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]

Core Insights - Amgen reported strong financial results for Q3 2025, with total revenues increasing by 12% to $9.6 billion compared to Q3 2024, driven by a 14% volume growth in product sales, despite a 4% decrease in net selling prices [6][16][17] Financial Performance - Total revenues for Q3 2025 reached $9.6 billion, a 12% increase from Q3 2024 [6] - Product sales grew by 12%, with 14% volume growth offset by a 4% decline in net selling prices [6] - GAAP EPS rose 14% from $5.22 to $5.93, while non-GAAP EPS increased by 1% from $5.58 to $5.64 [6][11] - Free cash flow for Q3 2025 was $4.2 billion, up from $3.3 billion in Q3 2024 [13][16] Product Sales Highlights - Sixteen products achieved double-digit sales growth, including Repatha (40% increase), EVENITY (36% increase), and TEZSPIRE (40% increase) [6][8] - Enbrel sales decreased by 30% year-over-year, primarily due to a 38% drop in net selling price [6][8] - Ultra-Rare products generated $200 million in sales, a 6% increase year-over-year [8] Operating Expenses and Margins - Total operating expenses increased by 9% year-over-year, with R&D expenses rising by 31% due to higher spending on late-stage clinical programs [11][12] - GAAP operating income increased from $2.0 billion to $2.5 billion, with an operating margin of 27.6%, up 2.5 percentage points [11][12] - Non-GAAP operating margin decreased by 2.5 percentage points to 47.1% [11][12] Cash Flow and Balance Sheet - Operating cash flow for Q3 2025 was $4.7 billion, compared to $3.6 billion in Q3 2024 [13] - Cash and cash equivalents totaled $9.4 billion, while debt outstanding was $54.6 billion as of September 30, 2025 [13][16] Guidance for 2025 - The company expects total revenues for 2025 to be in the range of $35.8 billion to $36.6 billion, with GAAP EPS projected between $13.76 and $14.60 [17]

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]