Amgen Inc (NASDAQ:AMGN) saw a modest decline in premarket trading even after reporting quarterly profit and revenue results that exceeded analysts’ expectations, driven by robust growth in both established and newer product lines.
Investors appeared cautious, adopting a wait-and-see stance despite management’s confident full-year outlook and reaffirmation of its long-term pipeline strategy.
For the second quarter, the biotech giant posted adjusted earnings per share of $6.02, well above the $5.26 forecasted by Wall Street. Revenues rose 9% year-over-year to $9.18 billion, beating consensus estimates of $8.92 billion, with product sales boosted by double-digit volume increases.
Top performers included Repatha, which jumped 31% to $696 million; EVENITY, up 32% to $518 million; and TEZSPIRE, which surged 46% to $342 million. In total, 15 products achieved double-digit sales growth during the quarter. However, key brands such as Prolia and Enbrel faced headwinds, declining 4% and 34% respectively due to pricing pressures and biosimilar competition.
“We’re delivering strong performance and reaching more patients with innovative medicines and biosimilars that address serious diseases,” stated Robert A. Bradway, Amgen’s chairman and CEO. “We continue to invest in science that enables longer, healthier lives and supports sustainable, long-term growth.”
Amgen’s strategy remains focused on balancing its portfolio between high-margin legacy biologics, expanding biosimilar products, and investments in an innovative pipeline. Repatha and BLINCYTO continue to drive volume growth, while the recently approved lung cancer treatment Imdelltra posted $134 million in sales, reflecting a 65% sequential increase.
Investor interest is increasingly turning to Amgen’s next-generation pipeline, particularly MariTide, an obesity drug candidate that demonstrated approximately 20% average weight loss in patients without Type 2 diabetes during Phase 2 trials. Bemarituzumab, showing statistically significant overall survival in gastric cancer, and the BiTE platform drug Imdelltra are also expected to be major long-term revenue contributors.
The company’s operating margin expanded to 48.9% on a non-GAAP basis, supported by disciplined sales, general and administrative costs, and efficient manufacturing operations. For the full year 2025, Amgen forecasted earnings per share between $20.20 and $21.30 on revenues of $35–36 billion, broadly aligning with analyst estimates and reflecting pipeline contributions in the latter half of the year.
“Management indicated 2025 guidance includes the estimated impact of implemented tariffs, but does not account for any tariffs or potential pricing actions that have been announced but not implement[ed], nor for any future tariffs (general or sector specific) or pricing actions that may be introduced in the future,” Morgan Stanley analysts noted in a report.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.