Amgen (NASDAQ:AMGN) today announced financial results for the second quarter of 2025.
“We're delivering strong performance and reaching more patients with innovative medicines and biosimilars that address serious diseases. We continue to invest in science that enables longer, healthier lives and supports sustainable, long-term growth,” said Robert A. Bradway, chairman and chief executive officer.
Key results include:
— For the second quarter, total revenues increased 9% to $9.2 billion in comparison to the second quarter of 2024.
— Product sales grew 9%, driven by 13% volume growth, partially offset by 3% lower net selling price.
— Fifteen products delivered at least double-digit sales growth in the second quarter, includingRepatha® (evolocumab), EVENITY® (romosozumab-aqqg), IMDELLTRA® (tarlatamab-dlle)/IMDYLLTRA™ (tarlatamab), BLINCYTO® (blinatumomab), TEZSPIRE® (tezepelumab-ekko), UPLIZNA® (inebilizumab-cdon) and TAVNEOS® (avacopan).
— GAAP earnings per share (EPS) increased 92% from $1.38 to $2.65, primarily driven by higher revenues.
— GAAP operating income increased from $1.9 billion to $2.7 billion, and GAAP operating margin increased 6.6 percentage points to 30.3%.
— Non-GAAP EPS increased 21% from $4.97 to $6.02, primarily driven by higher revenues, partially offset by higher operating expenses.
— Non-GAAP operating income increased from $3.9 billion to $4.3 billion, and non-GAAP operating margin increased 0.7 percentage points to 48.9%.
— The Company generated $1.9 billion of free cash flow in the second quarter of 2025 versus $2.2 billion in the second quarter of 2024, driven by 2024 tax payments deferred to 2025 and higher capital expenditures, partially offset by business performance.
References in this release to “non-GAAP” measures, measures presented “on a non-GAAP basis,” and “free cash flow” (computed by subtracting capital expenditures from operating cash flow) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented in the attached reconciliations. Refer to Non-GAAP Financial Measures below for further discussion.
Product Sales Performance
General Medicine
— Repatha® (evolocumab)sales increased 31% year-over-year to $696 million in the second quarter, driven by 36% volume growth, partially offset by unfavorable changes to estimated sales deductions.
— EVENITY® (romosozumab-aqqg) sales increased 32% year-over-year to $518 million in the second quarter, primarily driven by volume growth.
— Prolia® (denosumab) sales decreased 4% year-over-year to $1.1 billion in the second quarter, driven by lower net selling price. For 2025, we expect sales erosion driven by biosimilar competition in the second half of the year, as biosimilars have now launched in the U.S. market.
Rare Disease
— TEPEZZA® (teprotumumab-trbw) sales increased 5% year-over-year to $505 million in the second quarter, primarily driven by higher inventory levels.
— KRYSTEXXA® (pegloticase) sales increased 19% year-over-year to $349 million in the second quarter, of which 12% was derived from higher inventory levels and 6% from volume growth.
— UPLIZNA® (inebilizumab-cdon)sales increased 91% year-over-year to $176 million in the second quarter, driven by 79% volume growth, with 16% derived from higher inventory levels. Year-over-year sales benefited from the timing of shipments to our ex-U.S. partner that occurred in the third quarter of 2024. Excluding these shipments, sales grew by 56% year-over-year in the second quarter.
— TAVNEOS® (avacopan) sales increased 55% year-over-year to $110 million in the second quarter, driven by volume growth.
— Ultra-Rare products, which consist of RAVICTI® (glycerol phenylbutyrate), PROCYSBI® (cysteamine bitartrate), ACTIMMUNE® (interferon gamma-1b), QUINSAIR® (levofloxacin)and BUPHENYL® (sodium phenylbutyrate),generated $183 million of sales in the second quarter. Sales decreased 2% year-over-year for the second quarter, driven by lower net selling price.
Inflammation
— TEZSPIRE® (tezepelumab-ekko) sales increased 46% year-over-year to $342 million in the second quarter, driven by volume growth.
— Otezla® (apremilast) sales increased 14% year-over-year to $618 million in the second quarter, driven by 12% favorable changes to estimated sales deductions and 4% volume growth.
— Enbrel® (etanercept) sales decreased 34% year-over-year to $604 million in the second quarter, driven by 20% unfavorable changes to estimated sales deductions and 19% lower net selling price resulting from increased 340B Program mix and the impact of the U.S. Medicare Part D redesign,partially offset by 3% volume growth.
— AMJEVITA® (adalimumab-atto)/AMGEVITA™ (adalimumab) sales were flat year-over-year at $133 million in the second quarter.
— PAVBLU® (aflibercept-ayyh) generated $130 million of sales in the second quarter.
— WEZLANA™ (ustekinumab-auub)/WEZENLA™ (ustekinumab)generated $35 million of sales in the second quarter.
Oncology
— BLINCYTO® (blinatumomab) sales increased 45% year-over-year to $384 million in the second quarter, driven by volume growth.
— Vectibix® (panitumumab) sales increased 13% year-over-year to $305 million in the second quarter, driven by volume growth.
— KYPROLIS® (carfilzomib) sales were flat year-over-year at $378 million in the second quarter.
— LUMAKRAS®/LUMYKRAS™ (sotorasib) sales increased 6% year-over-year to $90 million in the second quarter, driven by 16% volume growth, partially offset by 10% lower net selling price.
— XGEVA® (denosumab) sales decreased 5% year-over-year to $532 million in the second quarter, driven by 2% unfavorable changes to estimated sales deductions and volume decline. For 2025, we expect sales erosion driven by biosimilar competition in the second half of the year, as biosimilars have now launched in the U.S. market.
— Nplate® (romiplostim) sales increased 7% year-over-year to $369 million in the second quarter, driven by volume growth.
— IMDELLTRA® (tarlatamab-dlle)/IMDYLLTRA™ (tarlatamab)generated $134 million of sales in the second quarter. Sales increased 65% quarter-over-quarter, driven by volume growth.
— MVASI® (bevacizumab-awwb) sales increased 22% year-over-year to $191 million in the second quarter, driven by 16% favorable changes to estimated sales deductions, 6% volume growth and 5% higher net selling price, partially offset by lower inventory levels. In the quarter, MVASI benefited from competitor bevacizumabproduct shortages, and going forward, we expect to return to continued sales erosion driven by competition.
Established Products
— Our established products, which consist ofAranesp® (darbepoetin alfa), Parsabiv® (etelcalcetide) and Neulasta® (pegfilgrastim), generated $533 million of sales in the second quarter. Sales decreased 5% year-over-year for the second quarter, driven by 14% lower net selling price and 4% lower volume, partially offset by favorable changes to estimated sales deductions.
Product Sales Detail by Product and Geographic Region
Operating Expense, Operating Margin and Tax Rate Analysis
On a GAAP basis:
— Total Operating Expensesincreased1% year-over-year for the second quarter. Cost of Sales as a percentage of product sales decreased 5.9 percentage points driven by lower amortization expense from the fair value step-up of inventory acquired from Horizon and lower manufacturing costs, partially offset by higher profit share expense and changes in our sales mix. Research & Development (R&D) expenses increased 21% driven by investments in later-stage clinical programs, including those related to MariTide, for which four Phase 3 studies are underway. Selling, General & Administrative (SG&A) expenses decreased 5% driven by lower commercial product-related expenses and lower Horizon acquisition-related expenses. Other operating expenses includelitigation expenses.
— Operating Marginas a percentage of product sales increased 6.6 percentage points in the second quarter to 30.3%.
— Tax Rateincreased 2.7 percentage points in the second quarter due to the change in earnings mix, including lower amortization expense from the fair value step-up of inventory acquired from Horizon and current year net unfavorable items, as compared to the prior year.
On a non-GAAP basis:
— Total Operating Expensesincreased 8% year-over-year for the second quarter. Cost of Sales as a percentage of product sales increased 0.2 percentage points driven by higher profit share expense and changes in our sales mix, partially offset by lower manufacturing costs. R&D expenses increased 18% driven by investments in later-stage clinical programs, including those related to MariTide, for which four Phase 3 studies are underway. SG&A expenses decreased 2% primarily driven by lower commercial product-related expenses.
— Operating Marginas a percentage of product sales increased 0.7 percentage points in the second quarter to 48.9%.
— Tax Ratedecreased 0.7 percentage points in the second quarter due to the change in earnings mix.
Cash Flow and Balance Sheet
— The Company generated $1.9 billion of free cash flow in the second quarter of 2025 versus $2.2 billion in the second quarter of 2024, driven by timing of 2024 tax payments deferred to 2025 and higher capital expenditures, partially offset by business performance.
— The Company declared a second quarter 2025 dividend on March 4, 2025 of $2.38 per share that was paid on June 6, 2025 to all stockholders of record as of May 16, 2025, representing a 6% increase from the same period in 2024.
— The Company retired $1.4 billion of debt during the second quarter of 2025, and $4.3 billion year to date.
— During the second quarter of 2025, there were no repurchases of shares of common stock.
— Cash and cash equivalents totaled $8.0 billion and debt outstanding totaled $56.2 billion as of June 30, 2025.
For the full year 2025, the Company expects:
— Total revenues in the range of $35.0billion to $36.0billion.
— On aGAAP basis, EPS in the range of $10.97 to $12.11, and a tax rate in the range of 11.0% to 12.5%.
— On anon-GAAP basis, EPS in the range of $20.20 to $21.30, and a tax rate in the range of 14.5% to 16.0%.
— Capital expenditures to be approximately $2.3billion.
— Share repurchases not to exceed $500million.
This guidance includes the estimated impact of implemented tariffs, but does not account for any tariffs or potential pricing actions announced or described but not implemented as well as any tariffs, sector specific tariffs, or pricing actions that could be implemented in the future.
Second Quarter Product and Pipeline Update
The Company provided the following updates on selected product and pipeline programs:
General Medicine
MariTide (maridebart cafraglutide, AMG 133)
— MariTide is a differentiated peptide-antibody conjugate that activates the glucagon like peptide 1 (GLP-1) receptor and antagonizes the glucose-dependent insulinotropic polypeptide receptor (GIPR).
— In June, the underlying details from Part 1 of the Phase 2 study ofMariTide and complete results from the primary analysis of the Phase 1 pharmacokinetics low dose initiation (PK-LDI) study evaluating lower starting doses of MariTide were presented at the American Diabetes Association 85th Scientific Sessions and simultaneously published in the New England Journal of Medicine.
— In the Phase 2 study per the efficacy estimand1, MariTide demonstrated:
— up to ~20% average weight loss in people living with obesity without Type 2 diabetes (T2D).
— up to ~17% average weight loss in people living with obesity with T2D.
— no weight loss plateau by 52 weeks, indicating the potential for further weight reduction.
— robust and sustained reduction in hemoglobin A1c (HbA1c) of up to 2.2% in people living with obesity and T2D.
— improvements across pre-specifiedcardiometabolic measures, including waist circumference, blood pressure, high-sensitivity C-reactive protein (hs-CRP) and select lipid parameters.
— No new safety signals were identified in the Phase 2 study and tolerability was consistent with theGLP-1 class. The most frequently reported adverse events (AEs) were gastrointestinal (GI) related, and most were mild to moderate, were predominantly limited to initial dosing and less frequent when dose escalation was used without compromising efficacy.
— Discontinuation rates ofMariTide due to GI AEs in the dose escalation arms (up to 7.8%) were lower than non-dose escalation arms.
— The Phase 1PK-LDI study showed participants that received 21 mg/70 mg/350 mg had an overall incidence of vomiting of 24.4% and participants that received 35 mg/70 mg/350 mg had an overall incidence of vomiting of 22.5%. There were no discontinuations due to GI AEs at any time during the study.
— Part 2 of the Phase 2 chronic weight management study is ongoing in adults living with obesity or overweight, with or without T2D. Data readout is anticipated in Q4 2025.
— A Phase 2 study investigatingMariTide for the treatment of T2D is ongoing in adults living with and without obesity. Data readout is anticipated in Q4 2025.
— MARITIME-1, a Phase 3 study ofMariTide is enrolling adults living with obesity or overweight, without T2D.
— MARITIME-2, a Phase 3 study ofMariTide is enrolling adults living with obesity or overweight, with T2D.
— MARITIME-CV, a Phase 3 study of MariTide on cardiovascular (CV) outcomes was initiated and is enrolling adults living with established atherosclerotic cardiovascular disease and obesity or overweight.
— MARITIME-HF, a Phase 3 study of MariTide on reduction of heart failure events and cardiovascular risk, was initiated and is enrolling adults living with heart failure with preserved or mildly reduced ejection fraction and obesity.
— The Company is planning to initiate Phase 3 study of obstructive sleep apnea in H2 2025.
AMG 513
— A Phase 1 study ofAMG 513 is enrolling adults living with obesity.
Repatha
— VESALIUS-CV, a Phase 3 CV outcomes study of Repatha, is ongoing in patients at high CV risk without prior myocardial infarction or stroke. Data readout is event driven and anticipated in H2 2025.
— EVOLVE-MI, a Phase 4 study ofRepatha administered within 10 days of an acute myocardial infarction to reduce the risk of CV events, is ongoing.
Olpasiran (AMG 890)
— Olpasiran is a potentially best-in-class small interfering ribonucleic acid (siRNA) molecule that reduces lipoprotein(a) (Lp(a)) synthesis in the liver.
— The OCEAN(a)-outcomes trial, a Phase 3 secondary preventionCV outcomes study, is ongoing in patients with atherosclerotic CV disease and elevated Lp(a).
— A Phase 3CV outcomes study in patients with elevated Lp(a) and at high risk for a first CV event is expected to be initiated in H2 2025/H1 2026.
Rare Disease
UPLIZNA
— U.S. Food and Drug Administration (FDA) review of the MINT Phase 3 data in patients with generalized myastheniagravis is ongoing, with a PDUFA date of December 14, 2025.
TEPEZZA
— In June, the European Commission granted marketing authorization approval ofTEPEZZA for the treatment of adults with moderate to severe thyroid eye disease (TED). Regulatory review is underway in multiple additional geographies.
— A Phase 3 study ofTEPEZZA in Japan is enrolling patients with chronic/low clinical activity score TED.
— A Phase 3 study evaluating the subcutaneous route of administration ofteprotumumab has completed enrollment of patients with TED.
TAVNEOS
— A Phase 3, open-label study ofTAVNEOS in combination with rituximab or a cyclophosphamide-containing regimen, is enrolling patients from 6 years to < 18 years of age with active ANCA-associated vasculitis (Granulomatosis with Polyangiitis (GPA)/Microscopic Polyangiitis (MPA)).
Dazodalibep
— Dazodalibep is a fusion protein that inhibits CD40L.
— Two Phase 3 studies ofdazodalibep in Sjögren's disease are underway. The first study has completed enrollment of patients with moderate-to-severe systemic disease activity. The second study is enrolling patients with moderate-to-severe symptomatic burden and low systemic disease activity.
Daxdilimab
— Daxdilimab is a fully human monoclonal antibody targeting immunoglobulin-like transcript 7 (ILT7).
— A Phase 2 study ofdaxdilimab is ongoing in patients with moderate-to-severe active primary discoid lupus erythematosus refractory to standard of care.
— A Phase 2 study ofdaxdilimab is ongoing in patients with dermatomyositis and antisynthetase inflammatory myositis.
AMG 329
— AMG 329 is a fully human monoclonal antibody targeting FMS-like tyrosine kinase 3 (FLT3) ligand.
— A Phase 2 study ofAMG 329 is ongoing in patients with Sjögren's disease.
AMG 732
— AMG 732 is an insulin-like growth factor-1 receptor (IGF-1R) targeting monoclonal antibody.
— A Phase 2 study ofAMG 732 is enrolling patients with moderate-to-severe active TED.
Inflammation
TEZSPIRE
— Two Phase 3 studies ofTEZSPIRE are enrolling adults with moderate to very severe chronic obstructive pulmonary disease (COPD) and a BEC ≥ 150 cells/µl.
— In May, primary results from the Phase 3bWAYFINDER study were presented, showing that TEZSPIRE reduces or eliminates oral cortical steroid (OCS) use in OCS-dependent patients with severe uncontrolled asthma.
— FDA review of theWAYPOINT Phase 3 data in patients with chronic rhinosinusitis with nasal polyps is ongoing with a PDUFA date of October 19, 2025.
— A Phase 3 study ofTEZSPIRE has completed enrollment of patients with eosinophilic esophagitis.
Rocatinlimab (AMG 451/KHK4083)
— Rocatinlimab is a first-in-class T-cell rebalancing monoclonal antibody that inhibits and reduces OX40-positive pathogenic T-cells.
— The eight study ROCKET Phase 3 program evaluatingrocatinlimab in patients with moderate-to-severe atopic dermatitis (AD) has enrolled over 3,300 patients. Enrollment is now complete in seven studies.
— Key upcoming milestones from the ROCKET Phase 3 program:
— ROCKET ASCEND is a study evaluatingrocatinlimab maintenance therapy in adult and adolescent patients with moderate-to-severe AD. Data readout is anticipated in H2 2025.
— ROCKETASTRO is a 52-week study of rocatinlimab in adolescent patients with moderate-to-severe AD. Data readout is anticipated in H2 2025.
— A Phase 2 study ofrocatinlimab is enrolling patients with moderate-to-severe asthma.
— A Phase 3 study ofrocatinlimab is enrolling patients with prurigo nodularis.
Blinatumomab
— Blinatumomab is a bispecific T-cell engager (BiTE®) molecule targeting CD19.
— A Phase 2 study ofblinatumomab in autoimmune disease was initiated in adults with systemic lupus erythematosus (SLE) and in adults with refractory rheumatoid arthritis.
Inebilizumab
— Inebilizumab is a B-cell depleting monoclonal antibody targeting CD19.
— A Phase 2 study ofinebilizumab in autoimmune disease is enrolling adults with SLE with nephritis.
AMG 104 (AZD8630)
— AMG 104 is an inhaled anti-thymic stromal lymphopoietin (TSLP) fragment antigen-binding (Fab).
— A Phase 2 study is enrolling patients with asthma.
Oncology
BLINCYTO / blinatumomab
— In June, Phase 1b/2 subcutaneousblinatumomab data were presented at the European Hematology Association Congress and simultaneously published in The Lancet Haematology demonstrating 89-92% remission rates (complete remission/complete remission with partial hematological recovery rates/complete remission with incomplete count recovery) and manageable safety in adults with relapsed/refractory CD19-positive Philadelphia chromosome (Ph)-negative B-cell precursor acute lymphoblastic leukemia (B-ALL).
— The dose-expansion and optimization phase of a Phase 1/2 study of subcutaneousblinatumomab is ongoing in adult patients with relapsed or refractory CD19-positive Ph-negative B-ALL. The Company is planning to initiate a potentially registration-enabling Phase 2 portion of this study in both adults and adolescents in H2 2025.
— Golden Gate, a Phase 3 study ofBLINCYTO alternating with low-intensity chemotherapy, is enrolling older adult patients with newly diagnosed CD19-positive Ph-negative B-ALL.
IMDELLTRA / tarlatamab
— IMDELLTRA is the first and only FDA-approved delta-like ligand 3 (DLL3) targeting BiTE® molecule.
— In June, interim results from the global Phase 3 DeLLphi-304 trial were presented at the American Society of Clinical Oncology annual meeting (ASCO) and simultaneously published in the New England Journal of Medicine. The data showed that IMDELLTRA reduced the risk of death by 40% and significantly extended median overall survival (OS) by more than five months compared to standard-of-care (SOC) chemotherapy in patients with small cell lung cancer (SCLC) who progressed on or after one line of platinum-based chemotherapy. Imdelltra significantly improved patient-reported outcomes of dyspnea and cough compared to SOC chemotherapy. The safety profile of IMDELLTRA was consistent with its known profile. Regulatory filing activities are underway.
— The Company is advancing a comprehensive, global clinical development program across extensive-stage (ES) and limited-stage (LS) SCLC:
— DeLLphi-303, a Phase 1b study ofIMDELLTRA in combination with a programmed cell death protein ligand-1 (PD-L1) inhibitor, carboplatin and etoposide or separately in combination with a PD-L1 inhibitor alone, is ongoing in patients with first-line ES-SCLC.
— DeLLphi-305, a Phase 3 study ofIMDELLTRA and durvalumab, is enrolling patients with first-line ES-SCLC in the maintenance setting.
— DeLLphi-306, a Phase 3 study ofIMDELLTRA following concurrent chemoradiation therapy, is enrolling patients with LS-SCLC.
— DeLLphi-308, a Phase 1b study evaluating subcutaneoustarlatamab, is enrolling patients with second line or later ES-SCLC.
— DeLLphi-309, a Phase 2 study evaluating alternative intravenous dosing regimens ofIMDELLTRA in second-line ES-SCLC, is enrolling patients.
— DeLLphi-310, a Phase 1b study ofIMDELLTRA in combination with YL201, a B7-H3 targeting antibody-drug conjugate, with or without a PD-L1 inhibitor, is enrolling patients with ES-SCLC.
— DeLLphi-311, a Phase 1b study ofIMDELLTRA in combination with etakafusp alfa (AB248), a novel CD8+ T-cell selective interleukin-2 (IL-2), was initiated in patients with ES-SCLC.
— DeLLphi-312, a Phase 3 study of first-lineIMDELLTRA in combination with carboplatin, etoposide and durvalumab, was initiated in patients with ES-SCLC.
Xaluritamig (AMG 509)
— Xaluritamigis a first-in-class BiTE®targeting six-transmembrane epithelial antigen of prostate 1 (STEAP1).
— XALute, a Phase 3 study of xaluritamig, is enrolling patients with metastatic castrate resistant prostate cancer (mCRPC) who have previously been treated with taxane-based chemotherapy.
— A Phase 1 study ofxaluritamig monotherapy is ongoing in patients with mCRPC who have not yet received taxane-based chemotherapy and is ongoing in patients with mCPRC who have previously received taxane-based chemotherapy in a fully outpatient treatment setting to further improve administration convenience. This study continues to enroll mCRPC patients into a combination treatment of xaluritamig and abiraterone.
— A Phase 1b study ofneoadjuvant xaluritamig therapy prior to radical prostatectomy is enrolling patients with newly diagnosed localized intermediate or high-risk prostate cancer.
— A Phase 1b study ofxaluritamig is enrolling patients with high-risk biochemically recurrent prostate cancer after definitive therapy.
Bemarituzumab
— Bemarituzumab is a first-in-class fibroblast growth factor receptor 2b (FGFR2b) targeting monoclonal antibody.
— In June, the Company announced the Phase 3 FORTITUDE-101 clinical trial of first-linebemarituzumab plus chemotherapy (mFOLFOX6) met its primary endpoint of OS at a pre-specified interim analysis:
— Bemarituzumab plus chemotherapy demonstrated a statistically significant and clinically meaningful improvement in OS as compared to placebo plus chemotherapy in patients with unresectable locally advanced or metastatic gastric or gastroesophageal junction cancer with FGFR2b overexpression and who are non-HER2 positive. FGFR2b overexpression was defined as 2+/3+ staining in ≥10% of tumor cells by centrally performed immunohistochemistry testing.
— The most common treatment-emergent adverse events (>25%) in patients treated withbemarituzumab plus chemotherapy were reduced visual acuity, punctate keratitis, anemia, neutropenia, nausea, corneal epithelium defect and dry eye. While ocular events were consistent with the Phase 2 experience and observed in both arms, they occurred with greater frequency and severity in the Phase 3 bemarituzumab arm.
— Detailed results from FORTITUDE 101 will be shared at a future medical meeting.
— FORTITUDE-102, a Phase 1b/3 study ofbemarituzumab plus chemotherapy and nivolumab, is ongoing in patients with first-line gastric cancer. Phase 3 data readout is anticipated in H2 2025/H1 2026.
— FORTITUDE-103, a Phase 1b/2 study ofbemarituzumab plus oral chemotherapy regimens with or without nivolumab, is enrolling patients with first-line gastric cancer.
— FORTITUDE-301, a Phase 1b/2 basket study ofbemarituzumab monotherapy, is ongoing in patients with solid tumors with FGFR2b overexpression.
AMG 193
— AMG 193 is a first-in-class small molecule methylthioadenosine (MTA)-cooperative protein arginine methyltransferase 5 (PRMT5) inhibitor.
— A Phase 2 study ofAMG 193 is enrolling patients with methylthioadenosine phosphorylase (MTAP)-null previously treated advanced non-small cell lung cancer (NSCLC).
— A Phase 1/1b/2 study ofAMG 193 is enrolling patients with advanced MTAP-null solid tumors in the dose-expansion portion of the study.
— A Phase 1b study ofAMG 193 alone or in combination with other therapies is enrolling patients with advanced MTAP-null thoracic malignancies.
— A Phase 1b study ofAMG 193 in combination with other therapies is enrolling patients with advanced MTAP-null gastrointestinal, biliary tract or pancreatic cancers.
Kyprolis
— In May, the FDA granted pediatric exclusivity toKyprolis for studies conducted under a Written Request and approved updates to the “Pediatric Use” subsection of the Kyprolis prescribing information.
LUMAKRAS/LUMYKRAS
— In May, the FDA granted Breakthrough Therapy Designation toLUMAKRAS in combination with Vectibix and FOLFIRI for the first-line treatment of patients with KRAS G12C-mutated metastatic colorectal cancer (CRC), as determined by an FDA-approved test. This is the third Breakthrough Therapy Designation granted by the FDA for LUMAKRAS.
— CodeBreaK 301, a Phase 3 study of LUMAKRAS in combination with Vectibix and FOLFIRI vs. FOLFIRI with or without bevacizumab-awwb, is enrolling patients with first-line KRAS G12C-mutated metastatic CRC.
— CodeBreaK 202, a Phase 3 study of LUMAKRAS plus chemotherapy vs. pembrolizumab plus chemotherapy, is enrolling patients with first-line KRAS G12C-mutated and PD-L1 negative advanced NSCLC.
Nplate
— In June, data were presented at ASCO from the final analysis of RECITE, a Phase 3 study of Nplate as supportive care for chemotherapy-induced thrombocytopenia (CIT) in gastrointestinal cancers:
— the study met its primary endpoint; more patients onNplate had no chemotherapy dose modifications due to CIT compared to placebo (84.4% vs. 35.7%, Odds Ratio 10.2; P<0.001).
— Nplate was well tolerated in a highly comorbid population, with no treatment-related serious adverse events or treatment-related adverse events leading to death or discontinuation of Nplate or chemotherapy.
— PROCLAIM, a Phase 3 study ofNplate for the treatment of CIT, is enrolling patients with NSCLC, ovarian cancer, or breast cancer.
Biosimilars
— A randomized, double-blindpharmacokinetic similarity study of ABP206 compared with OPDIVO® (nivolumab) is ongoing in patients with resected stageIII or stageIV melanoma in the adjuvant setting. Data readout is anticipated in H2 2025.
— A randomized, double-blind comparative clinical study ofABP206 compared with OPDIVO is enrolling patients with treatment-naïve unresectable or metastatic melanoma.
— A randomized, double-blindpharmacokinetic similarity study of ABP 234 compared with KEYTRUDA® (pembrolizumab) is enrolling patients with early-stage non-squamous NSCLC as adjuvant treatment.
— A randomized, double-blind combinedpharmacokinetic/comparative clinical study of ABP 234 compared to KEYTRUDA is enrolling patients with advanced or metastatic non-squamous NSCLC.
— A randomized, double-blind pharmacokinetic similarity/comparative clinical study of ABP 692 compared to OCREVUS® (ocrelizumab) is enrolling patients with relapsing-remitting multiple sclerosis.
TEZSPIRE is being developed in collaboration with AstraZeneca. AMG 104 is being developed in collaboration with AstraZeneca. Rocatinlimab, formerly AMG 451/KHK4083, is being developed in collaboration with Kyowa Kirin. Xaluritamig, formerly AMG 509, is being developed pursuant to a research collaboration with Xencor, Inc. YL201 is an investigational B7-H3 targeting antibody-drug conjugate being developed by MediLink. Etakafusp alfa (AB248) is a novel CD8+ T cell selective interleukin-2 (IL-2) being developed by Asher Biotherapeutics. OPDIVO is a registered trademark of Bristol-Myers Squibb Company. KEYTRUDA is a registered trademark of Merck & Co., Inc. OCREVUS is a registered trademark of Genentech, Inc.
1 The efficacy estimand represents the efficacy as if treated participants had adhered to MariTide for the entire 52-week study period. The efficacy estimand includes endpoint data so long as study drug is taken. Where endpoint data is missing with early discontinuation, the endpoint results for the patient are estimated using individual patient response and predicted performance after drug discontinuation.
Non-GAAP Financial Measures
In this news release, management has presented its operating results for the second quarters of 2025 and 2024, in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis. In addition, management has presented its full year 2025 EPS and tax guidance in accordance with GAAP and on a non-GAAP basis. These non-GAAP financial measures are computed by excluding certain items related to acquisitions, divestitures, restructuring and certain other items from the related GAAP financial measures. Management has presented Free Cash Flow (FCF), which is a non-GAAP financial measure, for the second quarters of 2025 and 2024. FCF is computed by subtracting capital expenditures from operating cash flow, each as determined in accordance with GAAP.
The Company believes that its presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. The Company uses certain non-GAAP financial measures to enhance an investor's overall understanding of the financial performance and prospects for the future of the Company's normal and recurring business activities by facilitating comparisons of results of normal and recurring business operations among current, past and future periods. The Company believes that FCF provides a further measure of the Company's liquidity.
The Company uses the non-GAAP financial measures set forth in the news release in connection with its own budgeting and financial planning internally to evaluate the performance of the business, including to allocate resources and to evaluate results relative to incentive compensation targets. The non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
About Amgen
Amgen discovers, develops, manufactures and delivers innovative medicines to help millions of patients in their fight against some of the world's toughest diseases. More than 40 years ago, Amgen helped to establish the biotechnology industry and remains on the cutting-edge of innovation, using technology and human genetic data to push beyond what's known today. Amgen is advancing a broad and deep pipeline that builds on its existing portfolio of medicines to treat cancer, heart disease, osteoporosis, inflammatory diseases and rare diseases.
In 2024, Amgen was named one of the “World's Most Innovative Companies” by Fast Company and one of “America's Best Large Employers” by Forbes, among other external recognitions. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average®, and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.
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Forward-Looking Statements
This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd. or Kyowa Kirin Co., Ltd.), the performance of Otezla® (apremilast), our acquisitions of ChemoCentryx, Inc. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon's business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful. There can be no guarantee that we will be able to realize any of the strategic benefits, synergies or opportunities arising from the Horizon acquisition, and such benefits, synergies or opportunities may take longer to realize than expected. We may not be able to successfully integrate Horizon, and such integration may take longer, be more difficult or cost more than expected. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.
CONTACT: Amgen, Thousand Oaks Elissa Snook, 609-251-1407 (media) Justin Claeys, 805-313-9775 (investors)
Our GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, asset impairments, litigation, changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments. This guidance includes the estimated impact of implemented tariffs, but does not account for any tariffs or potential pricing actions announced or described but not implemented as well as any tariffs, sector specific tariffs, or pricing actions that could be implemented in the future.
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