Amgen Posts Strong First Quarter 2025 Financial Results, Driven by Robust Product Demand and Strategic Launches
Amgen Inc. (NASDAQ: AMGN) reported its financial results for the first quarter of 2025, showcasing solid performance across its global portfolio. The biotechnology giant highlighted significant revenue growth, strong product demand, successful clinical developments, and a promising outlook anchored by new product launches and regulatory progress.
Chairman and CEO Robert A. Bradway emphasized the company’s positive momentum, stating, “Demand for our products was strong globally in the first quarter. Ongoing new product launches and successful Phase 3 trial results for several products make us feel confident in our long-term growth prospects.”
Financial Highlights: Revenue, Earnings, and Margins
Total revenues for the first quarter reached $8.1 billion, representing a 9% increase year-over-year compared to Q1 2024. The robust revenue growth was primarily driven by an 11% rise in product sales, with global volume increasing by 14%. This growth was partially tempered by a 6% decrease in net selling prices, particularly in competitive markets.
In the United States, sales surged 14%, underscoring Amgen’s continued dominance in key therapeutic areas and the commercial strength of its newly launched and mature products.
From a profitability standpoint, Amgen delivered notable improvements on both GAAP and non-GAAP bases. GAAP earnings per share (EPS) stood at $3.20, rebounding strongly from a loss of $0.21 per share in the same period last year. The swing was largely attributed to an unrealized gain in Amgen’s equity investment in BeiGene, Ltd., offset somewhat by an $800 million impairment charge related to the Otezla® (apremilast) intangible asset.
GAAP operating income rose to $1.2 billion from $1.0 billion, with GAAP operating margin improving by 1.1 percentage points to 15.0%. On a non-GAAP basis, EPS jumped 24% to $4.90, compared to $3.96 a year ago. Non-GAAP operating income reached $3.6 billion, up from $3.1 billion, and operating margin expanded to 45.7%, reflecting efficient cost management and scale benefits.
The company also reported a significant increase in free cash flow, which totaled $1.0 billion, doubling from $0.5 billion in Q1 2024. The year-over-year improvement was attributed to stronger business performance and the absence of the $800 million tax deposit made in the prior year, although partially offset by working capital fluctuations and increased capital expenditures.
Product Sales Overview: Strong Growth Across Therapeutic Categories
Amgen continues to diversify and strengthen its portfolio, with 14 products achieving double-digit sales growth during the quarter. Key contributors included Repatha®, BLINCYTO®, TEZSPIRE®, EVENITY®, TAVNEOS®, and UPLIZNA®, all of which underscore Amgen’s balanced portfolio across general medicine, rare diseases, inflammation, and oncology.
General Medicine
- Repatha® (evolocumab) saw sales increase 27% year-over-year to $656 million. The growth was primarily driven by a 41% increase in volume, partially offset by a 9% decline in net selling price.
- EVENITY® (romosozumab-aqqg) continued its growth trajectory, generating $442 million in sales, up 29% from the prior year, thanks to increasing physician adoption and higher patient volumes.
- Prolia® (denosumab) posted $1.1 billion in revenue, reflecting 10% year-over-year growth. The increase was driven by 13% volume growth, offset slightly by lower net pricing. Amgen anticipates biosimilar competition may impact Prolia sales, especially in the second half of the year.
Rare Disease
- TEPEZZA® (teprotumumab-trbw) reported a 10% sales decline to $381 million, primarily due to a 9% volume decrease and reduced inventory levels.
- KRYSTEXXA® (pegloticase) maintained flat sales at $236 million, with 11% volume growth neutralized by lower inventory levels.
- UPLIZNA® (inebilizumab-cdon) generated $91 million, reflecting a 14% increase driven by steady volume gains.
- TAVNEOS® (avacopan) was a standout in rare disease, with a 76% year-over-year increase in sales, reaching $90 million.
- Ultra-rare products generated $179 million, marking a 6% rise year-over-year, led by stable demand across the portfolio including RAVICTI®, PROCYSBI®, and ACTIMMUNE®.
Inflammation
Amgen’s inflammation portfolio saw mixed results, though several products performed well:
- TEZSPIRE® (tezepelumab-ekko) surged 65% to $285 million, driven by rapid adoption and growing market share in severe asthma.
- Otezla® rebounded slightly, increasing 11% to $437 million, aided by favorable changes to estimated sales deductions. Volume rose 4%, though offset by a 5% decline in net price.
- Enbrel® (etanercept) declined 10% to $510 million, as pricing pressures from the 340B program and commercial discounts weighed heavily. However, volume and inventory growth partially offset the decline.
- AMJEVITA®/AMGEVITA™ (adalimumab) sales fell 19% to $136 million due to significant pricing pressure, despite 11% volume growth.
- WEZLANA™ (ustekinumab-auub), the first FDA-approved biosimilar to Stelara®, launched in Q1 2025 and generated $150 million in its debut quarter.
- PAVBLU® (aflibercept-ayyh), a biosimilar to Eylea®, generated $99 million in Q1, reflecting early success following its Q4 2024 launch.
Oncology
Oncology remains a critical driver of Amgen’s long-term growth, with several therapies delivering exceptional results:
- BLINCYTO® (blinatumomab) achieved 52% sales growth, reaching $370 million, on the back of strong volume gains.
- Vectibix® (panitumumab) grew 8% year-over-year to $267 million, supported by continued physician preference in metastatic colorectal cancer.
- KYPROLIS® (carfilzomib) declined 14% to $324 million, largely due to intensified competition in multiple myeloma.
- LUMAKRAS®/LUMYKRAS™ (sotorasib) posted a modest 4% gain to $85 million, balancing volume growth with price pressures.
- XGEVA® (denosumab) generated $566 million, a 1% year-over-year increase. Biosimilar erosion is expected later in 2025.
- Nplate® (romiplostim) declined slightly to $313 million, as FX headwinds and changes to estimated deductions offset growth.
- IMDELLTRA® (tarlatamab-dlle), a novel therapy for small cell lung cancer, recorded $81 million in sales and launched in Japan in April. A positive Phase 3 trial demonstrating improved overall survival versus chemotherapy is expected to drive global adoption.
- MVASI® (bevacizumab-awwb) declined 11% to $179 million due to volume contraction, with further erosion anticipated amid biosimilar competition.
Established Products
Amgen’s legacy brands, including Aranesp®, Parsabiv®, and Neulasta®, collectively contributed $557 million in sales, representing a 3% decline. The downturn was largely due to pricing pressure and foreign exchange impact, although these were partially offset by adjustments to estimated deductions.
Amgen’s strong first-quarter results set a confident tone for the remainder of 2025. With continued momentum from its recent biosimilar launches, expanding rare disease footprint, and oncology pipeline advancements, the company remains well-positioned for sustainable growth.
Notably, Amgen’s commercial success is being reinforced by a productive R&D pipeline. With promising Phase 3 data for IMDELLTRA and ongoing development across inflammation, oncology, and cardiometabolic diseases, the company’s long-term innovation engine remains active.
Additionally, management reiterated its commitment to efficient capital deployment, maintaining a focus on strategic investments, share repurchases, and dividend growth—all backed by a solid cash flow foundation.
As Amgen navigates a competitive and evolving biopharmaceutical landscape, its Q1 2025 performance underscores the resilience and agility of its portfolio strategy, clinical execution, and commercial strength.
