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:

Basic data (GAAP):

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

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

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

Guidance:

Conference Highlights:

Robert A. Bradway, CEO said ""

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

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 $ 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 $ billion, up sequentially from $8.77 billion, and up % y/y from $ billion. Non-product revenue was $ million, up % sequentially from $408 million, and up % from $ million year-earlier.

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

See also the Amgen pipeline.

GAAP cost of sales was $ billion. Research and development expense was $ billion; selling general and administrative expense $ billion; and other operating expense $ million, for total operating expenses of $ billion. Operating income was $ billion. Interest expense was $ million, other expense $ million, income taxes $ million.

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