Analyst Conference Summary

biotechnology

conference date: August 5, 2025 @ 1:30 PM Pacific Time
for quarter ending: June 30, 2025 (second quarter, Q2)

Forward-looking statements

Overview: Strong y/y growth.

Basic data (GAAP):

Revenue was $9.18 billion, up 13% sequentially from $8.15 billion and up 9% from $8.39 billion in the year-earlier quarter.

Net income was $1.43 billion, down 17% sequentially from $1.73 billion, and up 91% from $0.75 billion year-earlier.

Earnings Per Share (diluted EPS) were $2.65, down 17% sequentially from $3.20 and up 92% from $1.38 year-earlier.

Guidance:

Full year 2025 revenue range $35.0 to $36.0 billion. GAAP EPS $10.97 to @12.11; non-GAAP EPS $20.20 to $21.30. Cap ex $2.3 billion. Share repurches less than $500 million.

Conference Highlights:

Robert A. Bradway, CEO said "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." With prices declining in the industry we grew volume 13% to deliver these results. Positioned to deliver long-term growth.

In Q2 2025 MariTide, a GLP-1 therapy for weight loss, entered four Phase 3 trials for obesity or cardiovascular risk. Phase 2 results were positive.

In Q2 2025 the EU approved Tepezza for moderate to severe TED (thyroid eye disease).

In Q2 2025 one Phase 3 study of dazodalibep for Sjogren's disease completed enrollment, while a second continued to enroll. AMG 329 is also in a Phase 2 study for Sjogren's.

In April 2025 Uplinza was approved by the FDA. On June 5, 2024 Amgen had announced positive Phase 3 results for Uplinza for IgG4-RD (immunoglobulin G4-related disease). In January 2025 the FDA granted Orphan Drug designation for Myasthenia Gravis, with filing expected in 1H 2025. The Phase 3 data for myasthenia gravis was positive so the PDUFA is December 14, 2025

Imdelltra Phase 3 trial for SCLC after progression from platinum reported postive results in April 2025. A much broader program in multiple indications continues.

For q3 2025 the dividend will be $2.38 (unchange). Pay on Sept. 12, to stockholders of record on August 22, 2025.

In Q2 2025 Phase 2 Blyncyto (blinatumomab) data showed 89-92% remision rates in relapsed/refractory CD19-positive Philadelphia chromosome (Ph)-negative B-cell precursor acute lymphoblastic leukemia (B-ALL).

Repatha is in a Phase 3 cardiovascular outcomes study, with data expected in 2H 2025.

As of Q2 2025, a Phase 3, open-label study of Tavneos in combination with rituximab or a cyclophosphamide-containing regimen is enrolling patients 6 to 18 years of age with active ANCA-associated vasculitis.

Lumakras, combined with Vectibix, for CRC patients with KRAS G12C mutations was approved by the FDA in January 2025. Other combination trials are underway.

Rocatinlimab is a first-in-class T-cell rebalancing monoclonal antibody targeting the OX40 receptor to treat atopic dermatitis. Seven of eight Phase 3 studies have completed enrollment. Data readouts from 3 Phase 3 studies were released in March 2025: Eczema, Atopic Dermatitis, and in combination with topical corticosteroids or calcineurin inhibitors. More readouts are expected in 2025.

Tezspire Phase 3 data for chronic rhinosinusitis with nasal polyps data in Q4 2024 was positive. PDUFA is October 19, 2025. In severe asthma, the WAYFINDER Phase 3b study is complete. Also a Phase 3 study of eosinophilic esophagitis is enrolling.

Many other studies are ongoing.

Non-GAAP numbers: net income was $3.26 billion, up 23% sequentially from $2.65 billion, and up 21% from $2.69 billion year-earlier. EPS was $6.02, up 23% sequentially from $4.90 and up 21% from $4.97 year-earlier.

Product sales were $8.77 billion, up 11% sequentially from $7.87 billion, and up 9% y/y from $8.04 billion. Non-product revenue was $408 million, up 48% sequentially from $276 million, and up 18% from $347 million year-earlier.

Cash and equivalents balance ended at $8.0 billion, down sequentially from $8.8 billion. Operating cash flow $2.3 billion. Capital expenditures $0.4 billion. Free cash flow was $1.9 billion. Long-term debt was $56.2 billion, reduced $1.4 billion in the quarter. $0 billion in shares were repurchased in the quarter. Dividend payments were $1.3 billion.

See also the Amgen pipeline.

GAAP cost of sales was $3.01 billion. Research and development expense was $1.74 billion; selling general and administrative expense $1.69 billion; and other operating expense $77 million, for total operating expenses of $6.52 billion. Operating income was $2.66 billion. Interest expense was $694 million, other expense $394 nillion, income taxes $136 million.

Q&A selective summary:

MariTide Q4 data? Phase 2, part 2 data will be in Q4 2025.

Industry strategies, Trump goals on drug pricing? Direct to consumer? We agree reform is needed in the U.S. We would like our medicines to be more affordable and available. But we need more innovation. We welcome Trump's focus on foreign governments' pricing.

Appetite for rare disease M and A? We remain very interesed in rare diseases. We want to grow our rare disease business. Right now we have a lot of late-stage assets in our portfolio.

MariTide Phase 3 dosing regime? Since it is monoclonal antibody, dosing is smooth, multiple doses to target increases tolerance and reduces risk. Weekly injections of current medicines has been a problem. We hope to have a better schedule for patients.

MariTide Type 2 diabetes trial design? We will share plans for our diabetes trial later.

Bemarituzumab Fortitude Phase 3 cancer trials? We are excited by this therapy, but have not yet revealed our regulatory strategy.

We are getting a lot of high risk Repatha patients before they have their first cardiovacular events. Interested in expanding the penetration.

ANG-732? Next generation antibody after Tepeza. Phase 2 progressing well for thyroid eye disease.

If Amgen decided to develop further biosimilars we would and could. Sales of our current biosimilars are going well, particularly in oncology.

Imdelltra growth driver? Small cell lung cancer patients who are progressing. Showed overall survival benefit. Will see more data going forward.

Tezpire after competitor failure on COPD? We are confident, we have a good biomarker response. The Roche molecule works on a distinct pathway.

Amgen possible oral for obesity? We are open to business development for obesity. There is a massive unmet need, only about 2% of obese people are currently on medicine. Some of the medicines in our pipeline could be given orally. Our flagship product, MariTide, is clearly differentiated for cardiovascular comorbidity. We are interested in bringing MariTide to non-obesity indications.

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