Amgen 2025 Q3 Earnings Beats Expectations with 13.6% Net Income Growth

Amgen (AMGN) reported robust Q3 2025 earnings, surpassing Wall Street estimates with a 12.1% year-over-year revenue increase to $9.14 billion and a 13.5% rise in EPS to $5.98. The company raised its full-year 2025 guidance, projecting adjusted EPS between $20.60 and $21.40 on revenue of $35.8–$36.6 billion, reflecting strong demand for key therapies and strategic investments in R&D.

Revenue

Amgen’s total product sales reached $9.14 billion, driven by strong performance across key segments. Prolia led with $1.14 billion, while Repatha contributed $794 million. Other products added $1.85 billion, and additional revenues amounted to $420 million. Notable growth included Evenity ($541 million), Tepezza ($560 million), and Tezspire ($377 million). Enbrel and Otezla reported $580 million and $585 million, respectively, though Enbrel faced pricing pressures from U.S. Medicare reforms.

Earnings/Net Income

Amgen’s EPS surged 13.5% to $5.98 in Q3 2025, while net income grew 13.6% to $3.22 billion, underscoring the company’s profitability and operational efficiency. The earnings growth aligns with the company’s strategic focus on high-demand therapies and cost management.

Price Action

Amgen’s stock price gained 5.52% in the latest trading day, 9.63% for the week, and 8.75% month-to-date, reflecting investor optimism about its earnings performance and guidance.

Post-Earnings Price Action Review.

Amgen’s shares experienced a significant post-earnings rally, with the stock climbing 5.52% in a single trading day following the Q3 results. This surge was fueled by the company’s beat on both revenue and EPS estimates, as well as the upward revision to its full-year guidance. The 9.63% weekly gain and 8.75% month-to-date rise suggest strong market confidence in Amgen’s ability to sustain growth despite challenges like pricing pressures for Enbrel. Analysts noted that the stock’s performance outpaced broader market benchmarks, with the S&P 500 gaining 16.5% year-to-date. The positive sentiment was further reinforced by the company’s $2.38 per share quarterly dividend, maintaining a 3.2% yield, and its commitment to $3 billion in U.S. manufacturing investments.

CEO Commentary

CEO Robert A. Kramer highlighted the company’s Q3 achievements, emphasizing the “strong volume growth across 16 products” and the successful launch of AmgenNow, a direct-to-patient platform for Repatha. He noted that biosimilar revenues surged over 50%, now annualizing at $3 billion, and reiterated Amgen’s focus on expanding its pipeline through innovation and strategic acquisitions. Kramer acknowledged competitive pressures and regulatory challenges but expressed confidence in the company’s long-term growth trajectory, driven by its robust R&D investments and market-leading therapies.

Guidance

Amgen raised its full-year 2025 guidance, projecting adjusted EPS between $20.60 and $21.40 on revenue of $35.8–$36.6 billion. This revision reflects the company’s confidence in maintaining momentum across its product portfolio, particularly in high-growth areas like Repatha and Tezspire. The guidance also accounts for ongoing R&D expenses related to experimental therapies such as MariTide, with key mid-stage data expected before year-end.

Additional News

Amgen’s non-earnings news in late October 2025 included strategic and financial updates. South Dakota Investment Council cut its holdings by 65.3%, reducing its stake to 10,703 shares, while NewSquare Capital increased its position to $7.28 million. The company also announced a $2.38 quarterly dividend, maintaining a 3.2% yield. Institutional investors like State of Michigan Retirement System and iA Global Asset Management adjusted their stakes, with the latter boosting holdings by 4.6%. These moves highlight mixed investor sentiment amid Amgen’s strong earnings performance and long-term strategic bets.