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Amgen Reports Strong Financial Results for Third Quarter 2025

Amgen, a leading biotechnology company, has recently unveiled its financial results for the third quarter of 2025, showcasing a remarkable 12% year-over-year increase in total revenues, amounting to $9.6 billion. This growth is attributed mainly to robust volume increases across several of its key product lines.

Robert A. Bradway, the Chairman and CEO of Amgen, expressed enthusiasm about the quarter's performance, stating, "We delivered strong volume growth this quarter, reflecting the demand for our medicines and the impact we are 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."

Key Highlights of the Financial Performance

• - Product Sales Growth: The company's product sales rose 12%, driven primarily by an impressive 14% increase in volume, despite a slightly lower net selling price impacting overall margins.
• - Earnings Per Share: The GAAP earnings per share (EPS) increased by 14%, from $5.22 to $5.93. This reflects not only higher revenues but also a commitment to improve operational efficiencies, though it was partially offset by higher operating costs, including a notable impairment charge of $400 million related to Otezla.
• - Operating Income: Amgen reported a GAAP operating income of $2.5 billion, reflecting a 2.5 percentage-point increase in operating margin to 27.6%.
• - Non-GAAP Performance: The non-GAAP earnings per share showed a slight increase to $5.64, while the operating income on a non-GAAP basis rose to $4.3 billion, representing a slight decline in operating margin.

Sales Performance of Key Products

Several key products contributed significantly to Amgen’s growth, with 16 products reporting at least double-digit sales growth:

• - Repatha saw a remarkable 40% increase in sales to $794 million, primarily due to volume growth.
• - EVENITY also performed well, with a 36% growth in sales, amounting to $541 million.
• - Sales of TEZSPIRE climbed by 40% to $377 million, driven by increased volume.
• - Additionally, TEPEZZA and UPLIZNA reported 15% and 46% gains, respectively.

In the rare disease segment, TEPEZZA's success is notable with its 15% increase in sales, which reached $560 million, while UPLIZNA stood out with an impressive 46% growth.

Financial Liquidity and Future Guidance

Amgen reported generating $4.2 billion in free cash flow in the third quarter, marking an increase from $3.3 billion in the same period last year, facilitated by favorable changes in working capital and decreased interest payments. The company also retired $1.6 billion of debt in the quarter, contributing to its financial stability.

Looking ahead, Amgen projects total revenues for the full year 2025 to land between $35.8 billion and $36.6 billion, with GAAP EPS guidance ranging from $13.76 to $14.60. It expects capital expenditures of approximately $2.2 to $2.3 billion and share repurchases not exceeding $500 million.

A Focus on Innovation

Amgen continues to advance its pipeline with numerous clinical trials underway, particularly for products addressing chronic diseases and innovative therapies. The company is notably preparing to present new data from its cardiovascular portfolio, particularly focused on Repatha’s recent Phase 3 trial results at the American Heart Association Scientific Sessions.

In conclusion, Amgen's strong financial results in Q3 2025 underscore its consistent growth trajectory and ongoing commitment to innovation in biotechnology, positioning itself favorably for sustained success in the competitive landscape.