Amgen (AMGN) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates

Amgen (AMGN) reported strong Q3 2025 financial results, with revenue of $9.56 billion, a 12.4% year-over-year increase, and EPS of $5.64, both significantly surpassing Wall Street estimates by 6.87% and 12.8% respectively. While total product sales rose 12.1%, performance was mixed across its portfolio, with TEZSPIRE sales growing 40.2% and XGEVA-ROW up 8.3%, contrasting with declines in Enbrel (-29.7%) and Neulasta (-16.4%). The stock has underperformed the broader market recently, holding a Zacks Rank #3 (Hold).

Analysis

Amgen (AMGN) delivered a strong Q3 2025, with revenue of $9.56 billion, a 12.4% year-over-year increase, significantly beating the $8.94 billion consensus by +6.87%. EPS also surpassed expectations at $5.64, a +12.8% surprise over the $5.00 estimate, indicating robust top- and bottom-line outperformance.

Underlying product performance presented a mixed picture, with newer assets driving growth while older ones declined. TEZSPIRE sales surged +40.2% year-over-year to $377 million, and XGEVA-ROW grew +8.3% to $182 million, both exceeding estimates. Conversely, Enbrel-Total declined -29.7% to $580 million and Neulasta-Total fell -16.4% to $92 million, highlighting portfolio transition challenges.

Despite the strong earnings beat, AMGN shares returned only +0.7% over the past month, underperforming the S&P 500's +2.1%. This muted market reaction, coupled with a Zacks Rank #3 (Hold), suggests investor caution regarding the mixed product segment performance and potential future growth trajectory.

Key Decisions for Investors

• Monitor the growth trajectory of key newer products like TEZSPIRE and XGEVA-ROW, as their continued expansion is crucial for offsetting declines in mature assets.
• Evaluate the long-term impact of significant revenue erosion from established drugs such as Enbrel and Neulasta on Amgen's overall profitability and market share.
• Assess the stock's valuation in light of the mixed product performance and its recent underperformance against the broader market, considering the implications for future capital allocation.