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Mar 31, 2025
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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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