Summary
Amgen Inc. reported a significant turnaround in the first quarter of 2025, with net income swinging from a loss of $113 million in Q1 2024 to a profit of $1.73 billion in Q1 2025. This substantial improvement was driven by a robust increase in total revenues, which grew by 9% year-over-year to $8.15 billion, primarily fueled by an 11% rise in product sales to $7.87 billion. The company's operating income also saw a healthy increase of 19% to $1.18 billion, reflecting effective cost management despite a notable $800 million impairment charge related to Otezla. The balance sheet shows a decrease in cash and cash equivalents to $8.81 billion from $11.97 billion, alongside a reduction in total debt. The company continues to prioritize shareholder returns, declaring a quarterly dividend of $2.38 per share, underscoring its commitment to financial health and shareholder value. Investors should note the ongoing legal proceedings, particularly the significant U.S. tax litigation, which remains a key area of focus, although a decision is not expected until the second half of 2026.
Financial Highlights
52 data points| Revenue | $8.15B |
| Cost of Revenue | $2.97B |
| Gross Profit | $5.18B |
| SG&A Expenses | $1.69B |
| Operating Expenses | $6.97B |
| Operating Income | $1.18B |
| Interest Expense | $723.00M |
| Net Income | $1.73B |
| EPS (Basic) | $3.22 |
| EPS (Diluted) | $3.20 |
| Shares Outstanding (Basic) | 538.00M |
| Shares Outstanding (Diluted) | 541.00M |
Key Highlights
- 1Amgen reported a strong Q1 2025 with net income of $1.73 billion, a significant improvement from a net loss of $113 million in Q1 2024.
- 2Total revenues increased by 9% to $8.15 billion, driven by an 11% rise in product sales to $7.87 billion, with notable growth in key products like Repatha, EVENITY, and BLINCYTO.
- 3Operating income grew by 19% to $1.18 billion, demonstrating improved operational efficiency.
- 4The company incurred an $800 million intangible asset impairment charge related to Otezla due to its selection for Medicare price setting under the IRA.
- 5Cash and cash equivalents decreased to $8.81 billion, while total debt also saw a reduction during the quarter.
- 6Amgen declared a quarterly cash dividend of $2.38 per share, signaling continued commitment to returning capital to shareholders.
- 7Significant U.S. tax litigation regarding profit allocation between the U.S. and Puerto Rico remains ongoing, with a U.S. Tax Court decision not expected before the second half of 2026.