Amgen reported Q3 2025 revenue of $9.6 billion, up 12 % year‑over‑year, and non‑GAAP earnings per share of $5.64, beating the consensus estimate of $5.00 by $0.64, a 12.8 % surprise. The revenue beat was driven by a 14 % volume increase across the portfolio, with flagship products Repatha, EVENITY, and TEZSPIRE each posting double‑digit sales growth.
Operating performance reflected a mix of gains and one‑time charges. GAAP operating margin expanded to 27.6 % from 25.1 % in the prior year, driven by higher gross margins on core products and improved operating leverage. Non‑GAAP operating margin fell to 47.1 % from 49.6 % after a $400 million intangible asset impairment related to Otezla, which offset the margin lift from volume growth.
Amgen raised its full‑year 2025 revenue outlook to $35.8 billion–$36.6 billion from the previous $34.5 billion–$35.5 billion range, and non‑GAAP EPS guidance to $20.60–$21.40 from $19.80–$20.60. The upward revision signals management’s confidence that the volume momentum will continue and that the company’s investment in manufacturing and R&D will translate into sustained profitability.
Management highlighted that the company’s pipeline remains strong, with several first‑in‑class candidates in late‑stage development, and emphasized disciplined investment in U.S. manufacturing capacity exceeding $3 billion this year. The CEO noted that the firm is focused on expanding access, advancing innovation, and sustaining long‑term growth, underscoring a strategic emphasis on high‑margin products and cost discipline.
Analysts responded positively to the earnings beat and guidance raise, noting that the company’s ability to deliver double‑digit sales growth across 16 products and maintain robust operating margins positions it well against competitive pressures, particularly in the biosimilar space.
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