Amgen Sets $35B-$36B 2025 Revenue Target, Driven by Volume Growth Amid Pricing Pressure.

Amgen has set a 2025 revenue target of $35B-$36B, driven by 9% YoY revenue growth and 13% volume increase. CEO Robert A. Bradway highlighted the success of 15 products with double-digit sales growth, showcasing the breadth and depth of the company's portfolio. The strong performance offsets pricing pressure, demonstrating Amgen's ability to drive growth through volume gains.

Amgen (NASDAQ: AMGN) has released its second-quarter 2025 financial results, showcasing robust growth and resilience in a challenging market environment. The company reported total revenues of $9.2 billion, an increase of 9% year-over-year (YoY) [1]. This performance was driven by a 13% increase in product sales volume, partially offset by a 3% decline in net selling price.

Key highlights from the report include:

1. Revenue Growth: Total revenues increased by 9% to $9.2 billion, with product sales growing by 9%, driven by a 13% increase in volume, offset by a 3% decrease in net selling price. Fifteen products achieved double-digit sales growth, including Repatha® (evolocumab), EVENITY® (romosozumab-aqqg), and TEZSPIRE® (tezepelumab-ekko) [1].

2. Earnings per Share (EPS): GAAP EPS increased by 92% to $2.65, primarily due to higher revenues. Non-GAAP EPS also increased by 21% to $6.02, reflecting higher revenues and partially offset by higher operating expenses [1].

3. Operating Income and Margin: GAAP operating income increased from $1.9 billion to $2.7 billion, with the GAAP operating margin rising by 6.6 percentage points to 30.3%. Non-GAAP operating income increased from $3.9 billion to $4.3 billion, with the non-GAAP operating margin increasing by 0.7 percentage points to 48.9% [1].

4. Free Cash Flow: The company generated $1.9 billion of free cash flow in the second quarter, down from $2.2 billion in the second quarter of 2024, driven by 2024 tax payments deferred to 2025 and higher capital expenditures [1].

CEO Robert A. Bradway highlighted the company's commitment to innovation and patient access, stating, "We're delivering strong performance and reaching more patients with innovative medicines and biosimilars that address serious diseases. We continue to invest in science that enables longer, healthier lives and supports sustainable, long-term growth" [1].

Amgen's strong performance in the second quarter is a testament to its ability to navigate market challenges and drive growth through volume gains, offsetting pricing pressure. The company's 2025 revenue target of $35B-$36B, driven by 9% YoY revenue growth and a 13% volume increase, underscores its commitment to sustained growth [1].

References:
[1] Amgen Reports Second Quarter 2025 Financial Results. (2025, August 5). Retrieved from https://investors.amgen.com/news-releases/news-release-details/amgen-reports-second-quarter-2025-financial-results