Amgen's 2025 Q2 Earnings Call: Unraveling Key Contradictions on MariTide, Bema, and Biosimilars Strategy

MariTide dose escalation and tolerability, regulatory strategy for Bema, obesity pipeline and strategy, MariTide development timeline, and regulatory requirements for biosimilars are the key contradictions discussed in Amgen's latest 2025Q2 earnings call.



Revenue and Volume Growth:
- Amgen reported revenues of $9.2 billion for the second quarter, reflecting 9% year-over-year growth, with a 13% volume increase.
- The growth was driven by strong demand for its medicines across general medicine, rare diseases, and biosimilars.

General Medicine and Rare Disease Performance:
- In general medicine, Repatha sales increased by 31% year-over-year to $696 million, while EVENITY grew 32% year-over-year to $518 million.
- The rare disease portfolio delivered nearly $1.4 billion in sales, with TEPEZZA growing 5% to $505 million.
- This growth was attributed to improved patient access and increased prescription volumes across various therapeutic areas.

Oncology and Innovative Therapies:
- Amgen's innovative oncology portfolio generated $2.2 billion in sales, reflecting 14% year-over-year growth.
- The growth was driven by the performance of its BiTE platform products, including IMDELLTRA and BLINCYTO, which are expanding treatment options in difficult-to-treat cancers.

Biosimilars Portfolio Expansion:
- Biosimilar portfolio sales grew 40% year-over-year to $661 million.
- The expansion is attributed to new launches like PAVBLU and a strong regulatory track record, contributing significantly to top-line growth and cash flows.