#None #Amgen #Repatha #IMDELLTRA

Amgen Reports First Quarter 2025 Financial Results

On May 1, 2025, Amgen (NASDAQ:AMGN) released its financial results for the first quarter of 2025, showing a robust performance bolstered by strong global product demand and recent product launches.

Robert A. Bradway, CEO and Chairman of Amgen, expressed optimism regarding the company's growth trajectory, stating, "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."

Key Financial Highlights

• - Revenue Growth: Total revenues for the quarter rose 9% to reach $8.1 billion compared to the same period in 2024.
• - Product Sales: Notably, product sales increased by 11%, primarily attributed to a 14% growth in volume, counterbalanced by a 6% decline in net selling price. Sales in the U.S. surged by 14%.
• - Successful Products: Fourteen of Amgen’s products achieved at least double-digit sales growth during the quarter. Noteworthy performers include Repatha® (evolocumab), BLINCYTO® (blinatumomab), TEZSPIRE® (tezepelumab-ekko), EVENITY® (romosozumab-aqqg), TAVNEOS® (avacopan), and UPLIZNA® (inebilizumab).

The recent launch of IMDELLTRA® (tarlatamab-dlle) generated $81 million in sales within the quarter, following a Phase 3 study that showed improved overall survival rates compared to chemotherapy treatments. IMDELLTRA was introduced in Japan in April 2025, marking a milestone for the company's product offerings.

Earnings Performance

Amgen's GAAP earnings per share (EPS) recorded a significant turnaround, reaching $3.20 for Q1 2025 compared to a loss of $0.21 per share in the same quarter of 2024. This dramatic improvement was partly due to an unrealized gain related to the equity investment in BeiGene, Ltd.

Moreover, Amgen's GAAP operating income grew from $1.0 billion to $1.2 billion, while the GAAP operating margin rose by 1.1 percentage points to 15.0%. Non-GAAP EPS experienced a substantial increase of 24%, moving from $3.96 to $4.90, largely driven by higher revenue figures, despite escalating operating costs during the quarter.

Additionally, Amgen reported a free cash flow of $1.0 billion for Q1 2025, a notable increase from the $0.5 billion in the same quarter of the previous year, underscoring the company’s healthy financial position.

Product Sales Analysis

General Medicine

• - Repatha®: Sales climbed by 27% year-over-year to $656 million, mainly driven by a substantial increase in volume (41%), offset by a lower net selling price.
• - EVENITY®: Sales rose 29% to $442 million, thanks to significant volume growth.
• - Prolia®: Sales increased 10% to $1.1 billion as volume advanced by 13%, despite a 5% reduction in net selling price.

Rare Disease

• - TEPEZZA®: Experienced a decline of 10% in sales to $381 million, influenced by a decrease in volume and inventory levels.
• - TAVNEOS®: Showed impressive growth with a 76% increase in sales to $90 million driven by volume growth.

Inflammation

• - TEZSPIRE®: Achieved a notable 65% sales increase to $285 million, demonstrating strong volume growth.
• - Otezla®: Increased sales by 11% to $437 million, aided by favorable sales deductions despite overall volume growth being slightly offset by a drop in net selling price.

Overall, Amgen's sales trajectory showcases the efficacy and demand for its innovative products across various therapeutic areas, reinforcing its position as a leader in the biotechnology industry.

Looking Forward

For the full year of 2025, Amgen anticipates total revenues between $34.3 billion and $35.7 billion, with guidance on GAAP EPS estimated between $12.21 and $13.46. Non-GAAP EPS outlook is projected to range from $20.00 to $21.20, marking an optimistic forecast based on current growth patterns and product performance.

In summary, Amgen's financial results from the first quarter of 2025 demonstrate the company's solid market position, robust demand for its products, and a positive outlook driven by strategic innovation and ongoing new product launches. As the company continues to navigate the competitive landscape, its commitment to advancing biopharmaceuticals remains unwavering.