Amgen AMGN reported first-quarter 2025 adjusted earnings of $4.90 per share, which beat the Zacks Consensus Estimate of $4.16 per share. Earnings rose 24% year over year as higher revenues were partially offset by higher operating costs.
Total revenues of $8.1 billion also beat the Zacks Consensus Estimate of $7.95 billion. Total revenues rose 9% year over year.
Total product revenues increased 11% from the year-ago quarter to $7.87 billion as volume growth was partially offset by continued price declines. Volumes rose 14% in the quarter, backed by strong demand trends for Amgen’s drugs globally.
AMGN’s General Medicine Drugs
Prolia revenues came in at $1.1 billion, up 10% from the year-ago quarter as higher volumes offset the impact of lower pricing. Prolia sales beat the Zacks Consensus Estimate of $994 million as well as our model estimate of $980.8 million.
Patents for RANKL antibodies (including sequences) for Prolia and Xgeva expired in February 2025 in the United States, while the same will expire in some European countries in November 2025.
Evenity recorded sales of $442 million in the quarter, up 29% year over year, driven by solid volume growth in the United States. Evenity sales beat the Zacks Consensus Estimate of $406.0 million as well as our model estimate of $370.0 million.
Repatha generated revenues of $656.0 million, up 27% year over year, driven by higher volume growth. Repatha volumes rose 41%, driven by improved access in the United States, with many payers eliminating prior authorization requirements. Volume growth was partially offset by 9% lower prices due to higher rebates to support expanded access. Repatha sales beat the Zacks Consensus Estimate of $616.0 million and our model estimate of $570.9 million.
AMGN’s Hematology-Oncology Drugs
Xgeva delivered revenues of $566 million, up 1% year over year, as volume growth was more than offset by unfavorable changes to estimated sales deductions and currency headwinds. Xgeva sales beat the Zacks Consensus Estimate of $541.0 million as well as our model estimate of $539.1 million.
Kyprolis recorded sales of $324 million, down 14% year over year, as competitive pressure hurt volume growth. Vectibix revenues came in at $267 million, up 8% year over year, driven by volume growth.
Nplate sales declined 1% to $313 million. Blincyto sales increased 52% from the year-ago period to $370 million, driven by broad prescribing across both academic and community segments.
Lumakras/Lumykras recorded sales of $85 million in the quarter, up 4% from the year-ago period.
New cancer drug Imdelltra (tarlatamab) recorded sales of $81 million in the first quarter compared with $67 million in the previous quarter. The drug’s 21% sequential growth was driven by volume growth.
AMGN’s Inflammation Drugs
Sales of Otezla were $437.0 million in the quarter, up 11% as volume growth and favorable changes to estimated sales deductions offset the impact of lower prices. Otezla sales beat the Zacks Consensus Estimate of $401.0 million as well as our estimate of $392.2 million.
Enbrel revenues of $510 million declined 10% year over year due to lower selling prices (including the impact from the IRA Medicare Part D redesign), which offset the impact of favorable changes to estimated sales deductions, higher inventory levels and volume growth. Enbrel sales beat the Zacks Consensus Estimate of $503.0 million as well as our estimate of $414.7 million.
Asthma drug Tezspire (tezepelumab) recorded sales of $285.0 million in the quarter, up 65% year over year, driven by volume growth. Tezspire sales beat the Zacks Consensus Estimate of $276.0 million.
Amgen has a partnership with AstraZeneca AZN for Tezspire. Amgen and AstraZeneca share costs and profits equally after AstraZeneca pays a mid-single-digit inventor royalty to Amgen. While AstraZeneca leads development, Amgen leads manufacturing.
In January, Amgen launched Wezlana, the first biosimilar version of J&J’s JNJ blockbuster drug, Stelara. Wezlana generated sales of $150 million in the quarter. Wezlana was approved by the FDA in 2023 but launched in January 2025, per a settlement with J&J. Amgen also launched the first biosimilar version of Regeneron’s Eylea, Pavblu, in the fourth quarter of 2024, which generated sales of $99 million in the first quarter of 2025. Another key biosimilar product, Bekemv, a biosimilar version of AstraZeneca’s Soliris, was approved in the United States in May 2024 and was launched in the second quarter of 2025.
AMGN’s Rare Disease Drugs
Amgen’s acquisition of Horizon Therapeutics in 2023 added several rare disease drugs, such as Tepezza, Krystexxa and Uplizna, to its portfolio.
Tepezza sales declined 10% year over year to $381 million due to lower volumes and unfavorable changes to U.S. wholesaler inventory levels. Krystexxa sales were flat year over year at $236.0 million as volume growth was offset by lower inventory levels. Uplizna rose 14% year over year to $91 million.
Ultra-rare products acquired from Horizon generated revenues of $179.0 million in the quarter, up 6% year over year.
Another rare disease drug, Tavneos generated $90 million in sales in the quarter, up 76% year over year, driven by new patient volume growth.
AMGN’s Cost and Margin Discussion
Adjusted operating margin rose 2.5 percentage points to 45.7% in the quarter.
Adjusted operating expenses increased 4% to $4.55 billion. R&D expenses rose 11% year over to $1.49 billion while SG&A declined 7% to $1.7 billion.
AMGN Re-Affirms 2025 Guidance
Amgen maintained its guidance for the year. Total revenues are expected in the range of $34.3 billion to $35.7 billion.
Adjusted earnings are expected in the range of $20.00 to $21.20 per share. The guidance includes the impact from tariffs implemented to date but does not reflect any impact from potential tariffs on pharmaceutical imports.
Adjusted operating margin is expected to be roughly 46%.
Update on AMGN’s Diabetes/Obesity Pipeline
Amgen is developing MariTide, a GIPR/GLP-1 receptor, as a single dose in a convenient autoinjector device with a monthly and maybe less frequent dosing. This key feature differentiates it from Eli Lilly and Novo Nordisk’s popular GLP-1-based obesity drugs, Zepbound and Wegovy, which are weekly injections.
In March, Amgen initiated two phase III studies on MariTide in obesity as part of its comprehensive MARITIME phase III program. Separate phase III studies on MariTide in obesity, with or without type II diabetes, are currently enrolling patients. Additional MARITIME phase III studies on MariTide in specific obesity-related conditions are expected to be launched throughout 2025. Separate phase II studies on obesity and type II diabetes are also ongoing, with data readouts expected in the second half.
A phase I study on another obesity candidate, AMG 513, which was put on clinical hold by the FDA in February, has now resumed and is enrolling patients following removal of the clinical hold.
Our Take on AMGN’s Q1 Results
Amgen’s first-quarter results were strong as it beat estimates for both earnings as well as sales. Sales of most of its products, Prolia, Xgeva, Repatha, Blincyto and Evenity beat estimates. Fourteen products, including Repatha, Blincyto, Tezspire, Tavneos and Evenity, achieved double-digit volume growth in the quarter. New biosimilar products are also driving sales growth. Biosimilar portfolio sales were $735 million in the first quarter, rising 35% year over year.
Amgen maintained its financial outlook for 2025. Shares rose slightly in after-hours trading on Thursday.
Year to date, Amgen’s stock has risen 9.4% against the industry‘s 1.2% decline.
Zacks Investment Research
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Amgen’s key medicines like Evenity, Repatha and Blincyto, as well as newer medicines like Tavneos and Tezspire, are driving sales, more than offsetting declining revenues from oncology biosimilars and legacy established products such as Enbrel. Rare disease drugs like Tepezza, Krystexxa and Uplizna, added from the 2023 acquisition of Horizon Therapeutics, are also boosting top-line growth. However, increased pricing headwinds and competitive pressure are hurting sales of many products. Weakness in some key brands, like Otezla and Lumakras, creates potential revenue headwinds. Sales of best-selling drugs, Prolia and Xgeva, are expected to decline in 2025, mainly from the second half, due to biosimilar competition. Investors are keeping an eye on Amgen’s progress with the obesity candidate, MariTide.
AMGN’s Zacks Rank
Amgen currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Amgen Inc. Price and Consensus
Amgen Inc. Price and Consensus
Amgen Inc. price-consensus-chart | Amgen Inc. Quote
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