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- **Revenue Growth**: Q3 2025 revenue up 12% YoY to $9.6B, driven by 14% volume growth across all therapeutic areas.
- **Pipeline Momentum**: Repatha sales +40% YoY to $794M; EVENITY +36% YoY to $541M; MariTide Phase III trials fully enrolled.
- **Strategic Initiatives**: $3B+ manufacturing investments; AmgenNow program offers Repatha at $239/month; 2025 guidance raised for revenue and EPS.
- **Key Clinical Updates**: Repatha VESALIUS-CV study shows 25% MACE risk reduction; IMDELLTRA Phase III data submission with 81% 2-year OS in frontline setting.
- **Financial Strength**: 47% operating margin; $4.2B free cash flow; $2.38/share dividend (6% increase).

**【CEO Summary Section】**
- Delivered strong Q3 2025 results with 12% YoY revenue growth ($9.6B) driven by volume growth across all therapeutic areas.
- Highlighted Repatha's 40% YoY sales growth to $794M and EVENITY's 36% YoY growth to $541M, reflecting pipeline momentum.
- Emphasized manufacturing investments ($3B+ in 2025) and strategic focus on rare diseases (UPLIZNA) and oncology (IMDELLTRA).
- Launched AmgenNow, offering Repatha at $239/month, targeting 100M+ patients with unmet cardiovascular needs.

**【CFO Financial Commentary】**
- Non-GAAP operating margin of 47% supported by $4.2B free cash flow and $2.38/share dividend (6% increase).
- R&D expenses up 31% YoY to $1.4B, driven by late-stage pipeline investments (MariTide, Olpasiran).
- Raised 2025 guidance: Revenue $35.8-36.6B vs. prior $35.3-36.1B; Non-GAAP EPS $20.60-21.40 vs. prior $20.30-21.10.
- Capital allocation focused on innovation, with $2.2-2.3B in capex for pipeline expansion.

**【Q&A Highlights】**
- **Repatha VESALIUS-CV Study**: Demonstrated 25% relative risk reduction in MACE in primary prevention; data to be presented at AHA 2025.
- **Biosimilars Strategy**: AMGEVITA (adalimumab biosimilar) on track for $3B+ annualized sales; PAVBLU (EYLEA biosimilar) gaining momentum.
- **MariTide Obesity Program**: Phase II Part 2 maintenance study shows durable weight loss; Phase III trials fully enrolled with 5,000+ patients.
- **Olpasiran (Lp(a) inhibitor)**: OCEAN(a) Phase III cardiovascular outcomes study progressing despite lower-than-expected event rate; confident in best-in-class profile.
- **IMDELLTRA (small cell lung cancer)**: Phase III data submission with PDUFA date December 18, 2025; frontline maintenance study showing 81% 2-year OS.


Amgen Inc. (AMGN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AMGN

AMGN fundamentals

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