Amgen 2025 Q1 Earnings Strong Performance with Net Income Rebounding 1631.0%
Friday, May 2, 2025 1:29 am ET
AMGN Trend
Revenue
Amgen's total revenue for Q1 2025 rose 10.6% to $8.15 billion, compared to $7.12 billion in the same quarter of the previous year. This growth was driven by product sales amounting to $7.87 billion, complemented by other revenues contributing $276 million. These figures underscore the robust performance across Amgen's business segments and its ability to capitalize on increasing patient demand.
Earnings/Net Income
Amgen saw a remarkable turnaround in its financial results for Q1 2025, achieving an EPS of $3.22, up from a loss of $0.21 per share in Q1 2024. The company also reported net income of $1.73 billion, reversing a net loss of $113 million from the previous year. This dramatic improvement in profitability indicates strong performance and strategic execution in 2025.
Post Earnings Price Action Review
The earnings report metrics have shown a moderately positive impact on Amgen's stock price, with backtesting from May 1, 2020, to May 1, 2025. While short-term price movements after earnings reports are generally positive, they are modest. Revenue and EPS announcements have similar 10-day and 30-day win rates of 51.40% and 51.56%, respectively, indicating consistent market reactions. Net income announcements follow similar patterns, suggesting stable investor confidence. The maximum return observed post-report is 2.27% over 30 days, highlighting the incremental yet promising gains for Amgen's stock in response to its earnings disclosures.
CEO Commentary
Robert Bradway, Chairman, CEO & President, highlighted a strong start for Amgen in 2025, with a 9% year-over-year revenue growth primarily driven by a 14% volume increase reflecting rising patient demand. He emphasized that 14 of Amgen’s medicines achieved double-digit sales growth across diverse therapeutic areas, showcasing the strength of the company’s portfolio. Bradway noted ongoing investments in U.S. manufacturing, with nearly $2 billion announced for expansions in Ohio and North Carolina, and reaffirmed Amgen's commitment to innovation and adaptability in navigating market uncertainties. He expressed optimism about the company's ability to leverage its extensive pipeline and operational agility for sustained growth.
Guidance
Amgen reaffirmed its 2025 total revenue guidance in the range of $34.3 billion to $35.7 billion and non-GAAP earnings per share guidance between $20 and $21.20. The company expects non-GAAP R&D expenses to grow approximately 20% in 2025, an increase from mid-teens previously projected, reflecting heightened investments in late-stage pipeline assets. Amgen also anticipates a non-GAAP operating margin of roughly 46% and free cash flow performance similar to 2023, while capital expenditures are expected to remain at $2.3 billion for the year.
Additional News
Amgen has been actively pursuing strategic initiatives beyond its earnings performance. Recently, the company announced expansions in its U.S. manufacturing capabilities, investing nearly $2 billion in facilities located in Ohio and North Carolina. This move underscores Amgen’s commitment to enhancing production capacity and supporting its long-term growth strategy. Furthermore, the company is focusing on advancing its biosimilar portfolio, launching new products like Wezlana and Pavblu, aiming to capture market share in the expanding biosimilar sector. These strategic developments highlight Amgen's dedication to innovation and its adaptability in navigating competitive dynamics in the pharmaceutical industry.

Ask Aime: What's driving Amgen's Q1 2025 earnings surge?