Amgen Second-Quarter Revenue Rises 9% on Strong Drug Sales

What happened

Amgen reported second-quarter revenue of $10.1 billion, a 10% increase from the prior year, surpassing Wall Street's estimate of $9.42 billion. Adjusted earnings per share came in at $6.29, beating consensus estimates of $5.62 by 12%. Net earnings per share jumped 65% to $4.37. The company's six key growth drivers, including Repatha, Evenity, Tezpire, rare disease drugs, novel oncology treatments, and biosimilars, collectively grew 26% year-over-year and now represent nearly 70% of product sales. Cholesterol drug Repatha generated $953 million in sales (up 37%), while bone drug Evenity brought in $714 million (up 38%). Rare disease therapies also contributed to growth, with Uplizna sales jumping 90% to $335 million and Tavneos rising 36% to $150 million. Amgen discontinued development of obesity candidate AMG 513, an early-stage experimental drug, while continuing to advance MariTide, its other weight-loss candidate.

Why it matters

The results demonstrate Amgen's ability to sustain revenue growth through its diversified portfolio of newer therapies, even as older blockbusters like Prolia face patent expirations and biosimilar competition. Repatha's strong performance is particularly significant as it competes with Merck's recently launched oral PCSK9 inhibitor, Lipfendra. The 37% sales increase for Repatha suggests the injectable drug is holding its ground based on robust cardiovascular outcomes data. Evenity's 38% growth reinforces Amgen's position in the osteoporosis market, offsetting Prolia's 32% decline. The decision to discontinue AMG 513 reflects Amgen's strategic focus on MariTide, its more advanced obesity candidate, in a crowded and competitive weight-loss drug market. The raised full-year guidance signals management confidence in sustaining momentum through year-end, with adjusted earnings now expected between $22.30 and $23.50 per share on revenue of $38.2 billion to $39.4 billion.

Bigger picture

Amgen's results reflect broader industry trends where biotech companies are balancing legacy product erosion with new drug launches and pipeline prioritisation. The cholesterol drug market is evolving as oral PCSK9 inhibitors like Lipfendra challenge injectable therapies, though Amgen's cardiovascular outcomes data may provide a competitive moat. In the obesity drug space, Amgen is positioning MariTide to compete with Eli Lilly's Zepbound and Novo Nordisk's Wegovy, while discontinuing less promising candidates to conserve resources. Rare disease therapies remain a high-growth area, though regulatory scrutiny on Tavneos highlights the risks of data integrity concerns. The FDA's proposal to withdraw Tavneos due to lack of proven effectiveness and trial data integrity issues, along with a similar recommendation from Europe's regulator, could affect future rare disease revenue. Amgen's strategy of serving more patients at lower unit prices aligns with broader healthcare affordability pressures and the shift toward value-based pricing.

What to watch

Investors should monitor Repatha's ability to maintain market share against Merck's oral PCSK9 inhibitor, particularly as real-world data and physician preferences emerge. Updates on MariTide's clinical development, including trial results and timelines for potential regulatory filings, will be critical given the competitive obesity drug landscape. The regulatory outcome for Tavneos in the U.S. and Europe will determine whether Amgen can retain this revenue stream or must write it off entirely. Prolia's sales trajectory amid biosimilar competition will signal how effectively Amgen can defend older assets. Finally, any updates on the company's pipeline and capital allocation decisions, including potential business development or acquisitions, will shape long-term growth expectations.