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Amgen (AMGN) investor relations material
Amgen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenues rose 12% year-over-year to $9.6 billion, driven by 14% volume growth and double-digit expansion in 16 products, notably Repatha, EVENITY, TEZSPIRE, BLINCYTO, IMDELLTRA, TEPEZZA, UPLIZNA, and TAVNEOS.
Net income increased 14% to $3.22 billion, with GAAP EPS up 14% to $5.93 and non-GAAP EPS up 1% to $5.64.
Growth was broad-based across general medicine, bone health, rare disease, and oncology, but partially offset by net selling price declines and biosimilar competition.
Significant pipeline progress included positive Phase 3 data for Repatha, FDA approval for TEZSPIRE in chronic rhinosinusitis with nasal polyps, and full enrollment in key weight management studies.
R&D investment reached $1.9 billion in Q3, up 31% year-over-year, and over $3 billion in U.S. manufacturing investments were announced year-to-date.
Financial highlights
Q3 2025 revenue was $9.6 billion, up 12% from $8.5 billion in Q3 2024; product sales were $9.14 billion, with U.S. sales up 13% and ROW up 10%.
Non-GAAP net income was $3.06 billion, up 1% year-over-year; non-GAAP EPS was $5.64, up 1%.
Free cash flow for Q3 was $4.2 billion, up from $3.3 billion a year ago; cash and equivalents at quarter-end were $9.4 billion.
Dividend per share increased 6% year-over-year to $2.38.
Cost of sales as a percentage of total revenues decreased to 32.2% in Q3 2025 from 38.9% in Q3 2024.
Outlook and guidance
2025 revenue guidance raised to $35.8–$36.6 billion; non-GAAP EPS guidance increased to $20.60–$21.40.
Non-GAAP R&D expenses expected to grow at a mid-20s% rate in 2025, with operating margin guidance at roughly 45%.
Capital expenditures for 2025 projected at $2.2–$2.3 billion, focused on U.S. network expansion.
Non-GAAP tax rate guidance revised to 15.0%–16.5%; GAAP tax rate increased to 18.0% in Q3 2025.
Share repurchases capped at $500 million for 2025; no repurchases in Q3.
Drivers of non-GAAP operating margin decline?
Quantify 2025 biosimilar erosion impact.
MariTide's differentiation and market strategy?
MariTide Phase II Part 2: key insights for strategy
Olpasiran OCEAN(a) event rate impact on timeline
Biosimilar market: policy needs for sustained growth
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Frequently asked questions
American Biotechnology
Amgen is a biotechnology company from California with operations worldwide. Over the years, it has evolved from a fledgling start-up into a pharmaceutical titan, making a name for itself through its research and innovative drug development. Unlike traditional pharmaceutical companies, Amgen uses living cells to produce its products, a challenging approach that can yield groundbreaking results.
Born from Innovation
Amgen, founded in 1980 by William K. Bowes, Jr., George Rathmann, and Joseph Rubinfeld, set out to unlock the potential of biology for patients. The company's original focus was on tools for molecular biology, but it quickly shifted to human therapeutics. One of the company’s flagship treatments is Epogen, which revolutionized the treatment of anemia in patients with chronic kidney disease. Over the years, Amgen has expanded its portfolio of medications to tackle a variety of serious illnesses through a focus on research and development.
Some publicly traded peers operating in the same field include names such as Pfizer, Eli Lilly, Johnson & Johnson, and other large pharmaceutical companies.
A Therapeutic Pioneer
Amgen's extensive product portfolio caters to several therapeutic areas, from cardiovascular disease to oncology, nephrology, and more. Through a combination of biological and small molecule drugs, Amgen targets conditions where there is a high unmet medical need. Today, the company continues to place a big emphasis on research in medicine, striving for innovative solutions that improve the lives of its patients. The fact that Amgen uses living cells in some of their treatments has been a key part of their growth, but also their marketing over the years.
Serving Patients Worldwide
Amgen has expanded its footprint globally, bringing its products and therapies to patients around the world. The company's broad international presence in over 100 countries is supported by strategic partnerships, robust distribution networks, and a commitment to patient care.
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