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Sep 30, 2025
Amgen Q3 2025 Earnings Report
Amgen reported solid growth in Q3 2025, driven by strong product volume and disciplined cost management.
Key Takeaways
Amgen delivered higher revenues and net income in Q3 2025, supported by strong demand for several key products and improved free cash flow.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Amgen expects total revenue between $35.8B and $36.6B for FY 2025, with GAAP EPS of $13.76–$14.60 and non-GAAP EPS of $20.60–$21.40.
Positive Outlook
- Revenue guidance remains strong at up to $36.6B
- Non-GAAP EPS outlook as high as $21.40
- Capital expenditures expected to remain under control
- Continued product momentum in key therapies like Repatha and TEZSPIRE
- Strong free cash flow generation supports financial flexibility
Challenges Ahead
- No share repurchases expected beyond $500M for the year
- Pressure from biosimilar competition in Prolia and XGEVA
- Higher R&D expenses due to advanced-stage clinical programs
- Intangible asset impairments weighing on GAAP results
Historical Earnings Impact
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Avg. Return Before/After Earnings
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