AMGEN Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.89%.
Did AMGN Beat Earnings? Q3 2025 Results
Amgen posted a decisive beat across the board in Q3 2025, with revenue climbing 12.4% year-over-year to $9.56 billion against a consensus of $8.97 billion, while non-GAAP EPS of $5.64 cleared the $5.01 estimate by 12.47%, underscoring the breadth of momentum building across its portfolio. The growth was driven by 14% volume expansion, with sixteen products recording at least double-digit sales increases; Repatha surged 40% to $794 million following a landmark cardiovascular outcomes trial, while TEZSPIRE and EVENITY added further fuel. Offsetting some of the enthusiasm, R&D expenses jumped 31% to $1.90 billion as Amgen accelerates its MariTide obesity program through six global Phase 3 MARITIME studies, and Enbrel slid 30% to $580 million amid Medicare Part D redesign headwinds. Free cash flow improved to $4.25 billion from $3.31 billion a year ago. Looking ahead, the company guided full-year 2025 revenue of $35.80 billion to $36.60 billion and non-GAAP EPS of $20.60 to $21.40, with institutional investors holding roughly 76.5% of shares signaling continued confidence in the pipeline story.
- 14% volume growth across the portfolio driving 12% total revenue increase
- Sixteen products delivered double-digit sales growth in the quarter
- Repatha, EVENITY, and TEZSPIRE each grew 40% year-over-year on volume strength
- IMDELLTRA sales grew 33% quarter-over-quarter driven by volume growth
- Lower amortization expense from Horizon acquisition inventory step-up improved GAAP cost of sales
- Free cash flow improved to $4.2 billion driven by working capital timing and lower interest payments
“We delivered strong volume growth this quarter, reflecting the demand for our medicines and the impact we're having on patients worldwide. With disciplined investment and a pipeline of first-in-class medicines, we're focused on expanding access, advancing innovation, and sustaining long-term growth.”
Amgen CEO, on the earnings call
Forward Guidance & Outlook
For full year 2025, Amgen expects total revenues of $35.8 billion to $36.6 billion, GAAP EPS of $13.76 to $14.60, non-GAAP EPS of $20.60 to $21.40, capital expenditures of $2.2 billion to $2.3 billion, and share repurchases not to exceed $500 million. GAAP tax rate guidance is 14.5% to 16.0% and non-GAAP tax rate guidance is 15.0% to 16.5%. Guidance includes estimated impact of implemented tariffs but does not account for tariffs or pricing actions announced but not yet implemented. Prolia and XGEVA are expected to face sales erosion from biosimilar competition for the remainder of 2025. MariTide Phase 2 data readouts are anticipated in Q4 2025. UPLIZNA has a PDUFA date of December 14, 2025 for generalized myasthenia gravis. IMDELLTRA has a PDUFA date of December 18, 2025 for its Phase 3 confirmatory study in relapsed ES-SCLC.
AMGN YoY Financials
AMGN Revenue by Segment
AMGN Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.