Amgen Reports 9% Revenue Growth to $9.179 Billion, Net Income Up 92% in Latest Quarter

Amgen Inc. reported significant financial performance in its latest 10-Q filing for the quarter ending June 30, 2025, with total revenues reaching $9.179 billion, a 9% increase from $8.388 billion in the same period last year. Product sales contributed $8.771 billion, up from $8.041 billion, driven by a 9% increase in total product sales for the first half of 2025, which amounted to $16.644 billion compared to $15.159 billion in 2024. The company’s net income for the quarter was $1.432 billion, a substantial 92% increase from $746 million in the prior year, resulting in diluted earnings per share of $2.65, compared to $1.38 a year earlier.

The company experienced notable changes in its operating expenses, which rose slightly by 1% to $6.523 billion for the three months ended June 30, 2025, compared to $6.479 billion in the previous year. The increase was primarily attributed to higher research and development costs, which surged by 21% to $1.744 billion, reflecting Amgen's commitment to advancing its pipeline, including investments in later-stage clinical programs. Conversely, the cost of sales decreased to 34.3% of product sales, down from 40.2%, due to lower amortization expenses and manufacturing costs.

Strategically, Amgen has been active in expanding its product offerings and market presence. The company announced interim results from several clinical trials, including the Phase 3 trial for IMDELLTRA/IMDYLLTRA, which showed promising outcomes for patients with small cell lung cancer. Additionally, the European Commission granted marketing authorization for TEPEZZA, further enhancing Amgen's portfolio. The company also continues to navigate the complexities of the U.S. healthcare landscape, particularly with the implementation of the Inflation Reduction Act, which will affect pricing and reimbursement for several of its key products, including ENBREL and Otezla.

Operationally, Amgen's product sales were bolstered by strong volume growth across several brands, including Repatha and BLINCYTO, which saw increases of 31% and 45%, respectively. The company reported a total of 538.4 million shares of common stock outstanding as of June 30, 2025. However, challenges remain, particularly with ongoing pricing pressures and the potential impact of government policies on reimbursement rates. The company anticipates that these factors may continue to influence its sales and profitability in the coming quarters.

Looking ahead, Amgen remains focused on its strategic initiatives, including expanding its product pipeline and managing operational costs effectively. The company expects to continue investing in research and development while navigating the evolving regulatory landscape. Amgen's management expressed confidence in its ability to adapt to market conditions and maintain its position as a leader in the biotechnology sector, despite the challenges posed by pricing pressures and regulatory changes.