The earnings call reflects a strong performance with notable revenue and volume growth, successful biosimilar launches, and strategic expansions. However, there are concerns regarding potential impacts from tariffs and tax uncertainties, as well as challenges in maintaining inventory levels in the rare disease segment.

Company Guidance -

Q3 2025

During the Amgen Q1 FY 2025 earnings call, the company reported a robust start to the year with a 9% year-over-year revenue increase and 14% volume growth, driven by strong patient demand. Amgen highlighted double-digit sales growth across 14 medicines, spanning general medicine, rare diseases, inflammation, and oncology. Their biosimilars portfolio contributed over $700 million in revenue, a 35% increase compared to the previous year. Significant milestones included multiple positive Phase III data readouts, initiation of four new Phase III studies, and three new product or indication launches. Key growth drivers mentioned were Repatha, which saw a 27% increase in sales, and EVENITY, which grew 29%, while their rare disease portfolio, including UPLIZNA and TEPEZZA, positioned for long-term growth. The company also emphasized ongoing investments in their late-stage pipeline and manufacturing expansions, maintaining a forward-looking outlook despite uncertainties in tariffs and taxes. Overall, Amgen expressed confidence in continuing their trajectory of innovation and growth.

Strong Revenue Growth

Revenue grew 9% year-over-year with a significant volume growth of 14% reflecting increased patient demand.

Biosimilars Portfolio Success

The biosimilars portfolio delivered more than $700 million in revenue this quarter, up 35% year-over-year.

Positive Phase III Data and New Product Launches

Delivered multiple positive Phase III readouts, initiated four new Phase III studies, and launched three new products or indications.

Growth in Rare Disease Portfolio

UPLIZNA, a differentiated B-cell depleting therapy, showed promise with recent FDA approval for IgG4-related disease and strong early-stage reception.

Oncology Developments

BLINCYTO and IMDELLTRA continued to grow, with IMDELLTRA showing significant survival benefits in second-line small cell lung cancer.

Expansion of Manufacturing

Amgen announced nearly $2 billion in additional expansions in Ohio and North Carolina.

Improved Access for Repatha

Repatha sales increased 27% year-over-year, driven by improved access and patient activation efforts.

Amgen (AMGN) Earnings, Revenues Date & History

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AMGN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	5.10 / -	5.58	―	―	―
Aug 05, 2025	2025 (Q2)	5.28 / 6.02	4.97	21.13% (+1.05)
May 01, 2025	2025 (Q1)	4.27 / 4.90	3.96	23.74% (+0.94)
Feb 04, 2025	2024 (Q4)	5.09 / 5.31	4.71	12.74% (+0.60)
Oct 30, 2024	2024 (Q3)	5.27 / 5.58	4.96	12.50% (+0.62)
Aug 06, 2024	2024 (Q2)	4.99 / 4.97	5	-0.60% (-0.03)
May 02, 2024	2024 (Q1)	3.88 / 3.96	3.98	-0.50% (-0.02)
Feb 06, 2024	2023 (Q4)	4.59 / 4.71	4.09	15.16% (+0.62)
Oct 31, 2023	2023 (Q3)	4.67 / 4.96	4.7	5.53% (+0.26)
Aug 03, 2023	2023 (Q2)	4.49 / 5.00	4.65	7.53% (+0.35)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

AMGN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	$300.08	―	―
May 01, 2025	$281.29	$278.76	-0.90%
Feb 04, 2025	$284.19	$302.67	+6.50%
Oct 30, 2024	$307.81	$312.31	+1.46%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.