Amgen Reports 9% Revenue Growth to $8.149 Billion in Q1 2025

Amgen Inc. reported a significant increase in financial performance for the first quarter of 2025, with total revenues reaching $8.149 billion, up 9% from $7.447 billion in the same period last year. Product sales were a major contributor, totaling $7.873 billion, an 11% increase compared to $7.118 billion in the prior year. The company's net income also saw a substantial turnaround, reporting $1.730 billion, compared to a net loss of $113 million in the first quarter of 2024. This resulted in earnings per share of $3.20, a notable improvement from a loss of $0.21 per share in the previous year.

The increase in revenue was primarily driven by a 14% growth in volume, although this was partially offset by a 6% decline in net selling prices. Notable product performance included Repatha, which saw a 27% increase in sales, and EVENITY, which grew by 29%. However, some products like ENBREL and TEPEZZA experienced declines in sales, attributed to pricing pressures and market conditions. The company also reported a decrease in operating expenses to $6.971 billion, up 8% from $6.456 billion, largely due to an $800 million impairment charge related to the Otezla product following its selection for Medicare price setting under the Inflation Reduction Act.

In terms of strategic developments, Amgen initiated two Phase 3 studies for MariTide, a new treatment for chronic weight management, and announced the FDA approval of UPLIZNA for Immunoglobulin G4-related disease. The company also reported progress in its clinical trials for rocatinlimab, which showed promising results in treating moderate to severe atopic dermatitis. These developments reflect Amgen's ongoing commitment to expanding its product pipeline and addressing unmet medical needs.

Operationally, Amgen's cash and cash equivalents decreased to $8.810 billion from $11.973 billion at the end of 2024, while total assets also declined to $89.367 billion. The company reduced its long-term debt to $54.013 billion from $56.549 billion, reflecting a proactive approach to managing its capital structure. Amgen's employee headcount remained stable, and the company continues to focus on maintaining a strong balance sheet while investing in innovation and returning capital to shareholders through dividends and potential stock repurchases.

Looking ahead, Amgen anticipates continued volume growth for its products, although it expects net selling price declines to persist due to ongoing pricing pressures and market dynamics. The company remains cautious about macroeconomic conditions, including inflation and geopolitical factors, which could impact future performance. Amgen's management is committed to navigating these challenges while leveraging its robust pipeline to drive long-term growth and shareholder value.