Amgen's Q2 Earnings & Sales Beat Estimates, 2025 View Raised Slightly

Core Insights - Amgen reported strong second-quarter 2025 results with adjusted earnings of $6.02 per share, exceeding the Zacks Consensus Estimate of $5.26 per share, and a 21% year-over-year increase in earnings [1][10] - Total revenues reached $9.2 billion, surpassing the Zacks Consensus Estimate of $8.9 billion, marking a 9% year-over-year growth [1][10] Revenue Breakdown - Total product revenues increased by 9% year-over-year to $8.77 billion, driven by a 13% rise in volume, although this was partially offset by price declines [2] - Other revenues amounted to $408 million, reflecting a 17.6% year-over-year increase [2] Key Drug Performance - Evenity sales reached $518 million, up 32% year-over-year, exceeding both the Zacks Consensus Estimate of $478 million and the model estimate of $461.8 million [3] - Repatha generated revenues of $696 million, a 31% increase year-over-year, also beating the Zacks Consensus Estimate of $672 million [4] - Prolia revenues were $1.12 billion, down 4% year-over-year, aligning with the Zacks Consensus Estimate but slightly exceeding the model estimate of $1.01 billion [5] - Xgeva recorded revenues of $532 million, down 5% year-over-year, surpassing the Zacks Consensus Estimate of $508 million [5] - Otezla sales were $618 million, up 14% year-over-year, beating the Zacks Consensus Estimate of $535 million [7] - Tezspire sales increased by 46% year-over-year to $342 million, exceeding the Zacks Consensus Estimate of $326 million [7] Pipeline Developments - Amgen is developing MariTide, a GIPR/GLP-1 receptor, which has shown strong efficacy in clinical studies, with plans for multiple phase III studies ongoing [17][19] - The company has initiated studies evaluating cardiovascular outcomes and heart failure events in obese adults [19] Financial Guidance - Amgen raised its 2025 revenue guidance to a range of $35.0 billion to $36.0 billion, up from the previous expectation of $34.3 billion to $35.7 billion [13] - Adjusted earnings per share guidance was increased to a range of $20.20 to $21.30 [14] - Adjusted operating margin expectations were slightly lowered to approximately 45% due to increased R&D costs [15] Market Performance - Year-to-date, Amgen's stock has risen by 17.1%, outperforming the industry average increase of 3.2% [22] - Despite strong quarterly results, Amgen's shares experienced a slight decline in after-hours trading [21]