Amgen’s second quarter results outpaced Wall Street’s expectations, with management emphasizing strong demand for its portfolio and notable volume growth, particularly in general medicine, rare diseases, and oncology. CEO Robert Bradway highlighted that 15 products achieved double-digit sales growth, attributing momentum to broad-based execution and continued expansion in both established and emerging therapeutic areas. However, despite these operational highlights, management acknowledged the ongoing industry-wide pricing pressures and biosimilar competition, especially impacting legacy products like Prolia. The market’s negative reaction may reflect investor caution over the sustainability of volume-driven growth amid evolving pricing and reimbursement dynamics.
Is now the time to buy AMGN? Find out in our full research report (it’s free).
Amgen (AMGN) Q2 CY2025 Highlights:
- Revenue: $9.18 billion vs analyst estimates of $8.94 billion (9.4% year-on-year growth, 2.7% beat)
- Adjusted EPS: $6.02 vs analyst estimates of $5.28 (14.1% beat)
- Adjusted EBITDA: $5.63 billion vs analyst estimates of $4.69 billion (61.4% margin, 20.1% beat)
- The company lifted its revenue guidance for the full year to $35.5 billion at the midpoint from $35 billion, a 1.4% increase
- Management slightly raised its full-year Adjusted EPS guidance to $20.75 at the midpoint
- Operating Margin: 28.9%, up from 22.8% in the same quarter last year
- Market Capitalization: $153.4 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 From Amgen’s Q2 Earnings Call
- Yaron Werber (TD Cowen) pressed for details on MariTide’s upcoming data and dosing schedules. Executive Vice President James Bradner said further granularity would be provided with the next data release in Q4.
- Salveen Richter (Goldman Sachs) questioned the impact of Medicaid pricing reforms and direct-to-consumer strategies. CEO Robert Bradway responded that Amgen is engaging policymakers to ensure reforms support both affordability and continued innovation.
- David Amsellem (Piper Sandler) asked about future rare disease M&A appetite. Bradway reiterated Amgen’s interest in expanding its rare disease portfolio both organically and through selective acquisitions, balanced against the need to execute on current late-stage programs.
- Courtney Breen (Bernstein) inquired about Phase III dose escalation in MariTide and implications for clinical practice. Bradner explained the rationale for the study design and its potential to inform optimal long-term dosing in obesity treatment.
- Evan Seigerman (BMO Capital Markets) sought clarification on IMDELLTRA’s growth trajectory in small cell lung cancer. Commercial lead Murdo Gordon attributed volume gains to broader adoption in both academic and community settings, with operational barriers being addressed.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will focus on (1) clinical readouts from key late-stage pipeline assets, including MariTide and Repatha’s VESALIUS trial; (2) the pace of biosimilar adoption and its effect on pricing and market share; and (3) progress on new market entries for rare disease therapies and ongoing regulatory milestones. Execution on R&D investments and the impact of policy changes will also be closely monitored.
Amgen currently trades at $285, down from $300.30 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).
Our Favorite Stocks Right Now
When Trump unveiled his aggressive tariff plan in April 2025, markets tanked as investors feared a full-blown trade war. But those who panicked and sold missed the subsequent rebound that’s already erased most losses.
Don’t let fear keep you from great opportunities and take a look at Top 6 Stocks for this week. 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-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today.
StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.