Financial Data and Key Metrics Changes - The net loss for Q3 2025 was $175.2 million, or a loss of $1.26 per share, compared to a net loss of $170.8 million, or a loss of $1.38 per share in Q3 2024 [35] - Revenue for Q3 2025 was $27.8 million, primarily from the collaboration agreement with Sarepta, with $20 million from initial consideration and $7 million from reimbursement of collaboration costs [35][36] - Total operating expenses for Q3 2025 were $193.3 million, an increase from $176.1 million in the prior year, driven by higher R&D costs and SG&A expenses [37][38] - Cash and investments totaled $900.4 million as of June 30, 2025 [38] Business Line Data and Key Metrics Changes - The company achieved full enrollment in Phase 3 studies for clozaran, targeting severe hypertriglyceridemia, with approximately 2,200 patients enrolled across 24 countries [9][24] - The Phase 3 study for zodasiran began with the first patients enrolled in July 2025, targeting homozygous familial hypocholesterolemia [10][27] - The company is on track to meet its 2025 initiative of having 20 individual drug candidates in clinical studies or at market, with nine partnered and 11 wholly owned candidates [16] Market Data and Key Metrics Changes - The collaboration with Sarepta is expected to continue, providing capital to fund internal programs, despite Sarepta's recent setbacks [6] - The company is preparing for the US launch of clozaran, with a PDUFA date set for November 18, 2025, and has engaged with payers representing over 85% of US covered lives [29][30] Company Strategy and Development Direction - The company aims to create value through novel medicines, generate capital for development, and build a growth engine [7] - The focus is on expanding the cardiometabolic franchise and addressing unmet medical needs in various patient populations [14][31] - The company is building a commercial organization to support the launch of its products, particularly clozaran and zodasiran [21][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging biotech market but emphasized their commitment to serving patients and creating shareholder value [7] - The company is optimistic about the upcoming regulatory submissions and the potential for multiple product launches between late 2025 and 2028 [12][16] - Management expressed confidence in the collaboration with Sarepta and the potential for significant future milestones [6][36] Other Important Information - The company has made significant progress in sourcing new capital, including a $130 million upfront payment from Sanofi for rights to develop clozaran in Greater China [18][36] - The company expects to achieve a $100 million milestone payment from Sarepta and anticipates a second milestone of $200 million by the end of the year [36][38] Q&A Session Summary Question: How does the company view competitors' programs in triglyceride reduction? - Management stated that they focus on their own studies and have had positive data in their Phase 2 and Phase 3 studies, expecting to demonstrate best-in-class triglyceride reduction [44][46] Question: What are the baseline demographics for the Phase III studies? - Management confirmed that their baseline demographics are similar to those published by competitors, but emphasized the importance of focusing on adjudicated cases of pancreatitis rather than abdominal pain [52][56] Question: How does clozaran address unmet clinical needs? - Management highlighted that clozaran offers deep triglyceride reduction and is the only agent in a registrational Phase 3 study that has shown a statistically significant reduction in acute pancreatitis risk [61][62] Question: What is the expected pricing strategy for clozaran? - Management indicated that they expect clozaran to be priced higher than treatments for severe hypertriglyceridemia, but specific pricing details are still under consideration [65] Question: What is the expected timeline for the auto-injector for clozaran? - Management stated that the initial presentation will be a prefilled syringe, with development underway for an auto-injector expected to be available at launch or soon thereafter [88][89]

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Financial Data and Key Metrics Changes - Total revenue for Q2 2025 grew 15% year over year to $47.6 million, with adjusted EPS rising 14% to $1.6 per share, reflecting solid execution and continued operating leverage [32] - Royalty revenue increased 57% from the prior year to $36.4 million, underscoring the strength and momentum of partnered programs [32] - GAAP net income for the quarter was $4.8 million or $0.24 per diluted share, compared to a GAAP net loss of $51.9 million or $2.88 per share in the prior year period [38] Business Line Data and Key Metrics Changes - Key drivers of royalty revenue growth included strong performance from Varonis O2VARE, Trevyr's FILSPARI, Recordati's Carziva, and Merck's CapXiv and Vaxnuvanse [33] - Varonis reported a 45% sequential increase in Q2 2025 sales to $103 million, with expectations for continued strong launch trajectory [34] - FILSPARI showed strong commercial momentum, with Trevyr reporting Q2 sales in line with internal estimates, indicating robust year-over-year growth [34] Market Data and Key Metrics Changes - Merck's CapXiv generated $129 million in sales, a 21% sequential increase, while Vaxnuvanse generated $229 million in net sales, representing a 20% year-over-year increase [35] - Record ID reported sales of Carziva grew 12% in 2025, reaching €78.5 million, with Ligand earning a high teens royalty on Carziva sales [12] Company Strategy and Development Direction - The company aims to deliver profitable compounding growth by remaining disciplined in its investment approach and identifying high-quality assets that address significant unmet needs [21] - The strategic merger of Pylthos with Channel Therapeutics and a $40 million investment in Orchestra Biomed reflect the company's commitment to innovative therapies and expanding its portfolio [8][26] - The company is optimistic about the potential of its royalty assets, particularly with the expected blockbuster status of O2VARE by 2027 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the strong launch trajectories of therapies and the potential for significant revenue growth from O2VARE and FILSPARI [44] - The company anticipates that Merck's acquisition of Verona will accelerate the launch of O2VARE, enhancing its market potential [76] - Management acknowledged the ongoing pricing pressure in the pharmaceutical industry but emphasized the importance of investing in high clinical value drugs to navigate this environment [63] Other Important Information - The company ended the quarter with $245 million in cash and investments, with approximately $450 million in deployable capital factoring in its undrawn credit facility [32] - The deconsolidation of Peltos effective July 1 will impact future financial reporting, with the estimated fair value of Ligand's stake in Peltos at approximately $100 million [41] Q&A Session Summary Question: Expectations for the Peltos launch - Management is optimistic about the launch of ZELSUMI, citing strong demand and a capable commercial team [47][48] Question: Impact of Vilsparri REMS removal on uptake - The removal of REMS restrictions is expected to enhance uptake, particularly among earlier stage patients [50][51] Question: Guidance on revenue and EPS growth - Management explained that operating expenses are being cautiously managed, and tax rates are impacting net income due to increased foreign revenue [56][57] Question: Merck's ownership of Verona and its impact on O2VARE - Management believes Merck's global capabilities will accelerate O2VARE's rollout compared to its previous management by Verona [76] Question: Orchestra Biomed's commercialization pathway - Medtronic and Tarumo are the commercial partners for Orchestra Biomed's AVIM technology and Virtu SAB balloon, respectively [77]

Core Viewpoint - Amgen Inc. reported strong second-quarter results, surpassing analyst expectations, but its shares are trading lower due to ongoing investor concerns about its experimental weight-loss drug, MariTide [1][4]. Financial Performance - Adjusted earnings for the second quarter were $6.02 per share, a 21% increase year over year, exceeding the consensus estimate of $5.24 [1]. - Quarterly sales reached $9.18 billion, up 9%, also beating Wall Street's estimate of $8.87 billion [1]. - Product sales grew by 9%, driven by a 13% increase in volume, partially offset by a 3% decrease in net selling price [2]. Future Outlook - Amgen raised its fiscal year 2025 adjusted earnings guidance from a range of $20.00-$21.20 per share to $20.20-$21.30, compared to the consensus of $20.89 [3]. - The sales outlook was increased from $34.30 billion-$35.70 billion to $35 billion-$36 billion, against a consensus of $35.29 billion [3]. Product Focus - Investor attention is heavily focused on MariTide, an experimental weight-loss drug, with ongoing Phase 2 studies for chronic weight management and type 2 diabetes [4][5]. - Data readout for the studies is expected in the fourth quarter of 2025 [4][5]. - Analysts express concerns about the trial's ability to address tolerability issues that investors are debating [5]. Competitive Landscape - Amgen has seen clinical and commercial success with several products, including Repatha and Evenity, which support long-term growth prospects [6]. - The company faces near-term challenges from legacy products and competition from biosimilars, but upcoming clinical catalysts are expected to generate investor interest [6]. Stock Performance - As of the latest check, Amgen's stock is trading lower by 5.10% at $284.97 [7].

Analyst's Disclosure:I/we have a beneficial long position in the shares of NVO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. My analysis is focused on high-quality companies, that can outperform the market over the long-run due to a competitive advantage (economic moat ...

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]

Core Insights - Amgen reported a strong Q2 2025 with a 9% increase in GAAP revenue to $9.18 billion and a non-GAAP EPS of $6.02, exceeding analyst expectations [1][2][5] - The company emphasized pipeline advancements and product launches as key drivers of growth, despite a decline in free cash flow [1][4][5] Financial Performance - Non-GAAP EPS reached $6.02, a 21% increase from $4.97 in Q2 2024, surpassing the consensus estimate of $5.28 [2][5] - GAAP revenue was $9.18 billion, up 9% year-over-year, compared to $8.4 billion in Q2 2024 [2][5] - Non-GAAP operating margin improved to 48.9%, a 0.7 percentage point increase from the previous year [2][6] - Free cash flow decreased to $1.9 billion from $2.2 billion in Q2 2024, attributed to higher capital spending and tax payment timing [2][5][15] Product Performance - Sales growth varied across product lines, with Repatha and EVENITY increasing over 30%, while Prolia saw a 4% decline [7][8] - Rare disease products UPLIZNA and TAVNEOS experienced significant revenue increases of 91% and 55%, respectively [7][11] - Inflammation products showed mixed results, with TEZSPIRE growing 46% and Enbrel declining 34% [8] - Oncology products like IMDELLTRA reported strong growth, while older drugs faced competitive pressures [12][13] Pipeline and Innovation - Amgen's pipeline includes promising candidates like MariTide for obesity, which showed strong phase 2 data [10][12] - UPLIZNA is under FDA review for generalized myasthenia gravis, with a decision expected by December 14, 2025 [11] - The company is focusing on expanding its biosimilars portfolio, although pricing pressures are increasing [13][16] Strategic Focus - Amgen is committed to expanding its product pipeline and international market presence while investing in advanced manufacturing [4][16] - The company plans to maintain a capital spending target of $2.3 billion and has set a revenue target of $35.0–$36.0 billion for FY2025 [17][18] - Management highlighted the importance of new drug approvals and the impact of biosimilar competition on established products as key areas to monitor [19]

PART I [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) This section presents Amgen's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025, covering income, balance sheets, equity, and cash flows with detailed notes [Condensed Consolidated Statements of Income](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) For the six months ended June 30, 2025, Amgen reported total revenues of $17.33 billion, a 9% increase year-over-year, with net income rising to $3.16 billion and diluted EPS to $5.84 Condensed Consolidated Statements of Income (Six Months Ended June 30) | Financial Metric | 2025 (in millions) | 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | Total revenues | $17,328 | $15,835 | +9.4% | | Operating income | $3,834 | $2,900 | +32.2% | | Net income | $3,162 | $633 | +399.5% | | Diluted EPS | $5.84 | $1.17 | +399.1% | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) For the six months ended June 30, 2025, comprehensive income was $2.68 billion, a significant increase from $767 million in the prior year, driven by higher net income despite other comprehensive losses Condensed Consolidated Statements of Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Net Income | $3,162 | $633 | | Other comprehensive (loss) income | $(478) | $134 | | **Comprehensive Income** | **$2,684** | **$767** | [Condensed Consolidated Balance Sheets](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Amgen's total assets decreased to $87.9 billion, primarily due to reduced cash, while total liabilities decreased to $80.5 billion from lower long-term debt, and stockholders' equity increased to $7.4 billion Condensed Consolidated Balance Sheet Highlights | Account | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $8,028 | $11,973 | | Total assets | $87,897 | $91,839 | | Long-term debt | $53,760 | $56,549 | | Total liabilities | $80,469 | $85,962 | | Total stockholders' equity | $7,428 | $5,877 | [Condensed Consolidated Statements of Stockholders' Equity](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS%27%20EQUITY) For the six months ended June 30, 2025, total stockholders' equity increased from $5.88 billion to $7.43 billion, driven by net income, partially offset by dividends and other comprehensive loss - Key drivers for the change in stockholders' equity in the first six months of 2025 were net income of **$3.16 billion**, offset by **$1.28 billion** in dividends and a **$478 million** other comprehensive loss[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, net cash from operating activities was $3.67 billion, while investing activities used $836 million and financing activities used $6.78 billion, resulting in a $3.95 billion decrease in cash Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $3,671 | $3,148 | | Net cash used in investing activities | $(836) | $(434) | | Net cash used in financing activities | $(6,780) | $(4,357) | | **Decrease in cash and cash equivalents** | **$(3,945)** | **$(1,643)** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) These notes detail Amgen's accounting policies and financial results, covering operating segments, revenue breakdowns, tax disputes, fair value measurements, hedging, and legal proceedings - The company operates in a **single segment: human therapeutics** The Chief Executive Officer is the chief operating decision maker (CODM) and allocates resources on a consolidated basis[37](index=37&type=chunk)[38](index=38&type=chunk) - In January 2025, **Otezla** was selected for Medicare price negotiation under the IRA, leading to an **$800 million impairment charge** on its developed-product-technology rights intangible asset[74](index=74&type=chunk) - Amgen is in a **significant tax dispute** with the IRS for the 2010-2012 and 2013-2015 periods, involving proposed additional federal taxes of approximately **$3.6 billion** and **$5.1 billion**, respectively, plus interest and penalties[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=36&type=section&id=Item%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on Amgen's financial performance, highlighting 9% revenue growth to **$17.3 billion**, 32% operating income increase, key product sales drivers, and capital allocation strategies including debt reduction and dividends Financial Highlights (Six Months Ended June 30, 2025) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total Product Sales | $16,644M | $15,159M | +10% | | Total Revenues | $17,328M | $15,835M | +9% | | Operating Income | $3,834M | $2,900M | +32% | | Diluted EPS | $5.84 | $1.17 | +399% | - Product sales growth for the first six months of 2025 was driven by a **14% increase in volume**, partially offset by a **4% decline in net selling price**[160](index=160&type=chunk) - Operating expenses for the first half of 2025 increased by **4%**, primarily due to an **$800 million impairment charge** for the **Otezla** intangible asset and higher R&D expenses related to later-stage clinical programs like **MariTide**[164](index=164&type=chunk)[201](index=201&type=chunk)[204](index=204&type=chunk) - The company's capital allocation strategy focuses on investing in the business, **reducing debt**, and returning capital to shareholders via **dividends** and **stock repurchases** In the first half of 2025, Amgen repaid **$4.1 billion in debt** and paid **$2.6 billion in dividends**[222](index=222&type=chunk)[232](index=232&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section reports no material changes to the company's market risk disclosures during the six months ended June 30, 2025, referencing the prior annual report - There were **no material changes** to the company's market risk profile during the first six months of 2025[235](index=235&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that Amgen's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were **effective** as of June 30, 2025[236](index=236&type=chunk) - **No material changes** to internal control over financial reporting were identified during the quarter ended June 30, 2025[237](index=237&type=chunk) PART II—OTHER INFORMATION [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) This section refers to Note 13 of the financial statements for recent developments in the company's legal proceedings, including contingencies and commitments - For updates on legal proceedings, the report directs readers to **Note 13, "Contingencies and commitments,"** in Part I of this 10-Q[240](index=240&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20RISK%20FACTORS) This section updates Amgen's risk factors, including pricing pressures from government initiatives, significant potential tax liabilities, geopolitical risks in international operations, complex manufacturing challenges, and global economic conditions - **Significant pricing pressure** continues from government and commercial payers The **Inflation Reduction Act (IRA)** has led to Medicare price setting for **ENBREL** (effective 2026) and **Otezla** (effective 2027) The **Most-Favored-Nations (MFN) Executive Order** and state-level **Prescription Drug Affordability Boards (PDABs)** pose additional risks[243](index=243&type=chunk)[245](index=245&type=chunk)[249](index=249&type=chunk) - The company faces **substantial potential tax liabilities** from its ongoing **U.S. Tax Court dispute** with the IRS over profit allocation for the 2010-2015 tax years and risks from the **OECD's global minimum tax agreement**[257](index=257&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk) - International operations face risks from **geopolitical tensions** and new regulations The proposed **BIOSECURE Act** could restrict collaborations with certain **Chinese biotech companies**, and newly imposed **tariffs** are increasing production costs[268](index=268&type=chunk)[269](index=269&type=chunk)[282](index=282&type=chunk) - Manufacturing is complex and subject to disruptions Risks include **regulatory compliance**, reliance on **third-party manufacturers**, and potential impacts from new regulations on chemicals like **PFAS** in manufacturing and packaging[272](index=272&type=chunk)[279](index=279&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details the company's stock repurchase activity, noting no repurchases during Q2 2025 and **$6.8 billion** remaining authorized for future repurchases - **No shares were repurchased** during the three months ended June 30, 2025[284](index=284&type=chunk) - As of June 30, 2025, **$6.8 billion** remained available for future stock repurchases under the authorized program[285](index=285&type=chunk) [Item 5. Other Information](index=63&type=section&id=Item%205.%20OTHER%20INFORMATION) This section discloses that no directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025 - **No directors or officers adopted or terminated** a Rule 10b5-1 trading plan during the second quarter of 2025[286](index=286&type=chunk) [Item 6. Exhibits](index=63&type=section&id=Item%206.%20EXHIBITS) This section references the Index to Exhibits, listing all documents filed as part of this quarterly report, including agreements, governance, and data files - This section contains the **index listing all exhibits** filed with the Form 10-Q[287](index=287&type=chunk)[288](index=288&type=chunk)

Core Insights - Amgen reported $9.18 billion in revenue for the quarter ended June 2025, a year-over-year increase of 9.4%, with an EPS of $6.02 compared to $4.97 a year ago, exceeding both revenue and EPS consensus estimates [1] Financial Performance - Revenue from product sales reached $8.77 billion, surpassing the average estimate of $8.5 billion, reflecting a 9.1% increase year-over-year [4] - Other revenues amounted to $408 million, exceeding the average estimate of $345.97 million, representing a year-over-year increase of 17.6% [4] - The EPS surprise was +14.45% compared to the consensus estimate of $5.26 [1] Product Sales Breakdown - Neulasta (ROW) sales were $19 million, below the estimate of $23.31 million, showing a year-over-year decline of 36.7% [4] - Neulasta (U.S.) sales were $63 million, compared to the estimate of $70.64 million, reflecting a 16% year-over-year decrease [4] - Otezla (ROW) sales were $106 million, slightly below the estimate of $112.78 million, with a year-over-year decline of 5.4% [4] - Nplate (U.S.) sales were $228 million, slightly above the estimate of $227.77 million, showing a year-over-year increase of 6.5% [4] - Vectibix sales totaled $305 million, exceeding the estimate of $277.53 million, with a year-over-year increase of 13% [4] - BLINCYTO sales were $384 million, slightly below the estimate of $385.77 million, but represented a significant year-over-year increase of 45.5% [4] - Enbrel sales were $604 million, significantly below the estimate of $804.22 million, reflecting a year-over-year decline of 33.6% [4] - LUMAKRAS/LUMYKRAS sales were $90 million, in line with the estimate of $90.65 million, showing a year-over-year increase of 5.9% [4] Stock Performance - Amgen's shares returned +3.1% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Group 1: Earnings Performance - Amgen reported quarterly earnings of $6.02 per share, exceeding the Zacks Consensus Estimate of $5.26 per share, and up from $4.97 per share a year ago, representing an earnings surprise of +14.45% [1] - The company posted revenues of $9.18 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 3.52%, compared to $8.39 billion in the same quarter last year [2] - Over the last four quarters, Amgen has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Amgen shares have increased approximately 15.9% since the beginning of the year, outperforming the S&P 500's gain of 7.6% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for future stock performance [4] - The current consensus EPS estimate for the coming quarter is $5.36 on revenues of $8.88 billion, and for the current fiscal year, it is $20.88 on revenues of $35.23 billion [7] Group 3: Industry Context - The Medical - Biomedical and Genetics industry, to which Amgen belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Amgen's stock performance [5] - The current Zacks Rank for Amgen is 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6]