Company Overview - Amgen is one of the largest biotech companies globally, with a strong presence in oncology, cardiovascular disease, inflammation, bone health, and rare diseases markets [12] - The company has developed successful drugs such as Epogen and Neupogen, and launched next-generation products like Aranesp and Neulasta [12] - Amgen's acquisition of Immunex Corporation provided access to the blockbuster drug Enbrel, although older drugs are facing declining sales due to competition [12] Financial Performance - Amgen has a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating a solid position in the market [13] - The company is forecasted to achieve year-over-year earnings growth of 4.6% for the current fiscal year [13] - Recent upward revisions in earnings estimates by 10 analysts have increased the Zacks Consensus Estimate by $0.13 to $20.76 per share [13] - Amgen has an average earnings surprise of 8.3%, suggesting a positive trend in financial performance [13] Investment Potential - With a solid Zacks Rank and top-tier Growth and VGM Style Scores, Amgen is recommended for investors' consideration [14]

安进发布2025年第一季度财报，总营收81亿美元，同比增长9%；一般公认会计准则的 每股收益为3.20 美元。 ...

Investment Rating - The report assigns a Neutral rating to Chugai Pharmaceutical and Nxera Pharma, indicating a cautious outlook for these companies in the context of diabetes and obesity treatments [2][4]. Core Insights - Amgen's pharmaceutical sales grew by 11% year-on-year to $7,873 million, driven by strong sales of existing products and the launch of Imdelltra for extensive-stage small cell lung cancer [1] - Biogen reported a 6% year-on-year revenue increase to $2,431 million, supported by favorable foreign exchange effects and product shipment timing [3] - Eli Lilly's revenue surged by 45% year-on-year to $12,729 million, largely due to a 113% increase in sales of its diabetes and obesity drug Mounjaro [7] - ICON's revenue decreased by 4.3% year-on-year to $2,001 million, with a notable decline in adjusted EBITDA margin [10] Summary by Company Amgen - Initiated Phase 3 studies for MariTide in obesity, with key data expected in the second half of 2025 [1] - Strong sales performance attributed to mainstay products and new launches [1] Biogen - Received approval in Europe for the resubmitted marketing authorization request for Leqembi [3] - Anticipates approval for a subcutaneous formulation of Leqembi in August 2025, which would facilitate self-administration for patients [3] Eli Lilly - Facing challenges as CVS Caremark prioritizes Novo Nordisk's Wegovy over Zepbound, potentially leading to patient switches [7] - Plans to file for obesity and diabetes drug approvals in late 2025 and early 2026, respectively [8] ICON - Experienced a 4.3% decline in revenue, with a significant drop in adjusted EBITDA margin [10] - Lowered sales guidance for 2025 due to major cancellations, while still seeing demand from mid-tier drugmakers [10] Implications for Japanese Companies - Chugai Pharmaceutical and Nxera Pharma are expected to face neutral implications from Amgen's MariTide, pending Phase 3 study results [2] - Eisai reported robust growth in revenues from Leqembi, indicating potential for further growth if subcutaneous formulations are launched as planned [4] - Chugai Pharmaceutical may benefit from royalties on Eli Lilly's orforglipron sales, with encouraging Phase 3 study results noted [9]

Core Viewpoint - Amgen (AMGN) reported strong first-quarter earnings and sales for 2025, with total revenues increasing by 9% year over year and product revenues rising by 11% to $7.87 billion, driven by volume growth despite price declines [1][2][3] Revenue Performance - Total revenues rose 9% year over year, with product revenues increasing 11% to $7.87 billion, reflecting strong volume growth across all areas [1][2] - Sales of key products such as Prolia, Xgeva, Repatha, Blincyto, and Evenity exceeded estimates, with 14 products achieving double-digit volume growth [3][4] Key Drug Performance - Repatha generated $656 million in sales, up 27% year over year, with volume growth of 41% offset by a 9% price decline [4] - Evenity recorded sales of $442 million, a 29% increase year over year, driven by strong demand [5] - Prolia revenues reached $1.1 billion, up 10% from the previous year, as higher volumes mitigated lower pricing impacts [5] Rare Disease Drug Sales - Sales of rare disease drugs rose 3% year over year to $1 billion, with Tepezza and Krystexxa impacted by U.S. wholesaler inventory changes [8][9] - Tepezza sales declined 10% to $381 million, while Krystexxa remained flat at $236 million; Uplizna grew 14% to $91 million, and Tavneos saw a 76% increase to $90 million [9] Oncology Portfolio - Amgen's oncology portfolio grew 10% year over year, generating over $2 billion in sales, with Blincyto as a key driver at $370 million, up 52% [10][11] - Xgeva delivered revenues of $566 million, while Kyprolis saw a 14% decline to $324 million due to competitive pressures [11] Biosimilars Contribution - Biosimilar portfolio sales increased by 35% year over year to $735 million, with new products like Wezlana contributing significantly [12][13] - Wezlana generated $150 million in sales, while Pavblu brought in $99 million [13] Inflammation Drugs - Otezla sales were $437 million, up 11%, while Enbrel revenues declined 10% to $510 million, with both products beating estimates [15] Overall Conclusion - Amgen's key medicines, including Evenity, Repatha, and Blincyto, drove sales growth, offsetting declines from oncology biosimilars and established products like Enbrel [16] - Increased pricing pressures and competition are expected to impact sales of several products, with potential revenue headwinds from brands like Otezla and Lumakras [17]

Group 1 - The Q1 earnings season is performing well, with 72% of S&P 500 companies that have reported beating estimates [1] - The blended year-over-year earnings advance is currently at 12.8%, which is five percentage points above the previous level [1]

Core Viewpoint - Amgen reported strong first-quarter 2025 results, exceeding earnings and revenue estimates, driven by robust product sales despite rising operating costs [1][20][21]. Financial Performance - Adjusted earnings per share were $4.90, surpassing the Zacks Consensus Estimate of $4.16, marking a 24% year-over-year increase [1]. - Total revenues reached $8.1 billion, exceeding the Zacks Consensus Estimate of $7.95 billion, reflecting a 9% year-over-year growth [1]. Product Revenue Breakdown - Total product revenues increased by 11% year-over-year to $7.87 billion, with volume growth of 14% partially offset by price declines [2]. - Prolia generated $1.1 billion in revenue, up 10% year-over-year, beating estimates [3]. - Evenity sales rose 29% year-over-year to $442 million, exceeding expectations [4]. - Repatha revenues increased by 27% year-over-year to $656 million, driven by a 41% rise in volumes [5]. - Xgeva delivered revenues of $566 million, up 1% year-over-year, beating estimates despite currency headwinds [6]. - Kyprolis sales declined 14% year-over-year to $324 million due to competitive pressures [7]. - Otezla sales were $437 million, up 11% year-over-year, beating estimates [9]. - Enbrel revenues fell 10% year-over-year to $510 million due to lower prices [10]. - Tezspire recorded sales of $285 million, up 65% year-over-year, exceeding expectations [11]. - New biosimilars, Wezlana and Pavblu, generated $150 million and $99 million in sales, respectively [12]. Cost and Margin Analysis - Adjusted operating margin increased by 2.5 percentage points to 45.7% [15]. - Adjusted operating expenses rose by 4% to $4.55 billion, with R&D expenses increasing by 11% [15]. Guidance and Future Outlook - Amgen reaffirmed its 2025 guidance, expecting total revenues between $34.3 billion and $35.7 billion and adjusted earnings per share between $20.00 and $21.20 [16]. - The company is developing MariTide, a new obesity treatment, with ongoing phase III studies [17][18][19]. Market Performance - Amgen's stock has risen 9.4% year-to-date, outperforming the industry, which has seen a 1.2% decline [21].

Core Insights - The current global trade environment is marked by rising tariffs and tensions, prompting investors to seek stability in defensive sectors that are less impacted by economic fluctuations [1][2] - Large-cap biotech companies with a strong domestic focus, such as Gilead Sciences, Amgen, and AbbVie, are gaining attention as potential defensive investments due to their reliance on the U.S. market [2][3] Biotech Companies Overview - Gilead Sciences derives approximately 70.0% of its Q1 2025 product revenue from the U.S., Amgen generates about 74.7% of its Q4 2024 product sales domestically, and AbbVie obtains roughly 74.8% of its Q1 2025 net revenue from the United States [3][4] - The significant concentration of domestic sales provides a buffer against retaliatory tariffs and economic downturns, as demand for essential medicines tends to be inelastic [4][5] Financial Performance and Stability - Gilead Sciences has a market capitalization of around $132.66 billion, with a year-to-date stock gain of 15.3% and a low Beta of approximately 0.32, indicating defensive characteristics [11][13] - Amgen, valued at approximately $156.41 billion, reported a positive year-to-date performance of +11.6% and a Beta of 0.59, suggesting lower volatility [15][16] - AbbVie has a market capitalization of roughly $345.22 billion, achieving a 9.8% operational revenue increase in Q1 2025, with a forward P/E ratio of about 15.85 [18][19] Policy Environment - Recent U.S. government policy shifts are creating a supportive environment for domestic biotech companies, focusing on onshoring and reshoring manufacturing to enhance supply chain resilience [6][8] - Strategies include financial incentives, direct government investments, and prioritizing domestically produced medicines through 'Buy American' initiatives [7][8] Investment Appeal - The combination of strong cash flows, healthy dividends, and low Beta scores makes U.S.-focused biotech companies appealing during uncertain times [21][20] - Analysts have a Moderate Buy consensus on Gilead and AbbVie, while Amgen is rated as a Hold, reflecting confidence in their defensive qualities amidst market volatility [11][19][15]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-37702 Amgen Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) One Amgen Center Drive Thousand Oaks California QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES E ...

Amgen (AMGN) reported $8.15 billion in revenue for the quarter ended March 2025, representing a year-over-year increase of 9.4%. EPS of $4.90 for the same period compares to $3.96 a year ago.The reported revenue represents a surprise of +2.47% over the Zacks Consensus Estimate of $7.95 billion. With the consensus EPS estimate being $4.16, the EPS surprise was +17.79%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expect ...

Core Viewpoint - Amgen reported quarterly earnings of $4.90 per share, exceeding the Zacks Consensus Estimate of $4.16 per share, and showing an increase from $3.96 per share a year ago, representing an earnings surprise of 17.79% [1][2] Financial Performance - The company achieved revenues of $8.15 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.47%, and up from $7.45 billion year-over-year [2] - Over the last four quarters, Amgen has exceeded consensus EPS estimates four times and topped revenue estimates three times [2] Stock Performance - Amgen shares have increased approximately 11.6% since the beginning of the year, contrasting with a decline of -5.3% in the S&P 500 [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $5.29 on revenues of $8.82 billion, and for the current fiscal year, it is $20.57 on revenues of $34.99 billion [7] - The outlook for the Medical - Biomedical and Genetics industry is favorable, ranking in the top 32% of over 250 Zacks industries, suggesting potential for outperformance [8]