•
Mar 31
Amgen Q1 2025 Earnings Report
Amgen reported strong Q1 2025 results driven by robust product sales and favorable investment gains.
Key Takeaways
Amgen's Q1 2025 revenue grew to $8.1 billion with significant net income improvement due to strong product demand and an equity investment gain. Adjusted EPS rose 24%, bolstered by higher revenues and operating efficiency.
Revenue reached $8.1 billion, up 9% from Q1 2024, with product sales growing 11%.
Net income turned positive at $1.73 billion, benefiting from a gain on BeiGene equity investment.
Adjusted EPS rose to $4.90 from $3.96, reflecting stronger margins.
Free cash flow doubled year-over-year to $1 billion.
Amgen
Amgen
Amgen Revenue by Segment
Amgen Revenue by Geographic Location
Forward Guidance
Amgen expects continued revenue growth in 2025, with EPS projections supported by strong product performance and R&D momentum.
Positive Outlook
- Total revenue guidance of $34.3B to $35.7B.
- GAAP EPS guidance between $12.21 and $13.46.
- Non-GAAP EPS expected between $20.00 and $21.20.
- Strong pipeline with multiple Phase 3 trials underway.
- Projected capital expenditures of approximately $2.3B support strategic initiatives.
Challenges Ahead
- Ongoing biosimilar competition expected to impact products like Prolia and Xgeva.
- Guidance excludes potential future tariffs, adding external risk.
- No share repurchases planned beyond $500M.
- TEPEZZA and Enbrel facing volume or price headwinds.
- Debt remains high at $57.4B despite $2.8B repayment in Q1.
Revenue & Expenses
Visualization of income flow from segment revenue to net income