1. Amgen's Q2 2025 total revenues rose 9% to $9.2 billion. 2. GAAP EPS increased 92% to $2.65, led by higher revenues. 3. Fifteen products saw double-digit sales growth; some facing biosimilar competition. 4. Generated $1.9 billion in free cash flow; down from $2.2 billion last year. 5. Continued strong performance in innovative medicines; pipeline shows promise.
Strong quarterly performance and earnings exceed expectations can boost stock price. In the past, similar results have typically led to positive investor sentiment and price increases.
Positive earnings report demonstrates growth potential, likely attracting investor interest and increasing stock price.
Immediate financial results often affect stock prices quickly; however, ongoing biosimilar competition may create longer-term uncertainty.
THOUSAND OAKS, Calif., Aug. 5, 2025 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced financial results for the second quarter of 2025.
"We're delivering strong performance and reaching more patients with innovative medicines and biosimilars that address serious diseases. We continue to invest in science that enables longer, healthier lives and supports sustainable, long-term growth," said Robert A. Bradway, chairman and chief executive officer.
References in this release to "non-GAAP" measures, measures presented "on a non-GAAP basis," and "free cash flow" (computed by subtracting capital expenditures from operating cash flow) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented in the attached reconciliations. Refer to Non-GAAP Financial Measures below for further discussion.
$Millions, except percentages
| Product | Q2 '25 | Q2 '24 | YOY Δ | U.S | ROW | TOTAL |
|---|---|---|---|---|---|---|
| Repatha® | $361 | $335 | 31% | $696 | $532 | $696 |
| EVENITY® | $395 | $123 | 32% | $518 | $391 | $518 |
| Prolia® | $745 | $377 | (4%) | $1,122 | $1,165 | $1,122 |
| TEPEZZA® | $466 | $39 | 5% | $505 | $479 | $505 |
| KRYSTEXXA® | $349 | — | 19% | $349 | $294 | $349 |
| UPLIZNA® | $132 | $44 | 91% | $176 | $92 | $176 |
| TAVNEOS® | $103 | $7 | 55% | $110 | $71 | $110 |
| Ultra-Rare products(1) | $175 | $8 | (2%) | $183 | $187 | $183 |
| TEZSPIRE® | $342 | — | 46% | $342 | $234 | $342 |
| Otezla® | $512 | $106 | 14% | $618 | $544 | $618 |
| Enbrel® | $597 | $7 | (34%) | $604 | $909 | $604 |
N/A = not applicable
* Change in excess of 100%
(1) Ultra-Rare products consist of RAVICTI®, PROCYSBI®, ACTIMMUNE®, QUINSAIR® and BUPHENYL®
(2) Consists of Aimovig®, KANJINTI®, AVSOLA®, EPOGEN®, RIABNI®, BKEMV™/BEKEMV™, IMLYGIC®, NEUPOGEN®, Corlanor®, RAYOS®, DUEXIS®, PENNSAID® and Sensipar®/Mimpara™, where Biosimilars total $172 million in Q2 '25 and $183 million in Q2 '24
On a GAAP basis:
On a non-GAAP basis:
For the full year 2025, the Company expects:
This guidance includes the estimated impact of implemented tariffs but does not account for any tariffs or potential pricing actions announced or described but not implemented as well as any tariffs, sector-specific tariffs, or pricing actions that could be implemented in the future.
The Company provided the following updates on selected product and pipeline programs:
In this news release, management has presented its operating results for the second quarters of 2025 and 2024, in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis. In addition, management has presented its full-year 2025 EPS and tax guidance in accordance with GAAP and on a non-GAAP basis. These non-GAAP financial measures are computed by excluding certain items related to acquisitions, divestitures, restructuring and certain other items from the related GAAP financial measures. Management has presented Free Cash Flow (FCF), which is a non-GAAP financial measure, for the second quarters of 2025 and 2024. FCF is computed by subtracting capital expenditures from operating cash flow, each as determined in accordance with GAAP.
Amgen discovers, develops, manufactures and delivers innovative medicines to help millions of patients in their fight against some of the world's toughest diseases. More than 40 years ago, Amgen helped to establish the biotechnology industry and remains on the cutting-edge of innovation, using technology and human genetic data to push beyond what's known today. Amgen is advancing a broad and deep pipeline that builds on its existing portfolio of medicines to treat cancer, heart disease, osteoporosis, inflammatory diseases and rare diseases.
This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company, performance metrics, legal or regulatory developments, and market conditions.
Amgen, Thousand Oaks
Elissa Snook, 609-251-1407 (media)
Justin Claeys, 805-313-9775 (investors)