Amgen reported a solid first quarter with revenue and GAAP EPS growth, driven by strong performance in 16 brands achieving double-digit growth. The company is confident in its long-term growth prospects, supported by a progressing R&D pipeline, though it faces challenges with certain key products experiencing increased competition and pricing pressures.
Total revenues increased 6% to $8.6 billion, driven by 4% product sales growth and 9% volume growth.
positiveGAAP earnings per share (EPS) increased 4% to $3.34, driven by higher operating income.
positiveSixteen products achieved at least double-digit sales growth in the first quarter.
positiveFree cash flow generation increased to $1.5 billion from $1.0 billion in the prior year period.
positiveProlia® sales decreased 34% year-over-year to $727 million, primarily driven by 17% lower volume and 10% lower net selling price due to increased competition from biosimilars.
negativeEnbrel® sales decreased 37% year-over-year to $320 million, driven by unfavorable changes to estimated sales deductions and lower net selling price due to Medicare Part D price setting and increased 340B Program mix.
negativeXGEVA® sales decreased 27% year-over-year to $411 million, driven by 19% lower volume and lower net selling price due to increased competition.
negativeMVASI® sales decreased 16% year-over-year to $150 million, driven by 8% lower net selling price and 7% unfavorable changes to estimated sales deductions.
negativeFDA proposed to withdraw approval of TAVNEOS® due to new information indicating lack of substantial evidence of effectiveness and potential untrue statements in the application.
attentionNon-GAAP operating margin decreased 0.4 percentage points to 45.3%.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Repatha® | N/A | — | — | — |
EVENITY® | N/A | — | — | — |
Prolia® | N/A | — | — | — |
TEPEZZA® | N/A | — | — | — |
KRYSTEXXA® | N/A | — | — | — |
UPLIZNA® | N/A | — | — | — |
TAVNEOS® | N/A | — | — | — |
Ultra-Rare products(1) | N/A | — | — | — |
TEZSPIRE® | N/A | — | — | — |
Otezla® | N/A | — | — | — |
Enbrel® | N/A | — | — | — |
AMJEVITA®/AMGEVITA™ | N/A | — | — | — |
PAVBLU® | N/A | — | — | — |
WEZLANA®/WEZENLA™ | N/A | — | — | — |
BLINCYTO® | N/A | — | — | — |
IMDELLTRA®/IMDYLLTRA™ | N/A | — | — | — |
Vectibix® | N/A | — | — | — |
KYPROLIS® | N/A | — | — | — |
LUMAKRAS®/LUMYKRAS™ | N/A | — | — | — |
Nplate® | N/A | — | — | — |
XGEVA® | N/A | — | — | — |
MVASI® | N/A | — | — | — |
Aranesp® | N/A | — | — | — |
Neulasta® | N/A | — | — | — |
Parsabiv® | N/A | — | — | — |
Other products(2) | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Our first quarter results demonstrate the strength of our business, with 16 brands achieving double-digit growth, enabling us to grow through expected patent expirations and increased competition.
With a new wave of molecules progressing in Phase 3 clinical development, we're confident in our ability to deliver attractive long-term growth.
Total revenues increased 6% to $8.6 billion in comparison to the first quarter of 2025.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.