Amgen’s first quarter results reflected robust demand across its portfolio, with product volumes and sales increasing in both general medicine and specialty disease areas. Management highlighted strong double-digit growth from 14 medicines, including continued momentum in cardiovascular, bone health, and biosimilars. CEO Robert Bradway attributed the performance to “growing patient demand for our innovative medicines” and called out the breadth of the company’s pipeline progress, including multiple positive Phase III readouts and new launches. The quarter also saw notable uptake in Amgen’s biosimilars business and expansion of its rare disease and oncology franchises, as the company leveraged increased access and direct-to-consumer efforts to drive prescription growth.
Is now the time to buy AMGN? Find out in our full research report (it’s free).
Amgen (AMGN) Q1 CY2025 Highlights:
- Revenue: $8.15 billion vs analyst estimates of $8.03 billion (9.4% year-on-year growth, 1.5% beat)
- Adjusted EPS: $4.90 vs analyst estimates of $4.26 (15% beat)
- Adjusted EBITDA: $4.99 billion vs analyst estimates of $4.67 billion (61.2% margin, 6.7% beat)
- The company reconfirmed its revenue guidance for the full year of $35 billion at the midpoint
- Management reiterated its full-year Adjusted EPS guidance of $20.60 at the midpoint
- Operating Margin: 14.5%, up from 13.3% in the same quarter last year
- Market Capitalization: $150.7 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions Amgen’s Q1 Earnings Call
-
Terence Flynn (Morgan Stanley) asked about expectations for MariTide’s Phase II data at the upcoming ADA meeting. Executive Vice President of R&D James Bradner highlighted insights on weight loss durability and tolerability, but withheld details on future cardiovascular outcomes studies.
-
Salveen Richter (Goldman Sachs) requested clarity on UPLIZNA’s commercial strategy in newly approved indications. Commercial Chief Murdo Gordon described targeted engagement with rheumatologists and noted the recent introduction of a diagnostic code as a facilitator for uptake.
-
Michael Yee (Jefferies) probed on MariTide’s tolerability and competition from oral obesity therapies. Bradner expressed confidence in the dosing strategy and efficacy, while Gordon addressed plans for both oral and injectable candidates in Amgen’s pipeline.
-
Trung Huynh (UBS) questioned growing competition for Repatha, particularly from Novartis’ Leqvio. Gordon acknowledged a competitive landscape but emphasized Repatha’s clinical profile and improved patient access.
-
David Amsellem (Piper Sandler) asked about TEPEZZA’s growth trajectory and the potential impact of a subcutaneous formulation. Gordon outlined efforts to broaden the prescriber base and noted that international expansion is progressing ahead of expectations.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will be monitoring (1) pivotal data readouts for MariTide and other late-stage candidates, (2) the pace of new product uptake in international markets, particularly for TEPEZZA and biosimilars, and (3) ongoing execution in expanding prescriber bases for rare disease and inflammation therapies. Updates on regulatory policy and any changes to manufacturing or R&D allocation will also be meaningful signposts for Amgen’s trajectory.
Amgen currently trades at $279.42, down from $283.29 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).
The Best Stocks for High-Quality Investors
Donald Trump’s victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs.
While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).
Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.