Q3 25 EPS
$5.64
BEAT +12.47%
Est. $5.01
Q3 25 Revenue
$9.56B
BEAT +6.59%
Est. $8.97B
vs S&P Since Q3 25
+4.1%
BEATING MARKET
AMGN +10.5% vs S&P +6.4%
Market Reaction
Did AMGN Beat Earnings? Q3 2025 Results
Amgen posted a decisive beat across the board in Q3 2025, with revenue climbing 12.4% year-over-year to $9.56 billion against a consensus of $8.97 billion, while non-GAAP EPS of $5.64 cleared the $5.01 estimate by 12.47%, underscoring the breadth of … Read more Amgen posted a decisive beat across the board in Q3 2025, with revenue climbing 12.4% year-over-year to $9.56 billion against a consensus of $8.97 billion, while non-GAAP EPS of $5.64 cleared the $5.01 estimate by 12.47%, underscoring the breadth of momentum building across its portfolio. The growth was driven by 14% volume expansion, with sixteen products recording at least double-digit sales increases; Repatha surged 40% to $794 million following a landmark cardiovascular outcomes trial, while TEZSPIRE and EVENITY added further fuel. Offsetting some of the enthusiasm, R&D expenses jumped 31% to $1.90 billion as Amgen accelerates its MariTide obesity program through six global Phase 3 MARITIME studies, and Enbrel slid 30% to $580 million amid Medicare Part D redesign headwinds. Free cash flow improved to $4.25 billion from $3.31 billion a year ago. Looking ahead, the company guided full-year 2025 revenue of $35.80 billion to $36.60 billion and non-GAAP EPS of $20.60 to $21.40, with institutional investors holding roughly 76.5% of shares signaling continued confidence in the pipeline story.
Key Takeaways
- • 14% volume growth across the portfolio driving 12% total revenue increase
- • Sixteen products delivered double-digit sales growth in the quarter
- • Repatha, EVENITY, and TEZSPIRE each grew 40% year-over-year on volume strength
- • IMDELLTRA sales grew 33% quarter-over-quarter driven by volume growth
- • Lower amortization expense from Horizon acquisition inventory step-up improved GAAP cost of sales
- • Free cash flow improved to $4.2 billion driven by working capital timing and lower interest payments
AMGN YoY Financials
Q3 2025 vs Q3 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 delivered strong volume growth this quarter, reflecting the demand for our medicines and the impact we're having on patients worldwide. With disciplined investment and a pipeline of first-in-class medicines, we're focused on expanding access, advancing innovation, and sustaining long-term growth.”
— Robert A. Bradway, Q3 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% |