安进公布2025年第三季度财报

THOUSAND OAKS, Calif. , Nov. 4, 2025 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced financial results for the third quarter of 2025.

  "We delivered strong volume growth this quarter, reflecting the demand for our medicines and the impact we're having on patients worldwide. With disciplined investment and a pipeline of first-in-class medicines, we're focused on expanding access, advancing innovation, and sustaining long-term growth," said Robert A. Bradway, chairman and chief executive officer.  

Key results include:

• For the third quarter, total revenues increased 12% to $9.6 billion in comparison to the third quarter of 2024.

  Product sales grew 12%, driven by 14% volume growth, partially offset by 4% lower net selling price.

  Sixteen products delivered at least double-digit sales growth in the third quarter, including Repatha® (evolocumab), EVENITY® (romosozumab-aqqg), IMDELLTRA® (tarlatamab-dlle)/IMDYLLTRA™ (tarlatamab), TEZSPIRE® (tezepelumab-ekko), TEPEZZA® (teprotumumab-trbw), BLINCYTO® (blinatumomab), UPLIZNA® (inebilizumab-cdon) and TAVNEOS® (avacopan).

• GAAP earnings per share (EPS) increased 14% from $5.22 to $5.93 , driven by higher revenues, partially offset by higher operating expenses, including an Otezla® intangible asset impairment charge of $400 million recorded during the third quarter of 2025.GAAP operating income increased from $2.0 billion to $2.5 billion , and GAAP operating margin increased 2.5 percentage points to 27.6%.

• Non-GAAP EPS increased 1% from $5.58 to $5.64 , primarily driven by higher revenues, partially offset by higher operating expenses and a higher effective tax rate.

  Non-GAAP operating income increased from $4.0 billion to $4.3 billion , and non-GAAP operating margin decreased 2.5 percentage points to 47.1%.

• The Company generated $4.2 billion of free cash flow in the third quarter of 2025 versus $3.3 billion in the third quarter of 2024, driven by the timing of working capital items and lower interest payments, partially offset by higher capital expenditures.

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 40% year-over-year to $794 million in the third quarter, primarily driven by volume growth.

• EVENITY    ®     (romosozumab-aqqg) sales increased 36% year-over-year to $541 million in the third quarter, driven by volume growth.

• Prolia    ®     (denosumab) sales increased 9% year-over-year to $1.1 billion in the third quarter, primarily driven by 14% favorable changes to estimated sales deductions, partially offset by lower net selling price. For the remainder of 2025, we expect sales erosion driven by biosimilar competition, as biosimilars have launched in the U.S. market.

Rare Disease  

• TEPEZZA    ®    (teprotumumab-trbw) sales increased 15% year-over-year to $560 million in the third quarter, driven by higher inventory levels and higher net selling price.

• KRYSTEXXA    ®     (pegloticase) sales increased 3% year-over-year to $320 million in the third quarter, driven by 9% volume growth and 3% higher net selling price, partially offset by 10% lower inventory levels.

• UPLIZNA    ®     (inebilizumab-cdon) sales increased 46% year-over-year to $155 million in the third quarter, primarily driven by volume growth. Year-over-year sales were impacted by the timing of shipments to our ex- U.S. partner, as shipments similar to those that occurred in the third quarter of 2024 occurred in the second quarter of 2025. Excluding these shipments, sales grew by 101% year-over-year in the third quarter.

• TAVNEOS    ®     (avacopan) sales increased 34% year-over-year to $107 million in the third quarter, driven by 66% volume growth, partially offset by 16% lower inventory levels and 10% lower net selling price.

• Ultra-Rare products, which consist of RAVICTI® (glycerol phenylbutyrate), PROCYSBI® (cysteamine bitartrate), ACTIMMUNE® (interferon gamma-1b), BUPHENYL® (sodium phenylbutyrate) and QUINSAIR® (levofloxacin), generated $200 million of sales in the third quarter. Sales increased 6% year-over-year for the third quarter, primarily driven by higher inventory levels.

Inflammation  

• TEZSPIRE    ®     (tezepelumab-ekko) sales increased 40% year-over-year to $377 million in the third quarter, driven by 48% volume growth, partially offset by lower net selling price.

• Otezla    ®     (apremilast) sales increased 4% year-over-year to $585 million in the third quarter, primarily driven by 6% volume growth and 5% favorable changes to estimated sales deductions, partially offset by 5% lower net selling price.

• Enbrel    ®     (etanercept) sales decreased 30% year-over-year to $580 million in the third quarter, primarily driven by 38% lower net selling price resulting from the impact of the U.S. Medicare Part D redesign and increased 340B Program mix, partially offset by favorable changes to estimated sales deductions and volume growth.

• AMJEVITA    ®    (adalimumab-atto)/AMGEVITA™ (adalimumab) sales decreased 7% year-over-year to $154 million in the third quarter, driven by unfavorable changes to estimated sales deductions.

• PAVBLU    ®     (aflibercept-ayyh) generated $213 million of sales in the third quarter.

• WEZLANA    ®     (ustekinumab-auub)/WEZENLA™ (ustekinumab) generated $44 million of sales in the third quarter.

Oncology  

• BLINCYTO    ®     (blinatumomab) sales increased 20% year-over-year to $392 million in the third quarter, driven by 31% volume growth, partially offset by lower inventory levels.

• Vectibix    ®     (panitumumab) sales increased 1% year-over-year to $284 million in the third quarter.

• KYPROLIS    ®     (carfilzomib) sales decreased 5% year-over-year to $359 million in the third quarter, driven by lower volume.

• LUMAKRAS    ®    /LUMYKRAS™ (sotorasib) sales decreased 2% year-over-year to $96 million in the third quarter.

• XGEVA    ®     (denosumab) sales were flat year-over-year at $539 million in the third quarter, as 6% favorable changes to estimated sales deductions were offset by 3% lower volume and lower inventory levels. For the remainder of 2025, we expect sales erosion driven by biosimilar competition, as biosimilars have launched in the U.S. market.

• Nplate    ®     (romiplostim) sales were flat year-over-year at $457 million in the third quarter. U.S. government orders were $90 million in Q3'25 compared to $128 million in Q3'24. Excluding these U.S. government orders, Nplate sales increased 12% year-over-year, driven by volume growth.

• IMDELLTRA    ®     (tarlatamab-dlle)/IMDYLLTRA™ (tarlatamab) generated $178 million of sales in the third quarter. Sales increased 33% quarter-over-quarter, primarily driven by volume growth.

• MVASI    ®     (bevacizumab-awwb) sales increased 9% year-over-year to $213 million in the third quarter, driven by favorable changes to estimated sales deductions.

Established Products  

• Our established products, which consist of Aranesp® (darbepoetin alfa), Parsabiv® (etelcalcetide), and Neulasta® (pegfilgrastim), generated $533 million of sales in the third quarter. Sales increased 3% year-over-year for the third quarter, driven by 9% favorable changes to estimated sales deductions and 5% volume growth, partially offset by lower net selling price.

2025 Guidance

For the full year 2025, the Company expects:

• Total revenues in the range of $35.8 billion to $36.6 billion .

• On a GAAP basis, EPS in the range of $13.76 to $14.60 , and a tax rate in the range of 14.5% to 16.0%.

• On a non-GAAP basis, EPS in the range of $20.60 to $21.40 , and a tax rate in the range of 15.0% to 16.5%.

• Capital expenditures in the range of $2.2 billion to $2.3 billion .

• Share repurchases not to exceed $500 million.

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.