Strong first-quarter product sales for Amgen
US biotech major Amgen (Nasdaq AMGN) late Thursday announced financial results for the first quarter of 2025, revealing that total revenues increased 9% to $8.15 billion, 2% above consensus estimates of $8.025 billion.
Product sales grew 11%, primarily driven by 14% volume growth, partially offset by 6% lower net selling price. US sales grew 14%.
On a generally accepted accounting principles (GAAP) basis, earnings per share (EPS) were $3.20 for the first quarter compared with a GAAP loss per share of $0.21 for the first quarter of 2024, resulting from an unrealized gain on its BeiGene (HKEX: 06160) equity investment during the first quarter of 2025 compared to an unrealized loss during the prior year period, partially offset by an Otezla intangible asset impairment charge of $800 million recorded during the first quarter of 2025. Non-GAAP EPS increased 24% from $3.96 to $4.90, driven by higher revenues, partially offset by higher operating expenses.
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