Amgen Reports 12% Revenue Growth to $9.557 Billion in Q3 2025

Amgen Inc. reported a significant increase in its financial performance for the third quarter of 2025, with total revenues reaching $9.557 billion, a 12% increase from $8.503 billion in the same period last year. Product sales were the primary driver, totaling $9.137 billion, up from $8.151 billion, reflecting a 12% year-over-year growth. The company's net income also saw a notable rise, reaching $3.216 billion, compared to $2.830 billion in the prior year, resulting in diluted earnings per share of $5.93, up from $5.22.

The company's operating expenses increased by 9% to $7.031 billion for the quarter, primarily due to higher research and development costs, which rose 31% to $1.900 billion. This increase was attributed to investments in later-stage clinical programs and impairment charges related to the Otezla intangible asset. Despite the rise in expenses, operating income improved by 23% to $2.526 billion, driven by the growth in revenues and a decrease in the cost of sales as a percentage of total revenues.

Amgen's strategic developments included the FDA's approval of expanded indications for its products, such as Repatha, which now includes adults at increased risk for major adverse cardiovascular events. Additionally, the company announced the approval of TEZSPIRE for chronic rhinosinusitis with nasal polyps. These product advancements are expected to enhance market share and drive future revenue growth. The company also maintained a strong cash position, with cash and cash equivalents totaling $9.445 billion as of September 30, 2025.

Operationally, Amgen's product sales were bolstered by volume growth across several key products, including Repatha, EVENITY, and TEZSPIRE. The U.S. market saw a 13% increase in volume, while the rest of the world (ROW) experienced a 10% increase. However, the company noted that net selling prices declined, which could impact future revenue growth. The total number of shares outstanding was reported at 538.5 million, reflecting a stable capital structure.

Looking ahead, Amgen anticipates continued growth in product sales, although it expects that net selling price declines may offset some of this growth. The company remains focused on advancing its pipeline and managing operational costs amid ongoing macroeconomic challenges, including inflation and regulatory pressures related to drug pricing. Amgen's management expressed confidence in the company's ability to navigate these challenges while continuing to deliver innovative therapies to patients.