AMGEN REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS
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.
Key results include:
For the second quarter, total revenues increased 9% to $9.2 billion in comparison to the second quarter of 2024.
Product sales grew 9%, driven by 13% volume growth, partially offset by 3% lower net selling price.
Fifteen products delivered at least double-digit sales growth in the second quarter, including Repatha® (evolocumab), EVENITY® (romosozumab-aqqg), IMDELLTRA® (tarlatamab-dlle)/IMDYLLTRA™ (tarlatamab), BLINCYTO® (blinatumomab), TEZSPIRE® (tezepelumab-ekko), UPLIZNA® (inebilizumab-cdon) and TAVNEOS® (avacopan).
GAAP earnings per share (EPS) increased 92% from $1.38 to $2.65, primarily driven by higher revenues.
GAAP operating income increased from $1.9 billion to $2.7 billion, and GAAP operating margin increased 6.6 percentage points to 30.3%.
Non-GAAP EPS increased 21% from $4.97 to $6.02, primarily driven by higher revenues, partially offset by higher operating expenses.
Non-GAAP operating income increased from $3.9 billion to $4.3 billion, and non-GAAP operating margin increased 0.7 percentage points to 48.9%.
The Company generated $1.9 billion of free cash flow in the second quarter of 2025 versus $2.2 billion in the second quarter of 2024, driven by 2024 tax payments deferred to 2025 and higher capital expenditures, partially offset by business performance.
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.
Product Sales Performance
General Medicine
Repatha® (evolocumab) sales increased 31% year-over-year to $696 million in the second quarter, driven by 36% volume growth, partially offset by unfavorable changes to estimated sales deductions.
EVENITY® (romosozumab-aqqg) sales increased 32% year-over-year to $518 million in the second quarter, primarily driven by volume growth.
Prolia® (denosumab) sales decreased 4% year-over-year to $1.1 billion in the second quarter, driven by lower net selling price. For 2025, we expect sales erosion driven by biosimilar competition in the second half of the year, as biosimilars have now launched in the U.S. market.
Rare Disease
TEPEZZA® (teprotumumab-trbw) sales increased 5% year-over-year to $505 million in the second quarter, primarily driven by higher inventory levels.
KRYSTEXXA® (pegloticase) sales increased 19% year-over-year to $349 million in the second quarter, of which 12% was derived from higher inventory levels and 6% from volume growth.
UPLIZNA® (inebilizumab-cdon) sales increased 91% year-over-year to $176 million in the second quarter, driven by 79% volume growth, with 16% derived from higher inventory levels. Year-over-year sales benefited from the timing of shipments to our ex-U.S. partner that occurred in the third quarter of 2024. Excluding these shipments, sales grew by 56% year-over-year in the second quarter.
TAVNEOS® (avacopan) sales increased 55% year-over-year to $110 million in the second quarter, driven by volume growth.
Ultra-Rare products, which consist of RAVICTI® (glycerol phenylbutyrate), PROCYSBI® (cysteamine bitartrate), ACTIMMUNE® (interferon gamma-1b), QUINSAIR® (levofloxacin) and BUPHENYL® (sodium phenylbutyrate), generated $183 million of sales in the second quarter. Sales decreased 2% year-over-year for the second quarter, driven by lower net selling price.
Inflammation
TEZSPIRE® (tezepelumab-ekko) sales increased 46% year-over-year to $342 million in the second quarter, driven by volume growth.
Otezla® (apremilast) sales increased 14% year-over-year to $618 million in the second quarter, driven by 12% favorable changes to estimated sales deductions and 4% volume growth.
Enbrel® (etanercept) sales decreased 34% year-over-year to $604 million in the second quarter, driven by 20% unfavorable changes to estimated sales deductions and 19% lower net selling price resulting from increased 340B Program mix and the impact of the U.S. Medicare Part D redesign, partially offset by 3% volume growth.
AMJEVITA® (adalimumab-atto)/AMGEVITA™ (adalimumab) sales were flat year-over-year at $133 million in the second quarter.
PAVBLU® (aflibercept-ayyh) generated $130 million of sales in the second quarter.
WEZLANA™ (ustekinumab-auub)/WEZENLA™ (ustekinumab) generated $35 million of sales in the second quarter.
Oncology
BLINCYTO® (blinatumomab) sales increased 45% year-over-year to $384 million in the second quarter, driven by volume growth.
Vectibix® (panitumumab) sales increased 13% year-over-year to $305 million in the second quarter, driven by volume growth.
KYPROLIS® (carfilzomib) sales were flat year-over-year at $378 million in the second quarter.
LUMAKRAS®/LUMYKRAS™ (sotorasib) sales increased 6% year-over-year to $90 million in the second quarter, driven by 16% volume growth, partially offset by 10% lower net selling price.
XGEVA® (denosumab) sales decreased 5% year-over-year to $532 million in the second quarter, driven by 2% unfavorable changes to estimated sales deductions and volume decline. For 2025, we expect sales erosion driven by biosimilar competition in the second half of the year, as biosimilars have now launched in the U.S. market.
Nplate® (romiplostim) sales increased 7% year-over-year to $369 million in the second quarter, driven by volume growth.
IMDELLTRA® (tarlatamab-dlle)/IMDYLLTRA™ (tarlatamab) generated $134 million of sales in the second quarter. Sales increased 65% quarter-over-quarter, driven by volume growth.
MVASI® (bevacizumab-awwb) sales increased 22% year-over-year to $191 million in the second quarter, driven by 16% favorable changes to estimated sales deductions, 6% volume growth and 5% higher net selling price, partially offset by lower inventory levels. In the quarter, MVASI benefited from competitor bevacizumab product shortages, and going forward, we expect to return to continued sales erosion driven by competition.
Established Products
Our established products, which consist of Aranesp® (darbepoetin alfa), Parsabiv® (etelcalcetide) and Neulasta® (pegfilgrastim), generated $533 million of sales in the second quarter. Sales decreased 5% year-over-year for the second quarter, driven by 14% lower net selling price and 4% lower volume, partially offset by favorable changes to estimated sales deductions.
Product Sales Detail by Product and Geographic Region
$Millions, except percentages
Q2 '25
Q2 '24
YOY Δ
U.S
ROW
TOTAL
TOTAL
TOTAL
Repatha®
$ 361
$ 335
$ 696
$ 532
31 %
EVENITY®
395
123
518
391
32 %
Prolia®
745
377
1,122
1,165
(4 %)
TEPEZZA®
466
39
505
479
5 %
KRYSTEXXA®
349
—
349
294
19 %
UPLIZNA®
132
44
176
92
91 %
TAVNEOS®
103
7
110
71
55 %
Ultra-Rare products(1)
175
8
183
187
(2 %)
TEZSPIRE®
342
—
342
234
46 %
Otezla®
512
106
618
544
14 %
Enbrel®
597
7
604
909
(34 %)
AMJEVITA®/AMGEVITA™
—
133
133
133
— %
PAVBLU®
126
4
130
—
N/A
WEZLANA™/WEZENLA™
—
35
35
—
N/A
BLINCYTO®
270
114
384
264
45 %
Vectibix®
144
161
305
270
13 %
KYPROLIS®
232
146
378
377
0 %
LUMAKRAS®/LUMYKRAS™
52
38
90
85
6 %
XGEVA®
347
185
532
562
(5 %)
Nplate®
228
141
369
346
7 %
IMDELLTRA®/IMDYLLTRA™
107
27
134
12
*
MVASI®
142
49
191
157
22 %
Aranesp®
107
252
359
348
3 %
Parsabiv®
51
41
92
106
(13 %)
Neulasta®
63
19
82
105
(22 %)
Other products(2)
278
56
334
378
(12 %)
Total product sales
$ 6,324
$ 2,447
$ 8,771
$ 8,041
9 %
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
Operating Expense, Operating Margin and Tax Rate Analysis
On a GAAP basis:
Total Operating Expenses increased 1% year-over-year for the second quarter. Cost of Sales as a percentage of product sales decreased 5.9 percentage points driven by lower amortization expense from the fair value step-up of inventory acquired from Horizon and lower manufacturing costs, partially offset by higher profit share expense and changes in our sales mix. Research & Development (R&D) expenses increased 21% driven by investments in later-stage clinical programs, including those related to MariTide, for which four Phase 3 studies are underway. Selling, General & Administrative (SG&A) expenses decreased 5% driven by lower commercial product-related expenses and lower Horizon acquisition-related expenses. Other operating expenses include litigation expenses.
Operating Margin as a percentage of product sales increased 6.6 percentage points in the second quarter to 30.3%.
Tax Rate increased 2.7 percentage points in the second quarter due to the change in earnings mix, including lower amortization expense from the fair value step-up of inventory acquired from Horizon and current year net unfavorable items, as compared to the prior year.
On a non-GAAP basis:
Total Operating Expenses increased 8% year-over-year for the second quarter. Cost of Sales as a percentage of product sales increased 0.2 percentage points driven by higher profit share expense and changes in our sales mix, partially offset by lower manufacturing costs. R&D expenses increased 18% driven by investments in later-stage clinical programs, including those related to MariTide, for which four Phase 3 studies are underway. SG&A expenses decreased 2% primarily driven by lower commercial product-related expenses.
Operating Margin as a percentage of product sales increased 0.7 percentage points in the second quarter to 48.9%.
Tax Rate decreased 0.7 percentage points in the second quarter due to the change in earnings mix.
$Millions, except percentages
GAAP
Non-GAAP
Q2 '25
Q2 '24
YOY Δ
Q2 '25
Q2 '24
YOY Δ
Cost of Sales
$ 3,011
$ 3,236
(7 %)
$ 1,551
$ 1,406
10 %
% of product sales
34.3 %
40.2 %
(5.9) pts
17.7 %
17.5 %
0.2 pts
Research & Development
$ 1,744
$ 1,447
21 %
$ 1,685
$ 1,423
18 %
% of product sales
19.9 %
18.0 %
1.9 pts
19.2 %
17.7 %
1.5 pts
Selling, General & Administrative
$ 1,691
$ 1,785
(5 %)
$ 1,650
$ 1,686
(2 %)
% of product sales
19.3 %
22.2 %
(2.9) pts
18.8 %
21.0 %
(2.2) pts
Other
$ 77
$ 11
*
$ ,
$ ,
N/A
Total Operating Expenses
$ 6,523
$ 6,479
1 %
$ 4,886
$ 4,515
8 %
Operating Margin
Operating income as % of product sales
30.3 %
23.7 %
6.6 pts
48.9 %
48.2 %
0.7 pts
Tax Rate
8.7 %
6.0 %
2.7 pts
14.2 %
14.9 %
(0.7) pts
pts: percentage points
* = Change in excess of 100%
N/A = not applicable
Cash Flow and Balance Sheet
The Company generated $1.9 billion of free cash flow in the second quarter of 2025 versus $2.2 billion in the second quarter of 2024, driven by timing of 2024 tax payments deferred to 2025 and higher capital expenditures, partially offset by business performance.
The Company declared a second quarter 2025 dividend on March 4, 2025 of $2.38 per share that was paid on June 6, 2025 to all stockholders of record as of May 16, 2025, representing a 6% increase from the same period in 2024.
The Company retired $1.4 billion of debt during the second quarter of 2025, and $4.3 billion year to date.
During the second quarter of 2025, there were no repurchases of shares of common stock.
Cash and cash equivalents totaled $8.0 billion and debt outstanding totaled $56.2 billion as of June 30, 2025.
$Billions, except shares
Q2 '25
Q2 '24
YOY Δ
Operating Cash Flow
$ 2.3
$ 2.5
$ (0.2)
Capital Expenditures
$ 0.4
$ 0.2
$ 0.1
Free Cash Flow
$ 1.9
$ 2.2
$ (0.3)
Dividends Paid
$ 1.3
$ 1.2
$ 0.1
Share Repurchases
$ 0.0
$ 0.0
$ 0.0
Average Diluted Shares (millions)
541
541
0
Note: Numbers may not add due to rounding
$Billions
6/30/25
12/31/24
YTD Δ
Cash and Cash Equivalents
$ 8.0
$ 12.0
$ (3.9)
Debt Outstanding
$ 56.2
$ 60.1
$ (3.9)
Note: Numbers may not add due to rounding
For the full year 2025, the Company expects:
Total revenues in the range of $35.0 billion to $36.0 billion.
On a GAAP basis, EPS in the range of $10.97 to $12.11, and a tax rate in the range of 11.0% to 12.5%.
On a non-GAAP basis, EPS in the range of $20.20 to $21.30, and a tax rate in the range of 14.5% to 16.0%.
Capital expenditures to be approximately $2.3 billion.
Share repurchases not to exceed $500 million.
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.
Second Quarter Product and Pipeline Update
The Company provided the following updates on selected product and pipeline programs:
General Medicine
MariTide (maridebart cafraglutide, AMG 133)
MariTide is a differentiated peptide-antibody conjugate that activates the glucagon like peptide 1 (GLP-1) receptor and antagonizes the glucose-dependent insulinotropic polypeptide receptor (GIPR).
In June, the underlying details from Part 1 of the Phase 2 study of MariTide and complete results from the primary analysis of the Phase 1 pharmacokinetics low dose initiation (PK-LDI) study evaluating lower starting doses of MariTide were presented at the American Diabetes Association 85th Scientific Sessions and ...
