Amgen(US:AMGN) 美股IPO·2025-11-06 08:43Core Viewpoint - Amgen reported strong Q3 earnings, exceeding expectations with a revenue of $9.6 billion, a 12% year-over-year increase, and raised its full-year guidance for 2025 [1][12][30] Financial Performance - Total revenue for Q3 reached $9.6 billion, up 12% year-over-year, driven by a 14% increase in sales volume [11][15] - Non-GAAP operating margin was 47%, with free cash flow of $4.2 billion [15][28] - The company raised its 2025 revenue guidance to between $35.8 billion and $36.6 billion, and adjusted non-GAAP EPS guidance to $20.60–$21.40 [3][30] Product Highlights - Repatha sales reached $794 million, a 40% increase year-over-year, significantly exceeding analyst expectations [3][32] - Tezspire sales grew by 40% to $377 million, benefiting from recent approvals for chronic rhinosinusitis [5][37] - Uplizna generated $155 million in sales, a 46% increase, with upcoming FDA approval for generalized myasthenia gravis [6][35] - Prolia sales were $1.1 billion, a 9% increase, surpassing analyst forecasts [7][16] Research and Development - The VESALIUS-CV trial showed that Repatha significantly reduces major adverse cardiovascular events (MACE) in high-risk patients, with results to be presented at the AHA meeting [4][43] - MariTide, a weight management drug, is in six Phase III trials, showing promising results in cardiovascular risk factors [8][41] Market Strategy - Amgen launched AmgenNow, a direct-to-consumer platform for Repatha, priced at $239 per month, enhancing patient accessibility [5][33] - The company plans to invest over $3 billion in U.S. manufacturing in 2025, continuing its commitment to expand production capabilities [12][22] Future Outlook - Amgen is optimistic about the growth potential of its pipeline, particularly in obesity and cardiovascular disease with MariTide and Olpasiran [10][24] - The company expects continued investment in R&D, with a projected 20% increase in non-GAAP R&D expenses for 2025 [14][30]