Analyst Conference Summary

biotechnology

conference date: November 4, 2025 @ 1:30 PM Pacific Time
for quarter ending: September 30, 2025 (third quarter, Q3)

Forward-looking statements

Overview: Very good quarter.

Basic data (GAAP):

Revenue was $9.56 billion, up 4% sequentially from $9.18 billion and up 12% from $8.50 billion in the year-earlier quarter.

Net income was $3.22 billion, up 125% sequentially from $1.43 billion, and up 14% from $2.83 billion year-earlier.

Earnings Per Share (diluted EPS) were $5.93, up 124% sequentially from $2.65 and up 14% from $5.22 year-earlier.

Guidance:

Full year 2025: revenue between $35.8 and $36.6 billion. GAAP EPS $13.76 to $14.60; non-GAAP EPS $20.60 to $21.40. Cap ex $2.2 to $2.3 billion. Share repurchases not to exceed $500 million.

Conference Highlights:

Robert A. Bradway, CEO said "We delivered strong volume growth this quarter, reflecting the demand for our medicines and the impact we're having on patients worldwide. With disciplined investment and a pipeline of first-in-class medicines, we're focused on expanding access, advancing innovation, and sustaining long-term growth." Continues to engage with policy makers in Washington. Increased investment in late stage programs. Has retired $600 million in debt in 2025. Sixteen products had at least double-digit sales growth.

For Q4 2025 the dividend will be $2.38 (unchanged). Pay on December 12, to stockholders of record on November 21, 2025.

In Q3 2025 GAAP EPS was hurt by an Otezla intangible asset impairment charge of $400 million.

Launched Amgen Now, a direct to consumer program for Repatha, allowing for low pricing to US users.

In Q3 2025 MariTide, a GLP-1 therapy for weight loss, fully enrolled two Phase 3 trials, and continued to enroll 2 other Phase 3 trials, for obesity or cardiovascular risk. Phase 2 results were positive.

In Q3 2025 the Repatha Phase 3 trial met its dual endpoints for reduced risk of major cardiovascular events. Full results will be presente on November 8 at AHA.

In October 2025 the FDA approved Tezsire for add on maintenance of patients with inadequately controlled chronic rhinosinusitis with nasal polyps. Three other Phase 3 studies are enrolling.

Imdelltra for relapsed ES-SCLC now has a PDUFA date of Demember 18, 2025.

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. In October 2025 additional sugroup data was presented.

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

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.

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.

Many other studies are ongoing.

Non-GAAP numbers: net income was $ billion, up % sequentially from $3.26 billion, and up % from $ billion year-earlier. EPS was $, up % sequentially from $6.02 and up % from $ year-earlier.

Product sales were $9.14 billion, up sequentially from $8.77 billion, and up % y/y from $8.15 billion. Non-product revenue was $420 million, up % sequentially from $408 million, and up % from $352 million year-earlier.

Cash and equivalents balance ended at $9.45 billion, up sequentially from $8.0 billion. Operating cash flow $4.7 billion. Capital expenditures $0.4 billion. Free cash flow was $4.2 billion. Long-term debt was $52.4 billion. $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 $3.08 billion. Research and development expense was $1.90 billion; selling general and administrative expense $1.72 billion; and other operating expense $329 million, for total operating expenses of $7.03 billion. Operating income was $2.53 billion. Interest expense was $685 million, other income $2.08 billion, income taxes $705 million.

Q&A selective summary:

Olpasiran confidence? Conviction is very strong. Best in class properties. LPa suppression is better.

Business development? Actively looking in our usual areas of interest. Mainly looking at early stage programs.

Rocatinlimab Astro study? Atopic dermatitis in adolescents, mostly mild side effects.

Repatha market opportunity after new results? Cardiovascular disease is still the number 1 killer. Now showing it can prevent CV events in those who have not had them before. We look forward to sharing the trial results, how you can prevent first heart attacks and strokes.

FDA biosimilars rule changes? Does not change our approach. We believe the biosimilar market will continue to flourish in the U.S.

MariTide Phase 2 readouts? They will help with Phase 3 design, should read out before year end. We believe we have a differentiated approach to obesity. MariTide is clearly a monthly therapy, which is very attractive.

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