Corporate Earnings Drive Pre-Market Activity - Amgen Inc. reported a 12% increase in total revenues to $9.6 billion and non-GAAP EPS of $5.64, exceeding forecasts and leading to a 3% rise in stock [3] - Lumentum Holdings Inc. saw a 17% stock increase after reporting Q3 2025 EPS of $0.57 on revenues of $425.2 million, driven by growth in its Cloud and Networking segment [4] - Rivian Automotive, Inc. reported Q3 2025 revenues of $1.56 billion, surpassing estimates, with a narrower loss per share of -$0.65 and a 47% year-over-year increase in automotive sales [5] - Johnson Controls International plc reported an adjusted EPS of $1.05 and sales of $6.1 billion, representing a 6% organic increase year-over-year, with an 11% growth in backlog [6] - The New York Times Company added 460,000 digital-only subscribers, boosting total revenue by 9.5% year-over-year to $700.8 million [7] Media and Global Trade Developments - China's Foreign Minister announced willingness to negotiate a free trade agreement with the European Union, emphasizing cooperation over rivalry [9] - The New York Times Company demonstrated strength in digital transformation, contributing to its revenue growth [7] Crude Oil Markets Face Headwinds - WTI crude oil prices are trading near $60.59, facing downward pressure from a stronger U.S. dollar and increased U.S. crude inventories [10] - OPEC+ has paused output hikes for Q1 2026, agreeing to a modest increase in December, but market sentiment remains cautiously bearish [10]

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安进(AMGN.US)夜盘一度涨超7.5%，现涨幅收窄至约2.7%，报304.61美元。消息面上，安进公布第三 季度业绩，销售额为95.6亿美元，同比增长12%，高于分析师预期的89.7亿美元；调整后每股收益为 5.64美元，亦高于预期的5.01美元。期内公司的产品组合表现出广泛的强劲势头，有16种产品的销售额 实现了两位数的增长。该公司上调全年业绩指引，将销售额从350亿至360亿美元，上调至358亿至366亿 美元；每股收益预期从20.2至21.3美元，上调至20.6至21.4美元，分析师预期为21.04美元。(格隆汇) ...

Core Insights - Amgen reported revenue of $9.56 billion for the quarter ended September 2025, reflecting a 12.4% increase year-over-year and a 6.87% surprise over the Zacks Consensus Estimate of $8.94 billion [1] - The earnings per share (EPS) for the quarter was $5.64, which is an increase from $5.58 in the same quarter last year, resulting in a 12.8% surprise over the consensus EPS estimate of $5.00 [1] Financial Performance Metrics - Product sales for Neulasta in the ROW were $20 million, slightly above the estimated $19.55 million, but down 23.1% year-over-year [4] - Neulasta sales in the U.S. reached $72 million, exceeding the estimate of $60.9 million, but down 14.3% from the previous year [4] - XGEVA sales in the ROW were $182 million, surpassing the average estimate of $144.77 million, marking an 8.3% year-over-year increase [4] - Enbrel sales in the ROW were $6 million, below the estimated $7.36 million, reflecting a 25% decline year-over-year [4] - Other revenues amounted to $420 million, exceeding the average estimate of $373.34 million, with a year-over-year increase of 19.3% [4] - Total product sales were $9.14 billion, surpassing the estimated $8.55 billion, representing a 12.1% increase year-over-year [4] - BLINCYTO total sales were $392 million, slightly below the estimate of $412.7 million, but showing a 19.9% increase year-over-year [4] - Otezla total sales reached $585 million, slightly above the estimate of $582.08 million, with a year-over-year increase of 3.7% [4] - Total sales for Neulasta were $92 million, exceeding the estimate of $79.77 million, but down 16.4% year-over-year [4] - Enbrel total sales were $580 million, below the estimate of $645.48 million, reflecting a 29.7% decline year-over-year [4] - LUMAKRAS/LUMYKRAS total sales were $96 million, slightly below the estimate of $100.05 million, down 2% year-over-year [4] - TEZSPIRE total sales were $377 million, exceeding the estimate of $364.18 million, with a significant year-over-year increase of 40.2% [4] Stock Performance - Amgen's shares returned +0.7% over the past month, compared to the Zacks S&P 500 composite's +2.1% change, indicating a performance in line with the broader market [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the market in the near term [3]

Group 1 - Asian AI-linked companies' shares declined, influenced by falling U.S. peers and investor concerns over high valuations in crowded trades [1] - SoftBank's shares dropped by 10%, while Advantest's shares fell over 8% [1] - Palantir's shares decreased by approximately 8% despite exceeding third-quarter expectations, reflecting negative sentiment towards high valuations in the AI sector [2]

Financial Performance - Total revenues for Q3 2025 reached $9,557 million, a 12.4% increase from $8,503 million in Q3 2024[17] - Product sales increased to $9,137 million in Q3 2025, up 12.1% from $8,151 million in Q3 2024[17] - Net income for Q3 2025 was $3,216 million, representing a 13.6% increase compared to $2,830 million in Q3 2024[18] - Earnings per share (EPS) for Q3 2025 were $5.98 (basic) and $5.93 (diluted), compared to $5.27 and $5.22 in Q3 2024, reflecting increases of 13.5% and 13.6% respectively[17] - Comprehensive income for Q3 2025 was $3,338 million, compared to $2,649 million in Q3 2024, marking an increase of 26.0%[18] - Net income for the nine months ended September 30, 2025, was $6,378 million, a significant increase from $3,463 million in the same period of 2024, representing an 84.5% growth[43] - Total revenues for the nine months ended September 30, 2025, reached $26,885 million, up from $24,338 million in 2024, reflecting a 10.5% increase[43] Research and Development - Research and development expenses rose to $1,900 million in Q3 2025, a 31.0% increase from $1,450 million in Q3 2024[17] - Research and development expenses for the nine months ended September 30, 2025, totaled $5,130 million, an increase from $4,240 million in 2024, representing a 21.0% rise[43] - The company expects to continue to grow its spending on Later-Stage Clinical Programs as it advances its pipeline[197] Cash and Assets - Total assets as of September 30, 2025, were $90,141 million, a slight decrease from $91,839 million at the end of 2024[21] - Cash and cash equivalents decreased to $9,445 million from $11,973 million at the end of 2024[21] - Cash and cash equivalents at the end of the period were $9,445 million, up from $9,011 million at the end of the same period in 2024[27] Debt and Liabilities - Long-term debt decreased to $52,434 million from $56,549 million at the end of 2024, indicating a reduction in leverage[21] - Total principal amount of debt as of September 30, 2025, is $56.039 billion, down from $61.778 billion as of December 31, 2024[81] - Total carrying value of debt is $54.587 billion as of September 30, 2025, compared to $60.099 billion as of December 31, 2024[81] - Debt repayments for the three months ended September 30, 2025, totaled $1.5 billion, a decrease from $2.2 billion in the same period of 2024[83] - During the nine months ended September 30, 2025, debt repayments amounted to $5.0 billion, up from $3.6 billion in the same period of 2024[83] Dividends - The company declared dividends of $2.38 per share in Q3 2025, totaling $1,308 million[23] - Dividends paid during the nine months ended September 30, 2025, were $3,841 million, compared to $3,627 million in 2024, reflecting a 5.9% increase[27] - Quarterly cash dividends of $2.38 per share were declared in August 2025, March 2025, and December 2024, with the next payment scheduled for December 2025[88] Product Sales and Revenue Growth - Total product sales increased by 12% and 11% for the three and nine months ended September 30, 2025, respectively, driven by volume growth of 14% for both periods[153] - U.S. product sales reached $6,751 million for the three months ended September 30, 2025, up 13% from $5,979 million in 2024[152] - Prolia generated $1,139 million in revenue for the three months ended September 30, 2025, up from $1,045 million in 2024, reflecting a growth of 9.0%[45] - Repatha's revenue for the three months ended September 30, 2025, was $794 million, compared to $567 million in 2024, marking a significant increase of 40.1%[45] Legal and Regulatory Matters - The company has reached confidential settlement agreements regarding patent litigation with Samsung and Biocon, allowing them to launch their biosimilar products in the U.S.[122][126] - The company is involved in various legal proceedings and government investigations, which may have material adverse effects on its consolidated results of operations, financial position, or cash flows[118] - The FDA broadened the approved use of Repatha to include adults at increased risk for major adverse cardiovascular events due to uncontrolled low-density lipoprotein cholesterol[148] Economic and Market Conditions - Uncertain macroeconomic conditions, including inflation and rising healthcare costs, continue to pose challenges to Amgen's business[144] - The IRA and 340B Program are expected to negatively affect Amgen's business, with ENBREL and Otezla selected for Medicare price setting beginning in 2026 and 2027, respectively[145]

Market Overview - The market is experiencing poor breadth, with concerns about high valuations, particularly in tech and AI-related stocks [2][4] - Liquidity is decreasing in the market, contributing to profit-taking across various sectors, especially in technology [2][3] Valuation Metrics - The S&P 500 is trading at 23 times forward earnings estimates, above its 5-year average of 20 times, while the NASDAQ 100 is at 28 times compared to 19 times in 2022 [6] - An equal-weighted S&P 500 index is trading at a more than 25% discount to the standard S&P 500 index, indicating potential for rotation if market conditions change [7] Sector Performance - Consumer cyclicals are under scrutiny, with the potential for them to benefit from market rotation, but they need to demonstrate stronger performance [8] - Industrial sectors have shown flat performance over the past 10 to 11 months, indicating a lack of clear leadership in the market [9] Earnings Reports - Amgen reported a 12% growth in product sales, driven by a 14% increase in volume, although offset by a 4% decrease in net selling price [11] - The company raised its full-year revenue and EPS guidance, reflecting positive performance despite initial stock fluctuations [11] Small Cap Stocks - Small-cap stocks have not participated in the recent tech-driven market rally and are more exposed to temporary disruptions from business shutdowns [12][14] - Since October, larger market-cap stocks have outperformed smaller-cap stocks across most sectors, indicating a divergence in performance based on market capitalization [14]

Amgen (AMGN) came out with quarterly earnings of $5.64 per share, beating the Zacks Consensus Estimate of $5 per share. This compares to earnings of $5.58 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +12.80%. A quarter ago, it was expected that this world's largest biotech drugmaker would post earnings of $5.26 per share when it actually produced earnings of $6.02, delivering a surprise of +14.45%.Over the last four quarter ...

Financial Data and Key Metrics Changes - Revenues increased by 12% year over year to $9.6 billion, driven by strong performance across key growth drivers [12][20] - Non-GAAP operating margin was reported at 47%, reflecting significant investments across the business [12][15] - Free cash flow generated in the third quarter was $4.2 billion, indicating operational momentum [15] Business Line Data and Key Metrics Changes - Repatha sales reached $794 million, up 40% year over year, now annualizing at approximately $3 billion [20] - EVENITY delivered $541 million in sales, a 36% increase year over year, with U.S. sales growing 44% [23] - The rare disease portfolio grew 13% year over year to $1.4 billion, with Uplizna sales increasing 46% to $155 million [25] - Tezspire sales rose 40% year over year to $377 million, achieving over $1 billion in sales year to date [27] - The oncology portfolio generated $2.3 billion in sales, growing 9% year over year [29] Market Data and Key Metrics Changes - The biosimilar portfolio saw sales increase by 52% year over year to $775 million, now annualizing at $3 billion [30] - Prolia sales increased by 9% year over year to $1.1 billion, although future quarters may see increased competition negatively impacting sales [24] Company Strategy and Development Direction - The company is focused on expanding access to medicines through initiatives like AmgenNow, which offers Repatha at a significantly reduced price [5][23] - Continued investment in manufacturing with over $3 billion planned for the U.S. in 2025, building on over $40 billion invested since 2017 [7][12] - The company aims to drive innovation in areas of high unmet medical need while maintaining rigorous financial discipline [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining long-term growth, supported by a broad base of innovative medicines [4][11] - The company raised its 2025 guidance for total revenues to a range of $35.8 billion to $36.6 billion and non-GAAP earnings per share to between $20.60 and $21.40 [17] - Management highlighted the importance of the VESALIUS-CV study results for Repatha, which demonstrated significant cardiovascular event reduction [61][62] Other Important Information - The company is actively engaging with policymakers to support policies that improve access and protect innovation [10] - The anticipated approval of Uplizna for generalized myasthenia gravis is expected to expand its patient base significantly [36] Q&A Session Summary Question: Confidence in Olpasiran and Business Development Approach - Management expressed strong confidence in Olpasiran's potential, emphasizing its best-in-class properties and the importance of the Ocean A study [46][47] - The return to pre-Horizon debt levels does not significantly impact the company's business development strategy, which remains focused on earlier-stage opportunities [49] Question: 2026 Guidance and R&D Expenses - Management discussed key growth drivers and the focus on maintaining industry-leading margins while investing in R&D [52][53] - R&D expenses are expected to stabilize after a significant increase, with ongoing investments in late-stage programs [54] Question: VESALIUS-CV Results Impact - The VESALIUS-CV results are anticipated to significantly enhance Repatha's market opportunity, with a focus on improving cardiovascular care [59][60] - Management highlighted the importance of these results in promoting Repatha as a solution for primary prevention of cardiovascular events [62][64] Question: New Biosimilar Guidance Impact - The company does not foresee a change in its strategic focus on biosimilars despite new FDA guidance, maintaining confidence in its competitive position [66][67] - Management believes the biosimilar market is performing well and is committed to ensuring continued access to important medicines [69][70]

Financial Data and Key Metrics Changes - Revenues increased by 12% year over year to $9.6 billion, driven by strong performance across key growth drivers [12][20] - Non-GAAP operating margin was reported at 47%, reflecting significant investments across the business [12][15] - Free cash flow generated in the third quarter was $4.2 billion, indicating operational momentum [15] Business Line Data and Key Metrics Changes - Repatha sales reached $794 million, up 40% year over year, now annualizing at approximately $3 billion [20] - Evenity delivered $541 million in sales, a 36% increase year over year, with a 44% growth in the U.S. [22] - The rare disease portfolio grew 13% year over year to $1.4 billion, now annualizing at over $5 billion [24] - Oncology portfolio generated $2.3 billion in sales, growing 9% year over year [27] Market Data and Key Metrics Changes - The biosimilar portfolio saw sales increase by 52% year over year to $775 million, now annualizing at $3 billion [28] - Uplizna sales increased 46% year over year to $155 million, with significant uptake among rheumatologists [24] Company Strategy and Development Direction - The company is focused on expanding access to medicines through initiatives like Amgen Now, which offers Repatha at a significantly reduced price [5][22] - Continued investment in manufacturing with over $3 billion planned for the U.S. in 2025, building on over $40 billion since 2017 [7][12] - The company aims to drive innovation in areas of high unmet medical need while maintaining rigorous financial discipline [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining long-term growth, supported by a broad base of innovative medicines [4][11] - The company raised its 2025 guidance for total revenues to a range of $35.8-$36.6 billion and non-GAAP earnings per share between $20.60 and $21.40 [17] - Management highlighted the importance of the Vesalius CV study results for Repatha, which demonstrated significant cardiovascular event reduction [58][60] Other Important Information - The company is actively engaging with policymakers to support policies that improve access and protect innovation [10] - The launch of Uplizna in new indications is anticipated, with a PDUFA date set for December 14, 2025 [33] Q&A Session Summary Question: Confidence in Olpasiran and Business Development Approach - Management remains confident in Olpasiran's potential, citing strong genetic and epidemiological data supporting its efficacy [44] - The return to pre-Horizon debt levels does not significantly impact the company's business development strategy, which remains focused on earlier-stage opportunities [45][46] Question: 2026 Guidance and R&D Expenses - Key growth drivers will influence the top line, with a focus on maintaining industry-leading margins while investing in R&D [50][52] - R&D expenses are expected to stabilize after a significant increase over the past year, with ongoing investments in late-stage programs [51] Question: Vesalius CV Results Impact - The Vesalius CV study is expected to significantly enhance Repatha's market opportunity, with a focus on improving cardiovascular care [58][60] - Management emphasized the importance of the study's findings for primary care physicians and the broader healthcare community [61] Question: New Biosimilar Guidance Impact - The new FDA biosimilar guidance does not change the company's strategic focus on biosimilars, which continue to be a strong growth area [65] - The company is well-positioned to adapt to any new regulatory requirements while maintaining competitiveness in the biosimilar market [66][67]