Strong Results and Pipeline Momentum Power Amgen’s (AMGN) 2025 Rally

Financial Performance - Amgen's revenue increased by 12% year-over-year to $9.6 billion in the third quarter, driven by strong sales from key products [2] - Repatha, a cholesterol treatment, generated $794 million in sales, marking a 40% increase from the previous year [2] - Tezspire, an asthma therapy, also saw revenue rise by 40% year-over-year to $377 million [2] Pipeline and Growth Prospects - The company may face growth challenges in the coming quarters due to biosimilar competition for denosumab, marketed as Prolia and Xgeva [3] - Despite potential pressures, Amgen has multiple avenues to mitigate impacts, including existing products with years of sales growth potential and an active pipeline [3] - MariTide, an investigational treatment for weight management, has advanced to phase 3 studies for obesity, type 2 diabetes, and other conditions [3] Dividend Outlook - Amgen has consistently raised its dividend since 2011, with a current forward yield of approximately 3%, significantly higher than the S&P 500 average of about 1.2% [4] - The company's cash payout ratio is near 46%, indicating potential for further dividend increases [4]