Overview

* Amgen ( AMGN ) Q3 revenue rose 12% to $9.6 bln, beating analysts estimates, driven by product sales growth

* GAAP EPS increased 14% to $5.93, driven by higher revenues

* Free cash flow increased to $4.2 bln, driven by working capital timing

Outlook

* Amgen ( AMGN ) expects 2025 revenue between $35.8 bln and $36.6 bln

* Amgen ( AMGN ) sees 2025 GAAP EPS between $13.76 and $14.60

* Amgen ( AMGN ) forecasts 2025 non-GAAP EPS between $20.60 and $21.40

Result Drivers

* VOLUME GROWTH - Amgen ( AMGN ) reported 14% volume growth driving product sales increase, partially offset by 4% lower net selling price

* PRODUCT SALES - Sixteen products delivered double-digit sales growth, including Repatha and EVENITY

* R&D EXPENSES - Increased R&D spending in later-stage clinical programs impacted non-GAAP operating margins

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 $5.25

Adjusted bln

Operatin

g

Expenses

Q3 TOTAL Beat $9.56 $8.97

REV BLN BLN

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 15 "hold" and 3 "sell" or "strong sell"

* The average consensus recommendation for the pharmaceuticals peer group is "buy"

* Wall Street's median 12-month price target for Amgen Inc ( AMGN ) is $315.00, about 5.9% above its November 3 closing price of $296.30

* The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 14 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)