10.97 to $12.11, non-GAAP EPS of $20.20 to $21.30, capital expenditures of approximately $2.3 billion, and share repurchases not to exceed $500 million. GAAP tax rate guidance is 11.0% to 12.5% and non-GAAP tax rate is 14.5% to 16.0%. The guidance includes the estimated impact of implemented tariffs but does not account for tariffs or pricing actions announced but not yet implemented. The company expects biosimilar-driven sales erosion for Prolia and XGEVA in the second half of 2025.
AMGN YoY Financials
AMGN Revenue by Segment
AMGN Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.