Amgen's Net Income Soars 92% on Strong Quarter

Amgen reported robust financial results for the second quarter of 2025, with total revenues increasing 9% year-over-year to $9.2 billion. Net income saw a significant surge, rising 92% from $746 million in Q2 2024 to $1.432 billion in Q2 2025. This performance exceeded analyst expectations, as revenue surpassed the estimated $8.91 billion and GAAP EPS of $2.65 significantly outpaced the analyst estimate of $5.26 (non-GAAP). Product sales, which represent the bulk of the company's revenue, grew 9% driven by strong volume growth.

Product Sales Performance Highlights

The company's growth was primarily fueled by strong product sales across multiple therapeutic areas. Fifteen products recorded double-digit sales growth. In General Medicine, Repatha® sales increased 31% year-over-year to $696 million, driven by 36% volume growth, while EVENITY® sales grew 32% to $518 million. Conversely, Prolia® sales decreased 4% to $1.1 billion due to lower net selling price, with further erosion expected from biosimilar competition later in 2025. In Rare Disease, UPLIZNA® sales increased 91% to $176 million, primarily due to 79% volume growth. TAVNEOS® sales rose 55% to $110 million driven by volume.

The Inflammation portfolio saw TEZSPIRE® sales climb 46% to $342 million, and Otezla® sales increased 14% to $618 million. However, Enbrel® sales decreased 34% to $604 million due to unfavorable changes in estimated sales deductions and lower net selling price. In Oncology, BLINCYTO® sales increased 45% to $384 million, and Vectibix® sales rose 13% to $305 million, both driven by volume growth. IMDELLTRA® sales, a newer product, generated $134 million, increasing 65% quarter-over-quarter. MVASI® sales increased 22% to $191 million, benefiting from competitor product shortages.

Operational and R&D Investments

On a GAAP basis, total operating expenses increased 1% year-over-year. Research & Development (R&D) expenses increased 21%, driven by investments in later-stage clinical programs, notably MariTide, which has four Phase 3 studies underway. Selling, General & Administrative (SG&A) expenses decreased 5% due to lower commercial product-related expenses. The GAAP operating margin improved 6.6 percentage points to 30.3%. The company generated $1.9 billion of free cash flow in Q2 2025, compared to $2.2 billion in Q2 2024, influenced by deferred tax payments and higher capital expenditures, partially offset by business performance.

Management Outlook and Pipeline Progress

Amgen's chairman and chief executive officer, Robert A. Bradway, emphasized the company's strong performance in reaching more patients with innovative medicines and biosimilars, and continued investment in science for sustainable, long-term growth. For the full year 2025, the company anticipates total revenues in the range of $35.0 billion to $36.0 billion. GAAP EPS is projected to be between $10.97 and $12.11, with a tax rate ranging from 11.0% to 12.5%. Key pipeline updates include positive Phase 2 data for MariTide (maridebart cafraglutide, AMG 133) in obesity and Type 2 diabetes, with Phase 3 studies ongoing and data readouts anticipated in Q4 2025 for other MariTide studies. The company also announced ongoing regulatory reviews and clinical trials for several products, including TEPEZZA, UPLIZNA, and BLINCYTO, and a significant advancement for bemarituzumab, which met its primary endpoint in a Phase 3 gastric cancer trial.