Amgen's Q2 2025 earnings call highlighted strong revenue and volume growth, driven by significant increases in sales of key products and a robust rare disease portfolio. The company also demonstrated progress in its R&D pipeline. However, challenges remain with pricing pressures and regulatory changes. Despite these challenges, the positive aspects of the call outweigh the negatives.

Company Guidance

In the second quarter of fiscal year 2025, Amgen reported robust financial performance, with revenues increasing by 9% year-over-year to $9.2 billion, driven by a 13% volume growth. The company highlighted strong sales growth across its portfolio, with 15 products achieving double-digit or better sales increases. Notably, Repatha sales rose 31% to $696 million, and EVENITY sales increased by 32% to $518 million. Meanwhile, the rare disease portfolio grew by 19% to $1.4 billion in sales, and the innovative oncology portfolio saw a 14% increase, generating $2.2 billion. The biosimilars portfolio also exhibited significant growth, with sales up 40% to $661 million. Amgen maintained its guidance for full-year 2025 revenues to be between $35 billion and $36 billion, with non-GAAP earnings per share projected to range from $20.20 to $21.30. The company underscored its ongoing investments in research and development, including MariTide and other late-stage pipeline programs, while managing operating expenses effectively.

Revenue and Volume Growth

Amgen reported a 9% increase in revenues year-over-year and a 13% increase in volume. 15 products delivered at least double-digit sales growth.

Notable Product Performance

Repatha sales increased by 31% to $696 million, and EVENITY sales grew by 32% to $518 million. UPLIZNA sales increased by 91% year-over-year to $176 million.

Strong Rare Disease Portfolio

The rare disease portfolio grew 19% year-over-year, delivering nearly $1.4 billion in sales.

Biosimilars Contribution

Biosimilar portfolio sales grew 40% year-over-year to $661 million.

R&D Pipeline Progress

Amgen advanced multiple late-stage programs, including MariTide for obesity, which showed up to 20% weight loss at 52 weeks in trials.

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)	5.07 / -	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	$297.66	$282.38	-5.13%
May 01, 2025	$279.03	$276.51	-0.90%
Feb 04, 2025	$281.90	$300.23	+6.50%
Oct 30, 2024	$305.33	$309.80	+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.