Amgen Inc ((AMGN)) has held its Q3 earnings call. Read on for the main highlights of the call.
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Amgen Inc’s recent earnings call presented a generally positive sentiment, underscored by a robust financial performance and strategic growth initiatives. The company reported a 12% increase in revenue, driven by significant volume growth and key product performance. While challenges such as increased competition and study delays were acknowledged, the overall outlook remained optimistic, with the positives outweighing the negatives.
Strong Revenue Growth
Amgen Inc reported a 12% year-over-year increase in revenues, reaching $9.6 billion. This growth was fueled by strong performances from key products, including Repatha, EVENITY, TEZSPIRE, and the innovative oncology, rare disease, and biosimilar portfolios. These products have been pivotal in driving the company’s financial success.
Record Volume Growth
The company achieved a remarkable 14% increase in volume growth year-over-year, with 16 products experiencing double-digit growth rates. Notably, 14 products have now reached annual sales exceeding $1 billion, highlighting the strength and demand across Amgen’s diverse product range.
Significant Advances in Cardiovascular Studies
Amgen’s Repatha Phase III VESALIUS-CV study achieved its primary endpoints, demonstrating significant reductions in major adverse cardiovascular events among high-risk individuals without prior heart attacks or strokes. This advancement underscores Amgen’s commitment to cardiovascular health and innovation.
Biosimilar Growth
The biosimilar portfolio experienced a substantial 52% increase in sales year-over-year, now annualizing at $3 billion. This growth reflects Amgen’s strategic focus on expanding its biosimilar offerings and capturing market share in this competitive segment.
Introduction of AmgenNow
Amgen launched the AmgenNow initiative to enhance patient access to Repatha by offering it at reduced prices. This initiative aims to significantly increase accessibility for patients, aligning with Amgen’s commitment to improving healthcare outcomes.
Debt Reduction and Financial Discipline
Amgen successfully retired $6.0 billion of debt in 2025, achieving its pre-Horizon capital structure ahead of schedule. This move reflects the company’s strong financial discipline and commitment to maintaining a robust balance sheet.
RAVICTI Sales Impact
RAVICTI sales in the rare disease segment were impacted by the introduction of a generic competitor, with $105 million reported in Q3. This highlights the challenges posed by generic competition in maintaining market share.
Increased Competition for Prolia
While Prolia sales grew by 9% year-over-year, future quarters are expected to face challenges due to increased competition from three biosimilars. This competitive pressure may impact Prolia’s market position.
Olpasiran Study Delays
The OCEAN(a) Phase III study for Olpasiran is progressing slower than initially predicted, potentially delaying the base case readout. This delay highlights the uncertainties inherent in clinical development timelines.
Bemarituzumab Efficacy Concerns
The Phase Ib/III study in gastric cancer for Bemarituzumab was halted due to inadequate efficacy at an ad hoc analysis. This development underscores the challenges Amgen faces in its oncology pipeline.
Forward-Looking Guidance
Amgen raised its 2025 guidance, projecting total revenues between $35.8 billion and $36.6 billion, and non-GAAP earnings per share between $20.60 and $21.40. The company emphasized its long-term growth prospects, driven by innovative therapies and sustained financial discipline. Key growth drivers include Repatha, EVENITY, TEZSPIRE, and advancements in the biosimilar portfolio. Amgen’s $3 billion investment in U.S. manufacturing and pipeline advancements, such as MariTide for obesity and cardiovascular disease, are expected to support future growth.
In summary, Amgen Inc’s earnings call highlighted a strong financial performance and strategic initiatives that position the company for continued growth. Despite facing challenges such as increased competition and study delays, Amgen’s focus on innovation and patient access initiatives like AmgenNow reinforce its commitment to delivering value. The company’s optimistic forward-looking guidance further underscores its confidence in sustaining long-term growth.