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Jun 30, 2025
Amgen Q2 2025 Earnings Report
Amgen reported strong second quarter results with increased revenues, net income, and EPS.
Key Takeaways
Amgen delivered solid Q2 2025 performance, posting growth in EPS, revenue, and net income, with 15 products achieving double-digit sales increases and robust contributions from key therapies like Repatha and EVENITY.
Total revenues increased 9% year-over-year to $9.179 billion, driven by strong product sales.
GAAP diluted EPS increased 92% to $2.65, and non-GAAP diluted EPS increased 21% to $6.02.
Product sales grew 9%, with 15 products achieving double-digit sales growth, including Repatha, EVENITY, IMDELLTRA, BLINCYTO, TEZSPIRE, UPLIZNA, and TAVNEOS.
Free cash flow for the quarter was $1.9 billion, influenced by deferred tax payments and higher capital expenditures.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For FY2025, Amgen expects total revenues between $35.0B and $36.0B and non-GAAP EPS between $20.20 and $21.30.
Positive Outlook
- Total revenue expected to grow year-over-year.
- Non-GAAP EPS guidance suggests strong profitability.
- R&D investments focused on late-stage clinical trials.
- Strong pipeline including MariTide, TEZSPIRE, and IMDELLTRA.
- Phase 3 trial updates expected in H2 2025.
Challenges Ahead
- Free cash flow down from prior year due to deferred tax payments and higher capex.
- Prolia and XGEVA expected to face biosimilar competition.
- No share repurchases planned for rest of year.
- High debt levels remain, with $56.2B outstanding.
- Enbrel continues to see revenue erosion from pricing pressure and Medicare changes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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