Amgen's Q3 Earnings & Sales Beat, 2025 Outlook Raised, Stock Up

Amgen AMGN reported third-quarter 2025 adjusted earnings of $5.64 per share, which beat the Zacks Consensus Estimate of $5.00 per share. Earnings rose 1% year over year as higher revenues were partially offset by higher operating costs and taxes.

Total revenues of $9.6 billion beat the Zacks Consensus Estimate of $8.9 billion. Total revenues rose 12% year over year.

Total product revenues increased 12% from the year-ago quarter to $9.17 billion as volume growth was partially offset by continued price declines. Volumes rose 14% in the quarter, backed by strong demand trends for Amgen’s drugs globally. The volume growth was partially offset by a 4% negative impact of pricing.

Other revenues were $420 million in the quarter, up 19.3% year over year.

Performance of AMGN’s Key Drugs

Evenity recorded sales of $541 million in the quarter, up 36% year over year, driven by solid volume growth in the United States. Evenity sales beat the Zacks Consensus Estimate of $519.0 million as well as our model estimate of $463.9 million.

Repatha generated revenues of $794.0 million, up 40% year over year, driven by higher volume growth. Repatha sales beat the Zacks Consensus Estimate of $720.0 million and our model estimate of $672.2 million.

Prolia revenues came in at $1.14 billion, up 9% from the year-ago quarter due to favorable changes to estimated sales deductions, partially offset by lower pricing. Prolia sales comprehensively beat the Zacks Consensus Estimate of $911 million as well as our model estimate of $812.8 million.

Xgeva delivered revenues of $539.0 million, flat year over year, as favorable changes to estimated sales deductions were partially offset by volume decline and lower inventory levels. Xgeva sales beat the Zacks Consensus Estimate of $428.0 million as well as our model estimate of $408.6 million.

Patents for RANKL antibodies (including sequences) for Prolia and Xgeva expired in February 2025 in the United States, while the same will expire in some European countries in November 2025. Sales of these best-selling drugs are expected to erode significantly in future quarters as three biosimilars have been launched in the U.S. market.

In oncology, Blincyto generated $392 million in sales, rising 20% from the year-ago period, driven by broad prescribing across both academic and community segments, partially offset by lower inventory levels. Blincyto sales missed the Zacks Consensus Estimate of $413.0 million and our model estimate of $395.5 million.

Sales of Otezla were $585.0 million in the quarter, up 4% year over year, driven by volume growth and favorable changes to estimated sales deductions, partially offset by lower pricing. Otezla sales beat the Zacks Consensus Estimate of $582.0 million but missed our estimate of $648.2 million.

Enbrel revenues of $580.0 million declined 30% year over year due to lower selling prices (including the impact from increased 340B program mix and Medicare Part D redesign), partially offset by favorable changes to estimated sales deductions and volume growth. Enbrel sales missed the Zacks Consensus Estimate of $645.0 million but beat our estimate of $530.4 million.

Asthma drug Tezspire (tezepelumab) recorded sales of $377.0 million in the quarter, up 40% year over year, driven by volume growth. Tezspire sales beat the Zacks Consensus Estimate of $364.0 million as well as our estimate of $270.6 million.

Amgen has a partnership with AstraZeneca AZN for Tezspire. Amgen and AstraZeneca share costs and profits equally after AstraZeneca pays a mid-single-digit inventor royalty to Amgen. While AstraZeneca leads development, Amgen leads manufacturing.

In rare disease, Tepezza sales rose 15% year over year to $560 million, driven by increases in inventory and price. Uplizna sales increased 46% year over year to $155 million.

New cancer drug Imdelltra (tarlatamab) recorded sales of $178 million in the third quarter compared with $134 million in the previous quarter. The drug’s 33% sequential growth was driven by volume growth.

In the third quarter, biosimilar portfolio sales grew 52% year over year to $775 million. Pavblu, a biosimilar to Regeneron’s Eylea, generated $213 million in sales in the third quarter.

AMGN’s Cost and Margin Discussion

Adjusted operating margin declined 2.5 percentage points to 47.1% in the quarter.

Adjusted operating expenses increased 18% to $5.25 billion. R&D expenses rose 31% year over year to $1.89 billion, reflecting continued investment in the late-stage pipeline, most notably MariTide. SG&A rose 9% to $1.7 billion due to higher general and administrative expenses.

AMGN Ups 2025 Guidance

Amgen raised its revenue and earnings outlook for 2025. Total revenues are expected in the range of $35.8 billion to $36.6 billion, higher than the prior expectation of $35.0 billion to $36.0 billion.

Adjusted earnings per share are expected in the range of $20.60 to $21.40 versus the prior expectation of $20.20 to $21.30 per share.

Update on AMGN’s Diabetes/Obesity Pipeline

Amgen is developing MariTide, a GIPR/GLP-1 receptor, as a single dose in a convenient autoinjector device with a monthly and maybe less frequent dosing. This key feature differentiates it from Eli Lilly LLY and Novo Nordisk’s NVO popular GLP-1-based obesity drugs, Zepbound and Wegovy. LLY’s Zepbound and NVO’s Wegovy are weekly injections. In clinical studies, MariTide has shown strong efficacy with up to approximately 20% weight loss at 52 weeks without a plateau and with a clinically meaningful improvement in cardiometabolic parameters, including hemoglobin A1c. Six global phase III studies are underway for MariTide.

Enrollment has been completed in two phase III studies, MARITIME-1 and MARITIME-2, evaluating MariTide in patients with obesity, with or without type II diabetes, respectively. Amgen has enrolled approximately 5,000 adults in roughly 6 months in these studies.

Enrollment is ongoing in two other phase III studies, MARITIME-CV and MARITIME-HF for the study of atherosclerotic cardiovascular disease and heart failure, respectively. Amgen also recently initiated two other phase III studies in obstructive sleep apnea.

Amgen is also advancing its early-stage portfolio for obesity and obesity-related conditions. This includes AMG 513, which is currently in phase I.

Our Take on AMGN’s Q3 Results

Amgen’s third-quarter results were strong as it beat estimates for both earnings and sales. Sales of most of its key products, Prolia, Xgeva, Repatha, Evenity and Otezla beat estimates. Sixteen products, including Repatha, Blincyto, Tezspire, Uplizna, Tavneos and Evenity, achieved double-digit sales growth in the quarter. New biosimilar products are also contributing to sales growth. Amgen’s biosimilar sales are now annualizing at $3 billion.

Amgen also raised its financial outlook for 2025 for the second time this year. In response to a beat and raise quarter, Amgen’s shares rose 2% in after-hours trading on Tuesday.

Year to date, Amgen’s stock has risen 13.9% compared with the industry‘s 10.9% increase.

Amgen expects key drugs like Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as biosimilars, to continue to drive top-line growth. However, the biosimilar erosion of best-selling drugs, Prolia/Xgeva, and continued price declines across its portfolio of drugs will partially offset the growth. Investors are keeping an eye on Amgen’s progress with its obesity candidate, MariTide.

AMGN’s Zacks Rank

Amgen currently carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Amgen Inc. Price and Consensus

Amgen Inc. price-consensus-chart | Amgen Inc. Quote

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