Amgen (AMGN) quarter year Financial Results Summary

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Amgen (AMGN) Q3 2025 Financial Results Summary

Release Date: November 4, 2025

Amgen (NASDAQ:AMGN) has reported its financial results for the third quarter of 2025. The results highlight a strong performance in terms of revenue growth and product sales, while also noting significant operational expenditures. Below is a summary of the key metrics from the report:

  • Total Revenues:

  • Increased 12% year-over-year to $9.6 billion compared to Q3 2024.

  • Product Sales:

  • Grew 12% to $9.1 billion, primarily attributed to 14% volume growth.
  • Offset by a 4% decrease in net selling prices.

  • Sixteen products achieved double-digit sales growth, including:

    • Repatha®: 40% increase to $794 million
    • EVENITY®: 36% increase to $541 million
    • Prolia®: 9% increase to $1.1 billion
    • TEPEZZA®: 15% increase to $560 million
    • UPLIZNA®: 46% increase to $155 million
    • TAVNEOS®: 34% increase to $107 million

  • Earnings per Share (EPS):

  • GAAP EPS: Increased 14% to $5.93 from $5.22 in Q3 2024.

  • Non-GAAP EPS: Increased 1% to $5.64, up from $5.58.

  • Operating Income:

  • GAAP operating income rose to $2.5 billion, up from $2.0 billion (+22%).

  • Non-GAAP operating income: Increased to $4.3 billion from $4.0 billion (+8%).

  • Operating Margin:

  • GAAP operating margin improved by 2.5 percentage points to 27.6%.

  • Non-GAAP operating margin decreased by 2.5 percentage points to 47.1%.

  • Free Cash Flow:

  • Generated $4.2 billion in Q3 2025, an increase of 27% from $3.3 billion in Q3 2024.

  • Dividends:

  • Declared a dividend of $2.38 per share, marking a 6% increase from the same period in 2024. Paid on September 12, 2025.

  • Debt Management:

  • Retired $1.6 billion of debt during Q3 2025 and $6.0 billion year-to-date.

  • Balance Sheet:

  • Cash and cash equivalents stood at $9.4 billion.

  • Total debt outstanding was $54.6 billion.

  • Operational Expenses:

  • Total operational expenses rose by 9% year-over-year.
  • Cost of sales as a percentage of product sales fell by 6.9 percentage points to 33.7%.
  • Research and Development expenses increased by 31%.

  • Selling, General & Administrative expenses rose by 6%.

  • Tax Rate:

  • GAAP tax rate increased by 9.3 percentage points due to changes in the earnings mix.

  • Segment Performance:

  • Strong sales across various product segments, with notable growth in general medicine (Repatha, EVENITY), rare diseases (TEPEZZA, UPLIZNA), inflammation (TEZSPIRE), and oncology products (BLINCYTO).

  • Guidance:

  • For the full year 2025, the company expects total revenues between $35.8 billion to $36.6 billion.
  • GAAP EPS guidance is in the range of $13.76 to $14.60.
  • Non-GAAP EPS guidance ranges from $20.60 to $21.40.

This quarter’s financial performance underscores Amgen’s commitment to innovation and execution, resulting in both revenue growth and improved profitability despite challenges in drug pricing and competitive pressures.

Three months ended Nine months ended
September 30, 2025 2024 September 30, 2025 2024
Revenues:
Product sales $9,137 $8,151 $25,781 $23,310
Other revenues 420 352 1,104 1,028
Total revenues 9,557 8,503 26,885 24,338
Operating expenses:
Cost of sales 3,082 3,310 9,061 9,746
Research and development 1,900 1,450 5,130 4,240
Selling, general and administrative 1,720 1,625 5,098 5,218
Other 329 71 1,236 187
Total operating expenses 7,031 6,456 20,525 19,391
Operating income 2,526 2,047 6,360 4,947
Other income (expense):
Interest expense, net -685 -776 -2,102 -2,408
Other income, net 2,080 1,830 3,204 1,288
Income before income taxes 3,921 3,101 7,462 3,827
Provision for income taxes 705 271 1,084 364
Net income $3,216 $2,830 $6,378 $3,463
Earnings per share:
Basic $5.98 $5.27 $11.86 $6.45
Diluted $5.93 $5.22 $11.77 $6.40
Weighted-average shares used in calculation of earnings per share:
Basic 538 537 538 537
Diluted 542 542 542 541
Assets September 30, 2025 December 31, 2024
Current assets:
Cash and cash equivalents $9,445 $11,973
Trade receivables, net 8,490 6,782
Inventories 6,346 6,998
Other current assets 3,604 3,277
Total current assets 27,885 29,030
Property, plant and equipment, net 7,220 6,543
Intangible assets, net 23,139 27,699
Goodwill 18,676 18,637
Other noncurrent assets 13,221 9,930
Total assets $90,141 $91,839
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities $19,638 $19,549
Current portion of long-term debt 2,153 3,550
Total current liabilities 21,791 23,099
Long-term debt 52,434 56,549
Long-term deferred tax liabilities 1,458 1,616
Long-term tax liabilities 2,616 2,349
Other noncurrent liabilities 2,223 2,349
Total stockholders’ equity 9,619 5,877
Total liabilities and stockholders’ equity $90,141 $91,839
Shares outstanding 538 537

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