AMGN Q3 Deep Dive: Broad-Based Product Momentum and Pipeline Progress Drive Upbeat Guidance

Biotech company Amgen (NASDAQ:AMGN) reported revenue ahead of Wall Streets expectations in Q3 CY2025, with sales up 12.4% year on year to $9.56 billion. The company’s full-year revenue guidance of $36.2 billion at the midpoint came in 1.5% above analysts’ estimates. Its non-GAAP profit of $5.64 per share was 12.4% above analysts’ consensus estimates.

Is now the time to buy AMGN? Find out in our full research report (it’s free for active Edge members).

StockStory’s Take

Amgen’s third quarter results were well received by the market, reflecting robust volume-driven growth across its diversified portfolio. Management credited rising demand for key medicines—including Repatha, EVENITY, TEZSPIRE, and its rare disease and biosimilar portfolios—as major contributors to the company’s 12% year-over-year revenue increase. CEO Robert Bradway highlighted, “Volume growth reflects the strength of our portfolio and the value our medicines provide to patients and prescribers.” The quarter also benefited from product launches and expanded access initiatives.

Looking forward, Amgen’s updated guidance is shaped by continued investments in late-stage pipeline programs and the anticipated expansion of its growth drivers. Management pointed to upcoming clinical data for MariTide, anticipated regulatory milestones for UPLIZNA, and the full commercial rollout of the AmgenNow direct-to-patient platform as factors expected to underpin momentum. CFO Peter Griffith emphasized, “The outlook continues to reflect our investments in advancing key late-stage programs, including MariTide, Olpasiran, rare disease, and Xaluritamig, and leveraging technological advancements, including artificial intelligence.”

Key Insights from Management’s Remarks

Management attributed the quarter’s results to strong patient demand, expanded product access, and execution in launching new commercial and clinical programs.

• Volume-driven product growth: Amgen saw double-digit growth in 16 products, with Repatha and EVENITY leading gains as expanded access and clinical data drove increased uptake in cardiovascular and bone health segments.
• Pipeline and R&D investment: The company accelerated late-stage development for assets like MariTide (obesity), Olpasiran (cardiovascular disease), and Xaluritamig (prostate cancer), with R&D expenses rising due to both internal programs and business development deals.
• Direct-to-patient platform launch: Management introduced AmgenNow, allowing eligible U.S. patients access to Repatha at significantly reduced prices, aiming to address affordability barriers and broaden reach.
• Biosimilar portfolio momentum: Amgen’s biosimilars business grew over 50% year-over-year, now annualizing at $3 billion, with new launches and ongoing regulatory changes shaping future strategy.
• Operational and manufacturing scale: The company continued major investments in U.S.-based biologics manufacturing, supporting both current demand and future launches, and highlighted the importance of reliability and capacity in its supply network.

Drivers of Future Performance

Amgen’s forward outlook centers on continued momentum from its core growth drivers, expanded access initiatives, and disciplined investment in late-stage R&D.

• Late-stage pipeline catalysts: Management anticipates upcoming clinical readouts—including full Phase III data for MariTide and regulatory milestones for UPLIZNA in generalized myasthenia gravis—to be key drivers of future revenue growth.
• AI and technology integration: Investments in artificial intelligence are expected to enhance trial enrollment, manufacturing efficiency, and customer engagement, with management emphasizing productivity improvements across the value chain.
• Market access and competition risks: While broader product access and new indications are growth opportunities, management acknowledged potential headwinds from increased biosimilar competition and evolving payer and regulatory dynamics, especially for legacy products like Prolia.

Catalysts in Upcoming Quarters

In upcoming quarters, the StockStory team will monitor (1) the market response to new clinical data for MariTide and Repatha, (2) the pace of regulatory approvals and commercial uptake for UPLIZNA in additional indications, and (3) the sustainability of biosimilar portfolio growth amid evolving U.S. and international competition. Execution on manufacturing expansions and the effectiveness of AmgenNow in improving access will also be closely watched.

Amgen currently trades at $301.82, up from $297 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free for active Edge members).

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