Amgen (NASDAQ: AMGN), reported impressive third-quarter 2025 financial results today. The company’s total revenues increased by 12% to $9.6 billion, driven by a 14% increase in product sales volume.
The company’s profit story was mixed, despite revenues exceeding expectations. GAAP earnings per share (EPS) increased to $5.93, a strong 14% increase. But Wall Street keeps a close eye on non-GAAP EPS, which rose just 1% to $5.64.
Amgen attributed a 31% increase in research and development (R&D) spending as well as much higher operating expenses to the flat non-GAAP earnings. Its promising late-stage pipeline, which includes six international Phase 3 trials for its experimental obesity treatment, MariTide, is primarily responsible for this R&D increase. Additionally, a $400 million intangible asset impairment charge affected GAAP earnings.
Product Sales Highlights
With sixteen distinct products generating double-digit sales growth, the company’s expansion was wide-ranging. The main performers were:
- Repatha® (General Medicine): Sales reached $794 million, a 40% increase from the previous year.
- General Medicine’s EVENITY®: increased 36% to $541 million.
- Inflammation TEZSPIRE®: dropped 40% to $377 million.
- Rare Disease brand UPLIZNA® saw a 46% increase to $155 million.
- IMDELLTRA® (Oncology): A 33% increase over the previous quarter, the new lung cancer medication brought in $178 million.
These newer products’ impressive performance helped counteract Enbrel®’s 30% drop in sales, which dropped to $580 million, mostly as a result of a 38% drop in net selling price. Amgen also stated that it anticipates “sales erosion” for its popular bone-health medications, XGEVA® and Prolia®, as a result of the recent emergence of biosimilar competition in the United States.
Key Pipeline and Business Updates
Amgen emphasised its substantial investment in the quarter by highlighting notable advancements in its R&D programs.
- MariTide (Obesity): Six Phase 3 studies are currently in progress, and two Phase 3 studies in chronic weight management have completed enrolment. The fourth quarter of 2025 is when data from an ongoing Phase 2 study is expected to be available.
- Cardiovascular Repatha®: The company reported that its large Phase 3 VESALIUS-CV trial achieved its dual primary endpoints and showed a significant decrease in major adverse cardiovascular events in high-risk patients. On November 8, at the American Heart Association Scientific Sessions, the complete findings will be presented.
- TEZSPIRE® (Inflammation): TEZSPIRE was approved by the FDA in October to treat nasal polyps and chronic rhinosinusitis.
- IMDELLTRA® (Oncology): The FDA has approved the company’s application for a Phase 3 confirmatory study in small-cell lung cancer. The study is scheduled for PDUFA (target action) on December 18, 2025.
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Financial Health and 2025 Guidance
With $4.2 billion in free cash flow in the third quarter, up from $3.3 billion in the same period last year, the company’s financial position improved. During the quarter, Amgen paid off $1.6 billion in debt.
- Amgen gave its full-year 2025 guidance based on the quarterly performance:
- Between $35.8 billion and $36.6 billion in total revenues
- GAAP earnings per share: $13.76 to $14.60
- EPS outside of GAAP: $20.60 to $21.40
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