Amgen shares remained largely unchanged in after-hours trading Tuesday despite reporting strong second-quarter results that beat Wall Street estimates. The biotech company delivered better-than-expected earnings and revenue, supported by broad product growth across both established and new treatments. However, investors seemed hesitant to react, choosing instead to wait for future updates, particularly around Amgen’s drug pipeline.
For the second quarter, Amgen reported adjusted earnings of $6.02 per share, easily surpassing analyst expectations of $5.26. Revenue climbed 9 percent from a year earlier to $9.18 billion, ahead of the $8.92 billion consensus. The solid performance came from strong double-digit volume growth across 15 different products. Standouts included Repatha, which rose 31 percent to $696 million in sales, EVENITY up 32 percent to $518 million, and TEZSPIRE, which jumped 46 percent to $342 million. However, older brands like Prolia and Enbrel saw pressure, with sales declining 4 percent and 34 percent respectively, due in part to pricing challenges and competition from biosimilars.
Amgen’s CEO Robert Bradway said the company is reaching more patients through its focus on both innovative medicines and biosimilars. He emphasised continued investments in research to support long-term growth. The company also saw its operating margin expand to 48.9 percent on a non-GAAP basis, helped by disciplined spending and more efficient production.
Amgen reaffirmed its full-year 2025 guidance, expecting earnings per share between $20.20 and $21.30 and revenue in the range of $35 to $36 billion. These projections match analyst expectations and reflect confidence in contributions from key pipeline assets later this year.
One of the most closely watched developments is Amgen’s obesity drug MariTide, which showed an average 20 percent weight loss in non-diabetic patients during Phase 2 trials. Alongside this, other pipeline candidates like bemarituzumab, aimed at gastric cancer, and the BiTE® platform therapy Imdelltra are being monitored as potential future growth drivers. Imdelltra, which treats lung cancer, brought in $134 million and rose 65 percent from the previous quarter.
Despite the strong quarter, investors appear cautious. Concerns remain about the long-term impact of biosimilar competition on Amgen’s legacy drugs. Sentiment may shift more significantly later this year depending on the results of upcoming trials for its obesity and cancer therapies. Until then, even strong current results may not be enough to drive the stock meaningfully higher.