Amgen Inc. (NASDAQ: AMGN) announced its financial results for the first quarter ended March 31, 2025, showcasing significant revenue growth fueled by strong product volume increases across its portfolio.
Financial Highlights
Total Revenue: Increased 9% year-over-year to $8.1 billion, compared to $7.4 billion in Q1 2024.
Product Sales: Grew 11% year-over-year, primarily driven by 14% volume growth, which was partially offset by a 6% lower net selling price. U.S. sales saw a 14% increase.
GAAP Earnings Per Share (EPS): Reported $3.20 per share, a significant turnaround from a GAAP loss per share of $0.21 in Q1 2024. This improvement was largely influenced by an unrealized gain on the company’s BeiGene, Ltd. equity investment in Q1 2025, compared to an unrealized loss in the prior-year period. GAAP operating income increased to $1.2 billion from $1.0 billion, with the GAAP operating margin improving by 1.1 percentage points to 15.0%.
Non-GAAP EPS: Increased 24% year-over-year to $4.90, up from $3.96 in Q1 2024. This growth was driven by higher revenues, partially offset by increased operating expenses. Non-GAAP operating income rose to $3.6 billion from $3.1 billion, and the non-GAAP operating margin increased by 2.5 percentage points to 45.7%.
Free Cash Flow: The company generated $1.0 billion in free cash flow, compared to $0.5 billion in Q1 2024. This increase reflects the absence of an $800 million tax deposit made in Q1 2024 and current quarter business performance, partially offset by working capital timing and higher capital expenditures.
Product Performance & Key Drivers
Amgen highlighted strong performance across its portfolio, with fourteen products delivering double-digit sales growth in the quarter. Several key products showed significant year-over-year gains. Repatha® (evolocumab) sales increased 27% to $656 million, while Evenity® (romosozumab-aqqg) grew 29% to $442 million. Prolia® (denosumab) saw a 10% increase, reaching $1.1 billion in sales.
Growth was particularly strong in the inflammation and rare disease segments. Tezspire® (tezepelumab-ekko) sales jumped 65% year-over-year to $285 million. Tavneos® (avacopan) demonstrated exceptional growth, with sales rising 76% to $90 million. Uplizna® (inebilizumab-cdon) also contributed with a 14% sales increase to $91 million. Blincyto® (blinatumomab) continued its strong performance trajectory.
Furthermore, the newly launched IMDELLTRA® (tarlatamab-dlle) made a promising debut, generating $81 million in sales during its first quarter. Encouragingly, positive Phase 3 data demonstrated improved overall survival compared to chemotherapy for this treatment, which also launched in Japan in April 2025.
Outlook
Amgen’s first quarter of 2025 demonstrated strong execution, with significant volume growth driving revenue increases across multiple therapeutic areas. The successful launch of IMDELLTRA® adds another growth driver to the portfolio. The company continues to advance its pipeline while managing operating expenses effectively, leading to substantial growth in non-GAAP earnings.
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