Q2 25 EPS
$6.02
BEAT +14.08%
Est. $5.28
Q2 25 Revenue
$9.18B
BEAT +3.01%
Est. $8.91B
vs S&P Since Q2 25
-0.4%
TRAILING MARKET
AMGN +13.5% vs S&P +13.9%
Market Reaction
Did AMGN Beat Earnings? Q2 2025 Results
Amgen posted a standout second quarter for 2025, with non-GAAP EPS of $6.02 clearing the $5.28 consensus estimate by 14.08% and revenue of $9.18 billion topping expectations by 3.01% on 9.4% year-over-year growth, fueled by 13% volume growth across a… Read more Amgen posted a standout second quarter for 2025, with non-GAAP EPS of $6.02 clearing the $5.28 consensus estimate by 14.08% and revenue of $9.18 billion topping expectations by 3.01% on 9.4% year-over-year growth, fueled by 13% volume growth across a broadening product portfolio. The headline driver was the continued momentum of Amgen's growth franchise, where fifteen products posted at least double-digit sales gains, led by UPLIZNA up 91%, IMDELLTRA up 65% quarter-over-quarter, and Repatha up 31%, more than offsetting a 34% drop in Enbrel tied to 340B Program mix and Medicare Part D redesign effects. The quarter also delivered a pivotal clinical moment, as the DeLLphi-304 Phase 3 trial showed IMDELLTRA reduced the risk of death by 40% versus chemotherapy in small cell lung cancer. Looking ahead, Amgen guided full-year 2025 revenue to $35.00 to $36.00 billion and non-GAAP EPS of $20.20 to $21.30, even as accelerating biosimilar competition for Prolia and XGEVA in the second half adds a layer of caution to the otherwise constructive outlook, a result that contributed to broader market gains on the session.
Key Takeaways
- • 13% volume growth across product portfolio partially offset by 3% lower net selling price
- • Fifteen products delivered at least double-digit sales growth
- • Lower amortization expense from Horizon inventory step-up improved GAAP margins
- • Non-GAAP operating margin expanded 0.7 percentage points to 48.9%
- • Strong growth from Repatha, EVENITY, UPLIZNA, TAVNEOS, TEZSPIRE, BLINCYTO, and IMDELLTRA
AMGN YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
AMGN Revenue by Segment
With YoY comparisons, source: SEC Filings
AMGN Revenue by Geography
With YoY comparisons, source: SEC Filings
“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.”
— Robert A. Bradway, Q2 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% |