Q1 25 EPS
$4.90
BEAT +15.00%
Est. $4.26
Q1 25 Revenue
$8.15B
BEAT +1.42%
Est. $8.04B
vs S&P Since Q1 25
-8.2%
TRAILING MARKET
AMGN +18.9% vs S&P +27.2%
Market Reaction
Did AMGN Beat Earnings? Q1 2025 Results
Amgen opened 2025 with a notably strong quarter, posting first-quarter earnings per share of $4.90 against a consensus estimate of $4.26, a 15.00% beat, while revenue of $8.15 billion edged past expectations by 1.42% and climbed 9.4% year over year. … Read more Amgen opened 2025 with a notably strong quarter, posting first-quarter earnings per share of $4.90 against a consensus estimate of $4.26, a 15.00% beat, while revenue of $8.15 billion edged past expectations by 1.42% and climbed 9.4% year over year. The performance was anchored by broad-based product momentum, with 14 drugs delivering double-digit sales growth; Repatha gained 27% to $656.00 million on 41% volume increases, BLINCYTO rose 52% to $370.00 million, and the newly launched Stelara biosimilar WEZLANA contributed a swift $150.00 million in its first full quarter, helping push biosimilar revenues up 35% overall. Non-GAAP operating margin expanded 2.5 percentage points to 45.7%, underscoring disciplined cost management even as the company absorbed an $800.00 million Otezla impairment charge on the GAAP line. Free cash flow doubled year over year to $980.00 million, and Amgen retired $2.80 billion in debt during the quarter. Management maintained full-year 2025 revenue guidance of $34.30 billion to $35.70 billion and non-GAAP EPS of $20.00 to $21.20, though flagged anticipated Prolia biosimilar pressure in the second half.
Key Takeaways
- • 14% volume growth drove 11% product sales increase, partially offset by 6% lower net selling price
- • U.S. sales grew 14%
- • Fourteen products delivered at least double-digit sales growth
- • Non-GAAP operating margin expanded 2.5 percentage points to 45.7%
- • Lower amortization expense from fair value step-up of Horizon acquired inventory reduced GAAP cost of sales
- • R&D expenses increased 11% driven by higher spend in later-stage clinical programs
AMGN YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
AMGN Revenue by Segment
With YoY comparisons, source: SEC Filings
AMGN Revenue by Geography
With YoY comparisons, source: SEC Filings
“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.”
— Robert A. Bradway, Q1 2025 Earnings Press Release
AMGN Earnings Trends
AMGN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AMGN EPS Trend
Earnings per share: estimate vs actual
AMGN Revenue Trend
Quarterly revenue: estimate vs actual
AMGN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $5.15 | — | $8.62B | +0.55% |
| Q4 25 BEAT FY | $4.72 | $5.29 | +12.08% | $9.87B | +4.25% |
| FY Full Year | $21.30 | $21.84 | +2.53% | $36.75B | +1.14% |
| Q3 25 BEAT | $5.01 | $5.64 | +12.47% | $9.56B | +6.59% |
| Q2 25 BEAT | $5.28 | $6.02 | +14.08% | $9.18B | +3.01% |
| Q1 25 BEAT | $4.26 | $4.90 | +15.00% | $8.15B | +1.42% |