AMGEN (AMGN) Company Report

Amgen delivered 10% revenue growth through 9M 2025 (12% in Q3) driven by 11% product sales growth and 14% volume growth, reflecting its volume-focused strategy.
The in-market portfolio features six key growth drivers: Repatha & Evenity +30% YTD, Tezspire +50%, rare disease (~ $5 bn annualized, +12%), innovative oncology +11%, and biosimilars +40% (~ $3 bn annualized).
Pipeline advances include six Phase 3 Maritide studies (obesity/diabetes) with Phase 2 maintenance data expected in early 2026, Olpaceran Phase 3 Lp(a) trial (~ 7,300 pts), and multiple Imdeltra Phase 3 small-cell lung cancer studies.
Capital allocation emphasizes mid-20s % R&D spending growth, ~$200 mn of Q3 business development, $2.2–2.3 bn capex on U.S. manufacturing expansions, and a wide BD aperture focused on innovation.
Engaging with the U.S. administration on pricing policy, launched Amgen Now (Repatha at $2.39/mo direct-to-consumer), and managing Prolia/Xgeva biosimilar erosion alongside Evenity growth.

5 days ago

Transcript

Amgen outlines FY 2025 performance and pipeline at Citi Global Healthcare Conference 2025

AMGN

New Projects/Investments

Amgen delivered 10% revenue growth through the first nine months of FY 2025, including 11% product sales growth driven by 14% volume growth, and in Q3 reported 12% revenue growth on 14% volume growth.
The in-line portfolio’s six major growth drivers posted YTD gains of Repatha +30%, Evenity +30%, TESSPIRE +50% (now $1 B in U.S. sales), rare disease +12% (annualizing near $5 B), innovative oncology +11%, and biosimilars +40%.
Innovation remains top priority with non-GAAP R&D up 31% in Q3 and a mid-20% R&D spend target for FY 2025; key programs include six global Phase III studies for Meritide, Phase III for opaciran, and bispecific T-cell engager trials in small cell lung and prostate cancers.
Capital allocation focuses on internal/external innovation: $2.2–2.3 B CapEx guide, $200 M of business development in Q3, ongoing debt reduction post-Horizon, and a wide BD pipeline with high standards.
Amgen continues productive policy engagement, launched Amgen Now direct-to-consumer Repatha at $2.39/month via GoodRx, and is exploring expanded access models for future products.

5 days ago

Transcript

Amgen presents strong FY 2025 momentum and pipeline updates at Citi Healthcare Conference

AMGN

Revenue Acceleration/Inflection

New Projects/Investments

Amgen reported 10% revenue growth through the first nine months and 12% growth in Q3, driven by 14% volume gains, while non-GAAP R&D spending rose 31% in Q3 and is guided to mid-20% for FY 2025.
The company’s six in-market growth drivers include Repatha (30% YTD growth), Evenity (30%), Tezspire (50%, $1 billion US sales), a $5 billion-annualized rare disease portfolio (Uplizna 50% growth; PDUFA Dec 14), innovative oncology (Imdeltra standard of care in 2L small-cell lung cancer) and a $3 billion biosimilars business (40% growth).
Key pipeline programs advancing: Maritide with six global Phase 3 trials (weight management, CVD, HF, OSA) and Phase 2 maintenance data due in 2026; Olpaceran Lp(a) siRNA Phase 3 in 7,300 high-risk patients; Imdeltra Phase 3 front-line small-cell lung cancer studies; and Xyritamig Phase 3 in prostate cancer.
Capital allocation remains innovation-first, with $2.2–2.3 billion CapEx for manufacturing expansion, ~$200 million of Q3 business development spend, and active US policy engagement—including the Amgen Now direct-to-consumer Repatha offering at $2.39/month.

5 days ago

Transcript

Amgen details FY2025 revenue momentum, growth drivers, and pipeline at Citi conference

AMGN

Amgen reported 10% revenue growth YTD through Q3, with 12% growth in Q3 driven by 14% volume increase as part of its volume-driven strategy.
The company highlighted six core growth drivers, including Repatha (+30% Y/Y), Evenity (+30%), Tezspire (+50%), its rare disease portfolio (~~$5 B, +12%), innovative oncology (Imdeltra/Blincyto, +11%), and biosimilars (~~$3 B, +40%).
Key pipeline updates include Repatha’s VESALIUS-CV trial showing 25% CV event reduction and 36% MI reduction, six phase 3 Maritide studies in weight management and comorbidities, Olpaceran Lp(a) siRNA in phase 3 with 95–100% knockdown, and Imdeltra’s phase 3 small-cell lung cancer trials.
Innovation remains the top capital allocation priority, with R&D spend up mid-20% Y/Y, ~$200 M in Q3 business development, $2.2–2.3 B capex guide, and ongoing debt reduction.
Amgen launched Amgen Now, a direct-to-consumer program offering Repatha at $2.39/month, expanding access and informing future consumer-facing initiatives.

5 days ago

Transcript

Amgen updates growth drivers and pipeline at Evercore HealthCONx

AMGN

Revenue Acceleration/Inflection

New Projects/Investments

Revenues up 10% through the first nine months of 2025 with 11% product sales growth and 14% volume growth; 12 products grew double-digits and 14 products are annualizing at >$1 bn, with 16 products posting double-digit growth in Q3.
Outlined six key growth drivers: Repatha, Evenity, Tezspire, the innovative oncology portfolio, rare disease portfolio (annualizing at ~$5 bn), and biosimilars (annualizing at ~$3 bn).
Repatha grew >30% YoY, now annualizing at ~$3 bn, supported by broad U.S. access and Vesalius-CV data demonstrating a 25% reduction in major adverse cardiovascular events and 36% reduction in heart attack risk.
Pipeline progress includes six global Phase III trials for MariTide (weight management, cardiovascular, heart failure, sleep apnea), Phase III for Olpasiran (Lp[a] lowering), and late-stage development for Imdeltra, Blincito, and Xaluritamig bispecifics.

6 days ago

Transcript

Amgen outlines 2025 growth drivers at Evercore HealthCONx Conference

AMGN

Amgen delivered 10% revenue growth through the first nine months of 2025, with 11% product sales growth driven by 14% volume growth; 12 products grew double-digits and 14 are annualizing at over $1 billion, including 16 with double-digit growth in Q3.
The six core growth engines—Repatha, EVENITY, TEZSPIRE, innovative oncology, rare disease and biosimilars—are each showing strong momentum: Repatha is up over 30% and annualizing at nearly $3 billion, EVENITY up 30%, TEZSPIRE up 50%, rare disease at nearly $5 billion (12% growth), and biosimilars up over 40% annualizing at ~$3 billion.
Biosimilar competition to Prolia and XGEVA is tracking in line with expectations, with XGEVA experiencing faster initial erosion due to consolidated oncology purchasing versus broader administration channels for Prolia.
On the PCSK9 front, Amgen expects market expansion rather than share loss to oral entrants, citing broad access (95% Medicare patients on fixed low copays) and compelling cardiovascular outcomes from the Vesalius-CV trial.
MariTide’s Phase II maintenance study is descriptive, exploring continued, reduced and withdrawn dosing after a ≥15% weight-loss lead-in; Phase III readouts are set for early 2027 with launch preparations underway.

6 days ago

Transcript

Amgen updates growth momentum and pipeline at Evercore ISI HealthCONx Conference

AMGN

Guidance Update

Product Launch

Amgen reported 10% revenue growth through the first nine months of 2025, driven by 14% volume growth, with 16 products delivering double-digit growth in Q3 2025.
Key growth brands in the first nine months of 2025 include Repatha (+30% y/y; ~$3 billion annualized), Evenity (+30% y/y), Tezspire (+50% y/y; >$1 billion YTD), a rare disease portfolio (+12% y/y; ~$5 billion annualized), and biosimilars (+40% y/y; ~$3 billion annualized).
Management anticipates further expansion of the PCSK9 inhibitor market (currently mid-single‐digit penetrated) and highlights broad access for Repatha—95% of Medicare and 50% of commercial patients with no or low copays—and the Amgen Now program at $239/month.
Pipeline milestones include Phase II MariTide obesity and Type 2 diabetes updates in the new year , a December 14 PDUFA for Uplizna in myasthenia gravis , and slower accrual in the Lp(a) CV outcomes trial with no data expected in 2026.

6 days ago

Transcript

Amgen and Bayer receive FDA approval for new lung cancer drugs

AMGN

Product Launch

The FDA granted accelerated approval to Bayer’s Hyrnuo for adults with locally advanced or metastatic non-squamous NSCLC harboring rare HER2 mutations, showing 71% objective response rate in patients without prior HER2-targeted therapy and 38% in those previously treated with HER2-targeting ADCs.
Bayer estimates up to 84,000 U.S. patients are diagnosed annually with NSCLC harboring HER2 mutations, highlighting Hyrnuo’s market potential.
The FDA also approved a companion diagnostic by Life Technologies to identify eligible patients for Hyrnuo treatment.
The FDA granted full approval to Amgen’s Imdelltra for extensive-stage small cell lung cancer after progression on platinum-based chemotherapy, demonstrating a 40% reduction in risk of death and over five months survival extension versus standard chemotherapy.

Nov 20, 2025, 12:35 AM

Morningstar

Amgen gains FDA full approval for IMDELLTRA in ES-SCLC

AMGN

Product Launch

The FDA granted full approval to IMDELLTRA® (tarlatamab-dlle) for adult patients with extensive-stage small cell lung cancer after platinum-based chemotherapy.
Phase 3 DeLLphi-304 showed a 40% risk reduction in death (median OS: 13.6 vs 8.3 months; HR 0.60; P < 0.001) compared to standard chemotherapy.
NCCN updated its guidelines to include tarlatamab as the only Category 1 preferred treatment option in this setting.
Safety in DeLLphi-304: fewer Grade ≥ 3 adverse events with IMDELLTRA (54% vs 80%); CRS was primarily low grade with no Grade 4 or 5 events.

Nov 19, 2025, 9:01 PM

Press Release

Amgen sees unmet needs driving interest in new TED therapies

AMGN

Physicians recognize Tepezza as a major advance in active thyroid eye disease but note remaining gaps for patients with milder disease or treatment contraindications.
Concerns over hearing loss, cost, and access fuel demand for alternative treatment modalities and earlier intervention.
Subcutaneous Tepezza SC, slated for a 2026 launch, is preferred for its convenience and potential to expand patient eligibility.
Emerging agents—linsitinib, veligrotug, efgartigimod, and satralizumab—are gaining traction for their novel mechanisms and safety profiles.
Most specialists anticipate further Tepezza uptake in the next six months and a moderate-to-high impact from new therapies over three to five years.

Nov 12, 2025, 2:25 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for AMGEN.

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AMGEN (AMGN)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Executives

Robert A. Bradway

David M. Reese

James E. Bradner

Murdo Gordon

Peter H. Griffith

Board Members

Amy E. Miles

Brian J. Druker

Charles M. Holley, Jr.

Ellen J. Kullman

Greg C. Garland

Mary E. Klotman

Michael V. Drake

Robert A. Eckert

S. Omar Ishrak

Tyler Jacks

Wanda M. Austin

Analyst Coverage

Christopher Schott

Jay Olson

Salveen Richter

Terence Flynn

Yaron Werber

David Amsellem

Evan Seigerman

Matthew Phipps

David Risinger

Alexandria Hammond

Courtney Breen

Gregory Renza

Michael Yee

Umer Raffat

Carter L. Gould

Mohit Bansal

Christopher Raymond

Conor MacKay

Geoff Meacham

James Shin

Luca Issi

Michael DiFiore

Mike DiFiore

Olivia Brayer

Sadia Rahman

Timothy Anderson

Trung Huynh

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