Amgen Stock Earnings Reports

Amgen reported a strong Q3 2025 driven by 14% volume growth and 12% revenue growth to $9.6B. Six key growth drivers (Repatha, EVENITY, TEZSPIRE, innovative oncology, rare disease and biosimilars) performed well; 16 products had double-digit growth and 14 products are annualizing >$1B. Management highlighted broad commercial momentum (Repatha annualizing ~ $3B; EVENITY, Prolia, TEZSPIRE, UPLIZNA, IMDELLTRA, BLINCYTO and biosimilars), continued heavy investment in late-stage R&D (non-GAAP R&D up ~31% YoY in Q3; full-year R&D growth expected mid-20s%), and major manufacturing and capex commitments (planned U.S. investments and $2.2–$2.3B capex guidance for 2025). The company raised 2025 guidance: revenues $35.8B–$36.6B and non-GAAP EPS $20.60–$21.40. Clinical highlights include the VESALIUS-CV trial for Repatha meeting dual MACE endpoints (primary prevention), ongoing Phase III programs for MariTide (obesity) and Olpasiran (Lp[a]) with Olpasiran’s event accrual slower than expected, and advancing bispecific oncology programs (IMDELLTRA with a Dec 18 PDUFA for confirmatory filing). Management also launched AmgenNow, a direct-to-patient channel for Repatha at a substantially lower price point to expand access. Financially, Amgen delivered $4.2B free cash flow in Q3, reduced debt meaningfully over the prior period, expects >$500M pretax cost synergies this year related to the Horizon acquisition, and affirmed disciplined capital allocation while remaining active on BD. Key risks/notes: lumpiness from discrete items in the quarter (~$250M favorable US sales deduction adjustments and a $90M government Nplate order), ongoing biosimilar competitive pressures (e.g., Prolia), and variability in event-driven trial timelines (Olpasiran).