Q3 2025 Financial Performance - Revenues increased by 12% year-over-year, reaching $9557 million in Q3 2025, compared to $8503 million in Q3 2024[12] - Product sales also increased by 12% year-over-year, totaling $9137 million in Q3 2025, up from $8151 million in Q3 2024[12] - The company invested $1900 million in Research and Development (R&D) in Q3 2025, which is a 31% increase compared to $1440 million in Q3 2024[12] - Non-GAAP EPS increased by 1% to $564 in Q3 2025 from $558 in Q3 2024[12] - Free cash flow increased to $42 billion in Q3 2025, compared to $33 billion in Q3 2024[14] Product Performance - Repatha sales increased by 40% year-over-year to $794 million in Q3 2025[20] - EVENITY sales increased by 36% year-over-year to $541 million in Q3 2025[20] - TEZSPIRE sales increased by 40% year-over-year to $377 million in Q3 2025[20] - UPLIZNA sales increased by 46% year-over-year to $155 million in Q3 2025[20] 2025 Guidance - The company revised its revenue guidance for 2025 to $358 billion - $366 billion, up from the previous guidance of $350 billion - $360 billion[16]

Amgen raised its full-year guidance after third-quarter results beat expectations, a positive sign in light of hurdles from Washington and the risks of increased competition https://t.co/7HfYIhMTMR ...

Exhibit 99.1 Product Sales Performance General Medicine News Release One Amgen Center Drive Thousand Oaks, CA 91320-1799 Telephone 805-447-1000 www.amgen.com AMGEN REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS THOUSAND OAKS, Calif. (Nov. 4, 2025) - Amgen (NASDAQ:AMGN) today announced financial results for the third quarter of 2025. "We delivered strong volume growth this quarter, reflecting the demand for our medicines and the impact we're having on patients worldwide. With disciplined investment and a pipel ...

Amgen on Tuesday reported quarterly financial results that beat Wall Street expectations as product sales rose 12%, offsetting higher operating expenses related to experimental weight-loss drug MariTi... ...

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Core Insights - Amgen reported strong financial results for Q3 2025, with total revenues increasing by 12% to $9.6 billion compared to Q3 2024, driven by a 14% volume growth in product sales, despite a 4% decrease in net selling prices [6][16][17] Financial Performance - Total revenues for Q3 2025 reached $9.6 billion, a 12% increase from Q3 2024 [6] - Product sales grew by 12%, with 14% volume growth offset by a 4% decline in net selling prices [6] - GAAP EPS rose 14% from $5.22 to $5.93, while non-GAAP EPS increased by 1% from $5.58 to $5.64 [6][11] - Free cash flow for Q3 2025 was $4.2 billion, up from $3.3 billion in Q3 2024 [13][16] Product Sales Highlights - Sixteen products achieved double-digit sales growth, including Repatha (40% increase), EVENITY (36% increase), and TEZSPIRE (40% increase) [6][8] - Enbrel sales decreased by 30% year-over-year, primarily due to a 38% drop in net selling price [6][8] - Ultra-Rare products generated $200 million in sales, a 6% increase year-over-year [8] Operating Expenses and Margins - Total operating expenses increased by 9% year-over-year, with R&D expenses rising by 31% due to higher spending on late-stage clinical programs [11][12] - GAAP operating income increased from $2.0 billion to $2.5 billion, with an operating margin of 27.6%, up 2.5 percentage points [11][12] - Non-GAAP operating margin decreased by 2.5 percentage points to 47.1% [11][12] Cash Flow and Balance Sheet - Operating cash flow for Q3 2025 was $4.7 billion, compared to $3.6 billion in Q3 2024 [13] - Cash and cash equivalents totaled $9.4 billion, while debt outstanding was $54.6 billion as of September 30, 2025 [13][16] Guidance for 2025 - The company expects total revenues for 2025 to be in the range of $35.8 billion to $36.6 billion, with GAAP EPS projected between $13.76 and $14.60 [17]

Market Overview - U.S. equity markets are experiencing a midday retreat on November 4, 2025, with major indexes pulling back as investors digest corporate earnings and economic data, alongside cautious sentiment in the technology sector [1][2] - The S&P 500 has declined approximately 1.3% by midday, the Dow Jones Industrial Average is down around 0.9%, and the Nasdaq Composite has seen a drop of 1.5% [2] Economic Data and Events - Investors are monitoring key economic data releases, including U.S. JOLTS Job Openings, International Trade in Goods and Services, and Factory Orders reports [3] - Upcoming reports include the ISM Services Business Activity index and the ADP Employment Change report, which are crucial due to the ongoing U.S. government shutdown [4] Technology Sector Performance - Palantir Technologies shares fell between 8% and 10% despite exceeding earnings forecasts and raising revenue guidance, attributed to profit-taking and concerns over high valuation [6] - Other tech stocks like Nvidia and Microsoft also experienced declines, with Nvidia down 1.7% to 2.8% and Microsoft down 0.7% [6] Automotive and Consumer Discretionary - Tesla shares slid 2.7% after Norway's sovereign wealth fund announced intentions to vote against CEO Elon Musk's compensation package [7] - Norwegian Cruise Line saw an 11% drop following a mixed earnings report and forecast [7] Earnings Reactions - Zoetis shares plunged 13% after revising its sales forecast downwards, while IDEXX Laboratories surged 14.8% after reporting strong earnings [8] - Ferrari announced a 7.4% year-over-year increase in net revenues, with diluted earnings per share reaching Euro 2.14 [9] Upcoming Earnings - Key companies scheduled to report earnings include Advanced Micro Devices, Shopify Inc., Arista Networks, Uber Technologies, Amgen, Eaton Corporation, Pfizer, and Spotify Technology [10]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - ASCVD (Atherosclerotic Cardiovascular Disease) is a leading cause of death globally, with significant mortality rates in both the US and China. In 2022, approximately 370,000 deaths from coronary heart disease and 160,000 from stroke were reported in the US, while China saw around 1.96 million deaths from ischemic heart disease and 2.3 million from stroke in 2021 [2][5][26] - The report highlights the increasing focus of multinational pharmaceutical companies (MNCs) on cardiovascular treatments, particularly targeting PCSK9 and Lp(a). The global market for PCSK9 is projected to reach between $11 billion and $19 billion, while the Lp(a) inhibitor market is expected to reach $3 billion to $7 billion [2][3] - Upcoming Phase 3 clinical trials for cardiovascular endpoints are anticipated to yield significant data in the coming years, with several studies scheduled for completion between 2025 and 2029 [2][3] Summary by Sections ASCVD Disease Burden - ASCVD encompasses a range of conditions including coronary artery disease, cerebrovascular disease, and peripheral artery disease. It is associated with significant mortality and morbidity, with controllable risk factors such as dyslipidemia, diabetes, hypertension, and smoking [5][6] LDL-C: Unmet Needs Post-Statin Therapy - Despite the widespread use of statins, a substantial proportion of patients do not achieve target LDL-C levels, indicating a significant unmet need in the market for additional therapies [26] Lp(a): An Independent Risk Factor - Lp(a) is identified as an emerging risk factor for ASCVD, independent of LDL-C levels. Its levels are primarily genetically determined and show a skewed distribution in the population, with a notable percentage of individuals having elevated levels that correlate with increased cardiovascular risk [35][40] Investment Recommendations - The report identifies key companies involved in the development of Lp(a) inhibitors, including Hengrui Medicine and CSPC Pharmaceutical Group, which have entered into licensing agreements with major pharmaceutical companies for their respective Lp(a) small molecule inhibitors [2][3]

Core Points - Amgen's Board of Directors declared a dividend of $2.38 per share for Q4 2025, payable on December 12, 2025, to stockholders of record as of November 21, 2025 [1] Company Overview - Amgen is a biotechnology company that discovers, develops, manufactures, and delivers innovative medicines for various diseases, having established the biotechnology industry over 40 years ago [2] - The company has a broad pipeline aimed at treating cancer, heart disease, osteoporosis, inflammatory diseases, and rare diseases [2] - Amgen has received recognition as one of the "World's Most Innovative Companies" by Fast Company and one of "America's Best Large Employers" by Forbes in 2024 [2] - It is part of the Dow Jones Industrial Average and the Nasdaq-100 Index, indicating its significant market capitalization and innovation [2] Financial Information - Amgen will report its third quarter 2025 financial results on November 4, 2025, after market close [6]

Industry Overview - The global population is aging rapidly, with the number of individuals aged 60 and above surpassing those under five for the first time in 2020, leading to significant implications for healthcare systems and investors [2] - By 2050, nearly 22% of the global population will be over 60, with a significant concentration in low- and middle-income countries [2] - The geriatric care services industry is currently valued at approximately $1.21 trillion and is projected to grow to around $2.12 trillion by 2034, reflecting a compound annual growth rate (CAGR) of 6.4% [3] Market Dynamics - Evolving healthcare utilization patterns due to aging are creating growth opportunities in senior living communities, skilled nursing facilities, assisted living, and post-acute care providers [4] - The Centers for Medicare & Medicaid Services (CMS) has advanced the Program of All-Inclusive Care for the Elderly (PACE), aimed at providing comprehensive care for seniors [4] Key Players - Major healthcare companies like Boston Scientific, AbbVie, Amgen, and Edwards Lifesciences are actively expanding their presence in the senior and aging demographics [5] - The Ensign Group is expanding its skilled nursing and rehabilitative services, supported by a decentralized management strategy [7] - Healthcare real estate investment trusts (REITs) such as Omega Healthcare Investors and CareTrust REIT are focusing on skilled nursing and senior housing properties [7] Investment Perspective - The senior-care services sector is resilient during economic downturns, providing stable cash flows and making it attractive for long-term investors seeking defensive growth [8] Company Highlights - **Boston Scientific**: Focuses on medical devices for the elderly, including the WATCHMAN device for stroke risk reduction and the SYNERGY bioabsorbable stent system [9][10] - **AbbVie**: Expanding its focus on the aging demographic through strategic partnerships, including the acquisition of Aliada Therapeutics for Alzheimer's treatment [11][12][14] - **Amgen**: Targeting the aging population with innovations in biopharma, including obesity treatments and bone health therapies [15][16] - **Edwards Lifesciences**: Advancing care for aortic stenosis in elderly patients, with significant sales growth in structural-heart solutions [17][18][19]