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Amgen Gears Up to Report Q2 Earnings: Will the Beat Streak Continue?
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Key Takeaways
AMGN is expected to beat Q2 estimates, with the consensus for EPS pegged at $5.25 and for revenues at $8.86B.
Volume growth of Evenity, Repatha and Blincyto is likely to have driven top-line gains despite price declines.
New launches like Bekemv and Pavblu may boost revenues, but biosimilar and pricing pressure remain key risks.
We expect Amgen (AMGN - Free Report) to beat expectations when it reports second-quarter 2025 results on Aug. 5 after market close. In the last reported quarter, the company beat earnings expectations by 17.8%. The Zacks Consensus Estimate for second-quarter sales and earnings is pegged at $8.86 billion and $5.25 per share, respectively.
Factors to Consider for Amgen
Amgen’s product sales are expected to have been driven by strong volume growth of products like Evenity, Repatha and Blincyto, among others. However, prices of most products are expected to continue to decline due to higher rebates to support expanded access.
The Zacks Consensus Estimate for Evenity, Repatha and Blincyto sales is pegged at $478 million, $673 million and $385 million, respectively.
Our estimates for Evenity, Repatha and Blincyto sales are pegged at $461.8 million, $663.8 million and $357.2 million, respectively.
Sales of RANKL antibodies (including sequences), Prolia and Xgeva are likely to have benefited from volume growth, offsetting price declines. Patents for Prolia and Xgeva expired in February 2025 in the United States, while the same will expire in some European countries in November 2025. Sales of these best-selling drugs are expected to erode significantly from the second half of 2025. Sandoz launched Wyost and Jubbonti, biosimilar versions of Prolia and Xgeva, respectively, in June, per a settlement agreement with Amgen. It remains to be seen how much the biosimilars impacted the branded drugs’ sales in the second quarter.
In addition, higher volumes of newer drugs like Tezspire and Tavneos are expected to have contributed to top-line growth, driven by an increase in new patient volume.
The Zacks Consensus Estimate for Tezspire and Tavneos is pegged at $320.0 million and $102.0 million, respectively.
Our estimates for Tezspire and Tavneos are pegged at $250.7 million and $104.6 million, respectively.
However, competitive pressure hurt the volume growth of Kyprolis in the first quarter, a trend likely to have continued in the second quarter.
The Zacks Consensus Estimate for Kyprolis sales is pegged at $370 million, while our estimate for the same is $375.4 million.
New drug Imdelltra (tarlatamab) recorded high sequential growth in the three quarters since its launch in mid-2024. The growth trend is expected to have continued in the second quarter of 2025.
Enbrel sales are likely to have declined due to lower prices. Otezla sales are likely to have gained from volume growth, which is expected to have offset the impact of lower prices.
The Zacks Consensus Estimate for Otezla is $534.0 million, while our estimate is $504.1 million.
The Zacks Consensus Estimate for Enbrel is $805.0 million, while our estimate is $816.3 million.
In the first quarter, sales of rare disease drugs, Tepezza, Krystexxa and Uplizna, acquired from the October 2023 acquisition of Horizon, were lower than expected due to unfavorable changes to U.S. wholesaler inventory levels. Amgen does not expect similar reductions in inventory levels for the remainder of the year, which implies that the second-quarter sales of rare disease drugs might have improved.
Lower revenues from oncology biosimilars (Kanjinti and Mvasi) as well as Amjevita/Amgevita, a biosimilar version of AbbVie’s Humira, due to increased competitive pressure, are expected to have hurt the top line. Sales of legacy established products are also expected to have declined.
New biosimilar products are likely to have driven sales growth. Amgen launched a biosimilar version of J&J’s Stelara called Wezlana in January and Regeneron’s Eylea called Pavblu in the fourth quarter of 2024. Wezlana generated sales of $150 million in the first quarter. However, on the first-quarter conference call, Amgen had said that fluctuations in quarterly sales for Wezlana are expected in the United States, because of which the company does not expect any sales from Wezlana in the second quarter, following a large first-quarter order.
Bekemv, a biosimilar version of AstraZeneca’s Soliris, was approved in the United States in May 2024 and was launched in the second quarter of 2025. Investors will look out for Pavblu and Bekemv’s sales numbers in the second-quarter results.
Higher R&D costs are likely to have hurt operating margin in the second quarter.
Investors will look for updates on Amgen’s important pipeline candidate, MariTide (maridebart cafraglutide), a GIPR/GLP-1 receptor for obesity, on the second-quarter conference call.
AMGN’s Earnings Surprise History
This large biotech’s performance has been strong, with earnings beating estimates in the trailing four quarters. The company delivered a four-quarter earnings surprise of 8.34%, on average.
Amgen’s stock has risen 18.4% so far this year compared with an increase of 1.9% for the industry.
Image Source: Zacks Investment Research
What Our Model Says for AMGN
Our proven model predicts an earnings beat for Amgen in the to-be-reported quarter. A stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for a likely positive surprise. This is the case here, as elaborated below.
Earnings ESP: Amgen’s Earnings ESP is +1.19% as the Most Accurate Estimate of $5.31 is pegged higher than the Zacks Consensus Estimate of $5.25. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Amgen has a Zacks Rank #3 currently.
Other Stocks to Consider
Here are some other drug/biotech stocks that have the right combination of elements to beat on earnings this time around:
Pfizer’s stock has declined 3.5% so far this year. Pfizer beat earnings estimates in each of the last four quarters. PFE has a four-quarter earnings surprise of 43.49%, on average. Pfizer is scheduled to report second-quarter results on Aug. 5.
CorMedix (CRMD - Free Report) has an Earnings ESP of +14.41% and a Zacks Rank #1 at present.
Shares of CRMD have surged 43.7% year to date. CorMedix beat on earnings in each of the trailing four quarters, delivering an average surprise of 25.82%.
Denali Therapeutics (DNLI - Free Report) has an Earnings ESP of +2.13% and a Zacks Rank #3.
Denali’s stock has declined 33.2% year to date. DNLI missed earnings estimates in two of the last four quarters while beating on the remaining two occasions. On average, Denali delivered an earnings surprise of 4.42% in the last four quarters.
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Amgen Gears Up to Report Q2 Earnings: Will the Beat Streak Continue?
Key Takeaways
We expect Amgen (AMGN - Free Report) to beat expectations when it reports second-quarter 2025 results on Aug. 5 after market close. In the last reported quarter, the company beat earnings expectations by 17.8%. The Zacks Consensus Estimate for second-quarter sales and earnings is pegged at $8.86 billion and $5.25 per share, respectively.
Factors to Consider for Amgen
Amgen’s product sales are expected to have been driven by strong volume growth of products like Evenity, Repatha and Blincyto, among others. However, prices of most products are expected to continue to decline due to higher rebates to support expanded access.
The Zacks Consensus Estimate for Evenity, Repatha and Blincyto sales is pegged at $478 million, $673 million and $385 million, respectively.
Our estimates for Evenity, Repatha and Blincyto sales are pegged at $461.8 million, $663.8 million and $357.2 million, respectively.
Sales of RANKL antibodies (including sequences), Prolia and Xgeva are likely to have benefited from volume growth, offsetting price declines. Patents for Prolia and Xgeva expired in February 2025 in the United States, while the same will expire in some European countries in November 2025. Sales of these best-selling drugs are expected to erode significantly from the second half of 2025. Sandoz launched Wyost and Jubbonti, biosimilar versions of Prolia and Xgeva, respectively, in June, per a settlement agreement with Amgen. It remains to be seen how much the biosimilars impacted the branded drugs’ sales in the second quarter.
In addition, higher volumes of newer drugs like Tezspire and Tavneos are expected to have contributed to top-line growth, driven by an increase in new patient volume.
The Zacks Consensus Estimate for Tezspire and Tavneos is pegged at $320.0 million and $102.0 million, respectively.
Our estimates for Tezspire and Tavneos are pegged at $250.7 million and $104.6 million, respectively.
However, competitive pressure hurt the volume growth of Kyprolis in the first quarter, a trend likely to have continued in the second quarter.
The Zacks Consensus Estimate for Kyprolis sales is pegged at $370 million, while our estimate for the same is $375.4 million.
New drug Imdelltra (tarlatamab) recorded high sequential growth in the three quarters since its launch in mid-2024. The growth trend is expected to have continued in the second quarter of 2025.
Enbrel sales are likely to have declined due to lower prices. Otezla sales are likely to have gained from volume growth, which is expected to have offset the impact of lower prices.
The Zacks Consensus Estimate for Otezla is $534.0 million, while our estimate is $504.1 million.
The Zacks Consensus Estimate for Enbrel is $805.0 million, while our estimate is $816.3 million.
In the first quarter, sales of rare disease drugs, Tepezza, Krystexxa and Uplizna, acquired from the October 2023 acquisition of Horizon, were lower than expected due to unfavorable changes to U.S. wholesaler inventory levels. Amgen does not expect similar reductions in inventory levels for the remainder of the year, which implies that the second-quarter sales of rare disease drugs might have improved.
Lower revenues from oncology biosimilars (Kanjinti and Mvasi) as well as Amjevita/Amgevita, a biosimilar version of AbbVie’s Humira, due to increased competitive pressure, are expected to have hurt the top line. Sales of legacy established products are also expected to have declined.
New biosimilar products are likely to have driven sales growth. Amgen launched a biosimilar version of J&J’s Stelara called Wezlana in January and Regeneron’s Eylea called Pavblu in the fourth quarter of 2024. Wezlana generated sales of $150 million in the first quarter. However, on the first-quarter conference call, Amgen had said that fluctuations in quarterly sales for Wezlana are expected in the United States, because of which the company does not expect any sales from Wezlana in the second quarter, following a large first-quarter order.
Bekemv, a biosimilar version of AstraZeneca’s Soliris, was approved in the United States in May 2024 and was launched in the second quarter of 2025. Investors will look out for Pavblu and Bekemv’s sales numbers in the second-quarter results.
Higher R&D costs are likely to have hurt operating margin in the second quarter.
Investors will look for updates on Amgen’s important pipeline candidate, MariTide (maridebart cafraglutide), a GIPR/GLP-1 receptor for obesity, on the second-quarter conference call.
AMGN’s Earnings Surprise History
This large biotech’s performance has been strong, with earnings beating estimates in the trailing four quarters. The company delivered a four-quarter earnings surprise of 8.34%, on average.
Amgen Inc. Price and EPS Surprise
Amgen Inc. price-eps-surprise | Amgen Inc. Quote
Amgen’s stock has risen 18.4% so far this year compared with an increase of 1.9% for the industry.
Image Source: Zacks Investment Research
What Our Model Says for AMGN
Our proven model predicts an earnings beat for Amgen in the to-be-reported quarter. A stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for a likely positive surprise. This is the case here, as elaborated below.
Earnings ESP: Amgen’s Earnings ESP is +1.19% as the Most Accurate Estimate of $5.31 is pegged higher than the Zacks Consensus Estimate of $5.25. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Amgen has a Zacks Rank #3 currently.
Other Stocks to Consider
Here are some other drug/biotech stocks that have the right combination of elements to beat on earnings this time around:
Pfizer (PFE - Free Report) has an Earnings ESP of +1.43% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Pfizer’s stock has declined 3.5% so far this year. Pfizer beat earnings estimates in each of the last four quarters. PFE has a four-quarter earnings surprise of 43.49%, on average. Pfizer is scheduled to report second-quarter results on Aug. 5.
CorMedix (CRMD - Free Report) has an Earnings ESP of +14.41% and a Zacks Rank #1 at present.
Shares of CRMD have surged 43.7% year to date. CorMedix beat on earnings in each of the trailing four quarters, delivering an average surprise of 25.82%.
Denali Therapeutics (DNLI - Free Report) has an Earnings ESP of +2.13% and a Zacks Rank #3.
Denali’s stock has declined 33.2% year to date. DNLI missed earnings estimates in two of the last four quarters while beating on the remaining two occasions. On average, Denali delivered an earnings surprise of 4.42% in the last four quarters.