JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
Introduction & Market Context
Amgen Inc . (NASDAQ:AMGN) reported robust second-quarter 2025 results on August 5, with revenue and earnings growth exceeding expectations, prompting the company to raise its full-year guidance. The biotechnology giant’s stock closed at $301.94, down 0.62% for the day, with after-hours trading showing a further slight decline of 0.58% to $300.20.
The company’s presentation highlighted strong performance across multiple therapeutic areas, with 15 products delivering double-digit sales growth. This performance comes as Amgen continues to advance its innovative pipeline while maintaining solid financial discipline.
Quarterly Performance Highlights
Amgen reported Q2 2025 total revenue of $9.18 billion, representing a 9% increase year-over-year, driven by volume growth across its product portfolio. Non-GAAP earnings per share reached $6.02, a substantial 21% increase compared to the same period last year, demonstrating the company’s ability to translate revenue growth into improved profitability.
As shown in the following comprehensive financial results:
The company invested $1.7 billion in research and development during the quarter, an 18% increase year-over-year, reflecting its commitment to long-term innovation. This investment appears to be paying dividends, with multiple pipeline advancements reported during the quarter.
Product Portfolio Performance
Amgen’s product sales reached $8.77 billion in Q2, a 9% increase year-over-year. The company’s portfolio demonstrated balanced growth across its four main therapeutic areas: General Medicine, Rare Disease, Inflammation, and Oncology.
The following chart illustrates the distribution of Amgen’s product sales, with fifteen products delivering at least double-digit growth:
In the General Medicine segment, Repatha® and EVENITY® were standout performers with sales growth of 31% and 32% year-over-year, respectively. However, Prolia® sales decreased by 4% due to lower net selling price.
The General Medicine sales breakdown shows the relative contribution of each product:
Amgen’s Rare Disease portfolio is annualizing over $5 billion based on Q2 sales, with particularly strong performance from UPLIZNA®, which grew 91% year-over-year. The company successfully launched UPLIZNA® for IgG4-related disease in April 2025, expanding its addressable market.
The Rare Disease portfolio’s performance is illustrated in the following breakdown:
The Inflammation portfolio generated nearly $2 billion in Q2, with TEZSPIRE® growing 46% year-over-year due to volume increases. Otezla® sales increased 14%, while Enbrel® continued its decline with a 34% decrease compared to the same period last year. The recently launched PAVBLU® contributed $130 million to quarterly sales.
Oncology products delivered double-digit growth in Q2, with sales exceeding $2 billion. BLINCYTO® showed particularly strong performance with 45% year-over-year growth, while IMDELLTRA® generated $134 million in sales, up 65% quarter-over-quarter.
Pipeline and Development Updates
Amgen continues to advance its pipeline across multiple therapeutic areas. In General Medicine, the company is making significant progress with MariTide, with Phase 2 study details and Phase 1 PK-LDI study results presented at ADA and published in the New England Journal of Medicine in June. Multiple Phase 3 studies (MARITIME-1, MARITIME-2, MARITIME-CV, and MARITIME-HF) are currently enrolling patients, with plans to initiate a Phase 3 study in obstructive sleep apnea in the second half of 2025.
In the Rare Disease segment, UPLIZNA® is under FDA review for generalized myasthenia gravis with a PDUFA date of December 14, 2025. TEPEZZA® received European Commission marketing authorization for adults with moderate to severe TED in June, while Phase 3 studies are ongoing in Japan and for subcutaneous administration.
The company’s pipeline includes numerous important milestones expected throughout 2025, as illustrated in this comprehensive timeline:
Financial Analysis and Outlook
Amgen’s financial position remains strong, with free cash flow of $1.9 billion in Q2 2025. The company reported $8.0 billion in cash and cash equivalents as of June 30, 2025, with debt outstanding of $56.2 billion. Amgen continued its commitment to shareholder returns with a 6% year-over-year dividend increase, with dividends paid per share of $2.38.
Based on the strong first-half performance, Amgen has raised its full-year 2025 guidance. The company now expects revenue between $35.0 billion and $36.0 billion, up from the previous guidance of $34.3 billion to $35.7 billion. Non-GAAP EPS guidance has been revised upward to $20.20-$21.30 from $20.00-$21.20.
The updated financial guidance is detailed below:
This upward revision reflects management’s confidence in continued strong performance through the second half of 2025, supported by the company’s diverse product portfolio and advancing pipeline. Key catalysts in the remainder of the year include PDUFA dates for TEZSPIRE® and UPLIZNA®, as well as multiple Phase 2 and Phase 3 data readouts that could further strengthen Amgen’s position in its core therapeutic areas.
The company’s Q2 results show sequential improvement from Q1 2025, when Amgen reported revenue of $8.15 billion and EPS of $4.90. This trajectory suggests the company is building momentum as it executes on its strategic priorities across its diversified portfolio of established products and innovative pipeline candidates.
Full presentation:
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