Amgen AMGN is off to a strong start in 2025 with its first-quarter earnings as well as sales beating estimates. Particularly, its strong top-line performance caught investor attention.
Amgen’s total revenues rose 9% year over year. Total product revenues increased 11% from the year-ago quarter to $7.87 billion as volume growth was partially offset by continued price declines.
In the first quarter, Amgen witnessed strong volume growth across all areas, backed by strong demand trends for its drugs globally. In the quarter, the company also delivered multiple positive phase III readouts, initiated four new phase III studies, and launched three new products or indications.
Coming back to the first-quarter results, sales of most of its products, like Prolia, Xgeva, Repatha, Blincyto and Evenity, beat estimates. Fourteen products, including Repatha, Blincyto, Tezspire, Tavneos and Evenity, achieved double-digit volume growth in the quarter.
Let us discuss how some of its key drugs performed in the quarter
So far this year, Amgen’s stock has risen 8.8% against the industry‘s 1.4% decline.
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Repatha, Evenity Drive General Medicine Growth
In general medicine, Repatha is Amgen’s key drug, which is now a multi-billion-dollar product. Repatha generated revenues of $656.0 million, up 27% year over year, driven by higher volume growth. Repatha volumes rose 41%, driven by improved access in the United States, with many payers eliminating prior authorization requirements. Volume growth was partially offset by 9% lower prices due to higher rebates to support expanded access. Repatha sales beat the Zacks Consensus Estimate of $616.0 million and our model estimate of $570.9 million.
Evenity recorded sales of $442 million in the quarter, up 29% year over year, driven by solid volume growth in the United States. Evenity sales beat the Zacks Consensus Estimate of $406.0 million as well as our model estimate of $370.0 million.
Prolia revenues came in at $1.1 billion, up 10% from the year-ago quarter as higher volumes offset the impact of lower pricing. Prolia sales beat the Zacks Consensus Estimate of $994 million as well as our model estimate of $980.8 million.
AMGN’s Rare Disease Drug Sales Slightly Soft
Turning to rare disease. Amgen’s four key growth drivers, Tepezza, Krystexxa, Uplizna and Tavneos, are all early in their life cycles and well-positioned for long-term growth.
Sales of rare disease drugs rose 3% year over year, delivering $1 billion in sales in the quarter.
In the quarter, sales of Tepezza and Krystexxa were adversely impacted by changes to U.S. wholesaler inventory levels. Amgen does not expect similar reductions in inventory levels for the remainder of the year.
Tepezza, Krystexxa and Uplizna were added to Amgen’s portfolio with the acquisition of Horizon Therapeutics in 2023. Tepezza sales declined 10% year over year to $381 million. Krystexxa sales were flat year over year at $236.0 million. Uplizna rose 14% year over year to $91 million. Tavneos generated $90 million in sales in the quarter, up 76% year over year.
AMGN’s Oncology Portfolio Remained Strong
Amgen’s innovative oncology portfolio, including Blincyto, Imdelltra, Lumakras, Vectibix, Kyprolis, Nplate and Xgeva grew 10% year over year, generating over $2 billion in sales in the quarter.
In oncology, the key revenue driver was Blincyto, which generated 370 million in sales, rising 52% from the year-ago period, driven by broad prescribing across both academic and community segments.
Xgeva delivered revenues of $566 million, up 1% year over year. Kyprolis recorded sales of $324 million, down 14% year over year, as competitive pressure hurt volume growth. Vectibix revenues came in at $267 million, up 8% year over year, driven by volume growth.
Nplate sales declined 1% to $313 million. New cancer drug, Imdelltra (tarlatamab), recorded sales of $81 million in the first quarter compared with $67 million in the previous quarter. The drug’s 21% sequential growth was driven by volume growth.
New Biosimilars Contribute to AMGN’s Sales Growth
In the first quarter, Amgen’s biosimilar portfolio sales were $735 million, up 35% year over year.
While sales of Amgen’s older biosimilars, Mvasi (biosimilar of Roche’s [RHHBY] Avastin), Kanjinti (a biosimilar of Roche’s Herceptin) and Amjevita (biosimilar of AbbVie’s Humira) declined, its new biosimilar products generated impressive revenues in the quarter.
In January, Amgen launched Wezlana, the first biosimilar version of J&J’s JNJ Stelara, which generated sales of $150 million in the quarter. Wezlana was approved by the FDA in 2023 but launched in January 2025, per a settlement with J&J. Amgen also launched the first biosimilar version of Regeneron’s Eylea, Pavblu, in the fourth quarter of 2024, which generated sales of $99 million in the first quarter of 2025. Another key biosimilar product, Bekemv, a biosimilar version of AstraZeneca’s Soliris, was approved in the United States in May 2024 and was launched in the second quarter of 2025.
However, on the first-quarter conference call, Amgen said that fluctuations in quarterly sales for Wezlana are expected in the United States. The company does not expect any sales from Wezlana in the second quarter following a large first-quarter order.
AMGN’s Inflammation Drugs
In its inflammation portfolio, sales of Otezla were $437.0 million in the quarter, up 11%, while Enbrel revenues of $510 million declined 10% year over year. Sales of both Otezla and Enbrel beat estimates.
Conclusion
Overall, Amgen’s key medicines like Evenity, Repatha and Blincyto, as well as newer medicines like Tavneos and Tezspire, drove sales, more than offsetting declining revenues from oncology biosimilars and legacy established products such as Enbrel. Rare disease drugs are also boosting top-line growth. However, increased pricing headwinds and competitive pressure are hurting sales of many products. Weakness in some key brands like Otezla and Lumakras creates potential revenue headwinds. Sales of best-selling drugs, Prolia and Xgeva, are expected to decline in 2025, mainly from the second half, due to biosimilar competition.
AMGN’s Zacks Rank
Amgen currently carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Amgen Inc. Price and Consensus
Amgen Inc. Price and Consensus
Amgen Inc. price-consensus-chart | Amgen Inc. Quote
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