In This Article:
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Revenue: $8.1 billion, a 9% increase year over year.
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Volume Growth: 14% increase from key brands.
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Product Sales Growth: 11% year over year.
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Net Selling Price: Decreased by 6%.
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Non-GAAP Operating Margin: 45.7%.
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Non-GAAP R&D Growth: 12% year over year.
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Free Cash Flow: $1.0 billion in the first quarter.
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Capital Expenditures: $400 million in the first quarter.
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Non-GAAP Tax Rate: 14.6%.
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Debt Retirement: $2.9 billion in the first quarter of 2025.
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Dividend: $2.38 per share, a 6% increase compared to Q1 2024.
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Repatha Sales: $656 million, a 27% increase year over year.
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Evenity Sales: $442 million, a 29% increase year over year.
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Prolia Sales: Almost $1.1 billion, a 10% increase year over year.
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Rare Disease Portfolio Sales: $1 billion, a 3% increase year over year.
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Biosimilar Portfolio Sales: $735 million, a 35% increase year over year.
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Global Product Sales Growth: 14% in the US.
Release Date: May 01, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Amgen Inc (NASDAQ:AMGN) reported a 9% year-over-year revenue growth, with a 14% increase in volume, driven by strong demand for its innovative medicines.
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The company's biosimilars portfolio delivered over $700 million in revenue, marking a 35% increase year over year.
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Amgen Inc (NASDAQ:AMGN) launched three new products or indications and initiated four new Phase 3 studies, demonstrating robust pipeline progress.
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Repatha sales increased by 27% year over year, with significant improvements in patient access and a strong growth trajectory.
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The company received FDA approval for UPLIZNA in IgG4-related disease, expanding its rare disease portfolio and demonstrating its leadership in innovative treatments.
Negative Points
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Amgen Inc (NASDAQ:AMGN) faced a 6% decline in net selling price, which partially offset the double-digit sales growth.
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Sales of TEPEZZA and KRYSTEXXA were adversely impacted by changes to US wholesaler inventory levels, affecting the rare disease portfolio's performance.
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The company anticipates fluctuations in quarterly sales for WEZLANA in the US, with no expected sales in the second quarter following a large first-quarter order.
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Amgen Inc (NASDAQ:AMGN) is navigating uncertainties related to tariffs and taxes, which could impact its long-term business strategy.
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The company expects non-GAAP R&D expenses to grow approximately 20% in 2025, reflecting increased investments in late-stage pipeline assets, which may pressure margins.
Q & A Highlights
Q: What should we expect from the ADA presentation regarding MariTide, and can you comment on the potential cardiovascular outcomes trial? A: James Bradner, Executive Vice President, Research and Development, and Chief Scientific Officer, stated that the ADA presentation will focus on the strong efficacy and tolerability of MariTide observed in the Phase 2 study, with no plateau in weight loss at 52 weeks. The presentation will also include new mechanistic data. Regarding the cardiovascular outcomes trial, details will not be shared at this time, but a broad Phase 3 program is underway.