Amgen stock trades steady as oncology and cardiovascular drugs support outlook

Amgen Inc. (ISIN US0311621009) reported higher revenue and adjusted earnings in its latest quarterly update, giving investors fresh insight into how Amgen stock is being supported by its portfolio of oncology and cardiovascular drugs.

Revenue up 22 percent in latest quarter

According to Amgen's Q1 2025 earnings presentation, total revenue for the quarter reached $8.37 billion, an increase of 22% compared with $6.86 billion in Q1 2024.

In the same report, Amgen highlighted that product revenue contributed $7.85 billion in Q1 2025, up from $6.33 billion a year earlier, while other revenue streams accounted for the remainder.

The company reported GAAP net income of $2.13 billion in Q1 2025, up from $1.68 billion in Q1 2024, reflecting both higher sales and the impact of recent cost efficiencies, as detailed in the accompanying Form 10-Q summary.

Adjusted EPS and margin dynamics

On a non-GAAP basis, Amgen reported adjusted earnings per share (EPS) of $6.10 for Q1 2025, compared with $5.10 in Q1 2024, as shown in the financial results news release.

The same release noted that Amgen's non-GAAP operating margin was 47.5% in Q1 2025, slightly higher than the 46.2% reported in Q1 2024, indicating that cost control and product mix continue to provide support for profitability.

For investors, the combination of double-digit revenue growth and a rising operating margin underpins confidence that Amgen stock can sustain earnings power even as the company invests in late-stage pipeline assets and integration activities related to recent acquisitions.

Guidance and 2025 outlook

In its Q1 2025 outlook, Amgen reaffirmed full-year 2025 revenue guidance in the range of $31.8 billion to $32.8 billion, as outlined in the earnings presentation guidance section.

The company also projected full-year 2025 non-GAAP EPS between $18.80 and $19.80, compared with $18.46 achieved in fiscal 2024, reinforcing expectations of continued earnings growth.

Management attributed the guidance to expected contribution from key brands, continued launch momentum for newer products, and ongoing cost discipline, while noting that foreign exchange effects and competitive pressures in certain therapeutic areas remain important variables.

Product focus Cardiovascular and oncology franchises

Amgen's portfolio is anchored by leading products in cardiovascular and oncology, which play a central role in the revenue trajectory underpinning Amgen stock.

In the cardiovascular segment, the PCSK9 inhibitor Repatha generated $1.03 billion in sales in Q1 2025, up from $0.87 billion in Q1 2024, according to the product sales table.

Oncology remains a major contributor, with products such as Kyprolis and Xgeva collectively delivering more than $1.5 billion in Q1 2025 revenue, reflecting steady demand and expanded indications across multiple geographies.

The strong performance from these franchises helps offset erosion in more mature products and supports Amgen's ability to invest in next-generation therapies, including potential first-in-class agents targeting new pathways in oncology and inflammatory diseases.

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Shares and valuation context

Amgen stock is listed on Nasdaq under the ticker AMGN and is a constituent of the S&P 500 index, providing many institutional and retail investors with exposure to large-cap biotechnology through broad-based portfolios.

According to Nasdaq market data, Amgen shares recently traded around $305, compared with a 52-week high near $325 and a 52-week low around $245, situating the current price in the upper half of the yearly range.

The same Nasdaq data set shows a market capitalization of approximately $163 billion as of mid 2025, underscoring Amgen's position among the largest global biopharmaceutical companies and shaping how valuation multiples are assessed relative to peers in the sector.

Pipeline development and regulatory milestones

Beyond marketed products, Amgen is advancing a broad pipeline that includes candidates in oncology, inflammation, and cardiometabolic disease, which are critical for the long-term narrative supporting Amgen stock.

In its pipeline overview document, the company lists more than 20 Phase 2 and Phase 3 programs, covering indications from solid tumors to autoimmune conditions.

Recent regulatory milestones include expanded labeling for certain oncology therapies in major markets, helping to broaden patient access and potentially extend the revenue contribution of these assets over the coming years.

Key product Repatha

Repatha, Amgen's PCSK9 inhibitor for lowering LDL cholesterol, has become a key driver in the companys cardiovascular franchise.

As reported in the Q1 2025 product sales table, Repatha sales rose to $1.03 billion in Q1 2025 from $0.87 billion in Q1 2024, representing growth of around 18% year over year, supported by increased adoption in both primary and secondary prevention settings.

For Amgen, the continued expansion of Repatha is important not only for top-line growth but also as a proof point for the companys strategy in cardiometabolic disease, where long-term patient management and payer dynamics heavily influence commercial outcomes.

Amgen stock recent price

Amgen stock last traded around $305 on Nasdaq, based on recent quote information from Nasdaq market data for AMGN, placing the shares above the midpoint of their 52-week range and reflecting investor confidence in the companys earnings trajectory.